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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including CoreLogic’s latest findings, which suggest national home values have increased at the fastest pace in over 30 years, and why he isn’t quite sure this is the case.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring travel stocks, the rising popularity of NFTs and what they are, as well as the sudden meltdown of Archegos Capital Management.

And lastly, tax and super guru Timothy Munro gives his thoughts on Paul Keating’s early release of super verdict, as well as an overview of life after JobKeeper.

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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RBA open to new record-low rate

By Cameron Micallef

September 23 2020
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Invest

RBA open to new record-low rate

By Cameron Micallef
September 23 2020

The Reserve Bank has flagged the possibility of a rate adjustment, albeit a small possibility, as the country recovers from the COVID-19 pandemic.

RBA open to new record-low rate

By Cameron Micallef

September 23 2020
Share

The Reserve Bank has flagged the possibility of a rate adjustment, albeit a small possibility, as the country recovers from the COVID-19 pandemic.

Australia’s official cash rate fell to a record low of 0.25 per cent in March, with RBA governor Philip Lowe stating it was the “lower bound” for interest rates.

However, speaking on the Australian economy and monetary policy, Mr Lowe’s number two, RBA deputy governor Guy Debelle, did not rule out future rate reductions.

“In the short term, they can contribute to a lower exchange rate. In the medium term, the effectiveness can wane, including through the effect on the financial system,” Mr Debelle said.

However, the deputy governor pointed to mixed results for countries who have dropped their rates below zero.

“Negative rates can also encourage more saving as households look to preserve the value of their saving, particularly in an environment where they are already inclined to save rather than spend,” Mr Debelle explained.

“That is, the income effect can be larger than the substitution effect. To date, those economies with negative policy rates have not lowered them further. Instead, they have eased monetary policy settings through other means.”

Mr Debelle also said that the RBA could consider buying bonds further out along the curve, supplementing its three-year yield target, and named foreign exchange intervention as another potential policy option, while warning that the Australian dollar was “broadly aligned” with fundamentals and that any intervention might not be effective.

“Given the outlook for inflation and employment is not consistent with the bank’s objectives over the period ahead, the board continues to assess other policy options,” Mr Debelle said.

But Mr Debelle refused to be drawn on when the RBA could use these measures, saying they would continue to monitor the recovery but would take into account support announced in the October budget.

Mr Debelle also said that Australia’s debt burden as a result of COVID-19 remained serviceable and that it could have been much higher if the government hadn’t launched its stimulus programs.

“The fact that household income rose in the quarter does not mean that the stimulus was overdone,” Mr Debelle said.

“Absent the stimulus, the decline in GDP and employment would have been significantly larger and there would have been much greater financial hardship… The transfer from the strong balance sheet of the government to bolster the balance sheet of the household sector is an entirely appropriate and timely policy response.”

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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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