For several decades now, the Australian economy has been conspicuous by its duopolistic industry structures. For various reasons, both historical and legislative, we’ve had two airlines (not always the same ones), two breweries (now both foreign owned), at best two newspapers (in Sydney and Melbourne, at least) and two major supermarket chains.
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I was recently contacted by a close friend of mine who put me in touch with his sister and brother-in-law for advice on their financial situation. I know the family well, they have two young children and like many families dealing with financial pressures, on the surface they seemed to be coping, but in reality it seems they had found themselves trapped in some serious debt.
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Although the Carbon Tax has now been passed by both houses of the Australian Parliament, the use to which the many billions the government will collect in five to ten years' time remains fairly vague.
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I applaud the ATO's most recent draft ruling regarding the rules that govern borrowing in super. The rules, which allow for members to borrow funds within their self managed superannuation fund to purchase a single asset, typically a property, will now allow members to 'value add' and increase its worth. This is a landmark change which will have significant positive implications for investors keen to maximise their super.
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Recent financial headlines have been dominated by news and commentary about whether the government of Greece might default. Unfortunately, there is a chance this might occur. As a result, it's worth examining the consequences of such an action.
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The recent volatility in the sharemarket has caused many people to wonder whether we're now faced by the 'Global Financial Crisis - Mk 2'.
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Despite the politicking by both the Government and the Opposition, plus extensive media coverage, there is still a great deal of confusion amongst the general public about how the Carbon Tax will affect their lives. The good news is that in the short-to-medium term, little of our daily existence here in Australia will change as a result of the tax. In the longer run, however, the story changes somewhat...
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While many thought that the world markets would recover strongly over 2011 it seems we have been stuck in a rut over the past few months with most investment markets tracking sideways.
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Don't the days/weeks/months just keep rolling on? If you blink you'll miss them. Hence throughout the year certain times act as prompters for us to re-evaluate certain areas of our lives. The New Year's period prompts us to set our goals for the year ahead and make ridiculous resolutions we have no intention of keeping. Likewise as the new financial year dawns on us, it's the perfect opportunity for a stock take on our financial affairs.
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Every year I sit in front of the TV on budget night wondering (as many financial types do) what surprises the Federal Treasurer has in store for us the grateful Australian taxpayer. In some years my curiosity is rewarded, such as in 2010 when the much maligned Resources Super Profits Tax (RSPT) was announced with no prior leaks to a disbelieving (and quickly vengeful) mining industry.
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Jesuit Social Services has been working together with NAB as one of ten local Community Partners and has demonstrated a strong interest and capability in linking community and learning agendas for individual, organisational and community benefit.
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Want to know how Australia's most successful businesses use social media, generate online sales and attract millions of web visitors?
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Recently I spent over a fortnight on holiday in the United States.
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Business Networking Melbourne - Servcorp Business Shorts presents:
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Debate is heating up regarding the federal government's proposed Future of Financial Planning (FOFA) legislation.
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In the last issue of 3008 Docklands Magazine we discussed how the Virtual Office platform can help grow your business into a strong international brand.
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Last month the Gillard-led federal government decided to break an election promise and impose a carbon tax on the Australian community.
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Servcorp Business Shorts provides an information evening and a local networking opportunity for like-minded business professionals.
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You're a young professional earning a decent wage, but the world appears to be a minefield.
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If you blinked you may have missed the 1st quarter of 2011, but alas its not too late. You still have ¾ of the year to get your financial affairs in order -
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More and more small to medium sized businesses are embracing the concept of working virtually in order to grow their corporate identity and presence as quickly and cheaply as possible.
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TONY BLAIR, British Prime Minister 1997-2007, will make his first speaking appearance in Australasia since leaving office, sharing his unique insights and experiences in leadership, negotiation and innovation.
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As the recent furore over the federal government's proposed flood levy has proved, the determination of Julia Gillard and Wayne Swan to return the budget back to surplus by 2013 is bordering on the obsessive. Does this goal make sense, and is there an alternative?
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Friends, apparently we have moved the retail goal posts on Gerry Harvey and his "old school" retail mates, and he does NOT like it!
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There's an old saying in economics that when it comes to forecasts, you should "...provide a rate, or a date, but never both together". Well, I'm going to break this rule and make a few financial predictions for 2011.
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Every year at this time of year the media is full of wrap ups of the year that was, and what the year may deliver going forward.
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The banks have recently announced large profit gains, the latest being Westpac with an 85% profit lift to $6.35 billion.
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It’s rare for a single event of a non-sporting variety to unite the nation, yet the Commonwealth Bank’s decision in early November to lift mortgage rates 45 basis points has resulted in calls from all sides of politics, indeed all strata of society, for ’something to be done about the greedy banks’. We should beware of such calls, however, for the cure may prove considerably more painful than the disease.
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Such is the importance of interest rates to our nation\'s economy, it could be said that Reserve Bank Governor Glenn Stevens possesses more real power than the Prime Minister.
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To be in the right place at the right time can be a fortuitous event. The performance of the Australian economy during the GFC and in the aftermath recovery period to date has demonstrated a much closer alignment to the economic behaviour of the BRICs (Brazil, Russia, India & China) and other south-east Asian countries.
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DIY SUPER, OTHERWISE KNOWN AS SELF MANAGED SUPERANNUATION FUNDS (SMSF), HAVE BEEN EMERGING AS A SERIOUS RETIREMENT ALTERNATIVE IN RECENT TIMES.
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It\'s not often that you find service like this. It\'s a Saturday afternoon and Edmund Stewart-Mole (Stewart) is on the phone speaking to an excited client who has just purchased a property at Auction.
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In this article we are going to discuss the value of drawing an account based pension, formally known as an allocated pension, from superannuation and also how this strategy can be utilised whilst you are still working, a transition to retirement strategy.
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Docklands chalked up another milestone in August with the opening of the first private health insurance sales and service centre in the precinct.
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One of the most hotly contested debates in financial advice circles is the issue of fees - in particular high fees and commissions.
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We are all different when it comes to investing. Our individual goals and objectives will dictate the focus of our investment strategy. Regardless of our objectives, if we invest in assets, particularly growth sectors such as equities and property, we do so for the long term. What is long term?
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EVERYTHING! I know it\'s impolite to shout, but I wanted to emphasise how important your business\'s online identity is.
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Not since former Prime Minister John Howard announced his intention to introduce the GST over a decade ago has a new tax so divided public opinion. The Resources Super Profits Tax (or RSPT) is contentious for a number of reasons which will be explained in a moment. Its very contentiousness is also the reason I think the tax’s final form will be different from that originally envisaged.
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If you missed out on funding for your small business, conference, festival or major event in the City of Melbourne’s first funding round, make sure to get your application in for the second funding round opening on Monday 19 July for events and activities in 2011.
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Walk into an interview and how long does it take to decide whether you get the job? Thirty seconds. Yep that’s right, you haven’t even opened your mouth.
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What happens to your assets once you pass away is quite often overlooked, and understandably so. Planning for one’s death is not the most pleasant of past times. But to think of it another way, you have worked hard your entire life building and preserving what you have. How would you then feel knowing that a significant portion of it was lost because you failed to plan appropriately whilst you were alive?
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On Budget night last month, Treasurer, Wayne Swan, surprised many Australians when he delivered a pretty sensible plan for taxing and spending ahead of what is predicted to be a tight federal election. Buried in all this fiscal conservatism, however, is a political plan to skewer the coalition, but more on that shortly.
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Not that long ago, business meant opening the door to your customers with a friendly smile. Now, it’s all about e-tailing, e-commerce and e-business.
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They say nothing is as sure as death and taxes. You might as well be prepared…
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The recently completed Channel Deepening Project in Port Phillip Bay, Victoria’s largest ever marine infrastructure project has won the prestigious National Infrastructure Award.
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Despite both Kevin Rudd and Tony Abbott claiming they favour a ‘Big Australia’ approach to population, public opinion suggests that many citizens are concerned about the 50% increase in total numbers current immigration levels will achieve by 2050.
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We are beginning to understand that more work and less time spent looking after our wellbeing does not increase workplace productivity but actually hinders it.
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Given 2010 is a federal election year, it should come as no surprise that the leaders of both major political parties are anxious to woo votes from potentially disaffected portions of the electorate. As a result, we now have two very different maternity leave proposals on offer:
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Superannuation has dominated the headlines of late, mainly for the wrong reasons. Financial media outlets have been awash with sensationalised headlines describing super as a ‘bad investment’. This naturally has meant people have become suspicious of super as a method to invest. They no longer wish to make additional contributions to their fund and are looking at alternatives to invest their savings.
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Insurance. It’s a dirty word. Paying for something you will only use if you die, are permanently disabled, suffer a traumatic event (like a heart attack), or become ill and cannot work.
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Recently the Governor of the Reserve Bank of Australia (RBA), Glenn Stevens, made a momentous policy statement about a change in policy for this institution he heads. To date, the main role of the RBA has been to keep inflation relatively low, a goal that has translated into an unofficial target for the Consumer Price Index (CPI) 2-3 growth per annum.
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Ladies and gentleman what an upside down world we are living in. The last two and a bit years have delivered us swings and roundabouts, curve balls and home runs, near misses and head ons.
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Recently the Federal Opposition's new finance spokesman, Senator Barnaby Joyce, decided to warn all and sundry about the potential for both the US Government, and some of Australia's State Governments, to default on their debt obligations. Should such a thing occur, Senator Joyce opined, then the ensuing financial panic might make the crash of 2008 seem little more than a blip.
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A major component of the Federal Government's new 'Green Car' strategy involves subsidising R&D efforts here to produce more fuel efficient vehicles. One positive result from this has been Toyota's decision to begin local production of the hybrid Camry at Altona in early 2010.
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Is it that time of year already? The decorations are lining the city streets, the mailbox is overflowing with Christmas catalogs and the kids have already started writing out their wish lists. It is an easy time of year to get carried away and blow the budget you’ve worked so hard to maintain throughout the year.
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Is now a good time to invest in property? What a great question. If you believe the findings released by general insurer, QBE Insurance, in early October, Australia is set for another property boom over the next 3 years. Adelaide, Sydney and Melbourne are predicted to lead the charge.
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Just over a year has passed since the world teetered on the edge of a financial abyss. Wall Street Investment bank Lehman Bros had collapsed, many US lenders faced bankruptcy and short term interest rate spiked to record levels as once confident institutions refused to accept each other's credit.
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In the February 2009 edition of this column I suggested that the time to fix a homeloan was when the rate dipped towards the 5% level. Sadly this occurred for just a very brief period during March when a work colleague fixed his homeloan for three years at 4.99%. Well done him. Bad luck Westpac.
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It’s time to start thinking differently about how you invest…
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Recently I contributed an opinion piece for the ABC's online forum in which I argued that the Government's proposed Emissions Trading Scheme (ETS) should be exposed for what it is – yet another tax (via higher electricity prices) on ordinary Australian households.
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The Federal Government announced in the last budget that superannuation contribution levels were to be halved to $25,000 for those under 50 years of age and to $50,000 for the transitional period to 2011 for those over 50, effective 1 July 2009. So what impact is this likely to have on retirement income streams and what can we do about it?
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Recently I was contacted by a man approaching retirement age who wanted to know what he could do to ensure eligibility for publicly funded pensions both here and in the UK. It seems that a seven year stint in the British workforce bank in the 1960s led him to believe he might qualify for a double payment.
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The recent collapse of Great Southern and Timbercorp has once again put into question the value of tax-effective Managed Investment Schemes.
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For too long now the Financial Planning industry has been bashed in the media from pillar to post and with good reason. The industry was essentially born some 25 years ago from a growing number of converted insurance salesman who made a good life for themselves earning commissions from the product they sold and the model seemed to fit nicely when it came to flogging investment products. The industry has faced an uphill battle ever since.
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Recent housing figures in Victoria suggest that something of a property boom is occurring amongst first homebuyers. Rather than their numbers shrinking, as would normally be expected during the nervous early period of a recession, first homebuyers appear to be turning up to opens-for-inspection and auctions in ever increasing numbers.
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Usually Federal Budgets are somewhat dull affairs, in which the Treasurer of the day hurls dozens if not hundreds of figures at voters in an effort to convince them that public finances are in good shape. Sometimes Budgets contain forward thinking bits of social policy, eg the recent decision to introduce paid parental leave.
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Your financial questions answered
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The recent collapse of the Westpoint property development group has caused retail investors – many of them retirees and superannuates – to lose a total of $300 Million.
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We are an aging population. In 2007, there were 2.4 million people aged 65-84 years. According to projections issued by the Australian Bureau of Statistics, this figure will grow to 4 million in 2022 and around 6.4 million by 2056.
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In order to fulfil its 2007 election promise concerning the provision of fast broadband to almost all Australians, the Federal Government has decided to abandon the relatively modest $4.7bn partnership with private industry in favour of veritable budget monster – the recently announced $43bn ‘fibre-to-the-home’ (FTTH) network.
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The December quarter national accounts showed that the Australian economy is almost certainly headed towards a recession – that is, two consecutive quarters of negative growth. What is occupying the minds of our political leaders, therefore, is whether the recession will be short and shallow, or long and deep.
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In the midst of a credit crisis you may be excused for questioning why I have chosen to raise this topic, but please, humor me for a moment. The truth is, without the benefit of hindsight it is difficult to know when is a good, or bad time to invest.
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Lately the front pages of most newspapers have been full of financial doom and gloom. Evidence of this includes large pictures of growling bears, share price graphs that disappear off the bottom right hand side of the page and photoshopped images of banknotes going up in smoke. And let’s not forget the pronouncements of financial journalists who have been falling over themselves to claim that the current economic crisis will be worse than the Great Depression of the early ‘30s.
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If only people paid as much attention to optimising their tax position as they do to worrying about a drop in the value of their investments!
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Until 12 months ago superannuation, like the rest of the sharemarket, was basking in a golden age of year on year double digit returns. It seemed the party was never going to end. The Government’s “simpler super” changes which came to effect from 1 July 2007 seemed to only strengthen super’s allure.
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In short, the answer is yes. The only question is when? No one really knows and if they did, they would most likely be spruiking that they had picked the beginning as well. They’d also be very rich…!
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During all the euphoria accompanying Barack Obama’s ascension to the American Presidency, it is worth making a hard headed assessment of what this means for the Global Financial Crisis (GFC)
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The technical definition of a recession is two consecutive quarters of negative growth, and according to consulting firm Access Economics this is what the Australian economy will experience during 2009.
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Do it today with a Small Business Grant* of up to $30k from the City of Melbourne. Grants are available for business start-up or expansion, export initiatives or business support services.
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Make no mistake, times are tough! The share market has halved in 12 months, property sales have slumped and unemployment is on the rise…
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The Global Business Outlook for 2009 summit will be crucial for industry leaders says the Premier of Victoria, Hon John Brumby and Chief Economist at Austrade, Tim Harcourt.
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Since mid 2008, when the Reserve Bank (RBA) realised it’d made a horrible mistake in targeting now non existent inflation, interest rates have fallen rapidly.
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