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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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Thursday, 04 June 2020

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Australian economy looking healthy, says RBA governor

By Killian Plastow · June 21 2017

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Invest

Australian economy looking healthy, says RBA governor

By Killian Plastow
June 21 2017

Reading:

RBA, Reserve Bank of Australia, Philip Lowe, Australian economy, economic growth, jobs and growth, house prices,

Australian economy looking healthy, says RBA governor

By Killian Plastow · June 21 2017

Reading:

Strong growth is on the cards for the Australian economy, but rising levels of debt, idle wage growth and current house prices remain a concern, according to Reserve Bank of Australia governor Philip Lowe.

Speaking on a panel at the Australian National University's Crawford Australian Leadership Forum in Canberra, Mr Lowe said there is still “plenty of scar tissue” a decade after the financial crisis.

“We are in a better position than we have been for some time,” Mr Lowe said. “To be clear, we are not talking about a boom and there are still plenty of risks out there. But globally things are better. Animal spirits have been missing for quite a while and they might just be starting to come back,” he said.

The RBA governor believes Australia’s economic growth over the next couple of years will be “a bit stronger” than it has been recently, driven by a pick-up in the global economy.

“The return of mining investment to more normal levels is almost complete. Monetary policy continues to provide support and survey-based measures of business conditions have improved noticeably. Employment growth has also strengthened over recent months. These are all positive developments,” he said.

However, Mr Lowe warned that headwinds persist around income growth and housing risks.

“Households are gradually coming to grips with slower growth in their real incomes. Growth in wages is unusually low, average hours worked have declined and the nature of employment is changing,” he said, adding that there is “a recalibration of expectations” going on.

“Many households are also coming to grips with higher debt levels and, in our largest cities, high housing prices. We need to watch these issues carefully,” he said.

One issue that appears to be piquing the governor’s interest is demographics, specifically the ageing population in some APAC nations.

Mr Lowe observed that many developed economies, as well as China and Korea, face big demographic challenges.

“Populations are stagnant or declining. They are also ageing. Older societies want to save, rather than invest, especially so when there will be fewer people tomorrow than there are today. And older societies are likely to be more risk averse. So this is a major issue,” he said.