1. Australia’s 29-year period of economic expansion has ended, with Treasurer Josh Frydenberg announcing that the country has entered a recession as of this quarter. New figures released by the Australian Bureau of Statistics show that Australia’s GDP has contracted 0.3%.
2. The Morrison Government has laid down plans for an economic recovery fueled by the construction industry, unveiling a new stimulus package that will provide $25,000 grants to Australian’s who are “substantially renovating” or building a new home from the 4th June to 31st of December 2020.
3. Self-funded retirees in self-managed superannuation funds (SMSFs) have sounded the alarm for an approaching income crisis with falling returns, lower dividends and interest rates. The latest government figures reveal that SMSF returns have fallen by 10% in the first 3 months of the year.
4. Now more than ever, Australians are turning to their trusted adviser for guidance on how to navigate these tricky times. myprosperity Director Chris Ridd recently sat down with Jessica Brady of Fox & Hare Financial Advice to discuss how they’ve tailored their services specifically for young Australians. Read more about their conversation here.
5. FPA chief executive Dante De Gori has announced that the association has called for the AFSL system to go through serious reform, moving the focus of licensing to financial products rather than the provision of financial advice.
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