Home is where the shock is

Have you checked how your superannuation, shares and real estate assets are doing lately?

Despite war, disease and other worries rattling the globe right now, you may be pleasantly surprised.

With a month left in the financial year, total returns from Aussie shares are in positive territory despite Russia’s invasion, surging inflation and tech stocks tumbling.

Property prices in every capital city are higher over the past 12 months, ranging from about 6 per cent in Melbourne and Perth to more than 20 per cent in Adelaide and Brisbane, although housing markets are starting to weaken.

And super is holding up well given the global financial turmoil, and may still deliver a positive return for 2021-22.

However, an immediate and more painful financial shock is happening much closer to home. All you need to do is look at your grocery bills.

Many prices have doubled and depending on where you shop, broccoli can now cost

$10 a kilo, $10 for a punnet of strawberries and $12 for an iceberg lettuce.

Russia’s war on Ukraine has inflated wheat, fertiliser, fuel and other prices, and there was some talk last week of oil climbing from its current $US120 a barrel to more than $US200 a barrel. This would add another 80c a litre to retail fuel costs, and put more strain on getting goods from farms and fields to your home.

In short, fruit, vegetables and other important groceries aren’t getting cheaper any time soon.

Money specialists say we’re not alone when it comes to soaring prices – Australia’s inflation is below that of the US, Britain and Europe – and there will have to be household belt tightening.