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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts, digging into the biggest headlines in the world of superannuation, property, investing and wealth creation, as well as touching on the new Omicron scare.

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Steve Waters, director of Right Property Group, talks about investing in a unit and whether first-time investors should put their money into a well-located apartment over a house in a regional setting. He touches on new versus old units and what history tells us.

RMIT senior lecturer of finance Dr Angel Zhong covers equity crowdfunding, what it is and how it’s trending. Dr Zhong also talks about legalities as well as risks for retail investors.

Finally, tax and super guru Timothy Munro chats about industry super funds turning to courts to amend their trust deeds and why this needs to stop. Mr Munro also chats about investing your super in crypto and the implications.

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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Commonwealth Bank’s profits fall 11.3%

By Cameron Micallef

August 12 2020
Share

Invest

Commonwealth Bank’s profits fall 11.3%

By Cameron Micallef
August 12 2020

Australia’s largest bank has seen its profits fall by 11.3 per cent, as the COVID-19 loan provisions see full-year profits fall to $7.3 billion.

Commonwealth Bank’s profits fall 11.3%

By Cameron Micallef

August 12 2020
Share

Australia’s largest bank has seen its profits fall by 11.3 per cent, as the COVID-19 loan provisions see full-year profits fall to $7.3 billion.

Despite a weaker result, Commonwealth Bank shareholders will still see a 98¢ final dividend, bringing the full year dividend to $2.98 – down 31 per cent from FY19.

Statutory net profit after tax is $9.6 billion, up 12.4 per cent, with fundamentals remaining strong with good performance and volume growth in core businesses.

Business lending was up $7 billion (5.1 per cent), home lending increased by $18.4 billion, and household deposits increased $25 billion, up 9.8 per cent.

Commonwealth Bank CEO Matt Comyn said it has been a challenging six months for many Australians, from bushfires at the start of the year, right through to the pandemic, especially for customers in Victoria.

“From our perspective, we’ve been very focused on doing what we can, which is to continue running our business as well as possible, responding and supporting to help our customers, making sure we’re consistently executing our strategy, as well as ensuring we have an even stronger balance sheet, to make sure that we’re in the best possible position to respond to a variety of different economic scenarios,” the CEO stated.

Looking forward

“We anticipate that lower credit growth and low interest rates will continue to put pressure on our revenue, requiring a focus on performance, efficiency and capital allocation,” Mr Comyn said.

Mr Comyn pointed to an uncertain economic future, as the health pandemic continues, although he pointed out that Australia is in a better position than much of the world.

“That said, we have seen a sharp economic contraction during the course of the year as a result of the pandemic. Not quite as bad as we’d first feared, but certainly the pace of recovery does look like it will be longer,” Mr Comyn said.

“Overall, we’re expecting GDP to fall by about 4 per cent over this calendar year, but to bounce back by about 2 per cent next year. Unemployment is likely to peak towards the end of this calendar year at close to 10 per cent, which is clearly a significant economic impact overall.”

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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.