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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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Account surplus ‘like dating Miley Cyrus’: Deloitte report

By Grace Ormsby

January 20 2020
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Invest

Account surplus ‘like dating Miley Cyrus’: Deloitte report

By Grace Ormsby
January 20 2020

Two rate cuts and an inability of the Morrison government to keep up its current account surplus won’t be enough to plunge the Australian economy into disaster territory, according to new analysis.

Account surplus ‘like dating Miley Cyrus’: Deloitte report

By Grace Ormsby

January 20 2020
Share

Two rate cuts and an inability of the Morrison government to keep up its current account surplus won’t be enough to plunge the Australian economy into disaster territory, according to new analysis.

The report from Deloitte Access Economics has noted how commodity prices are already easing off their mid-2019 peaks, making the government’s surplus slogan looking less likely to be maintained in the coming year.

Chris Richardson, lead author of the report, even poked fun at the election promise, commenting how Australia’s “much vaunted account surplus is a bit like dating Miley Cyrus – lots of fun, but unlikely to last”.

Despite this prediction, Mr Richardson said he expects some good news to stick around, even with his simultaneous forecast of two more federal rate cuts in the coming year.

“Commodity export volumes have skyrocketed, and they’ll remain elevated,” he advised.

This, combined with the huge fall in long-term interest rates across 2019, has left the consultancy firm partner expecting big savings on the near-term servicing of the nation’s trillion-dollar foreign debt.

Noting that the weak economy coupled with stubborn inflation is taking a toll on finances at both a federal and state level, Mr Richardson conceded that “wobbly wage growth plus falling housing construction hurts state GST monies”.

While praising the states for their continued infrastructure spending despite the economic downturn, the Deloitte partner noted that the Feds are also now dealing with “a cyclical downswing in profits and structural woes in wages”.

“But, the latest federal budget update was very conservative,” Mr Richardson did counter and assumed “commodity prices (such as iron ore) will dive even faster than Ronaldo in the World Cup”.

“That conservatism says that, despite a range of bushfire-related costs, there’s a chance that the Feds may have happier news to report by the time May’s budget rolls around.”

On the report's release, the shadow treasurer came out in attack of the current government's economic policies and planning.

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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.

About the author

Grace Ormsby

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