The results highlight why we have moved from an institutional licence to our own licence so as a licence we have produced this article to let you know how we stand.
The Federal Government has turned the spending tap back on, signalling the of a the revenue drought since the GFC and the end of the mining investment boom. Click the image below for our budget analysis.
Federal Budget 2018-2019 Analysis
Autumn is here, and not a moment too soon after a prolonged heatwave over summer.
The Winter Olympics provided some welcome relief from the heat at home, and even
though we failed to score gold at Pyeongchang we came away with two silver medals, one
bronze and some promising young athletes to celebrate.
In the US, there was relief when the US Federal Reserve reported to Congress on
February 23 that it was comfortable with the inflation outlook and not inclined to lift rates
more than three times this year. Global shares stabilised after their recent volatility.
In Australia, the Reserve Bank has indicated rates are likely to remain on hold for some
time to encourage wage growth. Reserve Bank Governor Phillip Lowe told the House of
Representatives Standing Committee on Economics he would like to see wage growth of
3.5 per cent. Instead, the Wage Price Index rose 2.1 per cent in the year to December, just
above inflation of 1.9 per cent, with public sector wages (up 2.4 per cent) growing faster
than private sector (1.9 per cent).
On a positive note, corporate profits were solid in the six months to December, with a
record 94 per cent of companies reporting a profit, although only 57 per cent lifted profit.
Unemployment fell from 5.6 per cent to 5.5 per cent in January and consumer sentiment
continues to recover. The ANZ/Roy Morgan consumer confidence rating rose 2.3 per cent
in the final week of February to 117.9, well above the historic average. The strengthening
US dollar saw the Aussie dollar fall from over US81c in January to around US78.5c by the
end of February.
For this quarters articles access our full newsletter.
Investors had plenty to smile about in 2017, despite a world of worries on the geopolitical stage from the Middle East to North Korea and the South China Sea. The global economy continued its steady improvement and financial markets produced some excellent returns. Read More
This quarter we bring you articles about home automation with ‘smarter’ homes, embracing spontaneity, and reminisce the connections music brings to us. Why not check it out for yourself.
It’s December and the countdown to Christmas and the summer holidays has begun. But before we tuck into our Christmas turkey (or prawns), switch on the cricket and head for the beach, there is always work to complete and loose ends to tie up.
The Australian economy sent mixed messages in November. The Reserve Bank’s statement of monetary policy early in the month forecast economic growth will gradually pick up from the current annual rate of around 1.8 per cent to 3.5 per cent by the end of 2019. Inflation, currently 1.8 per cent, is expected to remain low and while the next movement in interest rates is likely to be up, the Reserve is in no hurry to act.
The improving economic outlook is reflected in business profits, with the NAB business conditions and profitability indices at record highs in October, at 21.1 points and 26.2 points respectively. The jobless rate also continues to fall, from 5.5 per cent to 5.4 per cent in October, the lowest since February 2013. Wage growth, however, still lags at 2.0 per cent in the year to September, only just ahead of inflation at 1.8 per cent. Consumer confidence hit a four-month high in November before easing back slightly; the ANZ/Roy Morgan consumer confidence index finished the month at 115.0 points, above its long term average. This has yet to translate into retail sales which were up just 0.1 per cent in
the September quarter while retail prices fell 0.4 per cent. The Australian dollar finished the month around US 76c, up almost 6 per cent so far this year.
Summer 2017 newsletter
Spring is finally here and it’s not just nature showing signs of growth; the Australian economy is also bearing fruit. Read our brief Spring update for more.
As the days get shorter and we settle into the cooler months, the political heat is subsiding after the Federal Budget. The Budget provided an annual snapshot of the state of Australia’s economy: Treasurer Scott Morrison forecast a budget deficit of $37.6 billion this financial year, dropping to a deficit of $29.4 billion in 2017-18.
While stopping short of guaranteeing a return to surplus, the Treasurer projects the budget will be back in the black by 2020-21. The improving budget bottom line is predicated on an expected rebound in economic growth from 1.75 per cent this year to 2.75 per cent next year and 3 per cent beyond that, as the local and global economies pick up steam.
The government pledged to focus on good debt for productive purposes, with projects such as its $75 billion infrastructure program. While reining in recurrent spending, net debt is expected to peak next year at 19.8 per cent of GDP, falling to 17.6 per cent in 2020-21.
Inflation is expected to remain at the lower end of the Reserve Bank’s 2-3 per cent target band, due to a soft jobs market and low wages growth.
In Europe eyes will look towards the UK general election held on June 8, while in the US domestic demand is firming up, strengthening the case for the Federal Reserve to raise rates again.
June 30: Get your (financial) house in order
The 2016-17 financial year is your last opportunity to make a non-concessional (after tax) contribution of up to $180,000 to your super account, or as much as $540,000 under the ‘bring forward’ rule. This rule allows people under age 65 to make three years’ non-concessional contributions in the current financial year by bringing forward two years’ contributions.
From 1 July, the annual non-concessional cap reduces to $100,000 and $300,000 under the bring forward rule. What’s more, anyone with a total super balance of more than $1.6 million at the end of this and future financial years will not be able to make any more non-concessional contributions.
A golden opportunity
If you have recently sold an asset or received a windfall, this is the moment to think about making the most of the existing super rules while you can. A couple aged 50 or older could potentially put an extra $1.15 million into super before 30 June 2017 if they each made non-concessional contributions of $540,000 using the bring forward rule and concessional contributions of $35,000.
Younger couples can make a maximum concessional (pre-tax) contribution of $30,000. Concessional contributions include superannuation guarantee payments made by your employer and salary sacrifice amounts.
The advantage of doing this is that once your savings are in the super environment, investment earnings are taxed at 15 per cent instead of your marginal tax rate and are tax-free in pension phase. After June 30, people with more than $1.6 million in super will only be able to make concessional contributions and the annual cap will fall to $25,000 for everyone, regardless of age.
Take advantage of government contributions
Low and middle income earners may also be able to boost their super balance, thanks to government contributions.i
If you earn less than $36,813 this financial year and make an after-tax contribution to super, then you are entitled to a government co-contribution of up to $500. The co-contribution tapers out once you earn $51,813.
Also, low income earners on incomes below $37,000 may be eligible for a government-paid low income super contribution (LISC). This payment is equal to 15 per cent of your or your employer’s concessional contributions over the financial year up to a maximum of $500.
Bring forward expenses, delay income
The countdown to June 30 is not all about super; some simple financial housekeeping tips could help you reduce your tax bill.
Begin by collecting all supporting receipts and documentation for any work-related expenses. Where possible, bring forward tax-deductible expenses to the current financial year and delay income until July. This is especially worthwhile if you think your taxable income will be lower next financial year.
Review investments
After a mixed year on global sharemarkets, you may be sitting on paper losses on some of your stocks. This could be a good time to sell some of your poor performers to offset against capital gains made on the sale of other investments over the past 12 months. Look to sell investments held for at least 12 months if you want to take advantage of the 50 per cent capital gains tax discount.
Residential property has had a mixed year across the country, with the boom continuing in Sydney and Melbourne and prices falling in the West. With interest rates on investment loans on the rise, it’s more important than ever to claim all allowable rental property deductions.ii
The tax and investment landscape is constantly changing and growing in complexity. If you want to take advantage of the current super rules or traditional end-of-financial-year tax-saving strategies, consult your tax accountant and call us if you would like to discuss planning opportunities.
i https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?anchor=govtcont#govtcont
ii https://www.ato.gov.au/general/property/residential-rental-properties/expenses-you-can-claim/
An insurance lifeline when you need it most
Trauma insurance is the middle child of the personal insurance family. It’s overshadowed by its better-known siblings but it’s a quiet achiever that will do the heavy lifting when the circumstances require it.
What trauma insurance is and isn’t
Trauma insurance – sometimes known as critical illness insurance – provides a lump sum payment in the event of a major illness or injury, such as a cancer diagnosis, heart attack or stroke. The full list of conditions covered will be set out in your policy.
In 2013, the most recent year for which figures are available, insurers paid out $621 million to 4512 trauma policyholders. That works out to an average pay out of $137,808.i As with other types of personal insurance, the cost of a trauma policy will vary depending on how likely you are to make a claim. This is calculated with reference to your age, gender, occupation, health status and the amount of cover you’re seeking. A non-smoking 35-year-old male, for example, should be able to take out a standard trauma policy for around $300 a year. This will entitle him to $20,000 if he has a heart attack, $120,000 if he’s diagnosed with cancer and $150,000 if he has a stroke.ii
Why you may need it
You may be wondering why you might need a trauma insurance policy if you have private health insurance. If you have other forms of personal insurance that provide a much larger payout if something goes wrong, you may wonder why you need to bother with trauma cover?
The answer to the first question is that trauma cover pays for rehabilitation, carers, other forms of treatment and loss of income that health insurance does not. The answer to the second question is that trauma is best seen as a complement to, rather than substitute for, these other forms of personal insurance:
If you don’t have any personal insurance, you would be well-advised to investigate some of the more well-known policies before considering trauma cover.
A small outlay for a lot of peace of mind
If you have superannuation you almost certainly have some life insurance, TPD cover and possibly even income-protection cover ‘baked in’, although the amount of cover is often low so you may need to buy a separate policy outside super. Trauma cover can only be purchased outside super, which brings us back to the issue of why bother.
Take the 35-year-old who is paying $300 a year for trauma insurance. Let’s say he’s diagnosed with cancer. He has a life insurance policy but it’s not going to pay out anything unless it’s terminal cancer. He’s got TPD insurance but it’s not going to pay out anything unless the cancer is going to result in a total and permanent disability. He’s got income-protection insurance but that’s only going to pay out, after a waiting period, once proof has been provided that the cancer is preventing him from earning an income.
With trauma insurance, there are no ifs or buts. Once the diagnosis is made, he qualifies for a lump sum of $120,000. That’s not going to set him up for life by any means, but it will allow him to cover medical expenses and pay the mortgage if he needs to, or chooses to, stop working for a while to concentrate on getting well.
If, like our hypothetical 35-year-old, you have financial responsibilities and want the reassurance of a guaranteed payout if you suffer a health-related setback then trauma insurance may be for you.
Avoiding being under or over insured is no simple task. If you’d like us to help you work out your insurance needs, give us a call.
i Industry Stats 2013, the risk store 2014, http://www.theriskstore.com.au/resources/16/TRS_Claims_Stats_2013.pdf
ii What’s the cost of trauma insurance, finder.com.au 2017, https://www.finder.com.au/cost-of-trauma-insurance
Escape the winter blues – without breaking the bank!
Have you been feeling a bit sluggish as the winter weather sets in? Are you craving richer meals, sleeping in a bit more, and generally feeling a bit flat?
There could be a scientific explanation. Seasonal Affective Disorder (SAD), otherwise known as the winter blues, is a real condition. It’s more common than you might think in this country as it’s estimated that up to 54% have some of the symptoms.i
Even if you’re not afflicted by SAD, it’s pretty common at this time of year to feel a bit lacklustre as the days get shorter and the drizzle sets in. One thing guaranteed to put a spring in your step is the idea of escaping the cold weather and heading on holiday somewhere for days of endless blue sky and balmy warm nights.
Escape the grey skies by heading north
The good news is that Aussies have plenty of options when it comes to getting away to somewhere warmer. It doesn’t cost much for those on the southern and eastern seaboards to head to the Northern Territory or Queensland, where it can seem like summer all year round to those from the cities in the southern half of the country. Darwin and the wider Northern Territory have plenty of natural and cultural wonders to explore. There’s nothing quite like swapping out the grey palettes of city streets for the rich reds and vibrant aquamarines of the Kimberley gorges. Tropical Queensland is home to plenty of luxury resorts, not to mention national treasures like the Great Barrier Reef. A few days soaking up the sunshine can be had for well under $1,000 for a couple, all inclusive, if you take some time to do your research.
Overseas destinations
If you’ve got a bit more time and you’re willing to go further afield, south east Asia has a plethora of budget-friendly destinations. According to the ABS, the most popular holiday spots during the winter months are Indonesia (including Bali), Thailand, and Malaysia.ii
Emerging destinations, where luxury getaways can be had for the price of a hostel stay back here in Oz, are also worth considering. For example, visitor numbers to Cambodia and Vietnam are increasing, with tourism to these countries having really opened up over the last couple of decades. Vietnam offers world famous cuisine coupled with stunningly diverse landscapes, from the balmy south to the mountainous north. Cambodia is also a unique cultural experience, home to delightful villages where you can still get that feeling of being somewhere fresh and un-explored.
Finding the best deals
To find the best deals, look at packages being offered by bigger travel companies, which can use their buying power to your advantage. Alternatively, keep an eye out for airfare sales with lower cost airlines, and build your own holiday from there. There is a ‘sweet spot’ in terms of timeframes for nabbing the best fares. Booking between three months and six weeks in advance and avoiding peak times like school holidays will get you the cheapest deals.ii
Many carriers also offer bargain fares in the middle of winter, when fewer people are taking time off for holidays compared to the summer months. If you prefer hotel accommodation and steering clear of questionable street food ‘adventures’, an all-inclusive resort deal can help you keep costs under control.
Budget for a break
Putting some money aside for upcoming travel and building up some savings can help you to avoid racking up a high credit card debt that you then have to deal with on your return.
And of course, if you can’t beat ‘em, why not join ‘em and embrace winter? Take a leaf out of the book of European après ski culture and make a day trip to the snow, rent a cabin in the country (complete with roaring fireplace), rug up and go for long walks. Alternatively, just bunker down at home and enjoy lounging around on the couch with a hot choccie in your hand.
i http://mccrindle.com.au/the-mccrindle-blog/winter-blues-having-real-impact-in-australia
ii http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/3401.0Jul%202016?OpenDocument
iii Source: Airlines Reporting Corporation (ARC)
Getting the right balance
Treasurer Scott Morrison’s first budget of the Coalition’s second term in office marked a significant shift in tone from the tough stance of its three previous budgets. Gone is the mantra of debt and deficit. Instead the Treasurer has balanced the government’s resolve to live within its means with promises to tackle the cost of living and provide the services people need to get ahead.
The centrepiece of the budget is the use of ‘good debt’ to fund $75 billion worth of infrastructure projects to create jobs and promote economic growth. To achieve this along with a commitment to returning the budget to surplus it has also introduced measures to cut everyday spending on universities and welfare.
In line with the new distinction between ‘good debt’ and ‘bad debt’, the Treasurer announced that from 2018-19 the government will no longer borrow to pay for everyday expenses.
The Big Picture
The government forecasts an underlying budget deficit of $26.1 billion this financial year, which is lower than the $28.7 billion forecast in the Mid-Year Economic and Fiscal Outlook. The deficit is projected to rise to $29.4 billion in 2018-19. Treasurer Morrison chose not to promise a return to budget surplus, instead saying the budget is ‘projected’ to be back in the black in 2021.
The Government’s estimates are based on economic growth ‘rebounding’ from 2.5 per cent to 2.75 per cent next year and 3 per cent beyond that. Inflation is expected to hover around 2 per cent while unemployment will reduce slightly from 5.75 per cent this financial year to 5.5 per cent next year.
Roads, rail and runways
The government announced a multi-billion dollar infrastructure program, including the previously announced $5.3 billion second Sydney airport at Badgerys Creek. The government will form a new Commonwealth company to build the project over the next 10 years.
A further $10 billion will go to a National Rail Program to fund urban and regional rail projects over the next 10 years. $8.4 billion, meanwhile, will be spent on a Melbourne to Brisbane inland rail to allow freight to travel between the two cities in under 24 hours.
The government will also fund State infrastructure projects. These include $1.6 billion to West Australia for road and rail projects, $844 million towards Queensland’s Bruce Highway and $1 billion for regional rail upgrades in Victoria with a further $30 million for Tullamarine Airport rail planning.
More funds for education
Schools, early childhood education and skill training are also in for a boost in funding. Schools will get a $18.6 billion boost over the next decade. Under the plan dubbed ‘Gonski 2.0’, most schools will receive more money while some wealthier schools will lose some funding.
Early childhood education will receive an additional $428 million over two years while $1.5 billion will go to the States and Territories over four years for a new Skilling Australia Fund for apprenticeships and traineeships.
Offsetting this are revenue producing changes to university funding. Students will pay more for their bachelor degrees and will have to start repaying their student loans earlier once they enter the workforce.
Housing affordability
The news is better for younger Australians on the housing front. While the Treasurer says there are no ‘silver bullets’ to improve housing affordability, he unveiled a number of measures to help first home buyers and increase housing supply. The government will help first home buyers build a deposit with the introduction of a superannuation-style salary sacrifice savings account. From 1 July 2017, individuals can make voluntary contributions of up to $15,000 per year and $30,000 in total to their superannuation account to purchase a first home.
At the other end of the housing market, people over 65 will be encouraged to sell their large family homes, downsize to something smaller and put up to $300,000 into superannuation as a non-concessional (after tax) contribution.
The ‘good debt’ infrastructure philosophy will be extended to housing with the introduction of a UK-style ‘bond aggregator’ as an intermediary to attract more private sector investment in affordable community housing. In another sweetener, the capital gains tax discount on the sale of investment property will increase from 50 per cent to 60 per cent for investments in affordable housing.
The government will also boost the supply of land for housing construction with the release of surplus Commonwealth land beginning with Defence land in Maribyrnong, Melbourne.
Health
In a surprise move, the Medicare Levy will be increased from 2 per cent to 2.5 per cent of taxable income from 1 July 2019. The proceeds will be used to ensure the National Disability Insurance Scheme is fully funded in two years’ time.
The government will encourage doctors to prescribe cheaper generic medicines rather than name brands. The saving will allow $1.2 billion to be used to fund the listing of new medicines on the taxpayer-funded Pharmaceutical Benefits Scheme.
As a sweetener for doctors, the freeze on Medicare rebates that GPs are paid for bulk-billed patients will be lifted from July 1 instead of 2020 as previously planned.
The government has also allocated $347.4 million to Veterans’ Affairs for programs including mental health and suicide prevention.
Business and banking
The government is seeking to raise $6.2 billion over the next four years by imposing a six-basis point levy on the five major banks. This new tax won’t be imposed on superannuation funds or insurance companies.
The government also plans to introduce a suite of measures to improve competition and transparency in the banking system. It will set up a one-stop shop for dispute resolution for consumers, small business and investors to be known as the Australian Financial Complaints Authority. This will replace three existing regulators.
After initial success by the Tax Office in its crackdown on multinational corporations not paying their fair share of tax, the program will be extended to include foreign partnerships and trusts.
Small business owners with turnover of up to $10 million will be able to write off up to $20,000 on assets purchased for their business for another year. The measure was due to end on June 30.
Welfare carrots and sticks
Younger Australians and families will face the brunt of cuts to welfare spending, with penalties including reduced or cancelled payments for not turning up for job interviews or accepting suitable work.
To balance this tough approach, programs to help young parents find jobs, childcare and training will be extended, while aged pensioners and disability pensioners will get a one-off payment to help with rising energy bills this winter.
Immigration and border protection
In a revamp of the heavily criticised 457 visa system, $1.2 million will be raised from a levy on foreign workers to help fund training for local apprentices.
Defence spending will increase to 2 per cent of GDP by 2021, three years ahead of schedule.
Looking ahead
The lift in infrastructure spending is welcome news for the construction industry in the short to medium term but it should also have long term social and economic benefits for the nation. It needs to be remembered though that the budget announcements are just proposals at this stage. They need to be passed by both houses of Parliament before they become law.
The Turnbull government will be hoping a budget that balances productive spending on infrastructure, schools and health with cuts to everyday spending and help for people struggling with the cost of living will give it a fresh start with voters.
Before we get too concerned about North Korea, remember Iraq?
There are definitely rising tensions between North Korea, China and the United States and of course lets not forget Syria, Russia and the United States, not to mention we still have ISIS to contend with. Far better informed sources than us will be making the calls on what happens with these conflicts and the humanitarian impacts as demonstrated by the Syrian Refugee crisis should never be discounted. World conflicts, unfortunately, are nothing new and can sometimes be about ‘Sabre Rattling’ or a positioning statement.
The concern, and no it is not a selfish one, for many of our clients is what does this mean for me and my savings?
The media speculation about ‘NUCLEAR WAR’ does drag us back to the 50’s and 60’s and the spectre of the Nuclear Winter….makes great headlines but let’s not pretend North Korea is a Nuclear power.
Additionally North Korea is looking pretty lonely. We know that China has massed troops on the North Korean border and the US aircraft carrier strike group, led by the USS Carl Vinson is now heading to a position off the coast of South Korea (the media may have jumped the gun on when it is going to get there but it is heading there now). The USS Carl Vinson is joined by an escort of a guided missile cruiser and two destroyers. The Navy Seal Team 6 (Bin Laden’s downfall) may also happen to be visiting South Korea and there is also speculation that the US has submarines in the area.
No one is arguing Kim Jong Un isn’t delusional enough to think he can tell the world what to do, but…. this is a fight he cant even begin. His missiles are not in the same century as the US and China – while dangerous, arguably he has the equivalent of a machine gun versus a missile launcher. The staggering power of that Nimitiz class aircraft carrier has been demonstrated through the Iraq crisis’ and Mr Trump has shown (through the Syrian and ISIS bombings) that he has a very different approach to his recent predecessors.
The US is asking the Chinese to put a much tighter leash on North Korea using trade sanctions on coal, and from reports during the recent Palm Beach meetings with Mr Xi, he appears to be making diplomatic headway.
So, let’s look at a little recent history…
The liberation of Kuwait back in January of 1991 (after Iraq invaded Kuwait in 1990) lasted from 17 January to 28 Feb. Markets took a big hit in the early part of the conflict and then recovered fairly quickly.
The subsequent Kuwait/Iraq war in 2003 (20 March to 1 May) and occupation had far more long term impacts however the investment markets for that period barely wobbled.
I think it can be argued that the modern investor has a fairly short memory so any escalation of the North Korean conflict will have a negative impact on markets, albeit probably briefly.
Should I have other concerns?
We would argue that we need to be more concerned with the recent strength of the investment markets, and that is what we have been managing over the recent months post the Presidential election.
The US has a sound case for its growth though we believe a lot of the potential good news is factored in. Australia, on the other hand, while benefiting from a wave of investment optimism, does not have the same fundamentals driving it.
Fractured federal governments, ineffective state governments, increasing public debt being driven by welfare and public service employment versus investment and the current property bubble all give us far more concerns than overseas conflicts.
We met with Magellan (International), Perpetual, Macquarie and Bennelong over the last three weeks to discuss the current investment environment and their positioning. Internationally, Magellan is not uncomfortable with US valuations but can see more upside in Europe (though they are waiting on a few election results). They are still holding more cash than usual as they expect some opportunities due to volatility. Locally, Perpetual’s Vince Pezullo is fairly negative on the big end of the Australian Market though positive on resource valuations. He has been holding extra cash since December and is unlikely to change this position until he sees some realistic valuations in the market. Macquarie’s Blake Edwards is of a similar mindset and has been finding value outside of the top twenty.
All agree that interest rates are unlikely to soften and can rise reasonably sharply over the next two years, partly due to inflationary pressures (food, medical and energy costs) but they will be more dependent on what happens to US rates. Rises in the US increase the cost of funding debt here in Australia, with the flow on effect being increases passed through to the consumer.
Property prices, especially in Melbourne and Sydney, are undoubtedly running hot and oversupply of units in those areas could lead to a correction. Brisbane and the Gold Coast have seen stronger growth recently but not to the same extent as our southern neighbours. Withdrawal of Chinese investment could be a trigger but oversupply is the key driver to be aware of.
So what do you need to do?
We have already taken reasonably defensive positions through our underlying investment managers and through them you are holding more cash than you would normally. This means that if there is a correction, we will have the opportunity to take advantage of cheaper share prices. Our portfolios are deliberately positioned to reduce the impacts of negative markets while still staying exposed to most of the upside. We describe the design as having some built in shock absorbers.
Points to note:
Dividend forecasts still look sustainable and are substantially stronger than cash rates so the volatility of the underlying share price should have no short term effects on income.
We generally do not recommend totally stepping away from the markets as you can miss an ongoing bull market despite rational investors believing it should stop. If, however, you would like to decrease your exposure to the markets by more than what has already been built into your investments then please talk to us. We want you to sleep easily at night and a measured sell down might be the right position for you in the short term?
If you are happy to live with some volatility, you are well positioned to manage the existing and forecast environment.
Disclaimer
The information contained in this document is of a general nature only and does not take into account your particular objectives, financial situation or needs. Accordingly the information should not be used, relied upon or treated as a substitute for specific financial advice. While all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly Australian Advice Network, Guide Financial or Centrepoint Lending Solutions shall not be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.
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