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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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Wednesday, 03 June 2020

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Going regional to kickstart the economy

By Cameron Micallef · May 21 2020

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Invest

Going regional to kickstart the economy

By Cameron Micallef
May 21 2020

Reading:

Going regional to kickstart the economy

By Cameron Micallef · May 21 2020

Reading:

Consumers are being told not to wait for borders to reopen but instead take advantage of the best regional Australia has to offer.

The tourism sector generated over $42.5 billion in NSW during the 2017-18 financial year alone.

Visitors who travelled outside of Sydney stayed a massive 102 million nights in regional NSW, amounting to a $15.3 billion injection into the local regions.

With the bushfires and COVID-19 seeing many regional towns that rely on tourism to survive being discriminated, CCIA CEO Lyndel Gray highlighted the importance of regional tourism.

Ms Gray said the caravan and camping sector was an extremely important part of the state’s tourism economy and is vital to the economic success of hundreds of regional economies across NSW.

“Our holiday parks are the lifeblood of many towns and have a huge flow-on impact to other businesses in the community, with every $100 taken by a caravan park creating $138 in economic benefit for the local economy,” she said.

“Our regional holiday parks and campgrounds have been badly impacted by the events of the past few months, from the drought to catastrophic bushfires, and now COVID-19, but the passion and commitment of these businesses mean they are in a good position to quickly ramp up their operations and welcome visitors once again.”

Western Australia’s Commissioner for Consumer Protection, Lanie Chopping, advised travellers to opt for regional travel instead of waiting for borders to open to travel interstate or overseas.

“You could end up losing money or sitting on a credit note or voucher while you wait for restrictions to be lifted rather than having cash to spend on local travel or something else,” she said.

Ms Chopping also advised travellers of the potential risk of buying an expensive overseas holiday in today’s market

“Many of us would like to book a holiday that we can look forward to, but there are risks in doing it too soon because you may have to postpone or cancel,” Ms Chopping said.

“It’s more important than ever to read the fine print when buying a flight, cruise, accommodation or holiday package. Pay close attention to terms and conditions in case you have to cancel or postpone your travel because of further disruptions.

“Suppliers, such as hotels, may require you to pay 100 per cent of the booking upfront, and the terms and conditions may restrict your ability to get any refund for cancellations. Airlines or travel agents may deduct fees or charges from refunds or place restrictions on future credit,” she 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.