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Edition 34

4 October 2013

Welcome from Chris Cuffe

Many financial commentators are saying the US Government has never defaulted on its debt, but they are not using the correct definition of default: it's the failure to promptly pay interest or principal when due. It's not failing to eventually pay it. Ashley Owen shows that the US Government has indeed defaulted, as recently as three times in 1979. The good news is it was a catalyst for change for the better.

And note there's a difference between shut-down - as has already happened - and the more serious issue of default.

Residential property prices are hitting the headlines every day, and our television screens show people queuing at land releases and open houses. It's no wonder it triggers a Fear Of Missing Out (FOMO) among potential buyers. However, Graham Hand demonstrates that the costs of residential property investment can hit the unsuspecting and remove some of the thrill felt when the hammer hits the gavel. Sorry to spoil the party.

David Bell recently explained the attractive features of lifetime annuities, and this week, he offers the other side of the coin.

We all have our impressions of China and its amazing complexity, not only economic but across a wide range of social issues such as human rights, birth control and centralised planning. Rick Cosier gives his personal perspective on how things have changed over the years since his first visit in 1991.

Deloitte recently issued a review of superannuation until 2033, generating a lot of media attention. We reproduce their conclusions this week. The one point that most strikes me is that by 2033, there will be less than three workers for every retiree. I hope those young folk are prepared to pay enough taxes to meet our pension and health needs, as most people will have inadequate superannuation savings.

Chris

Latest posts from Cuffelinks, 4 Oct 2013, Edition 34

US Government has previously defaulted, it’s not risk-free Ashley Owen
FOMO is driving residential property prices, not yields Graham Hand
Why we overlook lifetime annuities David Bell
China beyond the myths and stereotypes Rick Cosier
The dynamics of the Australian superannuation system Deloitte

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4 October 2013

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