DelphiNews May 2012

Welcome to the May edition of Delphi Financial Management's Newsletter.

I’m pleased to enclose the May 2012 edition of Market Update.

This month’s edition brings mixed reports from the major global economies.

The US economy continues to show improvement, with the latest GDP data showing an eleventh consecutive quarter of growth.

Europe’s financial and political challenges continued to be a key focus for investors. Furthermore, most European markets experienced losses during April, with most major indices closing well into negative territory.

On the home front, the Federal Budget has been in the spotlight as the Labor government seeks to get the country back to surplus.

Markets continue to be volatile with concerns regarding Greece and other European countries affecting both international and domestic investments.

In an Investment Briefing titled The Australian Story, MLC's Investment Strategist Brian Parker provides an overview on local interest rates and the Reserve Bank's management of monetary policy in Australia.

Please contact me if you have any questions regarding these articles or your investment portfolio.

If you would like to provide some feedback or know someone who would be interested in learning more about our services please contact us.

Regards

Vince Dore

Director

Vince Dore and Delphi Financial Management Pty. Ltd are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, trading as Garvan Financial Planning/MLC Financial Planning an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies.

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information. The material contained in this newsletter is based on information received in good faith from sources within the market, and on our understanding of legislation and Government press releases at the date of publication, which are believed to be reliable and accurate. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this email.