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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Investors losing confidence despite tax breaks

By Cameron Micallef

September 12 2019
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Earn

Investors losing confidence despite tax breaks

By Cameron Micallef
September 12 2019

The lowering of tax brackets has not increased consumer spending, with a majority of Australians only planning on parting ways with less than half of their windfall, new research has shown.

Investors losing confidence despite tax breaks

By Cameron Micallef

September 12 2019
Share

The lowering of tax brackets has not increased consumer spending, with a majority of Australians only planning on parting ways with less than half of their windfall, new research has shown.

The latest consumer sentiment survey by Westpac and Melbourne Institute showed that half of eligible recipients have already received their tax benefit.

According to its results, 53 per cent of tax refund recipients plan to spend less than half of their return, while 25 per cent are planning on putting the entire payment into savings.

Just short of a third of consumers planned on spending all of their funds, while 16 per cent indicated that they plan on spending more than half.

Investors also not sure where to put their funds

Despite plans to save additional resources, a growing number of Australians are unsure where they should invest their funds, the Westpac-Melbourne Institute survey indicated.

Westpac’s chief economist, Bill Evans, weighed in on the results, noting that “perhaps most tellingly, some 9 per cent of consumers simply nominated ‘don’t know’”.

He said this is the highest reading on records going back to 1974.

The survey showed that consumers are heavily favouring “safe options”, with 61 per cent nominating deposits, superannuation or paying down debt.

nestegg has previously discussed strategies for investors.

Pessimistic about the immediate future

The consumer mood has lapsed back into slight negative territory again, with continued pressure on family finances and concerns about the near-term outlook weighing on sentiment.

Survey results revealed a 1.7 per cent reduction in consumer confidence moving it down to 98.2 points.

A score above 100 suggests optimism about the future, while a score below 100 suggests consumers are pessimistic about what lies ahead.

The sub-index tracking expectations for “finances, next 12 months” declined 2.2 per cent to be down 9.4 per cent since June and now sits at a four-year low.

The sub-group detail provided by the survey indicated a range of factors as contributing, including concerns around jobs, persistent weak wages growth and low returns on financial assets weighing on sentiment amongst those at or nearing retirement age.

Interestingly, despite a lack of current confidence, consumers’ longer-term expectations for the economy have been both steadier and more positive, with the “economy, next 5 years” sub-index the only component to post a rise this month, up 2.1 per cent.

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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.

About the author

Cameron Micallef

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