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Westpac Reveals $357m Profit Hit Over Advice Fees

Westpac has provided an update on accounting provisions for remediation associated with authorised representatives in relation to certain ongoing advice service fees. This follows the group’s 25 March 2019 ASX announcement on remediation provisions, where it announced an increase in provisions for its salaried planners and indicated that assessments were underway in relation to authorised … Continue reading “Westpac Reveals $357m Profit Hit Over Advice Fees”

APRA Report Identifies Superannuation Failings

APRA has identified a number of areas where superannuation providers are falling short of their regulatory obligations, particularly when it comes to managing conflicts of interest, via Investor Daily. A review of APRA’s 2013 superannuation prudential framework has found it met its original objectives but must keep evolving to ensure members’ interests are protected. APRA … Continue reading “APRA Report Identifies Superannuation Failings”

Weaker Credit Impulse Signals More Home Price Falls, Despite New Record Debt

On the last working day of each month the RBA releases their Credit Aggregates and APRA their Monthly Banking Statistics for ADS‘s. Both are now out for March. The headline news is the overall housing credit is up, to a new record of $1.82 trillion dollars up 0.31% from last month, or 0.31%. Within that … Continue reading “Weaker Credit Impulse Signals More Home Price Falls, Despite New Record Debt”

Domain Reports More Price Falls

Domain has released their March quarter 2019 house price data. Sydney, Melbourne and Perth are bearing the brunt of the falls, alongside units in Brisbane, according to their statistics. Hobart remains the most buoyant but buyer interest appears to have passed its peak . And of course remember these are average figures which mask local … Continue reading “Domain Reports More Price Falls”

Stamp Duty Take On The Decline

The ABS released their taxation revenue statistics to 2017-2018 today. The series contains many interesting nuggets of insight, but there were two which stood out for me. First, the share of revenue for the states, drawn from stamp duty is falling, but still makes up 25.5% of Victoria’s take and 24.3% of New South Wales. … Continue reading “Stamp Duty Take On The Decline”

Auction Results 27 April 2019

Domain released their preliminary results for today. The latest results continue to yield low volumes after last weekend’s holidays. Nationally 815 were listed compared with 2,095 a year ago, 38% of last years count. Sold so far are 300 compared with 1,104, of 27% of last years count (though it may settle higher). So those … Continue reading “Auction Results 27 April 2019”