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7 Apr 2008 - Plans to force disclosure
Tue, 8 Apr 08The Federal government plans to force investors to hold equity derivatives to disclose their holdings to the market. Currently no such regulation exists and many observers are concerned that this may create an unfair picture of the market.
7 Apr 2008 - Rate rises dividing the nation
Tue, 8 Apr 08The chairman of Coles Group Bill Wavish has written to both the Governor of the Reserve Bank and Treasurer Wayne Swan complaining that rate rises are "hollowing out" the economy with the resource sector booming and manufacturing and services suffering the effects.
28 Mar 2008 - States agree on business reporting and securities
Wed, 2 Apr 08The state governments have reached agreement on a project which will streamline the financial reporting businesses have to submit to regulators and tax agencies. The Standard Business Reporting scheme will ease the burden on businesses by allowing multiple government agencies to gather information about businesses from other agencies. The first part of the plan will focus on tax file number reporting so that cross-checking of state payroll tax reporting can be performed. Meanwhile, an inter-governmental agreement has been reached to create a national register for personal property securities. This will allow lenders and purchasers to easily determine if property is encumbered before proceeding with a transaction. Source: The Australian Financial Review
28 Mar 2008 - New rescue plan for distressed banks
Wed, 2 Apr 08Australian banks that find themselves in crisis could be taken over by the Australian Prudential Regulation Authority under a new plan proposed by our top regulators. The Council of Financial Regulators has recommended that the existing powers to deal with deposit taking institutions in "distress" be extended so that APRA could arrange a takeover, or transfer of assets and liabilities, to another institution. The Australian Bankers Association said that while it recognises the need to ensure stability of the system, any changes to legislation should not be made until there had been consultation to ensure there were no unintended side effects. Source: The Australian Financial Review Australian banks that find themselves in crisis could be taken over by the Australian Prudential Regulation Authority under a new plan proposed by our top regulators. The Council of Financial Regulators has recommended that the existing powers to deal with deposit taking institutions in "distress" be extended so that APRA could arrange a takeover, or transfer of assets and liabilities, to another institution. The Australian Bankers Association said that while it recognises the need to ensure stability of the system, any changes to legislation should not be made until there had been consultation to ensure there were no unintended side effects. Source: The Australian Financial Review
28 Mar 2008 - More land needed, not money
Wed, 2 Apr 08Light has been shed on the housing affordability problem with new figures from the Reserve Bank estimating that first home buyers between the ages of 25 and 39 on average incomes could only afford one in three apartments or houses nationally. The head of the RBA's economic analysis department, Tony Richards, said that government policies have contributed to high property prices which do not benefit most of the population, instead harming the young and the poor. "It is now widely accepted that policies that simply give people more money to spend on housing are likely to be capitalised into higher house prices," he said. Instead, Mr Richards said the government should focus on policies to improve the efficiency in the supply of land and housing. Source: Sydney Morning Herald
28 Mar 2008 - Housing default rates remain low for now
Wed, 2 Apr 08The Reserve Bank reports that arrears on non-conforming loans have shot up to 7.25 per cent over the last two years, but these loans only make up 1 per cent of all home loans. For full documentation and prime low doc loans the RBA estimates that only around 0.3 per cent have defaulted. According to the bank the highest rate of defaults is in NSW, particularly in western Sydney, followed by Victoria, Queensland and Western Australia. The bank has warned that looser credit standards over the past year could see the number of defaults jump as higher interest rates take their toll. Source: The Australian
28 Mar 2008 - Guarantee considered for bank deposits
Wed, 2 Apr 08While the Reserve Bank says that the nation's banking system remains robust, it has recommended that the federal government implement a deposit guarantee scheme. The plan would ensure that customers quickly recovered the first $20,000 of their deposits in the event of a bank, building society or credit union collapsing. Australia and New Zealand are the only OECD member countries that do not have an explicit government guarantee in place for bank deposits. The RBA estimates that the $20,000 level would be enough to pay the full deposits held by 80 per cent of customers.
1 Apr 2008 - RBA keeps interest rates
Wed, 2 Apr 08In good news for home loan borrowers, the Board of the Reserve Bank of Australia decided to leave the cash rate unchanged at 7.25% at its meeting today. In making its announcement earlier this afternoon the Board cited "tentative evidence that growth in domestic demand is moderating", a "softening in business and consumer sentiment in the early part of 2008". In the Board's view these economic changes, plus a slowing in "global growth", will combine to slow inflation which the Board has been targeting with its recent monetary policy settings. Or as the RBA's website puts it, "the Board's judgment is that the current monetary policy setting is appropriate for the time being". However you put it, as home loan borrowers you can breathe easy for another month... unless your lender decides to increase rates independently. Source: Infochoice.com.au
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