Australians paying millions too much for foreign currency services

Australian consumers are paying too much for foreign currency conversion (FX) services because of confusing pricing and a lack of robust competition, a new ACCC report has found. The final report of the ACCC’s Foreign Currency Conversion Services Inquiry highlights important competition and consumer issues affecting individuals and small businesses who use international money transfers … Continue reading “Australians paying millions too much for foreign currency services”

Where Has All The Foreign Money Gone?

Property expert Joe Wilkes and I look at falling sales as foreign property buyer exit. The liquidity fallout will be huge, and its happening in many countries. One reason to be cautious on property.

Australia’s net foreign debt liability position increased $12.6 billion to $1,044 billion In Sept 2018

All the talk today will be about the reduction in the current account deficit thanks to increased goods and services exports as shown in the ABS release to Sept 2018. International trade is expected to contribute 0.4 percentage points to growth in the September quarter 2018 Gross Domestic Product. But the real story should be … Continue reading “Australia’s net foreign debt liability position increased $12.6 billion to $1,044 billion In Sept 2018”

Australia’s foreign real estate investment boom looks to be over

From The Conversation. Australia’s Foreign Investment Review Board (FIRB) reported this week that foreign residential real estate approvals dropped significantly in the 2016-17 period. Whereas 2015-16 saw 40,149 approvals granted, totalling A$72.4 billion, the figure for the following year was just 13,198 approvals, totalling A$25.2 billion. On these numbers, the foreign property investment boom looks … Continue reading “Australia’s foreign real estate investment boom looks to be over”

Sydneysiders more supportive of foreign investment

From The Conversation. Property investors are more likely to support foreign investment in the property market than people without such investments, we have found in a survey of Sydneysiders’ views about foreign real estate investment. Perhaps more surprising, would-be buyers, who might be expected to worry about demand pushing up prices, were also more likely … Continue reading “Sydneysiders more supportive of foreign investment”

ANZ reduces international money transfer fees for foreign currencies

ANZ today announced it was reducing international money transfer fees from Australia to foreign countries, effective immediately. Exchange rates have also been reduced for all ANZ offered currencies, including US Dollars, Euros, New Zealand Dollars, Great Britain Pounds, Hong Kong Dollars, Japanese Yen, Philippine Pesos and Indian Rupees. For Internet Banking there will be no … Continue reading “ANZ reduces international money transfer fees for foreign currencies”