The dividend boom that has underpinned 90 per cent of sharemarket returns over the past decade is over with moves by the nation's largest companies to slash shareholder payouts poised to deliver a $26 billion hit to Australian investors.
Plato Investment Management has predicted a fall of nearly 30 per cent in dividends this year, which would reduce payouts to millions of Australian retail investors and super funds by $26 billion. But after recent moves from banks the plunge in payments could end up being even bigger.Advertisement Westpac's dividend suspension was the first such move by the bank in at least 37 years. The company said the deferral was due to economic uncertainty created by the coronavirus pandemic and advice from regulators to preserve capital.
IAG, the insurance company behind brands including NRMA, CGU and SGIO also said on Monday it had "limited scope" to pay a dividend for the September half. Self-managed super funds are also heavily exposed to local shares, with the typical fund holding $272,000 in domestic shares.
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