By Leith van Onselen With Perth property values collapsing, down 16.5% since their prior peak: A desperate Housing Industry Association (HIA) has demanded the Western Australian Government step in and offer even bigger first home buyer (FHB) incentives. From WA Today: The number of WA first-home buyers is dwindling with the amount of first home
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Didn’t there used to some urban myth about the marvelous Chinese technocrat? Via Bloomie: Days after replacing an overly cautious securities regulator, Beijing has mounted a multi-pronged effort to revive the market’s buzz: It set out the framework for a new tech-stocks exchange, cleared the way for more margin loans, made it easier for securities
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By Leith van Onselen Australian governments’ pretend concern over Australia’s universally weak wages growth (see above chart) has been exposed again, with the NSW Government explicitly mandating that the winning bidder for its Roads and Maritime Services IT contract – Indian outsourcer Wipro – employ 30% of its workers from India to keep costs low. From
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By Leith van Onselen Only one month ago, the Productivity Commission (PC) delivered its scathing final report on the efficiency and competitiveness of Australia’s $2.8 billion superannuation system, which noted a multitude of failures ranging from a proliferation of poorly performing funds, excessive fees, unnecessary and costly insurance products, and multiple accounts. Most importantly, the PC
Via the ABC’s Laura Tingle today: Federal Cabinet was supposed to meet on Sunday to agree on a response to the banking royal commission before its release today. Instead, the Government’s considered response to a three-volume report was dealt with in a Cabinet phone hook-up this afternoon while journalists and industry representatives were locked away
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Thank goodness, via the AFR: Credit Suisse energy analyst Saul Kavonic said that despite the crowd of proposals, none may get a green light this year. “I remain sceptical of an LNG import terminal achieving FID [final investment decision] this year due to poor appetite by industrial buyers, social licence challenges, and the risk posed
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By Leith van Onselen A fortnight ago, Chinese real estate portal Juwai claimed that Chinese buyers are returning to the Australian property market: The report estimates that mainland Chinese buyers will have spent $US129.3 billion on global real estate last year, a growth rate of between 3 per cent and 8 per cent over the previous
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With huge pay packets fast disappearing for the ignominious duo of Andrew Thorburn and Ken Henry at NAB, the former has taken the desperate action of cancelling his ill-scheduled holidays: In a statement issued on Tuesday morning, he said he plans to lead the bank’s response to the royal commission “personally and visibly”. Mr Thorburn’s
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George Tharenou at UBS on the Hayne RC and credit flows: Implications: RC still consistent with our view of tighter credit ahead Overall, the RC should not trigger a material acceleration in the tightening of lending standards under way, which should reduce the chance of an imminent ‘credit crunch’. This will likely give some comfort
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Via Domain: The Finance Brokers Association is warning the Hayne recommendations could drive up interest rates. The association’s managing director, Peter White, has gone directly to the proposals around mortgage brokers which has also caught the attention of the government. He said eliminating trail commissions for brokers could ultimately push up the price of loans.
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