Skip to main content

Have you recently changed jobs within the mining industry?



The harsh reality of working in Australia’s mining industry is that it can be highly volatile. One minute you’re enjoying the benefits of working in your dream job, the next minute you’re left scratching your head as to why you’re no longer required. 

Over the Christmas/New Year break I read plenty of news stories about Australia’s major mining houses (BHP/BMA, Anglo, Santos, Rio etc.) continuing their cost cutting measures by shedding staff and contractors.  I’ve spoken with many people who have been impacted by this personally and whilst the majority saw it coming, it’s still a difficult situation to deal with.

So what should be done?  Apart from the obvious job hunting, there may be some other things you can do in relation to your superannuation and insurance.  With any change in circumstance whether it be employment, starting a family, buying a house and so forth, you should review your superannuation and insurance needs. 

For example, if you’ve just left the mining industry, or have taken on a new role, it’s imperative that you review your personal insurances.  Chances are your salary has changed and from the insurance companies point of view your occupation rating may have changed. What does this mean?  Simply, it means you could be over insured, under insured or paying inappropriate premiums due to your change in occupation. 

If you were previously working as a geologist earning $150,000 per year and now you’re in a different role on a lower income, you may be paying higher premiums than you need to be.  Depending upon the structure of your existing insurances, it may be appropriate to make some changes.  Why pay more than you need to?  Particularly if what you’re paying for may no longer be appropriate to your needs.


2016 may be a tough year for some.  There’s little point dwelling on things that are beyond our control.  Focus on the things you can control and take the opportunity to review and improve your superannuation and insurance.  Don’t just simply “set it and forget it”.  Changes you make now (however small) will have a big impact in the long term.

Andrew O'Brien FINANCIAL ADVISER. P 07 3852 3025  0403 156 625  E andrew@hindsightwealth.com Suite 4 / 30 Florence Street, Newstead QLD 4006. Andrew O’Brien is an Authorised Representative of Synchron AFS Licence No 243313 Life Insurance Broker. To read our Privacy Policy, click here


Comments

Popular posts from this blog

What the Federal Budget means for you.

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. Keep in mind that a fair chunk of the below policies depend on the Coalition government winning re-election in May – although Labor has announced bipartisan support for some.  But here's what this year's Federal Budget essentially means for you.  Tax cuts for low- and middle-income earners. The government aims to reduce taxes for low to middle income earners through additional targeted offsets that aims to benefit over 10 million Australians.  The big winners from this year's federal budget are middle income workers earning between $48,000 and $90,000, who will receive an maximum tax cut of up to $1,080 for single earners. For a dual income family where two individuals earn in that range, the tax relief will total $2,160.  Labor says they'll support these per…

Are You Entitled to Long Service Leave in the Mining Industry?

I often get asked about eligibility for long-service leave.
There seems to be a little bit of confusion surrounding this topic. 
Traditionally, long service leave applies to an employee who has been with the same employer for several years (typically 8-10).
Depending on the industry, an amount of leave is available after that time.  For example, some industries provide 1.3 weeks of long service leave for each completed year of service.After 10 years they are eligible for 13 weeks.
Of course, if you leave that employer prior to the 10 years, it’s unlikely any accrued amount will be paid out and in most cases, it’s not transferable to the next employer.
In the Coal Mining Industry, things are a little different.  In 1992, the Australian Government introduced the Coal Mining Industry (Long Service Leave) Administration Act.
It’s a complicated piece of legislation.However, the idea is to allow eligible employees to transport their accrued long-service leave from one employer to the next. 
Eligi…

What will 19 hold for you?

Most of us are starting to think about getting back into work mode – or perhaps you are back at work already.
Don’t worry, this is not going to be one of those “let’s look back over the last 12 months” chats where we remember which celebrities are no longer or who won major sporting events.
What should you expect from the next 12 months? Well, nobody knows.  However, there is one certainty.  Markets will go up and markets will go down.  
Consider this.  The Australian equities market is still approximately 18% below where it was 11 years ago so there’s plenty of upside just to get back to where it was.  In terms of your superannuation, you need to consider your time horizon, i.e. how long will it be invested for before you can access it.
For a 35-year-old, they face another 30 years before they can access their super at age 65. Not only that, once they do retire at 65, they’re not going to take their super and spend it in one go.   They’re going to use it to produce an income in retiremen…