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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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Friday, 05 June 2020

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RBA’s employment intention having opposite effect

By Cameron Micallef · August 16 2019

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RBA’s employment intention having opposite effect

By Cameron Micallef
August 16 2019

Reading:

RBA’s employment intention having opposite effect

By Cameron Micallef · August 16 2019

Reading:

Slashing the official cash rate has not had the desired impact on Australian unemployment levels, with new figures showing the unemployment rate has actually increased over the past month.

Previously providing justification for the rate reductions, RBA governor Philip Lowe had said that the lowering of the cash rate would reduce unemployment and in effect lead to an increase in consumer spending, in turn helping the central bank achieve its inflation target.

However, new figures from the Australian Bureau of Statistics (ABS) show an upward trend for the unemployment rate in July 2019 to 5.3 per cent, from 5.2 per cent in June.

ABS chief economist Bruce Hockman said the unemployment rate was “the same level as this time last year”.

In his speech to the Senate, Mr Lowe had outlined that higher participation levels were a factor which helped explain why unemployment hasn’t fallen.

Despite the upwards move, Mr Lowe said he still expects the unemployment rate to fall slowly more in the long term.

“Looking forward, while some slowing in employment growth is expected, the central scenario is for the unemployment rate to move lower to reach 5 per cent again in 2021,” he said.

The governor has also called out that the Australian economy has “spare capacity”.

“If things evolve in line with this central scenario, it is probable that we will still have spare capacity in the labour market for a while yet, especially taking into account underemployment.”

Seasonally adjusted figures show the rate of unemployment remains steady at 5.2 per cent in July while underemployment rate increased by 0.2 of a percentage point to 8.4 per cent.

The official figures from the ABS also outlined that the seasonally adjusted participation rate increased by 41,100 persons and has lifted the overall participation rate to 66.1 per cent.

The net movement of employed in both trend and seasonally adjusted terms is underpinned by around 300,000 people entering and leaving employment in the month.

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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.