The financial headlines have been particularly dramatic lately, filled with doom and gloom about market downturns and potential crashes. Opening my favourite news apps each morning feels like stepping into an anxiety-inducing echo chamber of market pessimism. But let’s take a deep breath and look at what’s really happening.

My balanced portfolio is down about 2% - hardly the bloodbath some are describing. Year to date, international shares are still up by 10-11%, and Australian shares have delivered a modest 4% gain since July. These aren’t numbers that should be keeping anyone awake at night.

Looking at my phone notifications this morning, I spotted the latest ING interest rate announcement. They’re dropping their savings rate to 5.40% from February 28th. While this isn’t exactly shocking news in our current economic climate, it got me thinking about the increasingly complex dance we’re all doing with our banks these days.

Remember when having a savings account was straightforward? You’d deposit money, and the bank would pay you interest. Simple. Now we’re juggling multiple accounts, tracking transaction counts, and planning our spending patterns like some sort of financial choreography.

The recent collapse of the Albanese government’s proposed superannuation tax reform for balances over $3 million highlights a persistent problem in Australian policy making: the inability to design sustainable, long-term financial solutions that can withstand public scrutiny.

Standing at my local cafe in Brunswick this morning, listening to fellow patrons discuss the news, it struck me how the debate around this policy proposal missed the mark entirely. The fundamental issue wasn’t about targeting wealthy superannuants - most reasonable people agree that super shouldn’t be a tax haven for the extremely wealthy. Rather, the policy’s fatal flaw lay in its implementation.