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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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RBA outlines cash rate reasoning

By Grace Ormsby · August 07 2019

Reading:

Invest

RBA outlines cash rate reasoning

By Grace Ormsby
August 07 2019

Reading:

RBA outlines cash rate reasoning

By Grace Ormsby · August 07 2019

Reading:

The cash rate has remained unchanged for August, with the RBA explaining its decision to maintain the current rate at its historic low.

After yesterday’s announcement, Reserve Bank of Australia governor Philip Lowe described the outlook for the global economy as remaining “reasonable”, despite the Australian dollar being at “its lowest level of recent times”.

Dr Lowe also highlighted the impact of record-low yields from long-term government bond yields and historically low borrowing rates affecting businesses and households.

“It is reasonable to expect that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieve more assured progress towards the inflation target,” he explained.

Noting economic growth in Australia for the first half of the year as “lower than earlier expected”, Dr Lowe considered that household consumption has been weighed down by a protracted period of low income growth and declining housing prices.

“The central scenario is for the Australian economy to grow by around 2.5 per cent over 2019 and 2.75 per cent over 2020,” he offered, with this outlook being supported by the low level of interest rates, recent tax cuts, ongoing spending on infrastructure, signs of stabilisation in some housing markets and a brighter outlook for the resources sector.

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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.