In this edition of The Story we summarise Joe Hockey's 2014 Budget. We are currently reviewing and assessing the implications, risks and opportunities of this budget and in the following days will bring you our conclusion in The Verdict. Overnight treasurer Joe Hockey delivered his first budget, vowing to end the age of entitlement “ prosperity is not a gift it has to be earned, so now it is our turn to contribute, now it is our turn to [...]
It would seem our own Andrew Creaser and Joe Hockey may be preaching from the same page - that is, the demographic necessity of change to ensure a sustainable Australia. Andrew, along with many others has long questioned the quality of life Australians can expect if we don't address the fact (based on current trends), that we are facing a longevity crisis. Treasurer Joe Hockey's recent comments regarding changes that must be made to a system "designed in the 20th century, [...]
IN THIS ISSUE FOFA continues to headline Quick Tip: Investment Myth - Crowd support indicates a sure thing Happiness: the new measure of economic success It's lights out for UK Pension Transfers Weekly Market Update - opt-in opportunity FOFA continues to headline Last week Australia marked the fifth anniversary of one of it’s most high profile financial collapses - the liquidation of Townsville based Storm Financial (it’s 14,000 clients, many retired were left nursing an estimated $3 billion in losses). The [...]
In Australia, as with most western cultures, we often use Gross Domestic Product (GDP) to measure our success, however, there is another measurement which is gaining traction for more accurately depicting a country’s worth. It’s called the Gross National Happiness Index (GNH) and it implies that development should take a holistic approach to the notion of progress and give equal importance to the non-economic aspects of society. Looking at economic output alone to determine a nation’s success only gives a crude [...]
FoFA Roll-back 2014. When the government unveiled the details of their FoFA overhaul days before Christmas, there was not a lot of media fuss. Few in the industry appeared to fully comprehend the potentially profound scope the changes would make. Since releasing the exposure draft regulation on January 29, the noise surrounding the issue has been anything but quiet. The changes have come under intense scrutiny and evoked much commentary amongst industry professionals. The main conversation centres on a fear that [...]
THE GOOD, THE BAD AND EVERYTHING IN-BETWEEN This Budget could be described as uneventful as it contained little in the way of sweeteners for middle-income earners, families and pensioners. Many of the key announcements were released pre-budget and confirmed by the Government in the budget papers. These include a number of changes to the superannuation system such as an increase in the concessional contributions cap for older Australians, changes to the excess contributions tax regime and 15% tax on certain earnings [...]