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In this episode of the nestegg podcast, David Stratford has a chat with Aberdeen Standard Investments’ head of retirement and product strategy for Australia, Jason Nyilas to discuss all things retirement.

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Investors will learn the importance of financial advice in retirement, since the default pension options available don't always match up with personal expectations.

Jason also weighs in on whether the impending retirement income covenant goes far enough in supporting individual member needs.

Thanks, Jason, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Jason is up to HERE.

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Building defects lead to calls for purchaser protection

By Cameron Micallef · July 23 2019

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Building defects lead to calls for purchaser protection

By Cameron Micallef · July 23 2019

Reading:

With four recently built Sydney buildings now ghost towns due to dangerous defects, the Strata Community Association (NSW) has called for mass reforms to help property owners recover from potential losses.

The association outlined that it has called for legislation that would closely reflect that put in place after Victoria’s cladding crisis, where $600 million was designated by the state government for the removal of highly flammable cladding from newly built buildings.

In calling for mass funding to fix damages in a number of recently built NSW buildings, the state’s Strata Community Association president, Chris Duggan, said the government needs to help all investors and not just residents in bigger cases.

“The NSW government moved quickly to support the residents of Mascot Towers, but we all know now that this is just the tip of the iceberg,” he stated, considering that iceberg to be impacting on property owner confidence.

Impact on investors

According to Mr Duggan, the federal government should be working with state legislators on the issue, as the problems facing investors in NSW could be replicated Australia-wide.

While the NSW government moved quickly on Mascot Towers, it is now obvious that the building and construction integrity problem requires a whole of government strategic response that is properly funded, the Strata Community Association outlined.

He noted that some Mascot Towers residents had been offered $10,000 to purchase their million-dollar apartments, adding that “no resident in NSW should have to suffer that sort of disgraceful proposition”.

Call to action

Working on behalf of 2 million members, the Strata Community Association said it has called for government intervention to stop such issues from continuing.

Mr Duggan highlighted that NSW still has “hundreds of kilometres of poor-quality electrical cabling that poses a fire risk” that can’t be tracked down.

He also said that the government is still allowing poor quality Chinese-made glass panels to come into this country that can explode under stress.

As a result, Mr Duggan said insurance premiums are on the rise.

He said that this isn’t the only impact that has arisen out of the new building drama, with the private certifiers issue off the back of flammable cladding having brought “the construction industry to its knees”.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg. 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 leveraging their insights to grow your portfolio.