Finance News

From the monthly archives: July 2021

We are pleased to present below all posts archived in 'July 2021'. If you still can't find what you are looking for, try using the search box.

JobKeeper is gone, but the money's not, just don't call it JobKeeper!

Posted on Thursday, July 29, 2021
With half the nation in lock-down (yes, Victoria's out, but for how long?), in my opinion this is the toughest time many small businesses have ever faced. Despite the property and share markets soaring, the recession has now become real for many people. The government has declared that JobKeeper is not coming back, at least, not with that name. However, the federal government has announced that income support for people in lockdown will be equal to the JobKeeper amount, but will be paid directly to workers, rather than via employers.   So basically JobKeeper.   There is also further assistance available via various state government grants in Victoria and New South Wales for businesses that have been impacted by lockdowns, but for inexplicable reasons the Victorian government application process hasn’t even opened yet, even though lockdown is now over. Seems to not make a great deal of sense.   One of the biggest factors again is the cost of rent for premises t ... Read the rest of entry »

The toll of the FASEA exam on advisers and brokers

Posted on Wednesday, July 21, 2021
Last week I finally sat the FASEA exam, which became compulsory for all financial advisers and stockbrokers in Australia, as a recommendation of the 2017 Financial Services Royal Commission.   Literally every adviser and broker in the industry needs to sit and pass this exam by the end of this year. It has a 70% pass requirement and if you pass you get little feedback, if you fail you get told your areas of weakness.   While I acknowledge and support the view that the financial services industry needs to shape up and truly become a profession, the timing of this deadline has caused all sorts of pain for advisers and brokers.   At a time when the world is already in the greatest turmoil of a generation, the enormous study workload attached to this exam has taken advisers and brokers away from their families, friends, businesses and clients.   This is in addition to the increased mental stress and anxiety that many advisers have faced – and not dealt with – due to the pre ... Read the rest of entry »

My 2021-22 outlook for shares, property and the dollar

Posted on Wednesday, July 7, 2021
The last two financial years will long be up there with the worst, as far as uncertainty is concerned. But despite all the uncertainty many investors, particularly those in superannuation, will see returns in excess of 15%. This is obviously a great result, considering the global pandemic and associated recession. So what’s the outlook for financial year 2021-2022? The Reserve Bank announced yesterday that official interest rates will remain on hold until at least 2024. However, it did make changes to some of its tools, including a slight reduction in some of its stimulus measures. What this means for you, is that the cash rate and your variable interest rate will remain low, but fixed rates are on the rise as the cost of borrowing for the banks starts to increase. Cash and bank deposit returns are likely to remain poor, as the RBA is expected to keep the cash rate at 0.1% for the foreseeable future. Strong economic and earnings growth, along with low interest rates will continue to he ... Read the rest of entry »

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