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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Sunday, 07 June 2020

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Borrow

RBA provides banks with $9 billion in liquidity

By Cameron Micallef · March 16 2020

Reading:

Borrow

RBA provides banks with $9 billion in liquidity

By Cameron Micallef
March 16 2020

Reading:

RBA provides banks with $9 billion in liquidity

By Cameron Micallef · March 16 2020

Reading:

The Reserve Bank of Australia has met a sharp increase in demand for additional liquidity from the banks in light of the growing market uncertainty from market volatility.

The Reserve Bank of Australia (RBA) has provided the banking sector with a significant liquidity boost on the overnight money market, purchasing bank assets through repurchase (repo) agreements totalling $8.8 billion – well above the daily average.

Over 60 per cent ($5.6 billion) of the transactions involved the purchase of transaction terms of 95 days.

This follows a similar move from the US Federal Reserve following President Donald Trump’s ban on travel from Europe in light of the coronavirus (COVID-19) outbreak.

President Trump’s decision sent ripples through international markets, including Australia, prompting traders to sell assets and strain liquidity in credit markets.

RBA governor Philip Lowe hinted at providing the banking sector with liquidity support following the monetary policy board’s decision on the official cash rate to a new record low of 0.5 per cent earlier this month.

“Australia’s financial markets are operating effectively, and the bank will ensure that the Australian financial system has sufficient liquidity,” Mr Lowe said.

The RBA’s response to demand for additional liquidity from Australia’s banking sector also followed Prime Minister Scott Morrison’s release of a $17.6 billion stimulus package to help support the domestic economy as it grapples with economic side effects of COVID-19.

The RBA will now conduct repo operations of six months maturity or longer at least weekly as long as the market conditions warrant a response. It will also continue to conduct one-month and three-month repo operations until further notice.

“Australia’s financial institutions, market participants and market infrastructure providers have undertaken substantial investments in their operational capability to deal with the effects of the virus,” the Council of Financial Regulators said in a statement.

“At the same time, trading liquidity has deteriorated in some markets, and financial institutions are having to adjust to a more volatile environment. The financial regulators are in regular contact with financial institutions, market participants and market infrastructure providers.”

The announcement comes as ASIC issues directions to a number of large equity market participants requiring them to limit the number of trades executed each day until further notice.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.