RBA Rates stay low

In the previous meeting, RBA governor Philip Lowe said that the Australian economy is recovering well and there’s been positive news on the employment over the recent months. “In Australia, the economic recovery was well under way and had been stronger than expected previously. There had been strong growth in employment and a welcome decline

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Jobkeeper ends

Jobkeeper ends on 31 March 2021, and Australia holds its breath as to what effect this will have on employment and the economy.

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Jobkeeper Changes

Jobkeeper scales back from today.  Payments reducing to $1,000 per fortnight for workers with greater than 80 hours during the relevant reference period and $650 per fortnight if working less than 80 hours during the relevant reference period.  More info can be found at https://www.ato.gov.au/General/JobKeeper-Payment/JobKeeper-extension-announcement/

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Best Interests Duty (BID)

This new legal requirement is being introduced as a result of the recent Royal Commission into the finance sector.  Its goals are as follows: To improve customer outcomes To ensure brokers act in the best interests of their customers To reduce the potential for conflicts of interest to impact the assistance customers receive from brokers.

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Historic RBA Cash Rate Decision

At its meeting yesterday, the Reserve Bank of Australia (RBA) announced another cash rate cut to an all-time low of 0.10 per cent. This follows a hold in October at 0.25 per cent. To view the official RBA statement, please visit the Reserve Bank’s website.

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Changes to Covid-19 Support

The Government has announced extensions to the Covid-19 support packages for Jobkeeper and Jobseeker for qualified businesses and individuals.  The Jobkeeper support will move to a 2 tier reduction in payments model after September 2020, which will require business to justify their reduction in GST turnover to qualify.  Jobkeeper will also provide a reduced payment

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Need help in managing your finances?

Here is a great collection of financial calculators which can help you make the difference in managing your money and finances.  Broadly, they cover money management, debt reduction, future planning and wealth creation/growth.  This links to a government developed website so you don’t have to worry about their effectiveness!   Click on: MONEYSMART

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Covid-19

If you’re suffering hardship due to the effects of the COVID-19 pandemic virus, the banks are offering various levels of support for their customers.  Before you contact them, talk to us, as there may be other options open to you.  We’re here and happy to help! If you need financial assistance visit the ATO’s website

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