The ABC has tonight delivered its second instalment on Australia’s housing bubble, the brewing banking crisis and tomorrow night – what the regulators are doing to try to limit the catastrophic damage. You can watch tonight’s segment here – Is 1.6 trillion dollars in housing loans too hot too handle? …
Plunging prices for Australia’s largest export, iron ore, has forced Atlas Iron to announce on Friday, it was suspending operations and shutting down production over the next couple of weeks. The announcement will see the loss of 500 jobs at its Pilbara mines and another 75 redundancies at its head …
This week, the ABC’s The Business will air three special reports on “Property, banking and how the government and regulators are handling bubble risk.” Tonight’s special report can be watched online at Plenty of froth over housing, but is it a bubble?. Lindsay David, author of Australia Boom to Bust …
Today’s decision by the Reserve Bank of Australia (RBA) to leave interest rates unchanged is likely to indicate APRA’s crackdown on the banks (‘APRA to keep banking crackdown secret‘) has not been fully executed. Without these crucial measures in place, the central bank can’t take the risk of further fueling …
The Oireachtas banking inquiry, underway in Ireland, has heard of expert accounts on the vital role the Irish media played in hyping one of the world’s largest property bubbles. University College Dublin academic Dr Julien Mercille told the inquiry, “A number of journalists simply acted as cheerleaders for the property …
Businesses forced to close, downsize and offshore has caused vacancy rates to surge around the country, and rents to fall, yet commercial property prices continue to rise. This divergence has the central bank concerned the “risk of a large repricing” in commercial property is increasing. The Reserve Bank of Australia …
According to the ABC, Kevin Nixon, Former Managing Director of Regulatory Affairs at the Institute of International Finance (IIF) says foreigners are puzzled about the entire Australian housing market. Now a partner (risk) with Deloitte in Sydney, Nixon is a respected voice globally on regulation and governance of the financial …
New research from Barclays warns Australian households have record debt levels, some of the highest in the world, greatly exposing them to heightened risk in the event of another financial crisis. The report shows household debt in Australia is at 130 per cent of GDP, significantly more than the global …
Treasurer Joe Hockey has suggested first home buyers should be able to dip into their superannuation to purchase a first home. It comes after Senator Nick Xenophon was ridiculed in August 2014 (‘Why Australia has one of the world’s largest housing bubbles’) proposing the same idea to a Senate Economics …
“Australia is vastly uncompetitive, I don’t think they want to openly say it, which is why they put a lot of fudge and nonsense in the minutes today” commented Michael Every, head of Asia-Pacific markets research at Rabobank after last month’s cut to the official cash rate. Michael Every is, …
Following the release of the Report on Foreign Investment in Residential Real Estate from the House of Representatives Standing Committee on Economics in November 2014, the Australian Government has today released a consultation paper on proposed reforms. According to Foreign Investment Review Board (FIRB) statistics, The House of Representatives Standing …
The South Australian Government has today launched a discussion paper on the state’s taxation system, calling for interested parties to make submissions. While the discussion paper makes no recommendations, one tax reform idea put forward is to abolish stamp duty on property transactions (conveyance duty) and replace it with a …
Before heading out the doors for Christmas, the Reserve Bank of Australia (RBA) board indicated “on present indications, the most prudent course is likely to be a period of stability in interest rates.” The last time the RBA had taken the knife to interest rates was on the 7th August …
Australia is now in the grip of the largest terms of trade collapse since records started in 1959, unleashing havoc on Federal budgets that will ultimately flow through to wages and household balance sheets. The terms of trade is an index calculated by the Australian Bureau of Statistics (ABS) showing …
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