Innholdsfortegnelse for March 2022 i Money Magazine

ANTHONY O’BRIEN Covid has made me more thankful for my two little angels, Abbey and Lucy. The girls were often my only physical contact with the outside world during a lockdown, and they have reignited my passion for Lego! Covid also made me grateful for those clients who stuck by me through thick and thin. Like plenty of Aussies, I was thrilled to discover that lockdowns create an excellent environment for saving money. ANN LOVEDAY I love home! While initially getting set up to WFH was a stress and a challenge, it’s also been a bonus. Work and home have blended where design happens while watching over a bubbling chicken stock. Our doggo is content with constant companionship and I often fit in a lunchtime swim. Don’t tell the boss!…

I’m unsurprised to note that the changes to director ID requirements are causing great confusion for self-managed super fund trustees. It comes down to a couple of key things. First, there is the issue of different timeframes, depending on whether you are a director of an existing company, you’re establishing a company between now and April 2022 or you plan to set up a company after April 2022. Each scenario results in a different due date for obtaining a director ID. The second challenge is the requirement to use the digital tool MyGovID, which is a distinctly different platform from MyGov. MyGovID is not web-based and so requires download on a smartphone. The documentation required includes additional financial information such as bank account details and dividend statements. Then there’s the…

With a subtitle “How high achievers beat burnout and find freedom in an overworked world”, FlexAbility arrives at an apt time for many of us. Karen Morley is a psychologist and executive coach who believes that flexible work hasn’t given us the freedom we craved, but instead has blurred the lines between personal and professional lives. She focuses on how to determine where your work fits into your sense of purpose and then provides tips and examples of how to avoid overworking and achieve balance in your life. Know what matters, do what matters, influence what matters and lose what doesn’t. JULIA NEWBOULD Five readers can win a copy. In 25 words or less, tell us how flexible work has affected you. Enter at moneymag.com. au/win or send entries to…

All is not fair in the search for love, with older people facing discriminatory pricing when looking online for a partner through the dating app Tinder Plus. According to a recent CHOICE report, Tinder Plus charges older users more money for their search for love in five out of six countries investigated – India, the Republic of Korea, the US, the Netherlands and New Zealand. “The Consumers International investigation found that in five countries people over 30 were quoted far higher prices than people in the 18-29 age group. On average, 30- to 49-year-olds were charged 65.3% more than 18- to 29-year-olds,” says Amy Pereira, the senior policy adviser at CHOICE. The result of the new research builds on CHOICE’s mystery shop of Tinder Plus in 2020, which found that…

The number of shareholders attending Computer-share client AGMs in 2021 was the highest it’s been for five years, according to the platform provider. The 2022 AGM Intelligence Report revealed there were 736 AGMs in 2021, with a total of 26,513 shareholders attending – an increase of 14.5% on 2019. Around 74% attended a virtual meeting, 12% attended a hybrid and 15% joined in person. More than half the AGMs from Computershare were held online, although there was a slight increase in hybrid meetings. The number of S&P/ASX 50 companies receiving pay strikes – or votes against proposals to increase executive pay – increased by five to seven during the year. However, protest votes across the S&P/ASX 300 against individual directors fell by five (26 to 21). Around 48% of shareholder…

Antoinette Colbran Executive director of the medico-legal business Benchmark Experts; age 64. Lives in Sydney’s Neutral Bay with her husband Richard. Benchmark Experts provides expert witnesses for lawyers in the personal injury area, including motor vehicle accidents, medical negligence and public liability. Colbran likes cooking and is keen on exercise, whether it’s a long walk, swim or Pilates, and always makes sure to fit it into her schedule before the business day. Also loves following the horses (albeit being a $2 punter). A firm believer in downtime, saying it has to be added into the calendar along with appointments and exercise.…

CASE STUDY How can I set up a super fund for the grandkids? Paul, I have been an admirer of your books, Money magazine and advice for a number of years. I have given my four adult children your books, which they have put to good use. My wife and I are retired and are grandparents to four grandsons, aged 12, 10, 7 and 7. My wife and I had a question answered and published in Paul’s Verdict in February 2013. Previous to that we had decided that we would not waste money on frivolous, soon-to-be-forgotten gifts for our grandsons. Instead, we opened Commsec trading accounts, deposited a regular amount into them and bought shares about twice a year. We have done this for all four grandsons. The accounts were transferred into…

When I was a child, my mother Rosemary would tell me she wanted to leave my father, but said she had no money to do it. My dad controlled the purse strings. Everything was in his name: the house, the bank account and the car. She had to ask him for money and he would scrutinise her spending. Rosemary stuck with him for more than four decades until one day he finally told her he had a secret second family. Financial dependence is one of the biggest barriers to escaping an abusive relationship, says Hayley Foster, CEO of Full Stop Australia, which provides services for those experiencing sexual assault and family violence. The definition of violence includes physical, verbal, sexual, emotional, psychological or economic abuse. Around 2.2 million Australians have…

These are the three things I tell people to try when they want to lower their propensity to be agreeable and learn to be better negotiators. 1 Become more comfortable with being uncomfortable. Next time you buy something second-hand, consider how much lower than the asking price you’d be comfortable asking for, and then go even lower. So low it’s uncomfortable. Once you’ve offered your ridiculous price, don’t say anything, simply wait and listen. The more comfortable you are with this uncomfortableness, the better the deal you walk away with will be. 2 Practise being calm in high-pressure situations. High emotion is truly the enemy of good negotiating. Practise slowing things down and mindful breathing, and not feeling hurried or overwhelmed. There are multitudes of opportunities where you can practise…

1 What are the areas of our finance that I am curious about? Is it our spending patterns? Our investment strategy? Keeping our weekly budget in order? Organising our yearly finances to account for tax and other expected expenses? Let your curiosity be your guide. 2 Are there specific tasks I find completely tedious, and I know I’d be terrible at? Low motivation and low competence rarely produce success. If you’re unsure, commit to trying something for three months and reassess. Who knows, it just might grow on you. If not, try a different approach. 3 What is the one area of my personal finance I believe is the most important? This will often reveal those tasks you will get the most energy and satisfaction from doing well. 4 How…

The Australian Human Rights Commission spells out that it’s unlawful to discriminate against a person because they are pregnant or might become pregnant, or because they are breastfeeding. But lenders are still wary. “If a lender sees transactions on a loan applicant’s bank statement that suggests a baby could be on the way, such as payments for IVF treatments or even baby supplies, questions may be raised,” says Mortgage Choice broker Deslie Taylor. “This doesn’t discount a woman from buying a home on her own. But it’s about the broker or lender doing due diligence to be sure she can manage a home loan if her situation changes.” If you plan to have a baby, Taylor recommends obtaining a letter from your employer setting out maternity leave entitlements as well…

I’m about to get a modern banking lesson from a swing-dancing vegan. I’ve arrived at a heritage-listed building in South Melbourne to meet Xavier Shay, software engineer at tech company Ferocia, also the home of the neobank Up. Ferocia, an internet banking software company, was founded by two blokes called Dom Pym and Grant “Thomo” Thomas. Xavier worked for them about 10 years ago and he’s returned as part of the leadership team that’s driving Up’s success. The moment I meet Xavier he smiles wide. He’s tall and lean – no doubt a result of the vegan diet and swing dancing. He’s wearing a T-shirt, jeans and sneakers. Ferocia’s staff numbers have hovered at around 20 for most of its existence, but when Up launched in 2018 everything changed. Ferocia…

There’s an old line in investing circles: no matter the economic circumstances, people still need to eat. In other words, businesses don’t get much steadier than supermarket retailers. Sure, we might not eat out as much when times are tough. We probably don’t buy a new car or go on holiday. But whatever else we scrimp on, we still need three square meals a day. So, if you’re worried about a looming recession – or just want some ballast in your portfolio – then supermarkets are considered a good option. But there’s a catch. One is as old as the hills and another is much newer. The former is that even if the businesses seem pretty pedestrian, their performance can be anything but. And share prices can go with them.…

Investment managers use different investment approaches, according to the RIAA. Across Australia’s investment community, around $557 billion worth of funds use a negative screening of companies while $471 billion of assets use corporate engagement and shareholder action. The RIAA has identified four styles of screening used by ESG ETFs. These include: Negative screening Avoiding sin stocks by leaving them out of the portfolio is a common approach. The VanEck Vectors MSI International Sustainable Equity ETF screens out a number of industries such as alcohol, armaments, labour rights violations, nuclear power, pornography, fossil fuels, tobacco, gambling, animal cruelty and human rights abuses. Best companies in the sector Companies that have a strong ESG performance compared with their peers are selected. The BetaShares Global Sustainability Leaders ETF screens out sin stocks and…

My company, Forager Funds Management, first made an investment in New Zealand Media and Entertainment (NZME) in June 2016. The research piece I wrote for the Kiwi media company was concise and simple: I added up the worth of its radio and newspaper assets to reach a per-share value of $1.25. Given a 77c share price at the time, that looked like an attractive investment. A glance at today’s share price would show that we got it mostly right. NZME traded at $1.34 a share by the end of 2021 and has paid a touch over 20¢ in dividends over the ensuing five years, making for an annualised return of roughly 14% a year. Far from the greatest investment ever, but roughly in line with expectations at the time. Investors…

Performance after investment fees. Investment returns after investment fees annualised to describe each fund’s returns per annum. But if your managed fund achieves a high return and charges you an extra “performance fee”, Rainmaker has not taken this into account. Past performance is not an indicator of future performance. Rank. Funds are ranked against all managed funds in each segment, not just those included in each table. Indices and averages. Arithmetic average investment returns or average fees for all fund investment options within each category, that is, not fund size weighted.…

What was your first job? I was a child extra in War and Peace in the Australian Opera Company. It is considered the first opera publicly staged in the Sydney Opera House. Later I was in The Magic Flute and Cavalleria Rusticana – it was super exciting for an 11-year-old. I thought I was so cool taking it all in my stride, but then I saw some footage of myself in a production on the opera website and there I am gazing up at the lights and the stage. The memory is so different from reality. We were paid and also got royalties every time it was screened on TV. In my teens I was an Avon lady, and then my first job out of school was at the ANZ…

Letter of the month Renovation advice is right on the money Tracie Ellis’s article on renovations (“Keep the costs under control”, February) was front and centre of mind for me! Having just completed a renovation by installing new floorboards and freshening up my home with new paint, her advice was right on the money. In addition to drawing up a budget, I would also suggest detailing your project timeline, so that tradies are lined up in the right order. Selecting the right contractors is made easier by taking recommendations from friends (and seeing the end results in their place, too!) Renovations are also a good excuse to declutter – you may just find by offloading pre-loved furniture and other items on eBay or Facebook Marketplace that some of your renovation…

International Women’s Day is on March 8, and this year it seems like better timing than ever to focus on money for women. We still struggle with the gender pay gap, retire with less, and at times are forgotten in financial discussions – because we opt out, or for other reasons. I’ve always been single in terms of finance. I’ve had partners but we’ve not shared finances – or homes. This means I have to be on top of all my financial decisions and it will be my money that keeps me in retirement when that day comes. When I started writing about finance, I decided to go out and invest in the stockmarket. I knew it would force me to pay greater attention than if I was just writing…

ETF provider BetaShares has launched an online retail and ecommerce fund (ASX: IBUY). It focuses on global online retail leaders that are revolutionising the way consumers shop. “Even as the global economy reopens, more consumers than ever are buying their goods and services online. The trend is set to continue,” says BetaShares CEO Alex Vynokur. Aussies continue to turn to their retirement savings in times of financial hardship. Released last month, APRA’s June 2021 Superannuation Bulletin reveals that super funds paid out $16.5 billion of members’ money on compassionate grounds, affecting a total of 2,028,000 accounts. This compares with $17.1 billion withdrawn from 2,237,000 accounts in the 2020 financial year. The SMSF Association is calling for transfer balance caps (TBCs) to be simplified in the upcoming federal budget. It claims…

We’re sitting more than ever, and that’s bad news for our future health – mental and physical. The World Health Organisation warns that a sedentary lifestyle is a leading cause of disease and disability. So an app that will get you up and moving more regularly has to be a good thing. Ideal for those working from home more often, the wellness app Wakeout! (Apple’s 2020 app of the year) taps into the therapeutic power of movement. It allows you to choose from 1800 moves – seated or standing – and set timers to remind you to take active breaks, from 30 seconds to 10 minutes long, throughout the day. There’s movement to reduce anxiety, increase energy, enhance mood and so on. If you’re coming home after a long day…

Adil wants to top up his savings to he can retire soon Which is better: boosting super or buying a property? QPaul, I am a regular reader of your columnin Money magazine.  I earn $90,000pa and my wife earns $40,000pa before tax. I am 58 and my wife is 55. We live in a company-provided accommodation. We do not own a house or any investment property. Our savings are in superannuation in a growth fund. Our combined super balance is around $520,000. We plan to retire at 65. An online retirement calculator shows that with a modest 8% return per year, our combined superannuation should be around $850,000 when we retire. We can then buy a property for $500,000 and use the rest of the super with the pension for our…

If you find yourself among the lucky ones whose homes have been valued stratospherically in the past three years, you might be sitting on a huge sum of home equity that you can put towards your next investment. Called home equity line of credit home loans, this bank product category helps you tap into the value of your home. For example, if your property is worth $1.2 million and you’ve got a $600,000 home loan against it, then you have $600,000 worth of equity that you can access for a line of credit facility with your bank. Rather than charge you interest on that entire sum, you will only get charged on the funds that you withdraw. This is perfect for renovations to upgrade the value of your property or…

If you’re buying a property on your own, mustering a 20% deposit can be difficult. Buy with anything less, and you could be slugged with LMI. The website of LMI provider Genworth (genworth.com.au) has an online premium estimator, which shows buying a $600,000 home with a 5% deposit ($30,000) could see you pay LMI of around $26,600 – almost as much as the deposit. Some lenders will let you add the premium to the loan and pay it off over time. This will inflate the long-term cost as interest applies to the premium. In a rising market, though, the additional expense of LMI can be worthwhile. In 2021, home values nationally grew by 22.1% – price growth that would have eclipsed the cost of LMI for a low-deposit buyer getting…

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We recently spent some weeks conducting webinar sessions with investors and financial planners sharing our view of how climate change is no longer a risk but is becoming a living reality. Fourteen of the 15 hottest years since record keeping began more than 130 years ago have occurred since the year 2000. The intensity of extreme weather-related events has also increased. Reports from the Intergovernmental Panel on Climate Change (IPCC) and other similar bodies paint a dire picture of the consequences for us all if we don’t stop the rise in global temperatures. The dangerous effects of a hotter climate are already showing up in agriculture, water resources, ecosystems, health and economic losses. So, what is the solution? We need to stop pushing more and more greenhouse gasses (GHG), mainly…

Disruption can spell opportunity for investors. The uncertainty will create winners and losers. The temporarily out-of-favour businesses can be wonderful buying opportunities, but those that are unable or unwilling to adapt will be left behind. But given the uncertainty, the less adventurous investor will likely find solace (and less risk) in prioritising quality over price. And given this is our Best in Breed series, that’s where we’ll turn our gaze, too. The best business in this sector, and by a decent, if not unchallengeable, margin, is our largest grocer, Woolworths, which takes the Best in Breed title in consumer staples this year.…

If you search online for the title “How much do I need to retire?”, you will see hundreds of articles on the subject, most of which have been written by financial planners, fund managers and accountants. The Marcus Today “community” has many financially sophisticated (and unsophisticated) retirees in its ranks, many of whom have already experienced decades of retirement, so we decided to take a different approach and rather than tell our members how to retire, we asked them how to retire, because, quite honestly, we’re not retired, and a lot of them are, so who should be lecturing who? We asked our members two simple questions: “What is your retirement calculation?” and “Do you have any other retirement wisdom to share?” We received around 200 emails in reply. Here…

Performance after fees: When calculating fees, Rainmaker assumes a member has $50,000 in their account. Strategy: Some MySuper products invest your superannuation based on age and are known as lifecycle funds (marked LC). The table includes the LC option for 40-year-old members. Non lifecycle funds are known as single strategy (S). Rank: Funds are ranked against all MySuper investment options available in Australia. Indices and averages: To produce these indices, Rainmaker analyses the results of more than 3300 investment options.…

EDITORIAL Founder & editorial adviser Paul Clitheroe Editor-in-chief Michelle Baltazar (02) 8234 7500 michelle.baltazar@moneymag.com.au Managing editor Julia Newbould julia.newbould@moneymag.com.au Art director Ann Loveday Designer David Matthews Senior sub-editors Bob Christensen, Debbie Duncan Senior writers Susan Hely, Pam Walkley Digital editor Sharyn McCowen CONTRIBUTING WRITERS Mark Chapman, Peter Dockrill, Tracie Ellis, Nicola Field, Peter Forrestal, Nicole Haddow, Steve Johnson, Anthony O’Brien, Marcus Ohm, Benjamin Ong, Marcus Padley, Vita Palestrant, Scott Phillips, Max Riaz, Phil Slade, Graham Witcomb CONTRIBUTING ARTISTS Michelle Mossop, Reg Lynch, John Tiedemann PHOTOGRAPHS Getty Images PRE-PRESS Peter Suchecki ADVERTISING Director – head of media sales Stephanie Antonis (02) 8234 7547 stephanie.antonis@rainmaker.com.au Partnerships manager Sam Starrat (02) 8234 7531 sam.starrat@rainmaker.com.au MARKETING Marketing manager Julian Clarkstone julian.clarkstone@rainmaker.com.au MANAGEMENT Managing director Christopher Page Executive director Alex Dunnin Syndication enquiries: money@moneymag.com.au ISSN…

Money magazine’s Paul Clitheroe recently received a letter from someone who was paying $9000 in financial advice fees to have their super managed (in a retail fund). This amounted to 1.1% of their super. To put this in perspective, most industry funds charge well below 1%. Paul explained that if $9000 included more than just looking at a super statement twice a year and included returns and services reflecting the fees paid, it may be justified. We’ve had many questions about costs so I consulted Marisa Broome, chair of the Financial Planning Association. As expected, the answer is complicated. An adviser may charge per hour, a flat fee, a percentage of your funds or a combination of all of them. “What is important is that you as a client have…

The pandemic has coincided with the onset of first-time intimate partner violence (IPV) within previous non-abusive relationships and an escalation in the frequency and severity of ongoing violence, according to recent research. With young women bearing the brunt of job losses, this has made them more vulnerable than ever. Over 90% of women experiencing IPV also experience financial abuse. Sadly, women over 50 are one of the fastest growing vulnerable groups due to a lack of economic security, so we need to start educating our younger generations as soon as possible. While this is not going to directly “fix” IPV, it might be a catalyst for women to leave an abusive relationship knowing that they have the skills and confidence to achieve economic security. The Warrior Woman Foundation funds scholarships…

Your family home can be sold free of capital gains tax, but the CGT exemption typically applies from the date a completed dwelling becomes your main residence – from the date you move in. So, what happens if you are building? Courtesy of the “four-year construction rule”, you can choose to treat the dwelling (and the land on which it sits) as if it were your main residence for up to four years while it is being constructed, repaired or renovated. This means that if you construct a house and you move in within four years of the land being acquired, then the main residence exemption applies for that whole period. Two conditions must be satisfied: The dwelling must become your main residence as soon as practical after construction is…

Whether it’s a business partner or a bed partner, never give the decision making to the man Life doesn’t always work out the way you plan. In the ’80s and ’90s, Antoinette Colbran and her husband Richard were living the life – a house on Sydney’s lower north shore, a holiday home, European trips, a boat and regular car upgrades. Their work in the medico-legal business of workers’ compensation was going great guns. But when the then NSW premier, Bob Carr, overhauled the workers’ compensation laws, limiting the amount of compensation and changing other rules in the early 2000s, their business faltered overnight. The couple lost their holiday house, investment properties and their home. “People asked us how could we lose that much, but you do lose that much when…

Four things to do 1. National Gallery of Australia – Jeffrey Smart: The artist was born in Adelaide, painted in Paris and Sydney, and eventually moved to Italy, where he stayed. His early work has echoes of Russell Drysdale and later it’s more Edward Hopper, although his art is quite individual and has an irreverent Australian humour to it. Look for his portrait of raconteur Clive James. (Until May 15.) 2. National Portrait Gallery – Shakespeare to Winehouse, icons from the National Portrait Gallery, London: The Portrait Gallery provides a great overview of Australian society, from politicians and scientists to artists and Indigenous Australians, all who have made an impact on our lives. The exhibition brings highlights from the London gallery to complement our own collection. (March 12 to July…

A STAGGERING ONE IN NINE Australian couples experiences fertility problems. Some women stop waiting for the right partner to come along and may choose to use fertility services to have a baby as a sole parent. Whatever the case, setting aside funds for fertility treatment doesn’t tend to rank high ;on the to-do list of most women – until it’s needed. At that point, managing a cost that can run into thousands of dollars has the potential to derail even the best-laid financial plans. Alice Almeida, founder of the IVF support service the Amber Network, says many women who end up doing IUI (intrauterine insemination) or IVF have unexplained infertility, which means they didn’t know there’d be a problem conceiving and are unprepared for their fertility road ahead. “I suggest…

There was a time when five of us were were hired at a large corporation at the same time – two men and three women, all with similar experience and similar levels in the organisation. One night at after-work drinks we started talking about our salaries (we were a close team) and it turned out I was on $30,000 more than my counterparts. My female colleagues were aghast and enquired further, with a certain level of hurtful injustice in their tone. I just shrugged and said that I simply asked for it in the final interview. One of my female colleagues exclaimed that she could never be that forthright – but I didn’t feel that I was being rude, I was simply negotiating. I was less agreeable. I was polite…

It’s an interesting quirk of human nature that men tend to be more interested in “things” (and gravitate toward jobs like mechanic, engineer, technician, builder or stockbroker), and women tend to be more interested in “people” (and gravitate toward jobs like nursing, social enterprise, communications, teaching, foreign aid or psychology). It’s not a hard rule, of course – I myself am a psychologist and a trained primary school teacher – but at the population level this difference exists. What is also interesting is that in relationships, there’s a tendency for each gender to gravitate towards certain household jobs. This gravitation is may be based on preference, but more often it’s based on social expectations. For instance, we know that in the vast majority of relationships women are doing most of…

What’s not to like about buying property off the plan? You can buy tomorrow’s apartment at today’s price – a no-brainer because Australian residential property prices always rise across the board. NOT! Money’s not a problem – you need only 10% of the price tag as a deposit. And if you’re an owner occupier, you might qualify for some stamp duty concessions depending on which state your apartment is in. The icing on the cake is a visit to a display apartment on which no expense has been spared – it’s sleek, beautifully finished, minimally furnished and you fall in love! But before you sign any contract or pay any money, take a deep breath and prepare yourself to do a lot of hard work to make sure you’re not…

1 Australian Ethical Shares Fund Among the most recognised managers in the ESG space in Australia, it has been investing since 1986, predominantly in ASX-listed companies, that are selected on their financial, social and environmental credentials. The companies have passed the manager’s rigorous positive and negative ethical screening process. 2 Pendal Sustainable Conservative Fund The fund is suitable for conservative investors who are seeking to manage their funds with an ESG overlay. It avoids tobacco or weapons manufacturing and its negative screens (alcohol, gaming, pornography, uranium, thermal coal, oil sands and non-controversial weapons) exclude companies that get 10% or more of their revenue from these activities. 3 VanEck Vectors MSCI International Sustainable Equity ETF A true-to-label ETF encompassing both values-based and ESG investing. It focuses on ethical…

The past year has been exceptional for initial public offerings (IPOs). It saw the highest number of floats in a decade, with 191 companies listing on the ASX, more than double the number in 2020. Not only was it the highest number in a decade, but it was also more than the previous two years combined, with 74 in 2020 and 62 in 2019. The year also saw a significant increase in the total funds raised, at $12.33 billion, compared with the previous year’s $4.98 billion (which was impacted in the early part of the year by Covid-19) and $6.91 billion in 2019. This surge in new companies coming to market followed a strong finish to 2020, and there were high levels of activity throughout 2021. This was driven by…

These comments are from our members themselves: 1 “Look at your relatives and ancestors and you can work out how long you are going to live. How long you live is a major variable in all your calculations. Unfortunately for me, most of my family lives to over 100 unless they are murdered or run over. So I’m not going to able to afford to retire early.” 2 “It is better to retire at 62 and live off $70k per annum than at 70 with $100k per annum. I see a lot of people (I’m a financial adviser) afraid to retire in their 60s, who keep pushing the boulder up the hill till they’re 70. In their 70s they bitterly regret having put those years into work that could’ve been…

Recall the days before Covid-19 prompted rolling lockdowns, and face masks, and social isolation and RT-PCR and rapid antigen tests and vaccinations. Pre-Covid, most central banks around the world were scratching their collective heads in figuring out the reason/s measured inflation remained below or just close to their respective targets, despite above-potential economic growth and historic low unemployment rates. Not this time. The pandemic has changed the demand-supply dynamics. Fiscal and monetary policy largesse sustained (even boosted) consumer demand, but supply hasn’t been able to keep up. As Econ 101 dictates, high or even stable demand plus reduced supply equals higher prices. It was simpler for central banks back in pre-pandemic times. They can just keep on stimulating growth without fear of lifting inflation. This time is different. Inflation has…