A Risk Management Reminder

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A lot can happen in a week. I’ve gone from riding a BMW 1200 motor cycle to a mobility scooter (but only for the next 12 weeks) after a very low speed incident off-road which resulted in the bike landing on top of me.

I broke its fall but it broke my ankle.

Fortunately, the ‘risk management’ procedures were in place. I was wearing all the right safety equipment and I was riding with friends who helped get me back to civilisation and into hospital. These procedures stopped things from being a lot worse.

A timely reminder that when planning for our future, we also need to look at ‘what can go wrong?’ Unlikely things can and do happen and while there is a cost for this protection (boots and riding gear are expensive) without them I may not have a foot. I’ve been riding bikes for 40 years and this is my first injury. The Aussie attitude of ‘she’ll be right’ or ‘I’m healthy’ is fine – until it isn’t! It might be a good time to have a chat to review your current family insurance and what the effect would be if something unexpected happened.

The other big news this week are the election results. Everyone from political commentators, pollsters, to bookies got it wrong. Whether you think this is good or bad news, what is clear now is that everyone is going to claim their agenda is the reason for this outcome! Look out for the spin.

The new PM however, does now have clear air and three years to develop some policies and a strong narrative. Business has been crying out for policy certainty and direction and hopefully this can now take place.

Economic growth underlies the Coalition’s modelling expectations and their plans to get the country ‘back on track’. Current growth shows however this may be overly optimistic with lots of domestic challenges and significant global headwinds added to the mix.

From a strategy and planning perspective, we at least have some direction and know what the rules are and where the goal posts are located. We can confidently work with clients to help provide solutions as the family trust, superannuation, company and taxation rules are known. At least until the next budget!

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