Over the last 12 months I’ve published a number of posts specifically for those of you working in the resources industry. As more and more of you connect with me on LinkedIn, it’s becoming increasingly clear, people in the resource industry need to review their Superannuation and Insurance. It’s a positive opportunity to “get your financial self and your future self - sorted.” In the last 12 months there has been little improvement in the resource industry. We’ve seen an improvement in the spot price of coal, in particular coking coal, however this has yet to translate into a meaningful and sustained increase in activity. How do I know this? My client base is a high percentage of resource industry people - just like you, and I speak with them regularly. Also, as a Site Senior Executive (SSE) I keep up to date with contractors, suppliers, exploration/mining managers and other SSEs. What I’m hearing is, there is light at the end of the tunnel, but we’re not likely to see a return to the glory days of a few years ago any time soon. Many exploration and mining projects are still on hold. Redundancies continue, and to make things worse, industry super funds continue to provide very poor returns despite solid gains on local equity markets. We have little control over the state of the resources industry. However, we can control where our super is invested and how our insurance is structured. Check your recent statement from your super fund which you should have received over the last few months. As we approach the end of the year and the onset of the wet season in Queensland, traditionally we will see a further slowdown. Particularly in exploration projects. Why not use this time wisely? Let’s sit down over a coffee and see if we can improve your situation. It’s an opportunity to discuss the state of the industry and I’m more than happy to share any current opportunities within the industry that I hear about via my client base and network. I’m regularly contacted by exploration and tech services managers notifying me of upcoming projects. If you’re not happy with the returns your super fund is producing, don’t ignore it. Do something about it. After all, it is your money.
The last few weeks have been extraordinary to say the least. We’re battling a world wide health crisis and we face uncertainty in many aspects of our lives. It’s true that there are simply some things beyond our control and we will more than likely see many changes to our everyday lives for the remainder of 2020 and beyond. So, what can be done? On the other side of this, many people will be left with dramatic financial stress, whether it be periods of unemployment, depleted cash reserves or battered superannuation balances. And for many, timing will be an issue. Those who were weeks ago contemplating retirement may now need to change their plans. And those that are still accumulating for retirement have more than likely just seen their investments and superannuation return to levels of 5 or 6 years ago. Essentially the clock has be wound back in one way or another. It may well be a good time to take stock and lay some foundations for when things do recover (which they