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Lenders slash mortgage rates for new customers

May 13, 2019 - 11:45 -- Admin

From The Adviser comes news that ANZ and Macquarie have slashed their mortgage rates by up to 60 basis points: For its Breakfree discount package, ANZ has announced the following rate changes for owner-occupiers: three-year owner-occupied principal and interest rates have been cut by 30bps to 3.69 per cent (4.94 per cent comparison rate) five-year

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ScoMo admits property lobby behind FHB deposit subsidy

May 13, 2019 - 11:30 -- Admin

By Leith van Onselen Prime Minister Scott Morrison this morning admitted that its first home buyer (FHB) deposit scheme, which has been matched by Labor, will drive house prices up. He also admitted that Australia’s property lobby is behind the policy. From The AFR: Mr Morrison rejected suggestions the plan announced on Sunday, and quickly

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‘Inevitable’ taxpayers will pay for flammable cladding replacement

May 13, 2019 - 11:15 -- Admin

By Leith van Onselen Construction lawyer and co-author of a key industry report, Bronwyn Weir, believes it is “inevitable” that the Australian Government will follow the UK’s lead and fund the removal and replacement of flammable cladding on 1,000-plus buildings. From The AFR: Prime Minister Theresa May’s announcement that the government would pay £200 million

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CBA warns on everything

May 13, 2019 - 11:00 -- Admin

Yuck and getting yuckier from CBA:   Down 3%: Though it has this one great support: And with the national team increasingly coming to the rescue of The Bubble, perhaps the old girl can fake it a little longer.

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Australian dollar hammered as trade war turns permanent

May 13, 2019 - 10:45 -- Admin

DXY was soft Friday night as CNY keeps sinking: AUD is getting hosed this morning across DMs: EMs are roughly neutral: Gold is firming: Oil is mixed: Metals are weak: Big miners bounced Friday night: EM stocks too: And junk: Treasuries were bid: And bunds: Stocks were flogged then recovered but futures are hard down

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It’s raining infrastructure pork

May 13, 2019 - 10:15 -- Admin

By Leith van Onselen The final weekend of the election campaign saw both major parties rain infrastructure promises down on the electorate. Yesterday, Bill Shorten announced that if elected, Labor would contribute $10 billion towards Dan Andrew’s $50 billion suburban rail loop: Here’s the announcement via The Canberra Times: The opposition will splash $10 billion

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FHB guarantees to trash responsible lending push

May 13, 2019 - 10:00 -- Admin

Via Banking Day: Government attempts to accelerate housing loan applicants into the market could potentially retard or complicate the process through which banks make responsible lending decisions. If the new support scheme leads to fewer borrowers being able to demonstrate consistent savings patterns then lenders might be forced to reject more applications on grounds that

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Libs/Labs launch epic first home buyer subsidy

May 13, 2019 - 09:45 -- Admin

By Leith van Onselen Just as it was looking like we were going to have an election campaign devoid of any reckless housing policies it finally came over the weekend, with Scott Morrison summoning the first home buyer FHB) patsies with a government-backed 5% deposit scheme. Here’s the policy announcement via the Liberal’s website: Under

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Daily iron ore price update (bull, bull, bull)

May 13, 2019 - 09:00 -- Admin

Iron ore prices for May 10, 2019: Spot is firm and right at break out. High grade ore has already broken out to new highs. Paper less so. Steel is firm enough and rebar inventories are drawing at roughly the same pace as last year. May/June is the weakest iron ore period on the calendar

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Macro Morning

May 13, 2019 - 08:30 -- Admin

By Chris Becker  Risk sentiment is still mixed and despite Trump raising tariffs, the trade negotiations are continuing, leading to a near bifurcation in direction in Asian and non-Asian stock markets. US stocks finished the week on a solid note, while European bourses also advanced as the latest US CPI print came in as expected.

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