from Andrew Harris principal of Minerds Bell Consultancy Group
Hi, welcome to our September update.
It’s been a couple of months since I sent you a video message. Welcome to Spring and I hope you are well.
As our thoughts turn to warmer weather I wanted to bring you up to date on a few things.
The COVID pandemic continues to write headlines with now over 25M recorded cases worldwide and more than 850,000 deaths. South Australia remains well positioned with very few cases over the last few months. Our government is doing everything they can to keep the economy going without massive widespread transmission.
We recently heard the government extend their Job keeper payments to March next year, although under different qualifying criteria and a slightly lower payment. This should help small business going forward.
They also extended the additional payment to jobseeker until end December although at a reduced rate as the government anticipates more job loss in the coming months.
Also, due to the negative inflation or CPI result, the Aged Pension won’t rise this September and won’t be revisted until March next year.
While we all know Aged Pension changes are linked to the CPI, it’s fair to say none of us really ever contemplated the implications of a negative CPI.
Fingers crossed that over the next month the situation in Victoria stabilises and movement between States opens more. This should help drive more economic activity going forward.
The government also approved come super changes, which now a person age under 67 can contribute to super without needing to meet the work test requirements, this is an increase from age 65. We are also waiting for government to approve the bring forward rules to apply from to age 67. This should make it easier for more Australian to add to super just before retiring.
I want to give you a progress update on our merger with SuperInsure, previously headed by Jim Herman.
I have known Jim for just over 17 years. He has worked in Financial Services since 1989, and has been a Financial Planner since 2002. He is skilled in advising on both retirement planning and helping clients accumulate wealth.
After successfully operating SuperInsure for many years, he has merged his business with Minerds Bell to benefit from being part of a larger support team.
Finally, this month we have some articles to share. These include comment around the importance of increased super contributions, particularly in light of the withdrawals made by members under the COVID rules; the likely economic growth outlook, and streamlining new “green” laws.
Take care. That’s all for now,
Principal – Minerds Bell Consultancy Group