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Here’s what you need to know today

• As the Australian election campaign gets underway, the first set of polling shows a neck-and-neck race. Newspoll shows Anthony Albanese’s Labor leading Peter Dutton’s Coalition 51-49 on a two-party preferred basis, meanwhile an AFR/Freshwater poll has the Coalition leading 50.6 to 49.4. (Capital Brief)
  
  

• All eyes are on the Reserve Bank of Australia today as the Central Bank delivers is decision on the cash rate. Expectations are for the bank to hold rates steady at 4.1% after cutting at its last meeting. This will be the last RBA rate decision before the Federal election on 3 May. (ABC)
  
  

• Speaking of the Reserve Bank, it was also in the news after it publicly raised concerns about the ASX’s CHESS clearing and settlement system stating that Australia’s largest stock exchange had “serious issues of concern that warrant immediate action.” (AFR)
  
  

• Australia’s commodity exports are expected to fall 7% this year to $387 billion. The numbers from the Department of Industry, Science and Resources forecast commodity exports to fall to $343 billion by 2030. (AFR)
  
  

• US President Trump said he was “pissed off” at Russia’s Vladimir Putin and threatened to impose 25-50% tariffs on any country that buys Russian oil, if Russia does not co-operate with his attempts to end the war in Ukraine. (SMH)
  
  

• While the focus has been on Trump’s relationships with European allies, keep an eye on America’s Asian partners. At the same time Defence Secretary Pete Hegseth visited Japan and announced an upgraded military presence to bolster deterrence against China, the trade ministers of Japan, South Korea and China met for the first time in 5 years and agreed to closer co-operation “to effectively address emerging challenges” (an implicit reference to Trump’s tariffs). (Bloomberg | Reuters)
  
  

• While America’s trade partners call it an emerging challenge, US Trade Adviser Peter Navarro called Trump’s tariffs “the biggest tax cut in history for the middle class” and forecast the plan would raise $700 billion. Meanwhile, Trump said he “couldn’t care less” if carmakers raise prices due to his 25% tariffs, going on to say, “I hope they raise their prices, because if they do, people are going to buy American-made cars.” (NBC)
  
  

• Syria’s new transitional government was sworn in, with the 23-person cabinet filled with people from different religious sects, ethnic groups and a woman. The international community continues to watch closely how President al-Sharaa governs Syria after overthrowing dictator Bashar al-Assad in January. (Al Jazeera)

What the…?

As protests continue in Turkey over the arrest of Istanbul mayor and likely 2028 Presidential candidate Ekrem İmamoğlu, an unlikely character has become a viral symbol of resistance. Pikachu, the famous yellow Pokemon, has become a symbol of the Turkish opposition after photos of a protester dressed in a Pikachu costume went viral. (Business Standard)

This isn’t the first time a cartoon has become a resistance symbol. Famously, in the 2010s, Winnie the Pooh become a symbol of resistance against Xi Jinping and the Chinese Communist Party.

Investing is a lifelong journey

Here’s what you can learn today.

Where to start with income protection insurance?

Community Question: When it comes to income protection: We think we need it but where do we start? How does it work? Through Super / outside super? What does it cover?

We put this question to Glen Hare, financial adviser and co-founder of Fox & Hare.

An income protection policy pays you a monthly benefit amount if you are unable to work due to sickness or injury (a claimable event). The policy will cover you for a maximum of 70% of your salary for a set period.

When thinking about whether income protection is necessary, consider a situation where something were to happen and you didn’t have your income. How would you pay the mortgage, rent, or just keep up with day-to-day expenses?

Would the back-up plan be to start selling assets, erode cash savings (considering how long this would last) or move back in with the folks? If none of this sounds appealing, then you should consider income protection.

The first step is to understand your existing policy, which for most is the ‘default’ cover you get through your superfund. Be clear on what you are covered for and, just as important, be clear on what you are not covered for.

Before making any changes to your existing policy (such as cancelling it), make sure you have alternative cover in place. Personal Insurance (such as Income Protection) often requires you to go through ‘underwriting’ which means that your application may or may not be accepted by the insurer. The last thing you want is to cancel any cover you currently have (even if it’s not great) if you can’t get anything better.

Given the complexities and considerable investment Income Protection demands, I’d encourage you to seek the advice of a professional. I’m not just saying that because I am one, but this is a big decision which comes with a hefty price tag and you want to make sure you get it right. Many of us insure our car, pets, and take out travel insurance but neglect arguably one of our most important assets, our ‘income’.

Interested in speaking to Glen or a financial advisers? Fill out the form on our website and we’ll match you with one of our hand-picked financial advisers.

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