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‘Walking a tight rope’: Recession fears wipe billions off the market

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The local sharemarket has slumped to its worst session since the start of the pandemic, amid predictions superannuation funds will make negative returns of -4 to -5 per cent this financial year.

Fears that steep interest rates rises could trigger a global recession have led to the worst day for the Australian sharemarket since the start of the COVID-19 pandemic, with investors wiping about $80 billion from the ASX.

Investment director at Investors Mutual, Anton Tagliaferro, said years of ultra-low interest rates had caused complacency, and markets were now adjusting to the likelihood of central banks raising interest rates significantly as they try to get inflation under control. Regal Funds Management portfolio manager Mark Nathan said investors feared central banks could spark a global recession by raising interest rates to tame rising inflation, and these worries had sparked heavy losses on share markets. “It really comes down to the risk of how quickly rates move and whether that means we go too fast, and we end up in recession,” Nathan said.

SuperRatings executive director Kirby Rappell said the median balanced fund was on track for a negative return of -4 to -5 per cent decline this financial year, after last year’s returns of almost 18 per cent. Rappell said the longer-term average returns from super since the early 1990s remained close to unchanged. “Despite the fall potentially being a bit of a shock, it has had no real impact on the return since 1992 of 7 per cent,” he said.

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Super has already plumetted 25% this year. Nothing about it in press!

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