Overall, the government is not in quite as much debt as it thought it was going to be due to a very strong economy and strong commodity prices. This ‘not as bigger deficit as we first thought’ has been now coined as a ‘fiscal dividend’ which the treasurer has decided to hand out to lots of voters on the eve of what looks like will be a very challenging election for his government.
We live in a world where our choices are almost limitless. Just a visit to the grocery store shows how many choices we have i.e., white bread, brown bread, multi grain bread, black bread…. with these everyday choices we have become very good at understanding our favourite or the type we need, but what happens when it comes time to decide on something we know very little about?
At the end of August, APRA released the results of its inaugural MySuper Product Performance Test, designed to help Australians more easily compare the performance of their super fund. Of the 80 MySuper products on the market, 76 were assessed by APRA. 13 products were found to have failed the performance benchmark.
The Australian Prudential Regulation Authority (APRA) has mandated changes to income protection insurance to make the industry more sustainable after many insurers were consistently losing money. Some changes have already been made and others will commence from 1 October 2021.
What a difference a year makes! Last May, the government didn’t even hand down the budget as the whole economy was shut down, businesses were closed and we were all stuck at home staring down the barrel of economic calamity. When the 2020-21 budget was finally released in October 2020, the final figure was a record deficit of $213.7 billion.