Millions of Aussies to get $1000, are you one of them?
Study finds seven million inactive super accounts
Government plans to reunite owners with their funds
FEW people would forget a bank account containing up to $1000, yet millions of Australians have lost track of superannuation funds of that amount, new industry research shows.
The study by the Financial Services Council estimates there are seven million inactive accounts containing less than $1000 that can be reunited with their owners, out of the nation's total of 28 million super accounts for about 10 million workers. Read Full Article Source: news.com.au
Money lost last year on Super funds has been recovered
However warnings not to expect surge in super balances
THE average Australian superannuation fund has already recovered the losses sustained last year during the horror spell for global share markets. Read Full Article Source: news.com.au
Online shopping has fuelled a household debt crisis, with financial counsellors struggling to keep up with demand for help. "We have many people in serious debt because of online shopping, it’s easy, it’s convenient, it's 24 hours and you simply use your credit card rather than the action of having to take cash out," Ms May said. Read article: news.com.au
‘The momentary feel-good emotion that comes from spending isn’t nearly as satisfying as the solid sense of self-respect that comes from spending wisely.’
Ellerfield can help you get started by creating a comprehensive budget plan tailored to your needs. With our revolutionary technology, ellerCentral, you can monitor, track and take control of your finances, enabling you to achieve financial freedom.
Contact us today and start your financial journey.
Paying for your children’s education can be a costly business especially at this time of year.
Many families are trying to recover from Christmas and now they have the influx of back-to-school expenses.
Parents tend to focus on school fees and overlook the other costs; School Uniforms, School Bags, School Books, Excursions, Camps, Computers, Lunch Boxes, Drink Bottles, Hair Cuts...... the list goes on and on.
The Daily Telegraph reported: It’s supposed to be free but a public education costs families more than $60,000 a child.
New figures show the cost skyrockets to about $408,000 if the child attends a metropolitan private school and $176,145 for an independent school. Read Article: News.com.au
A popular goal amongst clients at Ellerfield is their children’s education costs. With our innovative technology, ellerCentral, Ellerfield can help you plan, set, keep track of and achieve your financial goals. Contact us to find out how you can access ellerCentral.
The impact of the carbon price overtakes Australians' main concern, Loan Market online survey reveals;
Survey shows most Aussies worry about carbon price
More concerned about impact than interest rates
Gen Y most concerned about rising cost of living
CONSUMER worries about interest rates have been overtaken by concerns about the impact of the carbon orice and utility costs on household finances.
An online survey conducted by mortgage provider Loan Market shows 39 per cent of respondents nominated the carbon tax as their biggest financial concern for 2012, while 30 per cent nominated utility costs.
Of the 484 respondents, 21 per cent said interest rates would have a negative impact, while just 10 per cent said fuel prices.
What costs are hitting you the hardest? Take our Cost of Living survey below.
"Even though it does not come in until July 1 next year, the majority of our respondents cite the carbon tax as their biggest financial concern for 2012,'' Loan Market chief operating officer Dean Rushton said today.
The survey also found Gen-Yers were more concerned about the carbon price, with 51 per cent of respondents in that age group saying it would have the greatest negative impact on their finances.
But consumers were less concerned by interest rate rises, after the Reserve Bank of Australia in November cut the cash rate for the first time in more than two and half years.
"There is no doubt in that they will need to cut further to continue to shore up confidence in the current global environment,'' Mr Rushton said in a statement.
BlackRock sees Chinese commodities markets turning up
(Reuters) - BlackRock Inc (BLK.N), the world's largest money manager, said its expects a swift recovery in demand for commodities in China once Beijing loosens its reins on borrowing.
"As China takes its foot off the brake in the near future, we should see a recovery in demand from the world's largest consumer of commodities, as markets there are pretty tight," BlackRock's investment chief for natural resources Evy Hambro told Reuters.
In China, sentiment is being boosted by expectations that Beijing will begin loosening monetary policy in the fourth quarter as economic growth slows, while hopes are running high that inflation has peaked.
As of March 31, 2011, BlackRock held $3.65 trillion in assets under management, according to its web site. The resources division manages $36 billion of mining stocks and owns 5.7 percent of BHP Billiton's (BHP.AX) (BLT.L) Australian shares and 10.1 percent of its London-listed shares.
Hambro said his top commodities picks were iron ore, coal and copper, with aluminum least favored. Concerns over some slowing in China's economic growth is contributing to a wide sell-off in commodities markets at a time when producers are spending billions to expand, mostly on forecasts for continuing high demand.
BHP alone is allocating $80 billion by 2015 to dig new mines and expand its business.
Base metals in particular have borne the brunt of investors de-risking portfolios. Bearishness has also permeated the bulk commodities sector, in particular iron ore, down nearly 11 percent so far this week and on track for the steepest weekly decline ever.
Hambro dismissed the price slippage as temporary and said he preferred Rio Tinto stock over BHP because of its greater exposure to iron ore.
He criticized BHP for not renewing a share buy back in August, when the company reported record profits of A$23.6 billion.
He was "reserving judgment" on BHP's takeover of Petrohawk Energy Corp for $12.1 billion in cash earlier this year until he learned more about the deal during an investor briefing next month, but expressed general concern over the cheap price of U.S. gas and the potential for environmental issues.
In Australia, Hambro also manages Global Mining Investments (GMI.AX), whose top three holdings are in commodities trader Glencore (GLEN.L), Rio Tinto, and BHP Billiton.
Hambro said he supported China's steps to keep inflation at a bay to better manage economic growth, despite the impact on commodities markets.
"They are trying to ease the rate of growth to reduce the prospects of inflation," he said. "It would be far more worrying if they were just letting their economy escalate out of control."
Hambro declined to comment immediately on the implications of a rescue package formulated for debt-riddled European countries, but noted that much of the world's mine project financing was backed by European banks.
The rescue effort, if successful, could make more funding available for projects, he said.
Euro zone leaders struck a deal with private banks and insurers on Thursday for them to accept a 50 percent loss on holdings of Greek government bonds, and also agreed to multiply their rescue fund fourfold.
"Commodities demand has been driven over the last decade by the growth in China, there is no doubt about that," Hambro said.
"Other fast-growing consumers are India and Brazil, he said.
"These aren't quite the scale of China, but are growing quite rapidly," he said.
Longer-term, Hambro predicted Organization for Economic Co-operation and Development (OECD) nations will need to embark on mass reinvestment in roads, bridges and other large infrastructure projects, which should better-distribute global commodity consumption and take pressure off of China alone to keep the sector afloat.
"I'm not sure when this is going to happen, because these countries have to be able to afford it, but it's definitely out there as a potential source of consumption," he said.
