Dobbrick Financial Services Blog

Latest News and Information

Dobbricks recognised for innovation, leadership and service

by Paul Dobbrick on September 30, 2019 No comments

Dobbrick Financial Services were recognised with a string of accolades at the annual Fortnum Private Wealth Gala Awards night held at Sheraton Mirage last week with Director, Paul Dobbrick winning both Financial Advisor of the Year and the Guy Carrington Chairman’s Award.

“I am most proud of our team who were finalists in the Advice Practice of the Year category as they are a seriously committed and loyal bunch of people,” says Paul. “But of course, being recognised with these other awards is a huge honour and spurs us on to continue to get the best results we can for our clients.”

Fortnum Private Wealth Managing Director and Group CEO, Neil Younger said that it was Paul’s commitment to continually enhancing the advice outcomes for clients and his active involvement in Fortnum initiatives that made him the stand out candidate for the Financial Advisor of the Year Award.

“Paul works tirelessly to enhance his advice services and overall experience and outcomes for his clients. He is an active contributor to all of our collaborative learning forums and committees including our annual Conference, the NextGen program, state learning days and the National Summit. He always has time to be a sounding board to other advisors and his contribution has had a direct impact on enhancing the outcomes for the broader financial planning community so that they can service their clients to the highest standard.

“Paul is also studying towards the Master of Financial Planning. His proactive commitment to ongoing professional development is testament to his leadership in the industry.”

In recognition of his contribution to the greater good, the Guy Carrington Chairman’s Award was given for Paul’s outstanding commitment to inclusiveness, quality and innovation in the industry as well as his substantial contribution to the local community. Paul is a dedicated fundraiser for The Noosa Prostate Cancer Association and supporter of Little Haven Palliative Care in Gympie.

Dobbrick Financial Services have been providing wealth advice solutions to Queenslanders for over 40 years, with offices in Gympie and Ipswich

read more
Paul DobbrickDobbricks recognised for innovation, leadership and service

How the RBA new rate changes things.

by DFS Ipswich on July 4, 2019 No comments

RBA cuts interest rates to a new low of 1% amid a slowing economy, prompting big four banks to respond

The Reserve Bank has cut interest rates to a historic low of 1 per cent, as it stares down the twin issues of rising unemployment and a slowing economy.

Key points:

  • The RBA has made its first back-to-back rate cut since the European bank crisis in 2012
  • Governor Philip Lowe says the cut will assist in reducing unemployment and lifting inflation to the 2-to-3pc target band
  • ANZ, CBA, NAB and Westpac will pass on varying degrees of cuts to customers

The 0.25-percentage-point cut follows a move at last month’s meeting and is the first back-to-back cut since 2012, amid fears of a global financial meltdown flowing from European banks.

ANZ was the first major bank to react, announcing it would pass on the 25-basis-point rate cut in full to all of its variable home loan customers.

The Reserve Bank’s decision was largely expected, with the market pricing a roughly 80 per cent chance of a cut ahead of the RBA board meeting.

The odds of another cut had been shortening since RBA governor Philip Lowe told the market last month that one cut was unlikely to deliver the fall in unemployment the bank is looking for.

The Reserve Bank has recently indicated it views a 4.5 per cent jobless rate as close to full employment.

Unemployment has been steadily rising in recent months, from a trough of 4.9 per cent earlier in the year, and stood at 5.2 per cent in May, while GDP growth has fallen to just 2 per cent — the weakest reading since the immediate aftermath of the global financial crisis 10 years ago.

Dr Lowe said on Tuesday that lower interest rates could help advance the RBA’s goal, and did not rule out further cuts.

“It will assist with faster progress in reducing unemployment and achieve more assured progress towards the inflation target,” he wrote in his post-meeting statement.

“The board will continue to monitor developments in the labour market closely and adjust monetary policy if needed to support sustainable growth in the economy and the achievement of the inflation target over time.”

The Reserve Bank governor said international economic risks, especially from the trade war, also contributed to the decision to lower rates further.

“The outlook for the global economy remains reasonable,” Dr Lowe noted.

“However, the uncertainty generated by the trade and technology disputes is affecting investment and means that the risks to the global economy are tilted to the downside.”

A lot of mortgage customers risk being ‘short-changed’

ANZ variable home loan customers did not receive the full 25-basis-point rate cut in June, with the bank criticised for only passing on 18 basis points, but they will receive this month’s rate cut in full.

“We looked at a number of factors before reaching this decision, including business performance, market conditions and the impact on our customers,” ANZ executive Mark Hand said.

“On balance, we believe this is the right decision for our home loan customers and for our business.”

Australia's big four bank logos: Commonwealth, National, ANZ, and Westpac.

 

Commonwealth Bank passed on 19 basis points to owner-occupiers and investors for principal and interest loans, and the full 0.25 per cent cut to its interest-only loans.

It also passed on a 0.15 per cent cut to NetBank Saver accounts.

“We have carefully considered how to respond to this latest official interest rate cut, given that it is not possible to pass on the full rate reduction to over $160 billion of our deposits, including deposits where interest rates are at or already near zero,” Commonwealth Bank’s Angus Sullivan said in a statement.

“We have made a deliberate choice to limit the interest rate reduction to 0.15 per cent per annum on our most popular savings account, NetBank Saver.”

NAB also announced a 19-basis-point reduction across the board on its variable home loan interest rates, following on from its 25-basis-point reduction in June.

Meanwhile, Westpac announced it was reducing variable interest rates for home loan customers, including a 20-basis-point cut for owner-occupiers and a 30-basis-point cut for investors with interest-only repayments.

Combined with last month’s rate cut, those hypothetical borrowers could now be saving $1,389 and $3,472 a year, respectively.

RateCity’s research director Sally Tindall said many banks would hesitate before passing on this second rate cut in full — some banks chose not to pass on last month’s rate cut in its entirety.

“Banks are getting jammed between the competing interests of borrowers, depositors and profit margins,” she said.

“The reality is, a lot of variable rate customers might find they get short-changed by their bank on the back of today’s cut.

“Call your bank and find out what they intend to do.

“If you’re an owner-occupier paying down your debt, and you’re on a rate higher than 3.5 per cent after this cut, you might not be getting value for money.”

Prior to Tuesday’s RBA move, a couple of large second-tier lenders were offering three-year fixed home loan rates for lower-risk owner-occupiers of 2.99 per cent.

On the share market, investors are concerned it is the banks that will be short-changed, with the big four all down about 1.5 per cent in late afternoon trade.

That is because as interest rates head towards zero, and competitive and political pressures push for most of the cuts to be passed on, investors are concerned that bank profit margins will have to share more of the pain with depositors.

The Australian dollar remained largely unchanged following the rate cut because it was so widely anticipated.

By business reporters Stephen Letts and Michael Janda (9News)

General Advice Warning
Past performance is not an indicator of future performance. The information provided in this article is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we, therefore, recommend you seek advice tailored to your individual circumstances before making any specific decisions.  Dobbrick Financial Services and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.  Innova Asset Management is a Corporate Authorised Representative of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357 306.

read more
DFS IpswichHow the RBA new rate changes things.

A lump-sum payment is on the way!

by DFS Ipswich on July 4, 2019 No comments

What the Coalition’s proposed tax cuts mean for you

Prime Minister Scott Morrison’s tax handout could be passed this week — meaning millions of us are about to get a nice cash boost.

Here’s what you need to know.

If the Coalition’s controversial $158 billion tax cuts package passes — and it seems increasingly likely it will today — it will impact around 10 million working Australians.

WHO GETS THEM?

More than 10 million workers will receive a tax offset to some degree, while around 4.5 million will score the full lump sum.

Under the package, all low and middle-income earners making less than $126,000 a year will qualify.

HOW MUCH WILL YOU GET?

Under the government’s proposal, a low and middle-income earner tax offset will be doubled for the 2018/19 and 2019/20 financial years.

It means singles can get up to $1080, while dual-income households could net up to $2160 per year.

WHEN WILL IT ARRIVE?

For those who have already lodged a tax return, they should arrive after July 16th.

For the rest of us who are less organised, the payments will arrive over the coming months.

A lump-sum payment is on the way. Picture: iStock

 

HOW DO I GET IT?

It will show up automatically in your accounts — meaning you won’t need to do anything to claim it, even if you’ve already lodged your tax return before the package officially passes.

WHAT’S THE HOLD UP?

The Coalition’s tax package comes in three stages.

The first stage is a cash refund of up to $1080 after individual taxpayers file their tax return.

The second, aimed at fighting “bracket creep”, would raise the top limit of the 19 per cent tax bracket from $41,000 to $45,000 from 2022/23, while the low-income offset would also be increased from $645 to $700.

Stage three involves dropping the 32.5 per cent tax rate to 30 per cent from July 1, 2024 — meaning all workers earning between $45,000 and $200,000 would be on the 30 per cent rate.

The Coalition claims that the package would mean an Aussie with an average taxable income of around $60,000 would be more than $15,000 better off over a decade.

But while Labor supports the first two stages — and wants the second stage to be brought forward — it does not support the third, arguing the rollout date is too far off for the parliament to decide on now.

– Alexis Carey (NEWS.COM)

General Advice Warning
Past performance is not an indicator of future performance. The information provided in this article is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we, therefore, recommend you seek advice tailored to your individual circumstances before making any specific decisions.  Dobbrick Financial Services and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.  Innova Asset Management is a Corporate Authorised Representative of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357 306.

read more
DFS IpswichA lump-sum payment is on the way!

Contribution Reminder

by DFS Ipswich on June 14, 2019 No comments

One subject that is often front of mind leading up to the end of the financial year, is making the most out of any opportunities to put money into superannuation. With June 30 only weeks away, it pays to think about these opportunities and the benefits that may exist. There are a number of advantages to contributing money into superannuation, one of the most attractive being the tax concessions.

Although often highlighted during your review meetings, and for many, you have already made contributions through existing strategies, we thought it was timely to reconnect as a reminder for the deadline.

Below we have highlighted some common contribution methods that may be of benefit to you and put some money back in your pocket come tax time.

read more
DFS IpswichContribution Reminder

Can life insurance protect my debts?

by DFS Ipswich on May 16, 2019 No comments

Life Insurance cover is about protecting those who are left behind. Find out how the right policy can ensure your family isn’t left in debt if the worst should happen. 

Why Life Insurance?

A Life Insurance policy can give you confidence your family will be provided for in the event of your death, or if you are diagnosed with a terminal illness. The right insurance may be able to take care of your debts so that your family is not shouldered with repayments, allowing them to keep their home and continue living life as you had planned together.

read more
DFS IpswichCan life insurance protect my debts?

5 steps to make income tax easier

by DFS Ipswich on May 10, 2019 No comments

The end-of-financial-year period isn’t really a time most people relish, but it does offer an excellent opportunity to review your finances and possibly free up funds for more important and enjoyable pursuits.

Below we’ll show you, in five easy steps, how to streamline the income tax return process and possibly free up funds for the more important things in this great Australian life.

read more
DFS Ipswich5 steps to make income tax easier

How to get the most value from your health cover

by DFS Ipswich on April 26, 2019 No comments

It’s time to schedule an annual checkup. A health insurance checkup, that is. 

Because a lot can change in a year – your needs may have changed, the insurance market has most certainly shifted and living expenses continue on an upwards trajectory.

For example, in 2018 some banks put their interest rates up, which can put extra stress on the family household budget.

So, let’s take a look at the steps you can take to complete a health insurance policy checkup now.

read more
DFS IpswichHow to get the most value from your health cover

Super reform: impact on insurance

by DFS Ipswich on April 18, 2019 No comments

The productivity commission has released a report into the superannuation industry and made 31 recommendations for reform. So how could they impact you?

Coming in at 700 pages, the December 2018 Productivity Commission’s report does not make for light reading. So we’ve done the hard yards and had a look at what it could mean for you.

The Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness inquiry report starts with the premise that: “Australia’s super system needs to adapt to better meet the needs of a modern workforce and a growing pool of retirees. Structural flaws – unintended multiple accounts and entrenched underperformers – are harming millions of members, and regressively so”.i

The report states that fixing these problems could benefit super fund members to the tune of $3.8 billion each year. For example, “a 55-year-old today could gain $79,000 by retirement,” and “a new job entrant today would have $533,000 more when they retire in 2064”.

Now, whether or not any or all recommendations are adopted depends on the government of the day, here’s how they could impact insurance through super.

read more
DFS IpswichSuper reform: impact on insurance

The mental health benefits of exercise

by DFS Ipswich on April 11, 2019 No comments

Exercise can be incredibly beneficial for the body, but it’s also great for the mind. So what are you waiting for? Get moving!

We all know the feeling – that buzzy, warm glow we get after exercise. Whether it’s a gentle jog, playing footy with the kids or lifting a personal best, exercising makes us feel good. But it isn’t just the smug satisfaction of knowing we’ve been active for the day (although this is pretty nice too) – there’s a scientific reason why moving our bodies makes us happy.

It all comes down to processes in the brain. According to the Australian Medical Association, exercising releases neurotransmitters into the brain called endorphins and serotonin. These chemicals have mood-boosting properties that leave you with the so-called ‘runners’ high’. Endorphins help to encourage positive feelings and can provide relief from conditions like anxiety for hours after exercise is over.

read more
DFS IpswichThe mental health benefits of exercise

What the Federal budget means for you?

by DFS Ipswich on April 5, 2019 No comments

With a federal election looming, the 2019/2020 Federal Budget aims to deliver tax cuts to low and middle-income workers and small businesses, superannuation tweaks for older Australians, and energy assistance payments.

read more
DFS IpswichWhat the Federal budget means for you?