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Economy
20/03/2017
Australia’s banking regulator says the country’s housing market is in an environment of “heightened risk”, but he won’t say there’s a housing bubble. Australian Prudential Regulatory Authority chairman Wayne Byres told a Sydney conference that he wouldn’t use “the B-word” to describe the housing market. “I don’t use the B-word. I refuse to use the B-word. It implies a binary, that’s too simplistic,” Mr Byres said speaking at the Australian Securities and Investments Commission annual forum. “We are in an […]
19/03/2017
TWO down, two to go. Westpac has joined rival National Australia Bank in hiking mortgage interest rates for investors and owner-occupiers. Interest-only investor loans will be hardest hit, increasing by 28 basis points to 5.96 per cent per annum. Principal and interest investor loans will increase by 23 basis points to 5.79 per cent. The bank will also raise its owner-occupier rate by three basis points to 5.32 per cent, while interest-only owner-occupier loans will increase by eight basis points […]
17/03/2017
THE Reserve Bank is prepared to do more to slash rampant investor activity in the housing market, its assistant governor has confirmed. Michele Bullock, RBA assistant governor financial system said the “essence of macroprudential policy is that prudential supervisors recognise potential system-wide risks in their supervision of individual institutions and react accordingly”. She said regulators were continuing to monitor ongoing effects of housing risks “and are prepared to do more if needed”. Ms Bullock said three years ago Australian regulators […]
17/03/2017
ANZ still thinks that the US dollar is likely to strengthen against Asian currencies over the next two years, despite its recent stumble. “While the current Fed policy normalisation is gradual and we believe that Asian economies are well placed to weather it, we continue to expect further USD strength against Asian currencies,” says Khoon Goh, head of Asia research at ANZ. “There will be a further narrowing in the yield differential between US and Asia, and higher US bond […]
16/03/2017
THE Australian property market is a complex beast. Prospective homeowners are so desperate to get a foothold in the housing game they’re putting off having children as they front up to dozens of open houses and auctions each weekend trying to find their forever homes. Yet in the very same suburbs, foreign investors — predominantly Chinese buyers — are snapping up properties they’re happy to let languish unoccupied with no intention of ever living in them. What’s seen as the […]