Georgina Moorfield

Gen Z are itching to switch! New Deloitte report shows that 67% of Australian investors are considering switching Wealth Providers in the next 3 years. For Australia, this is predominantly younger investors (Gen X, Y & Z). Read more in our exclusive Australian research, 'Building A Future-Ready Investment Firm'. The team have developed two deep dives of particular interest for the Australian market: Client Experience and Productivity. Download the full report here:

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The global economy has proven resilient to the post-pandemic monetary policy tightening cycle along with prices, with the ‘final mile’ of disinflation showing a stubbornness across many jurisdictions. Read our latest forecasts now.

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Over 20 years ago, the time I first discovered and dug into the literally insane situation that the vast majority of New Zealand’s banks are not New Zealand’s banks but foreign owned, I knew this situation must change, and change permanently at some point. It never has nor will make sense for New Zealand, or any sovereign nation to have its super product (money printing and issuance of debt to humans) owned in any major way outside of the country. Sam Stubbs and Simplicity are a part of the way forward, and paving the path. Kiwibank who I’ve partnered with some years ago are part of the way forward. There are others. And these foundations are paving the way and shining a light on the absolute strategic need for large majority New Zealand ownership of banks. NZ bankd ultimately carry no true enduring risk, they’re underwritten by working kiwis and kiwi farms, and are proven to be directly government backed in terms of sustaining mortgage payments as per Cvid restrictions and the loading up of the nations debt (huge burden to NZ) just to provide the foreign owned banks certainty of their revenue and as always, make super profits. Things have to change, majority ownership of NZ banks in NZ hands. It’s a certainty, not an idea or possibility. The most economically efficient and fair path is to build new NZ banks, with the right and legally secure ownership structure, and as kiwis switch en masse, the market caps of the foreign owned banks decline, as our new kiwi majority owned banks market caps rise. It’s worth many 10’s of billions of equity gained dollars, and billions a year in perpetual profits. And with kiwi ownership, all those endless billions stay inside and build a powerful country, and government debt and losses, can become assets and profits, with simplicity. Signed, Tim, plus every kiwi whose sick of a dead end country draining game, where the only truly meaningful thing New Zealand, is in the brand name.

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Do you believe in a future where “Boardrooms and senior leadership across Corporate Australia better reflects ‘diversity in all its forms’ and the communities that they serve? If you believe that Corporate Australia is missing the opportunity to harness the power of diversity in Boardrooms and senior leadership, where strategic, long-term decisions are made and that this has the potential to inhibit our organisation’s (and Australia’s) ability to grow and successfully compete in an increasingly complex and globalised world…. then the Race and Culture Coalition encourages you / your organisation to put forward this view in you / your submission to the ASX Corporate Governance Council to help shape the 5th Edition of the ASX Corporate Governance Principles (due on 6th May 2024). https://lnkd.in/gXhuepkG

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#China is undergoing a significant shift in its economic landscape towards technology and sustainable development, moving away from a property-driven model. This transformation is expected to reduce outdated industries and excess manufacturing capacity, maintaining producer prices under downward pressure at -1.8% y/y. Therefore, exports will be price competitive. When China is accused of overcapacity by trade protectionists, the former would regard deflation a natural course of (and a right to) economic development. Good morning to Chery Kang and Sri Jegarajah at CNBC #SquawkBoxAsia today.

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The 2024-25 Federal Budget delivered by Treasurer Jim Chalmers is a budget for the here and now. Led by substantial cost-of-living measures and a return to industry policy, and braced by immaculate inflation forecasts, the Budget has all the hallmarks of a pre-election economic narrative. A surplus is forecast for 2023-24, before the budget balance returns to deficit in 2024-25 and beyond. Although a surplus of $9.3 billion is expected in this financial year – revised up from a -$1.1 billion deficit forecast just six months ago – the budget bottom line is forecast to be a cumulative -$13.9 billion worse off over the four years to 2026-27. Read Deloitte Access Economics' analysis of the Budget. Stephen Smith Pradeep Philip David Rumbens William Gort John O'Mahony Sruthi Srikanthan Simone Cheung 張思敏 Claire Ibrahim Mariela Torre

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The CoreLogic chart of the month for June 2024 got me thinking about supply and demand and house prices   CoreLogic's chart talks through the link between "stock levels" and capital growth performance across cities and regions in Australia. Economics 101, the interaction between supply and demand viewed from a portion of the supply side.   What about the demand side?   A recent AHURI publication "House price dynamics and internal migration across Australia" May 2024 points out recent research   "Erol and Unal (2022) find that for every 1 per cent increase in new internal migrants to the population of an area, there is an associated increase of 0.52–0.71 per cent in house prices—particularly for the metropolitan cities of Sydney and Melbourne (Pg 54)"   They then look at surrounding areas and have below to say   "A 1 per cent increase in the proportion of the population through migrant arrivals into an LGA will increase the house price spillover index by 3.12 per cent"   "In NSW The LGAs recording the highest population losses are mainly in Greater Sydney, and those recording the highest population gains are regional areas to the north, west and south of Sydney. However, some LGAs within Greater Sydney, such as Blacktown and The Hills Shire, continue to show population gains.   In Victoria, the biggest population losses were recorded by LGAs within the Greater Melbourne area. The biggest population gains were recorded by fringe LGAs within the Greater Melbourne area, as well as regional cities Geelong, Ballarat and Bendigo.   Across the states, NSW is losing population to QLD and VIC."   They then go on to highlight the connectivity between "population growth" by itself and house prices and "interconnectivity across housing markets"   "since the mid-2000s, strong population growth played an increasing role in explaining Australian housing price growth.   Our results show that migration has a strong effect in explaining house price interconnectivity across housing markets."   Page 10 of a 2023 OECD report titled "Regional productivity, local labour markets, and migration in Australia" highlights an interesting fact. Across developed nations Australia has the highest proportion of migrants moving into our metropolitan areas.   Lastly if housing as a residence or investment is being considered for the long term then Stuart Wemyss's graph is worth knowing. Over a 40 year period, there has been a 6.47% to 7.45% increase in prices across our cities. Every city has its heyday and every city has its winter.   https://lnkd.in/gVettGTH https://lnkd.in/g43mx9UH https://lnkd.in/gaj94Ngf

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Reflecting Upon the Reporting of the Collapse of Dixon Advisory The AFR have repeatedly reported on the issues with the Dixon Advisory business, including this article from 19 January 2022, the day that Dixon Advisory was put into administration by it's parent E&P Financial Group. As we stand now, the most interesting statement was the following: "It closes a dark chapter for the Australian wealth sector as a model that should be studied by academics for the ruthless efficiency and scale with which it transferred the wealth of its customers to its proprietors and destroyed the firm." This stunning conclusion that it was closing a dark chapter, however did not allow for the fact that it would, in a gigantic form, open a new and equally dark chapter for the CSLR. I think from this, and other reporting, it is reasonable to conclude that it was the product manufacturing (URF) part of the Dixon Advisory business that undertook this ruthless transfer of wealth. One thing that seems to be missing is where is the study of this case by academics. For that matter, what have ASIC said about the deeper product manufacturing issues and what has the Government learnt. Very little evidently, as they walked into the design of the CSLR seemingly oblivious to this. The article also reflects on the product manufacturing side of the business, and the resultant outcome for clients: "That left the majority of Dixon clients over-exposed to an over-geared, over-capitalised, over-charging entity that no student of prudent portfolio construction could ever sanction." They are strong and telling words. But doesn't this reflect a product manufacturing issue, more than a financial advice issue. Well that is not how it works here. Nothing seems to have been done about the Dixon Advisory product manufacturing issues, however everything is being done with respect to the financial advice element of this, with the CSLR now stepping in belatedly to help solve this problem for Dixon Advisory clients. The big complication, however is that the CSLR will, in a largely retrospective manner, be funding by small business financial advisers who are being asked to pay for this problem that was so clearly known years ago and the subject of this article. How is it even possible that we landed here?

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It takes ~5 years for a new migrant to secure permanent residency. Chances are, you are missing out on top talent. Seek's most used screening question is: “Which of the following statements best describes your right to work in Australia?” Many employers automatically filter for the response: “I have permanent work rights with no restrictions.” But if you operate a startup, here's a question to consider for your next job opening: Does it really matter? Trust that, in time, they will resolve their residency status. Meanwhile, they could be contributing to your startup’s success today. In 2023 alone, nearly 600,000 new migrants have arrived in Australia with temporary visas. And with Home Affairs taking up to 51 months to process a Partner Visa, you may want to reconsider your hiring strategy.

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As a Board Director of Smiling Mind, it is a privilege to play a part in transforming mental health and wellbeing in Australia, with a focus on children and prevention. We are officially launching our transition from mindfulness to mental fitness, with our brand new app available to access free, 24/7. The need for Smiling Mind is becoming more and more acute in our young kids: - 50% of all adult mental illnesses have their onset <14 - 7/10 presentations to a paediatrician are for mental health-related issues - Social Anxiety Disorder rose by 42% from 2020-22 in kids 4-12 yrs old. COVID has accelerated these issues enormously. This a huge milestone for Smiling Mind, following years of research into the range of skills that underpin mental wellbeing to support mental fitness —an evidence-based foundation for thriving. Our app has been downloaded 9m times and has remained free for individuals and families to access for 12+ years. What began as a mindfulness & meditation app and school program has evolved to be Australia's go-to digital mental health organisation, representing children and young people. 1,400 schools have been trained to date in our Primary Schools Program and we aim to reach 6,400 in the years ahead to get these lifelong tools in kids' hands from their early days. You can download the new app for free on the Apple and Google App stores, or see the web version at: https://lnkd.in/g3uh-DK8 Jane S. Martino Sarah La Roche Tania Austin James Tutton Frank Oberklaid Neil Thompson FAICD Hema Prakash Layla Foord Solange M.

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Great to share the CommBank Household Spending Insights (HSI) report for August. CommBank Business and Institutional

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Episode 117 - Expat Chat 🎙 - Why do Banks want to know where you are and your TINs?! 🔗 - https://lnkd.in/dhbUtCq5 On this episode, Brett and I discuss what might seem like odd requests Australians living overseas often receive from many Australian financial institutions. We delve into some of the intricacies and why it is important to respond and verify your details.#australianexpats #expatchat

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Growth in national house prices is set to decelerate this year, especially in major markets like Sydney and Melbourne. The forecast anticipates a 6-7% increase in capital city housing prices in 2024, which is expected to taper to 5-6% in 2025 due to a slowdown in population growth and an increase in housing availability. Despite the deceleration, demand continues to surpass supply on a national level, with residential construction activity remaining low despite strong demand. Population growth remains high, contributing to the ongoing imbalance. Looking ahead, a further uptick of around 5% is projected for 2026. Stay informed about the evolving trends in the housing market: (https://lnkd.in/g3MTSXnz) Debbie Becker, Toby Lim , Andrew Newsham , Tony Perugini , Aaron Landorf , Chris Dinow

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The Australian Business Growth Fund (ABGF) is proud to launch Powering the Growth Economy – Australia’s first report focused on the nation’s Growth Economy businesses. Drawing on over 3,500 interviews with SMEs and detailed economic modelling, the report emphasises the need for fit-for-purpose equity funding to unlock their full potential. As Andrew Irvine, NAB’s CEO, states in the report: “As Australia’s largest business bank, NAB is firmly committed to supporting our small and medium-sized businesses develop and expand. The Australian Business Growth Fund (ABGF) is an excellent example of how growth capital can be deployed at scale to SME's to assist with their long-term expansion and success without sacrificing hands-on, value-add support. As growth capital becomes more accessible in greater volumes, this will mean more jobs, more economic growth, and more opportunities for Australian businesses.” As a founding shareholder of ABGF, NAB proudly supports Australia’s Growth Economy, contributing to the nation’s long-term prosperity. Download the report here: https://lnkd.in/gfweFnxT

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Thanks to Tanay Pal for sharing this with me. Good to see the RBNZ has (unknowingly) replicated and partially validated my theory submission for the UoA Economics Competition last year. As the note states, a steeper Phillips Curve is good news for timely reduction of domestic inflation. However, the trade-off with unemployment is likely to be exacerbated in the short and medium-term, especially with lower MSD funding and a greater fiscal deficit currently in place. I’ll take this as a sign to attempt to publish my ideas on using currency swap agreements to disconnect the trade-off by reducing the relative volatility of demand shocks relative to supply shocks. I'll have to renew my STATA license 😁

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Thank you to The Australian Financial Review Joanna Mather and fellow contributors Blake Briggs Anthony Caneva Glenn Calder. This is an area that I am most passionate about - working with institutions in forming their Digital Advice Tech Strategy. Designing client/member experiences and advocating the impetus to adopt a scalable, digital financial service model - including navigating the regulatory parameters that affect Digital Advice. Globally, digital advice services are widely adopted, however, in Australia, we've had conflicts with capital-intensive innovation, lack of patient investment, and a long wait for the government to loosen legislative complexities so institutions can feel comfortable to make the necessary steps toward digital/hybrid advice service models. With recent announcements from Stephen Jones, and clearer direction forming, there is a lot to be delivered before May next year. We must enable institutions & superfunds at the forefront of consumer financial needs to scale advice to a critical mass. The argument that objectified banks returning to this space is no longer, digital advice can be programmed not to make the same mistakes that led these groups down the pathway to a Royal Commission. The market has undergone technological advancements that provide the opportunity of a new service model of advice to exist. This next wave of legislation needs to move quicker to support the broadening of advice topics that can be delivered via institutions digitally, safely, and at scale, as well as introducing a “new class of adviser” so more humans can support digital advice journeys. This is not to take from the incredible work that financial advisers do every day, but to enhance and solve the less complex advice needs at mass, as that is not a market traditional financial advice businesses play.

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Thanks for this article focussing on what works best for members of superannuation funds, and the real issues promoting good governance. I can truly say the insights, wisdom and governance skill of my colleagues on the HESTA Board is phenomenal. As is their collective passion for strong member outcomes. We have an impressive range of nominating bodies, both employer and union. They include Catholic Health Australia, public and private hospital associations, the nurses union, aged care workers & their employers, disability & community sector workers, ACOSS and the Early Childhood Association. Directors have worked as CEOs and CPAs, trainers, educators, lawyers and advocates. Some have MBAs. Some are nurses, others have science degrees. In partnership with our nominating bodies, we secure directors that provide breadth and depth that many listed companies would envy. We are proud of this. Lets keep building on the strength of our current superannuation system. Let’s fix the real problems, not the perceived ones of the past.

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The recent spike in business confidence is definitely encouraging, but what's driving it? From our conversations, it feels like people are finally ready to move forward after a long period of hesitation. Some of this could be tied to credit availability and a renewed sense of opportunity. But while the numbers paint a positive picture, we want to know—how does it feel on the ground for you? Are you seeing this shift in confidence in your industry? Would be great to hear your thoughts.

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