Economic Update Video – November 2020

The Federal Budget on October 6 was the start of a pivotal month on the economic scene.

Budget estimates released later in the month revealed a deficit of $132.5 billion in the year to September. While the deficit is expected to peak next year, there are also some positive signs emerging.

The ASX200 finished slightly up for the month, with most of October’s early gains eroded in the lead up to the US Presidential election and the RBA announcement.

The Reserve Bank has cut the cash rate to 0.1%, from its current record low of 0.25% and intends to purchase $100 billion of government bonds, to help stimulate the economy.

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Disclaimer: The information in this article is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any of the information you should consider the appropriateness of the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant Product Disclosure Statement or other offer document prior to acting on any financial product or implementing any financial strategy.

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