In brief
Ridout assumes control
Heather Ridout will take over as the chairwoman of the two-million member AustralianSuper fund this week. Ms Ridout is a director of Sims Metal Management, ASX and is a member of the RBA board. She replaces Elana Rubin, who has served for six years as chairwoman.
BANKING
Credit puts crunch on families
Almost 80 per cent of Australians who have run up a credit card debt lie about it their family, a survey by creditcardfinder.com.au shows. Only 5.5 per cent would ask a family member for help to pay it down.
CONFIDENCE
Fund managers lose faith
Confidence among large fund managers globally fell in March, according to financial services holding company, State Street. Its investor confidence index dropped three points to 88, suggesting some selling out of the sharemarket. A reading of 100 is neutral.
ECONOMY
Inflation meets initial target
Inflation rose by 0.2 per cent in March to be up 2.1 per cent over the year, according to the TD Securities/Melbourne Institute monthly inflation gauge. That is within the Reserve Bank's inflation target of between 2 per cent and 3 per cent.
Frequently Asked Questions about this Article…
Heather Ridout will take over as chairwoman of the two‑million member AustralianSuper fund. She is a director of Sims Metal Management (ASX) and a member of the RBA board, and replaces Elana Rubin who served six years as chairwoman.
AustralianSuper is a two‑million member superannuation fund, and the appointment of a new chair is a notable governance change for the fund’s leadership. The article reports Heather Ridout is stepping into the chairwoman role this week, replacing Elana Rubin.
The survey found almost 80% of Australians who have run up credit card debt lie about it to their family, and only 5.5% would ask a family member for help to pay it down.
State Street’s investor confidence index fell three points to 88 in March. With 100 considered neutral, the decline suggests some selling out of the sharemarket among large fund managers globally.
The investor confidence index referenced in the article is produced by financial services holding company State Street and tracks confidence among large fund managers globally; the recent reading was 88 in March.
The TD Securities/Melbourne Institute monthly inflation gauge showed inflation rose 0.2% in March and was up 2.1% over the year, which is within the Reserve Bank of Australia’s target range of 2–3%.
The article notes the annual inflation reading of 2.1% is within the RBA’s target range of 2–3%, implying inflation has met the initial target set by the Reserve Bank.
These stories give a snapshot of issues that affect personal finances and markets: a leadership change at a major super fund, high levels of concealed credit card debt in households, a fall in fund manager confidence (index 88) suggesting some selling, and inflation sitting at 2.1%—all of which can influence investor sentiment and financial planning decisions.
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