Australian Government is about to allow people to withdraw $10,000 this financial year (up to 30th of Junes 2020) and next year another $10,000 (1st of July 2020 to 30th June 2021) from their super account untaxed This potentially means many tens of billions withdrawn from stock market over year period regardless of share price going forward. Some here might buy more metals who knows. Ie vast majority of Australians keep their money in portfolios like Balanced or Growth and when a member withdraws $10,000 a variety of shares will be sold within 24 hours. If the portfolio managers were doing their job a lot of the money would have been in more defensive shares like supermarkets, medical and banks.... and will be liquidated, which could affect stock pickers
https://www.ato.gov.au/Individuals/...uper/#Access_due_to_severe_financial_hardship The only difference is that 66 is saying it will be tax free
Individuals struggling as a result of the COVID-19 outbreak will also be able to access some of their super early. Eligible Aussies will be able to access up to $10,000 in 2019-20, and a further $10,000 in 2020-21. To take advantage of the offer, you will need to apply online through myGov before July 1. You won’t need to pay tax on released super, and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments. The government is also temporarily reducing superannuation minimum drawdown requirements for account based pensions and similar products by 50 per cent for 2019-20 and 2020-21. Link: https://www.news.com.au/finance/eco...s/news-story/a687cd23980821cf2b6964c4a9a0be59
Very lax, ie lost your job/partner, stood down, reduced hours or own a small business to keep it a float etc. I doubt if you and/or partner are fully employed, you can access it
Pretty much spot on. I’m in hospitality, and ScoMo basically sent the hospitality industry into a tailspin with the press conference tonight. At my particular establishment, we’ve already cut all casual front of house staff, chefs and kitchen hands, which makes up 60% of our total staff. Most other places, that percentage is higher. I’m a senior sous chef, and the only way I’m losing my job is if the entire business goes down. And my owners will sell a kidney and their houses before they let the business go they love it so much. Anyway, there’s more panic and despair from tens of thousands of people in the industry tonight who are scrambling to figure out how to get their hands on that super money ASAP, since they’ve lived beyond their means and don’t even have money for their car loan after this weeks pay cheque for what will probably be months. $10000 per financial year isn’t going far with these people. Grim times ahead. I’m fortunate because of my position in the company and that we can still do takeaway service legally. And I always have gold and silver to rely on in a absolute worst case scenario. Hospo is the first domino to fall in what will be a very, very nasty recession. Strap yourselves in, folks!
Still not too late to go all cash expecting another 20% drop in Australian shares index and 30% in global shares index in general. unless you are a guru in stocks picks if my sources are correct... don’t pick any coal miners for an up tick
