What’s happening in Australia?
Economy – the Australian economy grew by 0.8 percent q/q (seasonally-adjusted) in the June quarter of 2017 and 2.0 percent y/y.
Growth - was relatively broad-based with domestic final demand and net exports contributing strongly.
Employment - Labour market conditions remained steady with the unemployment rate at 5.6 percent (seasonally-adjusted) in August 2017.
Inflation - rose 1.9 percent y/y in Q2 2017 (0.2 percent q/q).
Interest rates – the RBA’s official cash rate remains at 1.5 percent.
What’s happening globally?
Global economic conditions have remained relatively steady over the course of the past quarter while the outlook for the global economy has improved.
Hurricanes, earthquakes, and rising tensions with North Korea have generated short-term setbacks. Early estimates of the direct costs of Hurricane Harvey (in Southwest Texas) on U.S. economic activity has ranged from USD$30-200 billion!
Europe, China, Japan and the U.S. have seen improved economic activity over the second quarter of 2017. The British economy is still saddled with the uncertainty surrounding the outcome of the Brexit talks.
Price inflation remains subdued and below central banks’ targets in the advanced economies.
Monetary policy remains accommodative although policy tightening has commenced in some advanced economies and gradual tapering has been signalled in the major advanced economies.
In the Community
Another hugely successful
Guardian Angels School and
Parish fete was held on Sunday 6th August and we were proud to lend oursupport as a Silver Partner! We were certainly lucky with great weather after a very cold start to the day.
Congratulations Guardian Angels!
Recent wins for AIA Insurance!
For the fourth time in five years, AIA Australia is proud to have won Canstar’s award for Outstanding Value Trauma Insurance. Judging criteria included a comparison of product features and pricing and the analysis of more than 700,000 quotes across 64 client profiles. AIA’s Priority Protection Crisis Recovery product stood out from competitors for its mix of both great features and competitive pricing. AIA's Crisis Recovery solution offers comprehensive cover including standout cancer definitions, which means eligible clients can claim when they need it most. In addition, all Crisis Recovery policies include complementary Family Protection with a payment of up to $20,000 made in the event of an eligible Crisis Event, Terminal Illness diagnosis or death of a dependent child.
AIA was also named Life Insurance Company of the Year at the 14th Australian Insurance Industry Awards for the fourth time in six years. Hosted by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Asia Insurance Review, these annual awards recognise excellence, professionalism and value to the community.
AIA Insurance set to become the biggest provider of life insurance in Australia and NZ!
AIA Group would buy Commonwealth Bank's life insurance arm CommInsure for $3.8 billion, as the country's biggest banks retreat from the wealth management industry.
Commonwealth Bank CEO Ian Narev says, "There is no way that the Commonwealth Bank, in achieving everything that we want to achieve, is ever going to manufacture, and invest, and innovate in insurance products as well as AIA," Mr Narev said.
AIA, which operates across the region and is listed on the Hong Kong stock exchange, is set to become the biggest provider of life insurance in Australia and New Zealand as a result of the deal.
For our upcoming offering in the Health Insurance space!
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