Australian Bureau of Statistics (ABS) Housing Finance figures for June show, in trend terms, the number of commitments for owner occupied homes fell 0.8 per cent, compared to the previous month. In seasonally adjusted terms, the number of commitments decreased 3.9 per cent. “Except for the purchase of new dwellings, the decreases in lending were [...] [...more]
Households with mortgages have been advised to take advantage of the pause in interest rate rises and pay down their debts. This follows analysis by financial comparison website RateCity of Australian Bureau of Statistics data which has found that the value of home loans has been falling since September 2009. This decline [...] [...more]
The RBA’s decision to keep rates on hold has helped buoy consumer confidence. The Westpac–Melbourne Institute Consumer Sentiment Index rose by 11.1 per cent in July – the strongest monthly jump since June 2009. According to Westpac’s chief economist Bill Evans, Australians are more upbeat about the future of the economy, thanks to [...] [...more]
THE number of home loans for owner occupied housing rose for the first time in eight months in May, official figures show. While the headline figure masks a slowing economy, it could mean borrowers will be spared another rate rise until the end of the year, economists say. Australian housing [...] [...more]
Last month, Real Estate Institute of Australia (REIA) President, Mr David Airey appealed to the Reserve Bank of Australia (RBA) to take the state of the housing market into consideration when making their decision regarding official interest rates. “Fortunately, the Reserve Bank have once again made a considered and accurate assessment [...] [...more]
THE Reserve Bank has decided to leave official interest rates unchanged at 4.5 percent, the bank announced this afternoon. Statement by Glenn Stevens, Governor: Monetary Policy [...] [...more]
Westpac chief executive, Gail Kelly, says recent times have represented “a turning point” for the Australian banking system. In a letter to shareholders, released this morning, Kelly said the improved economic environment had led to “a stabilisation in asset quality” and a “material reduction” in impairment charges. “However we remain cautious,” she said. [...] [...more]
Westpac Chief Economist Bill Evans and his team produce this bite-sized roundup of the week’s economic news and events, with clear analysis and insight plus the outlook for the week ahead. [...more]
ANZ will start selling a new transactions account next week, offering a raft of banking and non-banking extras for an $18 monthly fee. Banks have given away a lot of revenue on retail transaction banking since dropping or reducing overdrawn account, late payment and other exception fees last year. ANZ, which charges a flat rate of [...] [...more]
ANZ National will be out of pocket by NZ$45 million after the bank and ING NZ reached a record settlement with the Commerce Commission over two “income funds” managed by its wealth arm ING. ING froze the ING Diversified Yield Fund and the ING Regular Income Fund in late 2008. The Commission’s investigation related to the [...] [...more]
