The AFR is reporting as much: Banks will be forced to pay financial compensation and remediation to every bank customer who has been wronged, as the Labor Party signalled a tough response to the Hayne royal commission if it wins power. The ALP has also signalled it is likely to pursue comprehensive consumer law reform
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By Leith van Onselen Australia has again taken the silver medal for having the world’s second most indebted households according to the latest data from the Bank for International Settlements (BIS). The next table shows the ratios of household debt to GDP as at the June quarter of 2018. As you can see, Switzerland (129%)
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By Leith van Onselen Following on from yesterday’s post on the $8 billion downgrade to the NSW Government’s stamp duty receipts, the NSW Office of State Revenue has released stamp duty data to October, which reveals a $1.2 billion (16%) decline over the past year: As shown above, annual NSW residential stamp duty receipts ($6,231
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CoreLogic’s weekly housing indicators continue to show accelerating weakness. Dwelling values have fallen heavily again, led by Sydney and Melbourne: Auction clearances have crashed, again led by Sydney and Melbourne: Whereas mortgage credit remains stillborn: At the same time, listings have exploded upwards to 2012 highs as unsold ‘stale’ stock accumulates across Sydney and Melbourne;
By Leith van Onselen The Australian Bureau of Statistics yesterday released its overseas short-term arrivals and departures figures for October, which continued to show a trend rise in the number of inbound visitors, with both Chinese arrivals and student arrivals hitting an all-time high. The number of short-term visitor arrivals fell a seasonal 9.2% in
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Global Macro / Markets / Investing: US credit markets dry up as volatility rattles investors – FT Amazon Targets Unprofitable Items, With a Sharper Focus on the Bottom Line – WSJ Tough fourth quarter casts shadow over Wall St bonuses – FT Global debt reaches record high of $184 trillion, IMF says – Market Place
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A relatively upbeat start to the week here in Asia following what was a dour finish on Friday night on Wall Street. In China markets however are flat but elsewhere, weaker domestic currencies are supporting an eager start with the ASX200 the standout. The Shanghai Composite is barely up after the lunch break, hanging on 2595 points
The post Macro Afternoon appeared first on MacroBusiness.
Where do these dills come from? Domain: The reality is that the conservative base has not come back to the Liberal Party since Tunrbull was removed from office, but certainly more moderates and swing voters have deserted us. …Where four months ago it seemed as if Turnbull could have defeated Shorten with grit and a
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By Leith van Onselen New research from Roy Morgan shows that the number of Australians who intend to retire in the next 12 months is estimated at 426,000, a 30% increase on the level seen in 2008 when it was 328,000. Meanwhile, the average gross wealth (total assets excluding owner-occupied homes) of intending retirees is $331,000,
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By Leith van Onselen After last week indicating that it would significantly lift Newstart if elected, Labor refused to commit at its national conference. From SBS News: Labor is set to resist an internal push to raise dole payments, holding firm on a commitment to review Newstart rather than lock in a boost… Labor will
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