The Reserve Bank says it is moving to ease the pressures placed on local banks in recent weeks. The RBA has announced it will lift its restrictions on the use of certain forms of collateral such as residential mortgage-backed securities in its daily repurchase operations. » RBA loosens banking restrictions …
Overnight the Australian dollar shredded 6.8% falling to a low of 69.85 tomorning. 30 minutes ago, the Reserve Bank of Australia announced that it would cut interest rates by a large 100 basis points. The new official cash rate would be just 6.00%. The last time we saw a fall …
These days it seems it’s another day – another bank collapse. This time it is not in the United States, nor the United Kingdom, but rather Germany. Another major European bank is close to collapse following the failure of talks to rescue Germany’s second-largest mortgage lender, Hypo Real Estate. The …
With margin loan lenders making on average 360 margin calls a day, the top end of town are scrambling to sell their prestige cars and boats. With such a surplus, some dealers are no longer taking certain makes as they are unable to move the stock. » Quick! Sell the …
It’s not even a month since the Adelaide Advertiser printed an article Get ready for the big property boom where it suggested “THERE are increasing signs that South Australia’s next property boom will be its biggest yet.” Today, it’s now printing : ADELAIDE property prices have taken a hit from …
The United States House of Representatives has approved a revised $US700 billion Wall Street bailout, bowing to intense pressure to help avert a global economic meltdown. » US approves $US700b Wall St bailout deal – 4th October 2008
It wasn’t all that long ago that the experts were saying the mining boom still had another 20 to 30 years left. How quickly things can change. Just as expected, if the world starts tightening it’s purse strings, demand for product from China has to contract. Couple this with an …
The US national debt ticked over $US10 trillion for the first time last night. There is no more significance to this number other than it being a big, bad, round symbolic figure. Though it does serve to illustrate one of the concerns over the $700 billion ($900 billion) bail-out package, …
August data for houses – an asset that “only goes up”, is starting to look a little bleak. The RP Data Rismark Hedonic Index would suggest house prices fell in every state and territory, although it seems Hobart got missed out. House prices are falling the fastest in QLD, followed …
The ABC’s lateline featured a story on Mortgage Insurance Claims in Australia. It seems they have been accelerating at great pace. One of the leading indicators of the health of Australian property market is the rate of mortgage insurance claims. Mortgage insurance pays out to lenders when their clients default …
Dexia has become the latest European bank to need a state bailout with Belgium, France and Luxembourg pumping 6.4 billion euros ($A11.54 billion) into the group so that the financial crisis would not claim another victim. » Dexia gets 6.4b euro three-state bailout – The Age, 1st October 2008.
Commodities and the resource boom to save Australia? The prices of aluminium, copper and nickel slumped as investors feared the ongoing global financial crisis would sap demand for the base metals, analysts say. On the London Metal Exchange, copper for delivery in three months fell as low as $US6,229 ($A7,828) …
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