November was an extraordinary month for the global and local economy. Early indications are that swift action by the government and the RBA have limited the impact of the COVID recession.
Economic growth is now forecast to contract 4% in 2020, before rebounding 6% in the year to June 2021.
Joe Biden’s US election victory released a pressure valve on global markets with US shares reaching new historic highs and Australian shares rising more than 9% over the month.
The Reserve Bank has kept the cash rate at its current record low of 0.1%. The cash rate is not anticipated to be increased for at least three years.
Please get in touch if you’d like assistance with your personal financial situation.
Sara Ann Millard is an Authorised Representative (No. 242535) and Tax (Financial) Adviser of Crown Wealth Group Pty Ltd (AFSL 494274) and is sub-authorised by FINANCIAL HORIZONS (CAIRNS) PTY LTD Authorised Representative (No. 243012). Any information or advice provided on this site is general in nature only and does not constitute personal or investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. You should seek independent financial advice prior to acquiring a financial product. All securities and financial products such as derivatives or instruments transactions involve risks. Please remember that past performance results are not necessarily indicative of future results.