Digital Finance Analytics (DFA) Blog
"Intelligent Insight"
We look at the latest stats from the ABS relating to new credit growth and building approvals, both which are sliding, and sliding fast.
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
Following on the amazing news from last week that John Adams and In the Interests of the People, didn’t just get one inquiry into ASIC, but two – we have new news!
One inquiry will be held by the Senate Economics References Committee – this inquiry was established by a 43-20 vote of the Australian Senate.
https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASICinvestigation
The other inquiry will be held to the Parliamentary Joint Committee on Corporations and Financial Services
Yesterday, 2 November 2022, the Senate Economics References Committee officially called for public submissions. The deadline submissions are 3 February 2023 – which is 3 months from now.
For all those people across Australia who have had significantly difficult experiences with ASIC, this is your opportunity to share your stories with the inquiry.
https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/How_to_make_a_submission
Go to the Walk The World Universe at https://walktheworld.com.au/
As Central Bank Rate Fest rolls on from the RBA on Tuesday, as expected the FED lifted the US interest rate target by 75 basis points overnight and reaffirmed continued hikes ahead. Later tonight we will get the Bank of England announcement, which is also expected to hike big.
The Fed’s unanimous decision lifted the target for the benchmark federal funds rate to a range of 3.75% to 4%, its highest level since 2008. “Slower for longer,” declared JP Morgan Chase & Co, chief US economist Michael Feroli in a note to clients. “The Fed opened the door to dialing down the size of the next hike but did so without easing up financial conditions.”
As a result, U.S. stocks ended sharply lower on Wednesday, with the S&P 500 suffering its worst rout on a Fed decision day since January 2021, as comments from Fed Chair Jerome Powell shattered initial optimism over a Fed policy statement that raised interest rates by 75 basis points but signaled that smaller rate hikes may be on the horizon.
The FED said its battle against inflation will require borrowing costs to rise further, yet signaled it may be nearing an inflection point in what has become the swiftest tightening of U.S. monetary policy in 40 years.
“It’s as if investors came to a haunted house and got candy, but once they unwrapped it, saw it was soggy broccoli,” said Max Gokhman, chief investment officer at AlphaTrAI.
The latest edition of our finance and property news digest with a distinctively Australian flavour.
Go to the Walk The World Universe at https://walktheworld.com.au/
Today we look at what the RBA says about recession risks, examine the US Bond market ahead of the Federal Reserve decision on rates tomorrow, the start of Bank of England QT and its implications, and the latest data from New Zealand which underscores the expectation that even higher interest rates are to be expected. All up, inflation is created a wide range of casualties!
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
I caught up with Peter Marshall from Mozo to look at how the latest RBA rate hikes are hitting the market, across mortgages, cards and savings. It is more important than ever to check your current rates, and seek out better ones!
Peter Marshall has been working in the Australian banking and finance industry for over 20 years and oversees Mozo’s extensive product database. He is regularly sought out for his expert commentary and analysis on banking and interest rates trends by print, radio and TV media.
Go to the Walk The World Universe at https://walktheworld.com.au/
Join me for a live discussion about the current state household finances, property and financial stress, based on our updated modelling to end October 2022. Our postcode engine will be online.
You can ask a question live.
Go to the Walk The World Universe at https://walktheworld.com.au/
I discussed the prospective rate hike this morning on ABD Illawarra.
Go to the Walk The World Universe at https://walktheworld.com.au/
The end of October data dump from RBA and APRA and the latest from the ABS, we see signs of economic slowing.
Go to the Walk The World Universe at https://walktheworld.com.au/
My edit of a monthly economic summary for October. Go to the Walk The World Universe at https://walktheworld.com.au/
The Superannuation system is not fit for purpose, as many are finding out as balances decline, while fees do not but forced contributions increase. So today we look at data provided by APRA on fund performance (down more than 4% in the quarter to June 2022, and further now). And we feature an important contribution from Senator Gerard Rennick who addressed The Senate last week on this important issue.
Go to the Walk The World Universe at https://walktheworld.com.au/