Credit growth remains subdued as businesses and investors sit on sidelines
June 30, 2009
New data released today by the Reserve Bank of Australia has shown the resilience of the housing market as credit growth remains weak. Total credit provided to the private sector by financial intermediaries fell by 0.1 per cent in seasonally adjusted terms over... Read more »
Unexpected fall in new home sales
June 30, 2009
A substantial drop in new home sales in May serves as a timely reminder that a sustained recovery cannot rely solely on first home buyer activity, according to the Housing Industry Association (HIA) on the release of its latest survey of the nation’s largest... Read more »
Fielding keen to make banks more accountable on interest rates
June 26, 2009
Family First Senator Steve Fielding yesterday introduced a Bill that he contends will make the banks more accountable on interest rates. Under the Bill the major banks will need to satisfy the Treasurer that their decision to withhold an interest rate cut or to... Read more »
Victorian Budget approved, homebuyer incentives rise
June 26, 2009
The Victorian State Budget was approved last night, ensuring a boost to incentives for Victorian homebuyers who choose to buy a newly constructed home. The contribution for first homebuyers who choose to build or buy a newly constructed home will go up to $32,000... Read more »
Consumer credit protection reform on the way?
June 26, 2009
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen has introduced new national consumer credit laws into Parliament. The regime will establish, for the first time in Australia, a single, standard, national law for the regulation... Read more »
House prices to rise despite pessimistic employment outlook
June 26, 2009
House prices are anticipated to continue rising this year despite higher rates of unemployment, according to a new industry report. ANZ advised that the prospect of lower employment levels was likely to play second fiddle to some of the other factors linked to... Read more »
Stimulus measures provide a boost to business investment
June 25, 2009
May motor vehicle sales, which grew by 5.4 per cent compared to April, indicate that the Government’s temporary business investment allowance has played a role in encouraging business purchases, which is particularly evident in the 11.3 per cent surge in... Read more »
NSW mortgage broker feels wrath of ASIC
June 24, 2009
The Federal Court has declared that Whyte Corporation Pty Ltd engaged in misleading and deceptive conduct regarding a mortgage calculator, known as the EquityExcel Plan. ASIC took action in November 2008 against Whyte Corporation and Mr Gavin Whyte, the director... Read more »
Investors return to property market
June 23, 2009
The Real Estate Institute of Australia (REIA) President, David Airey, has said there is increasing evidence that investors are starting to return to the property market, due to attractive yields, low interest rates and the ability to earn a positive return. “First... Read more »
Non-banks to get government support
June 23, 2009
The Federal Government is considering providing additional support for non-bank lenders who have faced severe difficulty in accessing funding since the credit crunch. As a result the major banks have grown their market share of the mortgage market to 92 per cent,... Read more »