As Melburnians continue to see Covid-19 cases increasing, and wearing face masks becoming mandatory from today, we look at the big news in advisory this week.
Here’s what you need to know this week:
1. After weeks of uncertainty and speculation, the Morrison Government finally came out this week to clarify the path forward with regards to Jobkeeper payments in an effort to reassure the nearly 5 million Australians receiving payments. So whilst payments will be cut, the program will be extended to March 2021. Read about it here.
2. Meanwhile, a new report from the small business ombudsman, Kate Carnell, has taken a slightly different approach to address the huge economic impact of a distressed small business economy. The report has recommended free financial advice to struggling business owners in an effort to assist them trade through the pandemic and avoid insolvency. Read about it here.
3. It’s not just face masks that we have to worry about, with reports that Victoria is likely to experience a recession worse than that in the early 90’s. The numbers are sobering. In the event of a six-month shutdown, it is expected that property prices will plunge by up to 9 per cent and up to 270,000 jobs lost – unemployment is estimated to peak as high as 11 per cent. Read more here..
4. NetWealth released their 2020 AdviceTech report last week. The 52-page report provides a great insight into the leading technology categories that advice firms are investing in to help them succeed. Our own Chris Ridd, Director of myprosperity, shared his insights into the report and how the advice industry should approach technology opportunities to help them thrive. Read more here.
5. And lastly, a warning from one of the billionaires of the dotcom boom some 20 years ago. Mark Cuban of broadcast.com, a company he sold to Yahoo for $5.6 billion, has likened the current rush on tech stocks to the dotcom bubble of 2000. Back then he predicted the bubble and liquidated much of his tech wealth before things went to custard. Could he be right again? Read about it here..