Archive for the ‘National News’ Category

A leading consumer confidence reading surged 5.6% in January from 113.8 in December to 120.1 in January as consumers became more bullish on the state of the job market and largely overlooked the threat of rising interest rates. The Westpac-Melbourne Institute Index of Consumer Sentiment had fallen from highs in November and December on the back of consecutive rate rises from ...

The January Survey of Investor Confidence from the Australian Chamber of Commerce and Industry suggests that business conditions have improved over the December quarter, with most expectations indicators for the next 3 to 12 months moving into expansionary territory and increasing above their five year averages. The one notable exception, however, is the index of ‘Own Expected Level of Investment’ ...

Eighty-six per cent of Australians have no idea what their credit profile looks like, according to a Newspoll survey, conducted for credit reporting and debt collection agency Dun & Bradstreet (D&B). The Newspoll survey found that 86 per cent of Australians have never ordered a copy of their own credit report, even though they are legally entitled to a copy, while ...

The Australian Securities and Investments Commission (ASIC) has released further regulatory guidance on the implementation of the National Consumer Credit Protection Act. The scheme is set to replace the present state-based system of consumer credit protection, which operates inconsistently across the eight jurisdictions. It will reduce the likelihood of families who can’t meet their debts losing their homes and give ASIC ...

The annual Deloitte Australian Mortgage Report: 2010 positioning for opportunity has revealed strong growth prospects for the mortgage sector in 2010. The researchers noted that the industry had systemically changed in Australia, but saw numerous opportunities in the year ahead. They cautioned, however, that this year’s growth rate - below 10% for the first time in a decade - may become ...

A Melbourne Institute study has found that financial conditions improved for the average Australian household during the past quarter, continuing to add to gains from earlier in the year. The Melbourne Institute Household Financial Conditions Index, which shows the proportion of households who are saving relative to the proportion of households who are running into debt and/or drawing on their savings, ...

Businesses remain unperturbed by the impact of interest rates, if the latest business confidence survey is any guide, with confidence surging to its highest level in seven years. The sentiment reading enhances the prospect of strong business spending in the coming months and is likely to further reduce pressure on the unemployment rate. According to the NAB index, business confidence in November ...

Economists predict the official cash rate set by the Reserve Bank of Australia to peak at a level around 5.5 per cent in 2011. The annual forecasting survey by Australian Business Economists (ABE), released this week, shows expectations of the cash rate steadily rising toward 4.75 per cent by the end of 2010, before climbing a little further in 2011. Currently, ...

Australian business confidence has returned to the high levels enjoyed prior to the economic downturn, according to the Sensis Business Index released this week. The quarterly survey began in 1993 and provides the latest snapshot of small and medium enterprise (up to 199 employees) business activity in Australia. Report author Ms Christena Singh said there had been another quarter of growth in ...

The number of private sector houses being approved has risen for the tenth consecutive month, according to the latest ABS Building Approvals figures, however the total number of dwelling approvals slipped. In seasonally adjusted terms the number of private sector houses approved rose 5.0% in October 2009, while the total number of dwellings approved fell 0.6% - mainly driven by a ...