NAB Will Remediate 2,300 Home Loans

NAB has said it has commenced a remediation program for some of its customers, after a review identified their home loan may not have been established in accordance with NAB’s policies. It follows the completion of an extensive review by NAB which identified around 2,300 home loans since 2013 that may have been submitted without … Continue reading “NAB Will Remediate 2,300 Home Loans”

Trend unemployment rate remains at 5.5 per cent

The monthly trend unemployment rate remained at 5.5 per cent in October 2017, according to figures released by the Australian Bureau of Statistics (ABS) today. This reflects the continued strength in employment growth in the Australian labour market. Monthly trend full-time employment increased for the 13th straight month in October 2017. Full-time employment grew by … Continue reading “Trend unemployment rate remains at 5.5 per cent”

Increasing wages would make the Australian economy safer

From The Conversation. Australian wages have again failed to meet expectations – rising by just 2% on an annual basis. This is bad not just for workers, but for the economy in general. Wages need to rise, especially for those on low to middle incomes. Research shows that even a small increase in interest rates … Continue reading “Increasing wages would make the Australian economy safer”

Where will the Growth Really Come From?

Luci Ellis RBA Assistant Governor (Economic) delivered the Stan Kelly Lecture on “Where is the Growth Going to Come From?“. An excellent question given the fading mining boom, and geared up households! Over time, some industries grow faster than others. For a while, the mining industry was growing faster than the rest. Other industries take … Continue reading “Where will the Growth Really Come From?”

Senate Approves Foreign Vacant Property Fine

The legislation to tighten some aspects of investment property, and levy a charge on vacant foreign owned property has been passed in the Senate. The legislation prevents property investors from claiming travel expenses when travelling between properties, as well as tightening  depreciation on  plant and equipment tax deductions. Foreign owners will be charged a fee … Continue reading “Senate Approves Foreign Vacant Property Fine”

Pepper Takeover Approved

From Australian Broker. The shareholders of Pepper Group have overwhelmingly approved the scheme implementation deed for Red Hot Australia Bidco, an entity owned by certain funds, clients or accounts managed or advised by KKR Credit Advisors or its affiliates, for Bidco to acquire all of the Pepper shares. Approximately 99.96% of voting shareholders voted in … Continue reading “Pepper Takeover Approved”

ANZ welcomes decision on SA Bank Tax

ANZ today welcomed the decision of the South Australian Government it would not be proceeding with its planned bank tax. ANZ Chief Executive Shayne Elliott said: “This is positive decision for all South Australians and a clear sign the State is once again open for business and investment.” “We look forward to continuing to invest … Continue reading “ANZ welcomes decision on SA Bank Tax”

Where Rate Rises Will Hit The Hardest

It seems that eventually mortgage rates will rise in Australia, as global forces exert external pressure on the RBA, and as the RBA tries to normalise rates (at say 2% higher than today). Timing is, of course, not certain. But it is worth considering the potential impact. While our mortgage stress analysis takes a cash … Continue reading “Where Rate Rises Will Hit The Hardest”

2018 Crunch Time For Digital Transformation

In a new report, Forrester says that Digital transformation is not elective surgery. It is the critical response needed to meet rising customer expectations, deliver individualized experiences at scale, and operate at the speed of the market. This echoes our Quiet Revolution report, released just yesterday. They say the results are sobering: Over 60% of … Continue reading “2018 Crunch Time For Digital Transformation”

Wages Growth Stalls Again

The seasonally adjusted Wage Price Index (WPI) rose 0.5 per cent in the September quarter 2017 and 2.0 per cent over the year, according to figures released today by the Australian Bureau of Statistics (ABS). This was below consensus expectation, and continues the slow grind in household income, for many falling below the costs of … Continue reading “Wages Growth Stalls Again”