It’s October and, as Spring delivers a bracing mix of weather events from rain and wind to snow and hail in some parts, we’re looking forward to the longer, warmer days ahead.
Life Goes on
Markets delivered with most asset classes performing well in the September quarter. Key events included:
Globally
- US Federal Reserve slashed interest rates by half a percentage point in September to range 4.75% to 5% and forecast two more cuts before the end of the year.
- China introduced a new stimulus measures ( most significant since 2015 to support their very weak economy) leading to stronger commodity prices in mining& energy stocks..
In Australia
- Reserve Bank of Australia (RBA) kept rates on hold at 4.35%. Economists now predicting it will take several months before rates fall. See article on Sep 2024 RBA announcement
- Australia’s inflation fell to 2.7% in August, down from 3.5% in July , being lowest reading in 3 years.
- Jobless rate remained steady in August at 4.2% with the number of unemployed people falling by 10,500 in seasonally adjusted terms
- Spending was down but our net worth rose for the seventh consecutive quarter,
- Total household wealth was 9.3% higher than a year ago, largely thanks to rising house /land values.
- Consumer confidence is also positive with an increase in the ANZ-Roy Morgan index on last years figures.
- The S&P/ASX200 index hit an all-time high near the end of the month of 8862 points and a low of 7687 a few weeks earlier.
It closed on 30th Sep. at a respectable 8269, up 2.2% for the month and 7.89% for the year.
The world keeps changing, events surprise and in so many ways Australia remains a lucky country.
As always, we are here to help navigate the way forward, support you to achieve financial and personal wellbeing and a full and bountiful life.
“Happy Reading”
Eleonor
Market Report: September 2024 and the outlook ahead
Market Overview
Two major events happened in September: the US central bank cut its interest rate by 0.50% (to a range of 4.75% – 5%), and China introduced new stimulus measures (the most significant since 2015 to support their very weak economy).
September 2024 RBA Announcement
At its latest meeting, the Reserve Bank Board announced it was leaving the cash rate at 4.35 per cent.
With the official rate on hold, we’re watching closely what the banks do with their rates, as some of Australia’s biggest lenders may make changes to their rates.
Flight to Success
In the journey of achieving your financial and lifestyle goals, think of your personal financial strategy as the flight plan guiding us to your desired destination.
Estate planning gives you a final say
Planning for what happens when you pass away or become incapacitated is an important way of protecting those you care about, saving them from dealing with a financial and administrative mess when they’re grieving.
Be financially well organised
The more we can do to get our financial house in order and be financially well organised, the more we can reduce financial stress, promote financial wellbeing and increase our chance for a happy, healthy and productive life.
