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WealthGuru

We are a full service advisory firm, specialising in Wealth management, Personal Insurance, and Retirement planning including Super accumulation strategies.

Please feel free to enquire about our services and offers by calling us on 08 72252261.

26/04/2023

Inflation falls to 6.3%

Inflation remains high, but has now fallen for the third consecutive month, strengthening the case for the Reserve Bank to stop increasing the cash rate.

After inflation peaked at 8.4% in December, it fell to 7.4% in January and 6.8% in February – and then 6.3% in March, according to new data from the Australian Bureau of Statistics.

The Reserve Bank is trying to reduce inflation to between 2% and 3%, and has said it will keep raising the cash rate until it achieves its goal. So the sooner the Reserve Bank believes inflation has been tamed, the sooner it will stop increasing the cash rate.

A higher cash rate generally means higher interest rates; which, in turn, generally means less economic activity and less inflation.

Inflation is measured by the consumer price index or CPI.

23/03/2023

Household wealth has doubled over the past decade

The average Australian had $546,128 in net wealth at the end of 2022, based on the latest data from the Australian Bureau of Statistics.

Wealth per person has declined from a peak of $577,588 in the March 2022 quarter. However, the average Australian is still:

* Twice as wealthy as in 2012
* Three times as wealthy as in 2003
* Four times as wealthy as in 2000
* Five times as wealthy as in 1998
* Six times as wealthy as in 1994

Average net wealth is calculated by adding up all our household assets (such as properties), subtracting all our liabilities (such as home loans) and dividing that figure by the number of people in Australia.

30/01/2023

Inflation rises for the fifth straight quarter

The Australian Bureau of Statistics has provided its latest inflation update, which adds more weight to the expectation the Reserve Bank will raise the cash rate in February.

Inflation in the December quarter was 7.8% year-on-year, compared to 7.3% in the September quarter.

That is too high for the Reserve Bank’s liking, which is trying to reduce inflation to between 2% and 3%.

As a result, the Reserve Bank is likely to increase the cash rate at its next board meeting, on February 7.

A higher cash rate would mean higher interest rates for home loans and business loans, which would be expected to lead to lower spending, which in turn should put downward pressure on inflation.

19/01/2023

Unemployment holds at 3.5%

In good news for the economy, the Australian Bureau of Statistics has just reported that the national unemployment rate for December was a very low 3.5% (see graph).

That was the same as the November result.

The state-by-state unemployment rates for December were:

* ACT = 2.9%
* NSW = 3.2%
* Vic = 3.5%
* Qld = 3.6%
* WA = 3.6%
* Tas = 3.8%
* NT = 3.9%
* SA = 4.0%

17/01/2023

Australian shoppers keep spending

Consumers appear to be in a confident mood, despite talk of doom and gloom.

November was the 21st consecutive month in which households increased their through-the-year spending, according to the Australian Bureau of Statistics.

November’s level of household spending was also 11.4% higher than the year before.

The good news about all this spending is that it supports the economy and helps keep unemployment low.

On the flip side, it puts upward pressure on inflation, and gives the Reserve Bank board another reason to think about increasing the cash rate at its next meeting, on February 7.

11/01/2023

Inflation rises to 7.3%

The chances of the Reserve Bank increasing the cash rate when it holds its next board meeting, in February, have just increased.

That’s after the Australian Bureau of Statistics reported an increase in inflation in November.

Inflation hit a recent peak of 7.3% in September and then declined to 6.9% in October, leading some to hope the cost of living would continue falling steadily. However, we now know inflation rose again in November, reaching 7.3% once more.

The main reason the Reserve Bank has been increasing the cash rate has been to drive down inflation to between 2% and 3%. With inflation continuing to rise, it’s likely the Reserve Bank will raise official interest rates again in February.

08/01/2023

Yields rise to 3.7%

Gross rental yields for property investors increased steadily throughout 2022, according to the latest data from CoreLogic.

After falling to a recent low of 3.2% in January, national yields rose to 3.7% in November.

The city-by-city breakdown for November was:

* Darwin = 6.3%
* Perth = 4.6%
* Brisbane = 4.1%
* Hobart = 4.0%
* Canberra = 4.0%
* Adelaide = 3.9%
* Melbourne = 3.2%
* Sydney = 3.1%

The gross rental yield refers to the annual rent of an investment property divided by the purchase price. So if you bought a $600,000 property and rented it out for $26,000 per year (i.e. $500 per week), the yield would be 4.3%.

02/01/2023

Govt expands eligibility for downsizer scheme

As of January 1, more Australians can top-up their superannuation after selling their home.

Previously, you had to be aged at least 60 to take advantage of the 'downsizer scheme'. Now, the eligibility age has been reduced to 55.

Under the downsizer scheme, eligible vendors can contribute $300,000 to their super account from the proceeds of the sale of a home. An eligible couple can make a total contribution of $600,000 (i.e. $300k per spouse).

This is general advice only. Please see a financial adviser to see how the downsizer scheme would apply to you personally.

"This is a really important way for Australians to boost their retirement savings if they downsize when the kids move out," said Minister for Financial Services Stephen Jones.

According to the Australian Institute of Health & Welfare, 75% of people aged 55-59 are home owners, compared to 67% of people in all age groups (see graph).

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27/12/2022

Home owners embracing renovations

Renovation activity is at historically high levels, with the work-from-home trend inspiring Australians to modify their homes.

Owner-occupiers borrowed $570 million in October to finance renovations (see graph), according to the most recent data from the Australian Bureau of Statistics.

With more people working from home, Australians want to get more from their spaces, such as rooms that can double as studies or garages as gyms.

Houzz Australia research found that the most popular rooms to alter are:

* Kitchen = 23% of renovations
* Living/family room = 20%
* Primary bathroom = 20%
* Other bedroom = 20%
* Other bathroom = 17%

21/12/2022

Most consumers managing their money well

The average Australian has a “very good” credit score of 846 out of 1200, according to credit bureau Equifax.

Equifax rates consumers in five different bands:

* 0 to 459 = below average
* 460 to 660 = average
* 661 to 734 = good
* 735 to 852 = very good
* 853 to 1200 = excellent

Lenders generally check your credit score when you apply for a home loan. The higher your score, the more likely you are to be approved.

If you want to know what your credit score is, you're entitled to order a free copy of your credit report every three months.

20/12/2022

Wealth per person dips but remains high

The average Australian was worth $545,532 at the end of September, according to the latest data from the Australian Bureau of Statistics.

That figure was calculated by adding up all our assets (such as properties), subtracting all our liabilities (such as home loans) and dividing that figure by the number of people in Australia.

Although wealth per person has fallen a little from a record $576,264 in March, we are:

* Twice as wealthy as in 2013
* Three times as wealthy as in 2005
* Four times as wealthy as in 2003
* Five times as wealthy as in 2001
* Six times as wealthy as in 1998

Part of the reason we’ve become a lot wealthier is due to the long-term increase in property prices.

15/12/2022

Spring selling season surprise

Spring generally sees a flood of new property listings hit the market – but not this year.

Typically, there are an average of 123,000 new listings across Australia in winter and 146,000 in spring, according to CoreLogic. However, this year, new listings fell between winter and spring.

* New listings in August quarter = 121,859
* New listings in November quarter = 118,734

CoreLogic's head of residential research, Eliza Owen, said one reason vendors may have chosen not to sell this spring was because home values were trending down and they didn't want to accept lower prices.

"So long as mortgage holders can afford their repayments, and do not need to move, sellers may be less and less motivated to put their property on the market at the moment. This is reflected in previous research from CoreLogic, which shows a positive correlation between capital growth and new listings volumes," she said.

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