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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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Saturday, 06 June 2020

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Borrow

Paying off debt like it’s 2006: Aussies clear $2.45bn deficit

By Grace Ormsby · January 14 2020

Reading:

Borrow

Paying off debt like it’s 2006: Aussies clear $2.45bn deficit

By Grace Ormsby
January 14 2020

Reading:

Paying off debt like it’s 2006: Aussies clear $2.45bn deficit

By Grace Ormsby · January 14 2020

Reading:

In 2019, Australians slashed credit card debt to its lowest level in almost 13 years, with balances accruing interest on personal credit cards plummeting more than $2.45 billion year-on-year.

Analysis of RBA data by RateCity showed that there is now just $27.2 billion in debt accruing interest, which it flagged was the lowest level since December 2006.

The number of personal credit card accounts has also dropped, with November 2019 figures showing Australians holding 13,857,155 accounts.

It’s almost 1 million less than the same time last year (-951,865) and is the lowest account number seen since January 2011.

It has coincided with a year-on-year 4.74 per cent decrease in Australia’s total credit card limits to $132.37 billion.

This is the lowest collective credit limit witnessed since October 2014.

RateCity chief executive Paul Marshall commented, “While personal credit card debt has been gradually falling for more than a decade, this past year saw balances take a significant dive.”

He said the $2.45 billion figure is “huge”, considering Australians cleared just $675 million in debt the year before.

“There are several reasons to explain the sharp drop. Some customers are clearing their card debts to help get their home loan approval over the line. Others are getting credit card applications knocked back, thanks to tougher regulations,” he outlined.

“[But] the biggest factor at play is likely to be the shift to buy now, pay later services, which are seeing exponential growth and no sign of slowing.”

While he did note that “credit card providers are responding with offers of rewards points and cashback, as well as low rate options”, the chief executive concluded that it was unlikely to be enough to win back the masses.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.