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Purplebricks Announces Australian Exit

Hybrid real estate agency Purplebricks has announced its exit from Australia after two and a half years of trading, citing “challenging” market conditions and “execution errors” as the reasons for its decision. Via The Real Estate Conversation. In a statement released on the London Stock Exchange, the Group said the Australian business had “not delivered … Continue reading “Purplebricks Announces Australian Exit”

New Zealand Reserve Bank Cuts Cash Rate To 1.5%

The Official Cash Rate (OCR) has been reduced to 1.5 percent. They signalled risks from China and Australia, and that lower mortgage rates might help household finances and housing. The Monetary Policy Committee decided a lower OCR is necessary to support the outlook for employment and inflation consistent with its policy remit. Global economic growth … Continue reading “New Zealand Reserve Bank Cuts Cash Rate To 1.5%”

RBA Holds, As We Expected

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. They reinforced the labour market as the key to future rate moves, looking past lower inflation. That is a pretty strong signal about what would lead to a cut. They are still reciting stronger growth than many believe … Continue reading “RBA Holds, As We Expected”

Retail Turnover Rises 0.3 Per Cent In March

Australian retail turnover rose 0.3 per cent in March 2019, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures. This follows a 0.9 per cent rise in February 2019. In seasonally adjusted terms, there were rises in Victoria (0.7 per cent), Queensland (0.6 per cent), New South Wales (0.2 per … Continue reading “Retail Turnover Rises 0.3 Per Cent In March”

Mortgage Stress Accelerates Ahead Of The Election

Digital Finance Analytics (DFA) has released the April 2019 mortgage stress and default analysis update.  Once again, it’s the continuing story of pressure on households as ongoing wages growth is not offsetting costs of living, and mortgage repayments and total debt continues to rise. Recent bank reporting highlights the elevated risks in the household sector … Continue reading “Mortgage Stress Accelerates Ahead Of The Election”

Westpac Drops Profit 24%

Westpac released their 1H19 results today and declared a statutory net profit of $3,173 million, down 24%. It would have been worse, but for lower than expected provisioning at $0.33 billion. Revenue was weaker than expected as they were hit by slower mortgage lending and weaker treasury. Margin is under pressure, but customer remediation costs … Continue reading “Westpac Drops Profit 24%”