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Speaker 1: Welcome to the Fear and Greed Daily Interview. I'm sean Almer.

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Speaker 1: Financial policy shifts like proposed changes to superannuation concessions are

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Speaker 1: making professional advice even more important. According to new research,

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Speaker 1: seven out of ten unadvised Australians don't understand the proposed

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Speaker 1: Division two nine six super tax changes, for example. That's

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Speaker 1: compared to seventy two percent of people with advice having

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Speaker 1: a good grasp of the changes. It's one of a

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Speaker 1: raft of findings from a survey by Generation Life, a

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Speaker 1: business focusing on investment bonds. The company has now released

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Speaker 1: It's Not Tomorrow's Problem report, emphasizing that policy changes and

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Speaker 1: economic uncertainty have changed the way Australians need to prepare

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Speaker 1: for their financial future. Remember, any discussion of investment products

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Speaker 1: is for education purposes only and doesn't take into account

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Speaker 1: your personal circumstances. You should seek professional advice before making

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Speaker 1: investment decisions. The CEO of Generation Life is a very

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Speaker 1: familiar name. Since retiring from swimming as one of the

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Speaker 1: Stranger's greatest Olympians, Grant Hackett has built an impressive career

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Speaker 1: in business and finance, including at Westpac and BT Financial

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Speaker 1: Group and now Generation Life. We spaked to me last

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Speaker 1: year about business investing and life after swimming. I'm pleased

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Speaker 1: to say he's back again today to look at the

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Speaker 1: findings of the Not Tomorrow's Problem Report. Grant Hackett, welcome

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Speaker 1: back to Fearing Greed.

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Speaker 2: Thanks very much for having me on Sean always appreciate it.

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Speaker 1: Tell me about the report. What motivated Generation Life to

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Speaker 1: look at the financial challenges faced by these different demographics

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Speaker 1: that are in the report.

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Speaker 2: Well as a business that really focuses on intergenerational wealth,

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Speaker 2: breads for people entering into retire at longevity risk, etc.

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Speaker 2: We really wanted to understand what's on the mind of

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Speaker 2: Australians at the moment. There's been a lot of changes

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Speaker 2: obviously through COVID and post COVID, particularly with inflation and

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Speaker 2: interest rates, and we really want to understand do people

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Speaker 2: understand all the legislative changes that's going on around them

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Speaker 2: as well? And really the research, whilst none of it

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Speaker 2: really blows you away, quite eye opening in terms of

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Speaker 2: how many people don't understand things like Stage three tax

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Speaker 2: cuts or Division two ninety six. And whilst Division two

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Speaker 2: nine six doesn't affect you right now because it's not

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Speaker 2: going to be indexed under the proposed legislation that could

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Speaker 2: index that could actually affect you in the future. And

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Speaker 2: a lot of people because of the changes to superannuation,

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Speaker 2: are looking at alternative structures such as investment bonds to

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Speaker 2: be able to maximize their after tax returns. Soy're just

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Speaker 2: seeing things like current generation that I'm actually in taking

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Speaker 2: it upon themselves to be able to either you know,

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Speaker 2: say for private school fees has always been a common thing,

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Speaker 2: but actually looking at supporting a home ownership for their children.

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Speaker 2: And eighty percent of respondents in that category of this

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Speaker 2: sort of you know, mid mid life in their forties,

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Speaker 2: looking to be able to prepare them for you know,

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Speaker 2: future ownership and being able to deliver that dream.

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Speaker 1: Okay, So just before we get to that, I just

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Speaker 1: want to dug back. So people didn't understand the Stage

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Speaker 1: three tax cuts necessary. I mean not everyone, but there

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Speaker 1: is a proportion of people didn't understand the Stage three

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Speaker 1: tax cuts That surprises me. The whole idea of bracket creeping,

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Speaker 1: the two nine six supertaxs that two nine six super

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Speaker 1: attacks tell me if I'm wrong here, grand broadly, it's

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Speaker 1: fifteen percent taxation of earnings for people with super balances

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Speaker 1: over three million dollars. The point you made though, I

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Speaker 1: mean that sounds like a lot of money, But the

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Speaker 1: point you made people in their forties and fifties, and

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Speaker 1: if they make extra contributions bracket creep. There could be

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Speaker 1: a bunch of people in that situation who don't well,

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Speaker 1: probably hit them without them realizing it. Is that kind

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Speaker 1: of what you're saying.

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Speaker 2: Yeah, that's right. Yeah, with division two ninety six, which

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Speaker 2: is that the double taxation for balance is above three million.

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Speaker 2: Whilst yeah, it's an extra fifteen percent on earnings, there's

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Speaker 2: also the extra fifteen percent on the unrealized component too,

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Speaker 2: which has probably been the real talking point around it.

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Speaker 2: But you know, if you're someone who's relatively young, you're ambitious,

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Speaker 2: you're doing well in your working life, with wage inflation,

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Speaker 2: extra contributions that could go on there because it's not indexed,

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Speaker 2: there is a lot of austrains over the next sort

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Speaker 2: of three or four decades that could potentially find themselves

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Speaker 2: actually over that three million dollar balance. And why might

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Speaker 2: seem like a scretch today when you've only got two

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Speaker 2: or three hundred thousand dollars sitting in your super If

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Speaker 2: you're an ambitious Australian and you want to be able

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Speaker 2: to accumulate wealth, you get home ownership, be able to

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Speaker 2: retire really well. That is something that is a potential

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Speaker 2: impact on you. But it's not just that. It's more

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Speaker 2: the narrative around changes than super. We saw back in

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Speaker 2: twenty seventeen the Coalition government cap SUPER at the time

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Speaker 2: it was a one point six million dollar cap total

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Speaker 2: superbalance cap, and of course the contributions con sessional non

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Speaker 2: concessional contributions cap as well. So it's all of those

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Speaker 2: talks of changes. You made the point around Stage three

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Speaker 2: tax cuts. Of course, bringing that thirty seven cents plus

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Speaker 2: medicare levy makes a thirty nine cents in the dollar

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Speaker 2: tax bracket, and lowering that maximum marginal tax rate of

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Speaker 2: forty seven percent down from a two hundred thousand dollars

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Speaker 2: threshold to one hundred and ninety thousand dollars threshold. So

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Speaker 2: these are all things that obviously impact your ability to

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Speaker 2: grow your wealth or invest wisely. And that's why we

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Speaker 2: really look at after tax performance a generation life because

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Speaker 2: at the end of the day, that's the money that

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Speaker 2: you get to keep.

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Speaker 1: It sounds to me that I mean, we always bang

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Speaker 1: on about financial advice here. We are huge supporters at

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Speaker 1: financial advisors. But given what you've just said, it seems

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Speaker 1: to me that if you don't get financial advice, well,

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Speaker 1: you're probably at a comparative disadvantage.

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Speaker 2: That's exactly right. You know, you can see through the

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Speaker 2: research that we did that you know, the majority of

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Speaker 2: people have financial advice are happy, I'm will settled, they

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Speaker 2: have less anxiety, and they're more likely to hit their goals.

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Speaker 2: So you know that in itself just says regardless of

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Speaker 2: how well you might be doing in your working life,

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Speaker 2: to have actually have someone in your quarter corner that's

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Speaker 2: giving you guidance, giving you reassurance, making sure that you're

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Speaker 2: not falling into some of those common pitfalls that people do.

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Speaker 2: Looking at the after tax performance, like I've just been

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Speaker 2: through all of those different nuances and then understanding the

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Speaker 2: legislative change. What am I entitled to? What am I

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Speaker 2: not entitled to? Is there any rebates that I can

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Speaker 2: actually receive? So it's all these other different aspects of

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Speaker 2: you know, growing your wealth but really maximizing everything that

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Speaker 2: you're able to receive and the performance of your investments,

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Speaker 2: but also making sure that you're investing in the right

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Speaker 2: asset classes too. You know, what does your risk profile

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Speaker 2: look like? And you know how does that actually, you know,

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Speaker 2: relate to your underlying investments and diversification. So having a

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Speaker 2: financial advisor there can actually give you that guidance. But

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Speaker 2: really we're always trying to address it emotional need. At

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Speaker 2: the end of the day, people are worried about their finances.

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Speaker 2: You know. We saw in the survey over ninety percent

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Speaker 2: of individuals feel like they're under some sort of financial

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Speaker 2: pressure today. So to have someone there who's giving you guidance.

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Speaker 2: Just like when I was in sport, no matter how

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Speaker 2: good you are, you need a coach, you need someone

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Speaker 2: giving you guidance. And it's the same when it comes

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Speaker 2: to your finances as well.

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Speaker 1: Say with me, Grant. We'll be back in a minute.

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Speaker 1: My guest this morning is Grant Hackett, Om, chief executive

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Speaker 1: of Generation Life. Okay, one of the findings which is

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Speaker 1: really interesting is how many people think that they'll be

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Speaker 1: helping their children around home ownership. That is astounding number

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Speaker 1: of people.

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Speaker 2: That was the mind blowing stat I think when I

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Speaker 2: first read the research to see that actually eighty percent

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Speaker 2: of people who are in midlife, are saving money for

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Speaker 2: their child's first home. So we all know that, you know,

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Speaker 2: paying for school fees which was close to ninety percent,

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Speaker 2: where people are really focused on that. But to really

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Speaker 2: be taking the next step, we're all you know, parents,

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Speaker 2: you know, I've got a fifteen year old, you know,

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Speaker 2: looking at their first car. You're going to have to

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Speaker 2: help them with that, that you're going to have to

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Speaker 2: help them get into their own home. But a lot

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Speaker 2: of people doing that. I mean, I have to say

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Speaker 2: here at Generation Life, I've got investment bonds for all

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Speaker 2: of my kids and it is for that reason because

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Speaker 2: I just know, and if you're living, particularly in Sydney

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Speaker 2: or Melbourne, just the cost of home ownership over the

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Speaker 2: next ten or fifteen years or even twenty years. For

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Speaker 2: some of my kids. I've got a one year old

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Speaker 2: at home as well. You know, it's just going to

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Speaker 2: be impossible. Unless they're Michael Jordan, who even thought was

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Speaker 2: someone who's freakish sports teler that's going to earn a

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Speaker 2: lot of money when they're younger, it's going to be

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Speaker 2: extremely difficult for them to get into their own home

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Speaker 2: unless they get some sort of inheritance and to be honest.

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Speaker 2: You know, if we're sitting up in a high balcony

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Speaker 2: and I feel a hand on my back because my

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Speaker 2: kids want to own ownership, that's an uncomfortable feeling. Short,

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Speaker 2: so probably better off, you know, making sure that you

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Speaker 2: help supporting them trying to get into their first home.

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Speaker 2: And yeah, a lot of parents, as you can see

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Speaker 2: through the survey, are taking that upon themselves to be

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Speaker 2: able to support that.

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Speaker 1: You mentioned investment bonds, and you've said it a few times.

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Speaker 1: Obviously that's what general ration life is all about. Just

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Speaker 1: explain though, it's the tax advantages of investment bond. So

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Speaker 1: they're a long term investment, but give me some details

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Speaker 1: about them.

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Speaker 2: Yeah, just to give a bit of an understanding what

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Speaker 2: an investment bond is. So it's just another legal structure

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Speaker 2: to invest through, like your own name, like super like

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Speaker 2: a trust, like a company. What the advantages of that

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Speaker 2: legal structure are of an investment bond here is that

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Speaker 2: it's you have an effective tax rate of a maximum

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Speaker 2: amount of thirty percent, and it's usually the effective break

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Speaker 2: for a lot of our investments between ten and fifteen percent.

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Speaker 2: So if you're on a higher effective tax rate than that,

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Speaker 2: obviously there's a tax arbitrage and you're keeping more of

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Speaker 2: your investment returns. The second part is that they're a

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Speaker 2: great a state planning tool because you have a thing

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Speaker 2: called binding nomination. So if you want to leave something

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Speaker 2: to outside the family, or you've got a complex family,

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Speaker 2: maybe it's a blended family or kids from previous relationships,

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Speaker 2: you can do that with absolute certainty. And then the

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Speaker 2: last part, it's actually credit to protect it. So Section

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Speaker 2: one PET sixty two D are the bankrupt second, nor

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Speaker 2: that anybody is ever going to read that, but they're

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Speaker 2: actually protected as well. Sounds fascinating if you want to

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Speaker 2: sleep well, it sounds fascinating. So but it's one of

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Speaker 2: those six where you've got that asset protection as well.

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Speaker 2: So yeah, we three things. Tax arbitrage is state planning

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Speaker 2: and knowing that the asset is protected regardless of your

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Speaker 2: financial circumstances.

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Speaker 1: And what's the ultimate asset that you're investing in at the.

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Speaker 2: End of the day you get to choose. So as

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Speaker 2: a business, we set up an investment menu that currently

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Speaker 2: has sixty eight options on it. It's got all the

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Speaker 2: different asset class on there. So depending on what your

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Speaker 2: risk profile looks like, you can do anything from cash

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Speaker 2: to high growth or somewhere in between, so that choice

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Speaker 2: is usually up to you or your financial advisor.

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Speaker 1: Okay, bottom line takeaway from the report, Grand Hackett, what

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Speaker 1: is it not tomorrow's problem? That sounds like that probably

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Speaker 1: is the your bottom line. But what's your takeaway from

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Speaker 1: the report?

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Speaker 2: I think you stole it from me just then, sure,

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Speaker 2: just quietly. But I think the most interesting thing is

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Speaker 2: that seven out of ten aspiring extraints are actually going

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Speaker 2: to set have some sort of financial stepback because of

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Speaker 2: their low awareness around legislative change and Stage three tax

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Speaker 2: cuts was one of those. So the big message there is,

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Speaker 2: you know, try and get a financial advisor that's in

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Speaker 2: your corner, that's supporting you, that's got a great reputation

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Speaker 2: that can help you on your financial journey and make

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Speaker 2: your life that little bit easier and have that financial

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Speaker 2: freedom that you're probably looking for.

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Speaker 1: Grant, thank you for talking to Fear and Greed.

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Speaker 2: No worries, Thanks for having me on Shaw and cheers.

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Speaker 1: That was Grand Hackett, am, Chief executive of Generation. This

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Speaker 1: is the Fear and Greed Daily Interview. Remember this information

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Speaker 1: is general in nature and you should seek professional advice.

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Speaker 1: Before making any investment decision. Join us every morning for

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Speaker 1: the full episode of Fear and Greed. Daily Business US

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Speaker 1: but people who make their own decisions. I'm Sean Elmer.

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Speaker 1: Enjoy your day.