Self-managed super fund (SMSF) investors were left reeling after three of the big four banks slashed dividends across the board, with ANZ and Westpac suspending theirs altogether and NAB cutting its by 64%. CBA has said it won’t make a final decision on its dividend until August when it reports its full year results.
It’s a huge hit for many self-funded retirees, with research from investment bank UBS indicating the dividends paid by the big four local banks account for 30% of all the dividends from ASX 200 businesses.
In the wake of the dividend bloodbath, investors are scrambling to identify alternatives that will generate income in a world smashed by the coronavirus crisis.
