Bryan Ashenden
Australia
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Articles by Bryan Ashenden
Don’t sell the farm (at least not yet)
It has certainly stirred the hornets’ nest, with reports of people already looking to withdraw some of their super savings now to avoid having to pay this tax. However, there is no need to sell the farm (or other assets) just yet. Further, selling those assets and withdrawing amounts from super might not be the best course of action. It is clear that there are areas of the proposed legislation with vocal opponents.
Will ethics be the death of you?
Estate planning is a crucial yet often overlooked aspect of financial planning. While the primary goal is to ensure that the right assets are distributed to the right people at the right time, ethical considerations add complexity to the process. As financial advice professionals you may have seen ethical issues arise around considering estate planning issues for your clients.
ASK AN EXPERT: Retirees and property
In a new series, Tim Howard from BT’s Technical Services team offers guidance on a range of personal finance topics, from superannuation and tax to social security payments. Tim is a technical consultant with BT, with close to 20 years of experience assisting financial advisers and their clients with all aspects of financial planning. BT’s Technical Services team receives around 8,000 queries a year from financial advisers on superannuation, tax, social security and regulatory topics.
Power down: Eight ways to reduce your energy bill
With many households feeling the pinch from cost-of-living pressures, it pays to find savings where you can. And with energy bills on the rise, making your home more energy efficient is a great place to start. Here are eight steps to consider: Step 1: Identify and seal air leaks Many homes, particularly older ones, are draughty, allowing cold air in during winter and hot air in summer. This can result in an uncomfortable living environment as well as raising heating and cooling expenses.
Inflation, income dominate adviser conversations
Whilst financial advisers tend to contact us about technical topics, their questions on superannuation, tax and social security are often in the context of finding savings and increasing income for their mass affluent clients, in the current environment. For high-net-worth clients, the proposed Division 296 tax - on superannuation balances of over $3 million - remains a key focus.
The importance of financial planning for retirement
While retirement can herald an exciting new phase of life, for many it also comes with challenges. Some retirees enter retirement on their own terms while others may be forced to retire due to ill health, workplace changes or family circumstances. Retirees can also face competing priorities, such as balancing the need for income with the fear of outliving their savings -– a valid concern, as improvements in medical science mean we are now living longer.
Don’t let money mess with your marital bliss
Money can be a source of friction for many couples, and in most cases the root cause is a lack of communication on the topic. Research commissioned by Westpac shows that many Australians feel more comfortable talking about what they get up to with their partner in the bedroom than about their shared finances, with 89 per cent of survey respondents agreeing that they find the subject of money awkward.
Businesses set to tackle 2024 with cautious optimism
Australian businesses are showing resilience in the face of a slowing economy, managing to offset declining turnover by reducing their costs, according to Westpac Business Bank’s latest quarterly snapshot. The report, which draws on the Group’s proprietary data from commercial and SME customers, showed that while turnover fell by 3 per cent in the December quarter, expenses dropped by 4 per cent to their lowest level since the March quarter of 2022.
LUCI’S CALL: RBA keeps its options open
The Reserve Bank left the cash rate on hold at 4.35 per cent at its February Board meeting, as most people had expected. Inflation has come down a little faster than the RBA thought three months ago and growth in the economy has been soft, but the Board is still worried that price pressures might not ease as fast as they would like. Those concerns centre on services inflation and they haven’t ruled out the possibility that further tightening might be necessary.
Q&A with eSafety Commissioner Julie Inman Grant
We must not underestimate the harm online abuse can do to individuals and broader society, says eSafety Commissioner Julie Inman Grant, in a Q&A with Wire to mark Safer Internet Day. Q. What are the biggest threats individuals currently face to their online safety? Inman Grant: Online threats are always changing, with new technologies and the darker side of human nature converging to make them more complex and often more damaging and harmful.
The hidden cost of domestic abuse
One of the less visible forms of domestic abuse is financial, yet it can be just as devastating in its emotional impact. Mary* had been subject to all aspects of domestic abuse during a seven-year relationship with her partner, but it was only after she left him that he targeted her finances, emptying their joint bank account within a matter of weeks. “I don’t think anybody would look at me and think she’s going to be a victim of domestic violence and especially financial abuse,” Mary says.
New year fails to lift the mood among consumers
The “time to buy a major item” sub-index is languishing at historic lows after falling 5.4 per cent in the three months to January, while the “time to buy a dwelling” component dropped 5.3 per cent. Risk aversion among consumers also remains high. The Westpac Risk Aversion Index rose 3.1 points to 57.2 in December, marking the second highest read since the start of the survey in the mid-1970s. Consumers are more inclined to favour deposits, in part reflecting the higher interest rates on offer.
What's top of mind for advisers in 2024?
Bearish predictions about the Australian property market in 2023 have turned out to be wrong, with population growth and a short supply of housing pushing prices up, especially in capital cities. To combat the rising cost of living, it seems many Australians are realising the values of their properties wisely, as part of their superannuation and tax strategies.
Defined benefit streams under the new superannuation rules
Defined benefit interests are difficult to value in accumulation phase, as final benefits depend on length of service, final salary and other factors. Defined benefit income streams have commutation restrictions imposed by legislation and quite often, by fund specific rules.
An opportunity to simplify fee consent in the hands of professionals
Product providers have come up with innovative ways to simplify the fee consent process, including by introducing digital solutions. Even so, obtaining clients’ consent to paying advice and product fees can still be time-consuming for advisers who are having to follow different processes for each provider.
Tourism surge is driving Fiji’s economic revival
Australians are leading the charge to enjoy Fiji’s tropical coastline and famously laid-back vibe, accounting for more than half of all arrivals. Tourists from other key markets including New Zealand and the United States are also starting to return in greater numbers. And guests are staying longer - more than four nights on average - Shameem said, giving them more time to spend on food and drink, leisure activities and excursions. However, the pick-up has brought with it challenges.
Westpac survey shows farmers see a fine future
Despite the overwhelming positivity, Ward admits notable sector headwinds still exist. “At the moment, it’s input costs which are surging; interest rates are up; and the ongoing supply chain disruptions since COVID are affecting the availability of machinery – it can be a wait of up to two years for a new sprayer or tractor,” she says. National Farmers’ Federation President Fiona Simson also last month warned many farmers were “feeling the pain of eye-watering production costs”.
BILL'S BITES: Sentiment drops again as property gloom deepens
The Westpac-Melbourne Institute index of consumer sentiment fell a further 3 per cent in August, with expectations for tumbling house prices a feature of the latest report. The index is now down to 81.2 – comparable with the lows we saw during the global financial crisis and the height of the Covid pandemic in 2020, although still well above the levels seen during the recession of the early 1990s.
Robust cyber defences need strong collaboration
In Australia, there is one cyber attack every eight minutes. Our adversaries are becoming more prolific and more sophisticated. And they don’t play by the rules. For cyber security professionals, in all industries, that puts us at a disadvantage because we must defend and abide by those rules – we have to operate within the parameters set by our organisations, within ethical boundaries and within the law.
PODCAST: Turning global spotlight on Aussie entrepreneurs
Despite the momentum in the sector, Terry admits social entrepreneurs, particularly those whose mission is to create jobs for people experiencing disadvantage, face an extra set of challenges compared with traditional entrepreneurs. The greatest of these, he says, is the need to fund the ‘wrap-around supports’ for the people they employ and to find landlords willing to lease them spaces to operate.
Graduates in demand as battle for talent hots up
She puts this down to COVID-related factors, such as students prolonging their studies to experience campus life after two years of online studies, deferring their careers in favour of travelling since borders reopened, and far fewer international students in Australia. “On the other hand, there are more employers in market than ever before, and they’re each going after more graduates than previous years,” she says.
New research aims to keep online predators at bay
The government is also stepping up efforts to raise awareness of the risks children face online and inform parents on how they can better protect them.
Power deals push Westpac closer to renewables target
Westpac has announced new deals for renewable power supply that pave the way for the bank to source the equivalent of 100 per cent of its electricity requirements in Australia from clean energy sources by 2024. An agreement with Flow Power will provide up to 32.5 gigawatt hours of power from the Ararat Wind Farm, about 180 kilometres northeast of Melbourne in rural Victoria, and the Berri Solar Farm and Battery in South Australia.
Fast mortgage headlines Westpac’s new digital features
Westpac is rolling out additions to its banking app over coming months, including a partnership with fintech firm CoGo which will allow customers to track their carbon footprint and help them to make greener spending choices. “Sustainability is a topic that our customers are increasingly leaning into and the partnership with CoGo will give them those insights into how their carbon footprint is tracking and things they can do about that,” Hair said.
Miller: New targets to push Westpac to net-zero
New targets revealed today by Westpac showed the bank was “publicly putting down a stake” in support of global efforts to reduce emissions to net-zero by 2050, according to Westpac Institutional Bank chief executive Anthony Miller. Speaking ahead of the bank’s market update today, Miller said the targets, which commit Westpac to reduce the emissions intensity of its lending portfolios, were made as part of joining the United Nations-convened Net-Zero Banking Alliance.
RBA cash rate to hit 3.35pc, say new Westpac forecasts
Westpac economists have revised up their forecast for the high point of official interest rates to 3.35 per cent, from 2.6 per cent previously, on a view that the Reserve Bank of Australia will err on the side of caution in acting to contain inflation expectations. “Inflation outcomes and inflation expectation concerns will be the dominant motivating forces for policy,” Bill Evans, Westpac’s chief economist, said in a report.
PayID in spotlight in fight against fraud
The Australian Banking Association’s 2022 scams awareness campaign, which kicks off this week, aims to highlight the work banks are doing to protect their customers, as well as increasing general awareness of scams and how people and businesses can protect themselves. PayID is a key tool in banks’ armoury and will be a major focus in this year’s campaign.
BILL’S BITES: Sentiment takes another tumble
The Westpac-Melbourne Institute Index of Consumer Sentiment fell a further 3 per cent in July to 83.8 - the seventh consecutive monthly decline - as the impact from higher interest rates and surging inflation took its toll on households.
‘Ocean optimist’ has a plan to save our reefs
Foo, who recently returned from overseas to take up a research position with the University of Sydney, has also studied black sea urchins which are spreading further south as oceans warm, destroying kelp, eating algae and changing the balance of ecosystems as far south as Tasmania. Her research into marine ecosystems and their response to climate change is being supported by the Westpac Scholars Trust as part of the Trust’s focus on sustainability.
From the dreaming to ‘Dreamy’: sharing First Nations stories
Dreamy was launched in August last year at a time when much of the population was in lockdown and many were experiencing high levels of stress and anxiety. Glynn-McDonald recognised that young people in particular often find it hard to switch off and fall asleep after spending so much time on screens. “In the time of Covid-19, which we’re obviously still in, I think there has been a huge re-frame where people have been stuck in place,” she says.
RBA not done yet, inflation report holds key
Westpac Economics expects the Reserve Bank of Australia to deliver a further 50 basis point rate increase in August, with upcoming inflation data likely to be key to how much more tightening is needed beyond that. On Tuesday, the RBA delivered its second consecutive 50 basis point rise, as widely expected, taking the cash rate to 1.35 per cent, while the accompanying statement offered the bank “ample flexibility” for its August meeting, said Westpac chief economist Bill Evans.
Two-way mentoring aims to bridge generation gap
Mentoring programs used to involve a seasoned workplace veteran downloading their skills and experience to a fresh-faced new starter. But mentoring is evolving to better serve a more diverse, multigenerational workforce.
Outback town lifts homeownership with unique scheme
Stephen Woodlands, founder and chief executive of Head Start Homes, who helped facilitate the deal with Westpac, says when the initial nine loans are taken out, he’d look to connect the council with other lenders to form a similar arrangement.
No relief for renters as supply crunch looms
The trend towards higher-density living has accelerated in recent years. Findings from the 2021 census, published in June, showed that over 10 per cent of Australians now live in apartments.
Meetings in the metaverse and other trends in hybrid catch-ups
As many of us know, hybrid meetings are easy to do badly, and difficult to do well. But with many workforces opting to keep up the COVID inspired arrangements of splitting their teams’ times between the office and home, more companies are investing in new ways to remove any sources of friction. Almost twice as many Australians worked from home one or more times a week in April 2022 compared with before pandemic restrictions in March 2020, a recent Bureau of Statistics survey showed.
Burps, beams and batteries on low carbon milk path
D’Avoine, whose Melbourne-based firm also customises energy efficiency plans for commercial clients, says the pool of evidence is growing that certain products when added to a cow’s diet can reduce their methane emissions by up to 95 per cent. “Feeding these products to the animals, it gets in the stomach, reacts with the methanagens inside and kills them before they can turn into gas and get burped out,” he says.
MONEY TALK: New year, new super changes
The new financial year is just around the corner, which means fresh rules affecting superannuation are fast approaching. Many may have seen their super balance weaken in recent weeks due to the market turbulence, but the new financial year will at least bring some changes that will offer investors more flexibility in managing their retirement income. For the next 12 months, there is a 50 per cent reduction on the standard minimum amount that must be paid out from a superannuation income stream.
Are you in the business of ethics?
It has been over two years since it became mandatory for all Australian financial advisers to adhere to the Financial Planners and Advisers Code of Ethics 2019, better known as the Financial Adviser Standards and Ethics Authority (FASEA) Code of Ethics (Code).
‘Like nothing before’: Results reveal big spending shifts from COVID-19
In the wake of the once-in-a-century pandemic that dragged the nation’s economic activity down a record 7 per cent in the June quarter, the just-completed corporate profit reporting season was never going to smell like a bunch of roses. As Westpac’s economic team notes, consumer spending shrunk 12 per cent for the virus-blighted period. To no-one’s surprise, the decline was led by sectors such as transport and accommodation – down 86 per cent and 77 per cent respectively.
REWORK: How a high ‘AQ’ is helping SMEs survive
As the number of COVID-19 cases began to spike in Australia in March, Kate Dickerson and her husband Steve were quick to put their small business into hibernation. For six years, Senior Style had been bringing its mobile clothing store to residents at aged care homes – but its clients were now the most vulnerable to the pandemic and were promptly shut off to the outside world. “The night that I realised what was happening, I didn't sleep at all.
Plan to wind up your SMSF at the outset
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‘Renewable life’: Bomen Solar Solar farm sets sail post PPAs
Denis Pana has a different way to describe solar and wind farms. “It’s called renewable energy, (but) my take is it is renewable life,” he says during a hot, sunny day of construction at the Bomen Solar Farm in Wagga Wagga, New South Wales in late January. Pana, a mechanical manager at the project, knows the area well, having arrived at the “bare paddock” slated for the 120 megawatt solar farm on June 1 last year.
COVID-19 shines a light on super strategies
While the COVID-19 pandemic is first and foremost a health concern, Australians are understandably anxious about the security of their superannuation savings in volatile markets. In the past six weeks, we’ve seen wild fluctuations across markets and most superannuation funds have experienced falls since equity markets peaked in February.
Building superannuation for clients over 65
After a period of change and significant uncertainty for many advisers, the industry now appears to be entering a more stable environment where advisers can return to what they do best – helping people plan for their financial future and their retirement. This is particularly true for those advising SMSF members. Indeed, recent changes in superannuation legislation have created an opportunity for those approaching retirement to give a boost to their SMSF balances.
Can cancer be detected by a blood test?
In most cases a few decades ago, a diagnosis of cancer was a death sentence. For the last few decades, however, there have been enormous strides in the management of most forms of cancer. The standard treatment up to recently has been extensive surgery, chemotherapy and radiotherapy. Improvements in all three areas have seen much better treatments available for most cases of cancer. But, over the past decade, there have been enormous advances in the personalised management of cancer.
Danger: you could be an accessory under the Fair Work Act
Over the past fortnight, I’ve been fortunate to deliver presentations at a number of fantastic events around the country. Many of these conferences were attended by employers and their advisors, such as accountants, bookkeepers and HR professionals. One topic that consistently came up was ‘accessorial liability’ under the Fair Work Act 2009. Alarmingly, not nearly enough is known about this extremely important topic.
Are our big banks in a financial jam?
Westpac’s microscopically higher full-year result this week rounds out the major banks’ reporting and, while they’re all fessing up to major fallout from the Royal Commission and the increasing costs of their funding, it’s not been so disastrous for the banks in general and Westpac in particular, once you pick through the numbers.
Your end of financial year property round up
Now that we’ve hit the mid-year point, it’s an opportune time to drop a pin in the market and see what’s really going on and how things have changed over the past 12 months. Of course, the headline this year is the market turn in Sydney and Melbourne. We are currently well into the cooling process. While some suburban pockets are still recording price rises due to local factors like a particularly desirable location or a lack of supply, both cities overall are slowing down.
In defence of SMSFs, $1m balance or not
So Self-Managed Super Funds can be expensive to run? That was a worthwhile finding from the Productivity Commission’s draft report into superannuation released last week, which concluded that you might be better advised to hold off setting up an SMSF until you can muster around $1 million. Below that figure, the Commission noted that your SMSF is more likely to have much higher costs than conventional pooled super funds and perform “significantly worse”.
Questions remain as bank chief executives face criminal cartel charges
Old stockbrokers must be spluttering into their gin with amazement as they watch the ACCC’s cartel case against ANZ Bank, Deutsche and Citigroup over the bank’s $3 billion raising in August 2015. Meanwhile, six high profile executives, including ANZ group treasurer Rick Moscati and a former head of Citigroup, face criminal charges laid by the Commonwealth director of Public Prosecutions in the next few days, with court hearings due to start on July 3.
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