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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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Wednesday, 03 June 2020

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Borrow

Deferrals skyrocket as COVID-19 sets in

By Cameron Micallef · May 18 2020

Reading:

Borrow

Deferrals skyrocket as COVID-19 sets in

By Cameron Micallef
May 18 2020

Reading:

Deferrals skyrocket as COVID-19 sets in

By Cameron Micallef · May 18 2020

Reading:

The fallout from the COVID-19 pandemic has seen one in 14 Aussies with a mortgage payment deferral, official figures have shown.

The Australian Banking Association (ABA) has released new figures showing that 429,000 mortgages had been deferred, totalling $153.5 billion. The figures take the total number of loans deferred to 703,000, worth a value of $211 billion.

ABA CEO Anna Bligh said the banks stood shoulder to shoulder with Australians who were suffering as a result of the COVID-19 health and economic crisis.

“Banks are here to support customers throughout the crisis and help the economy on the other side as we recover from the devastating effects of this pandemic,” Ms Bligh said.

“Since this crisis started, banks have deferred the mortgage repayments of 429,000 Australian families or a staggering one in 14 of all home loans.

The statistics released by the ABA follows the Commonwealth Bank tipping falls in house prices could be as severe as 32 per cent, putting a strain on the property sector.

However, Ms Bligh noted that the banking industry will do what it can to help support Australians get back on their feet.

“Australian families who are financially affected by this crisis have had the breathing space they need with a six-month deferral on their home loan repayment while they chart a path through to the other side of this downturn,” she said.

Banks have also hired 1,500 new staff and redeployed over 2,200 staff to frontline areas such as call centres to help meet the historic surge in demand for support over the last few months.

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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.