Our economy contracted by 0.3% in the March quarter, with an estimated 8% contraction in the June quarter, confirmation that we are officially in recession.
Yet Australia is weathering the COVID storm better than most nations, with signs of building business and consumer confidence.
In the year to June, Australian shares trimmed their losses to 10.8% after a partial rebound in the last quarter. US shares rose 4.6% over the same period.
The current cash target rate of 0.25% has been left unchanged and is expected to remain at its current level for the foreseeable future.
Please get in touch if you’d like assistance with your personal financial situation.
Disclosure: Peter Small is a Representative of Fluid Financial Planning Pty Ltd ABN 85140515680, holder of Australian Financial Services Licence number: 389518, Suite 4a, Level 1, 5 Ridge Street, North Sydney NSW 2060 General Advice Warning: This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information. Investment Performance: Past performance is not a reliable guide to future returns as future returns may differ from and be more or less volatile than past returns.