While the Albanese government expects Australia’s economy to grow by two and a half times by 2063, the growth will be slower and harder-won than in past decades as major global shifts alter economic dynamics, the report stated. But to get there, productivity needs to pick up.
Criticism that superannuation tax concessions are costing the government more than the Age Pension is disingenuous and based on bad analysis, Mercer said in a new report finding super concessions actually save taxpayers in the long run.
In a sweeping report recommending a seismic economic overhaul, the Business Council of Australia said global shifts mean Australia must adapt – and act effectively on decarbonisation, deglobalisation and other challenges – or risk losing its place on the global stage.
Lingering distrust over last year’s data breach made Optus the most distrusted brand in Australia in the year through June and confirmed falling trust for telecoms, while retailers Woolworths and Coles again topped the most-trusted list.
Recent economic turmoil has had the positive effect of giving fixed-income back its traditional defensive kick, says Western Asset’s Anthony Kirkham. Investors should be ready to reallocate as needed to take advantage of the renewed diversification benefits.
Much of the 2.4 per cent decline in global wealth in 2022 – the second-biggest this century – stemmed from US dollar appreciation, but even controlling for exchange rates it was the slowest wealth increase since the GFC, UBS and Credit Suisse said in a new report. But global wealth inequality fell, as richer countries took the biggest hit.
Investors thinking of switching super funds should carefully consider the costs involved, make sure they do their paperwork and keep their various retirement accounts straight, says Heffron Consulting’s Meg Heffron. To avoid “nasty surprises”, it all comes down to careful planning.
Despite continuing strong economic data for Australia, markets have forecast significant earnings downgrades, and results have been mixed so far. But a main highlight – CBA’s record $10 billion profit – may not be enough to improve investors’ outlook on the banking sector, analysts say.
The chief economist says rapidly falling inflation, high savings levels and a lack of excess are among the reasons this pivotal moment could pass without the major downturn that many have long dreaded. But AMP still puts recession odds at 50/50, and rate cuts will likely need to precede any growth rebound.
With Treasury currently considering amendments to provisions governing non-arm’s-length income and expenses (NALI/E), the SMSF Association and other professional bodies say the ATO should not rush a controversial tax determination about NALI and capital gains tax in SMSFs.
