Financial Update for June

Well what an..er.. interesting month it has been. The US riots in 30 cities and looting, fires, injuries and deaths. You’d have to think the US economy would be in trouble. Not even considering COVID and over 100,000 deaths…

But for reasons I can’t explain US share markets are more than solid. In fact they have nearly returned to pre-COVID levels. Australian markets and the rest of the world are recovering more slowly, but generally heading in the upward direction. Australian share markets are back to roughly where they were in early 2019.

I personally think it is too early of a recovery considering everything else happening at moment, but we will see how it looks after the US election. Typically US election years are good financial return years.

We are still heading for a recession though and many businesses are still in pain and are in for a tough year ahead. The government has attempted to stimulate the construction industry which is great, although I fear the package has missed the mark. I have even heard reference to this stimulus helping with homelessness. I’m not sure they understand the construction industry time frames or homelessness. However, if you are one of the many tradies I look after – I hope this helps with future projects and business growth for all of you!

Business as usual for me commences around end July / start of August, where I will be completing reviews for all of you before the end of the year. Looking forward to catching up with you all and reviewing products and strategies.

I haven new financial planning software coming which I am really excited about, and hopefully once you see the benefits to yourselves you will be too. The aim is to increase efficiencies and provide more value. There will be a personal client portal as well where you can log in and check your investment balances for different funds and providers in the one place.

Remember to get your super contributions in before the end of the month if you are wanting to claim a tax deduction – and also need to complete a notice of intent to claim a tax deduction form. If you didn’t do this last year for a contribution, and claimed a deduction – it needs to be done before June 30!