Canada’s plan to tax foreign investors is already working

IF you’re looking for a home in Sydney or Melbourne, chances are you’re feeling frustrated, overwhelmed and irate, priced out of the market you were born to buy into. Most are quick to blame the deep pockets of foreign investors, with high demand seeing properties sell for hundreds of thousands of dollars over reserve. Recent figures show one in 10 properties in NSW are being snapped up by foreigners, and with interests rates so low, this trend shows no signs […]

Australian banks lead digital global race

AUSTRALIAN banks are outperforming their peers in North America and Europe as the transition to digital services rolls out but a new report has found there is still more work to do. The top 10 banks, including Commonwealth Bank, ANZ, National Australia Bank, Westpac and one mutual bank, are offering retail customers a wider range of account products online compared to their international counterparts, according to a new report by software developer for the banking industry Avoka. Avoka’s second annual […]

Housing market is in an environment of ‘heightened risk’, but it’s not ‘the B-word’

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 […]

Industry super funds warn of savings cash grab by the big banks

THE battle to manage the retirement savings of five million Aussie workers who are currently members of not-for-profit superannuation funds has intensified. At stake is half a trillion dollars held by industry funds, which big banks want available to their retail super outlets. The industry funds are today launching a campaign aimed at politicians, warning that giving banks greater access to the savings is akin to letting foxes into the henhouse. The Federal Government is under pressure to reject attempts […]

Westpac joins NAB in raising interest rates

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 […]