As we start to see some lockdown measures lifted, we’re also starting to see how the government plans on helping the nation emerge from the economic crisis that’s reared its head as a direct result of COVID-19. Here’s a look at what’s happened this week:
1. Reform delays. The federal government has announced that it would delay the implementation of reforms recommended by the banking royal commission by six months. Treasurer Josh Frydenberg said the delays are as a result of the significant impacts Coronavirus has had on the sector and to help financial planners focus on “planning for recovery”.
2. Don’t waste a crisis. That’s what Chris Ridd says in his blog this week – explaining that the advice sector has been through more turmoil over the past 2 years but now is the time to capture opportunities as households need guidance now more than ever before. More here
3. While we’re on helping clients, the AFR this week published a story covering strategies to help rebuild share portfolios in a volatile market.
4. Super Funds are also teetering as a result of market fluctuations – you can read more on how they’re faring using these top 30 tables as a benchmark.
5. Is stamp duty reform on the way? NSW and Victoria are considering it as a means to help restructure the state economies as we climb out of COVID-19. More here.