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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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Confidence falls to 3-decade low

By Cameron Micallef · March 25 2020

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Invest

Confidence falls to 3-decade low

By Cameron Micallef
March 25 2020

Reading:

Confidence falls to 3-decade low

By Cameron Micallef · March 25 2020

Reading:

The impact of the coronavirus is hurting consumer confidence as it falls to a new 30-year low, bringing back to levels just above the 1990s recession, new research has found.

According to ANZ-Roy Morgan consumer confidence survey, confidence has fallen by 27.8 per cent last week to 72.2, with a score of 100 suggesting optimism.

In a week highlighted by rush to buy entertainment items as the government announced phase two of its lockdown, the survey revealed overall Australians’ likelihood of buying major items fell by 37.2 per cent.

The economic conditions subindices were also down sharply, with current economic conditions falling 37.1 per cent and future economic conditions declining by 19.1 per cent.

ANZ head of Australian economics David Plank commented on the finding, stating: “The increasingly negative news about the impact of the coronavirus pandemic in Australia has had a dramatic impact on consumer sentiment, with confidence showing its biggest ever fall since the survey moved to a weekly basis in 2008.”

Mr Plank believes the lack of consumer confidence is now only comparable to when Australia last fell into a recession.

“The plunge was broad-based, with all sub-components of sentiment well below average and well below the levels seen during the GFC.”

“Only the levels seen during the 1990-91 recession are comparable. We should note that the coronavirus has necessitated a change in the survey methodology, away from face-to-face to phone and online interviews. It is possible that this impacted the results, though the consistency of the responses suggests this is unlikely,” Mr Plank concluded.

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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.