April Newsletter 2023
In this issue:
Welcome to our April newsletter, where the days are getting shorter and there is a bit of a nip in the air.
Share markets in Australia and overseas have rallied to end the month in a better position as the global banking system steadies itself and there are expectations of a tempering in rate rises. The ASX200 finished the month at about the same point it started after suffering a slump mid-month. In Australia, the gains have come largely from the mining sector and the strength of US markets.
Employment remains the economy’s good news story with the jobless rate still at a low 3.5% in February and job vacancies almost double what they were three years ago before the start of the pandemic.
Inflation is slowly coming down from its peak of 8.4% in December 22. The consumer price index (CPI) recorded a fall to 7.4% in January then 6.8% in February. The most significant contributors to rising prices remain housing, food and non-alcoholic beverages and fuel prices.
Buoyed by the CPI figures, the Australian dollar consolidated at near 67 cents against the US dollar after falls of 7% since February.
Falling residential property prices have caused a drop in household wealth, which decreased for the third consecutive quarter. Household wealth is now $14.4 trillion, as at the December quarter 2022, that’s 3% lower than a year ago.
Rising interest rates are causing a lot of worry for some, but are good news for others.
Scams are ever evolving and the best way to protect yourself is knowing the tricks being used to part you from your money.
The end of the financial year is looming so it’s a great time to consider topping up your super account.
As always, if you would like to discuss the contents of this newsletter please give us a call 07 5559 5760.
Hugh Robertson