China looks like it will reduce the reserve requirement ratio (RRR), or the amount of cash that banks must hold in reserve, to shore up its slowing economy amid growing headwinds.
This is an attempt to stimulate the economy (reverse to Federal Reserve and other Western economies) by encouraging banks to lend harder to the property sector and in response to the COVID lock downs.
Question is of course is, will it work – or just slim the reserves of the banks some more….
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The FTX Story continues to run with reports of missing funds and deceptions. In Australia, ASIC appears to have been asleep again, as we find that the local instance of FTX – who owes money to some 30,000 investors – used a back door method of get a local license to operate.
So once again the Financial cop was found wanting!
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This is an edited version of a live discussion about the current property market with Veronica Morgan from Good Deeds and The Elephant in the Room Podcast.
Westpac is planning to remove the final branch from Opal Regional Centre Coober Pedy. The next branch is 440 kms away.
Senator Rennick made a statement on this in the Senate yesterday. And after a town meeting on Monday, it was clear this decision would adversely hit the town commercially, socially and from a mental health perspective.
The Advertiser ran an article on the closure, which may not yet be a done deal.
So, if you care about this issue, I suggest contacting the SA Premier Peter Malinauskas premier@sa.gov.au https://www.dpc.sa.gov.au/the-premier and Westpac CEO Peter King https://www.westpac.com.au/about-westpac/westpac-group/executive-team/ and John McFarlane Chairman and Independent Non-executive Director https://www.westpac.com.au/about-westpac/westpac-group/board-of-directors/ https://banking.westpac.com.au/olfmu/eforms/ConsumerFeedback/#/welcome
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Spain has announced a “Mortgage Keeper” strategy to assist struggling mortgage holders as interest rates rise. So, we discuss the range of supports designed to prop up the market and insulate the banks from property risks.
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The NZ Monetary Policy Committee today increased the Official Cash Rate (OCR) from 3.5 percent to 4.25 percent. Core consumer price inflation is too high, employment is beyond its maximum sustainable level, and near-term inflation expectations have risen.
Demand in the New Zealand economy has remained resilient. Worker shortages are holding the economy back and increasing inflation. Global developments are adding to inflation in New Zealand but weakening our economic growth outlook. Higher interest rates are needed to meet our inflation and employment objectives
So, The Committee agreed that the OCR needs to reach a higher level, and sooner than previously indicated, to ensure inflation returns to within its target range over the medium term.
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Join Veronica and I tonight for a deep dive on property – and whats happening on the ground.
Veronica Morgan is the Founder and Principal of Good Deeds Property Buyers. She is also the co-host of the popular series Location Location Location Australia and Relocation Relocation Australia with Bryce Holdaway on Foxtel’s The Lifestyle Channel Australia. You can tune into Veronica as she co-hosts the Your First Home Buyer Guide podcast & The Elephant in the Room property podcast, which investigates who is really in control when you buy property. She’s also recently co-founded Home Buyer Academy, which provides online support for first home buyers so they can get onto the property ladder without making costly mistakes.
An estimated 7 million “buy now pay later” users will soon see new laws introduced by the federal government that aims to better protect them against financial abuse.
A new Treasury paper released by Financial Service Minister Stephen Jones today suggests buy now pay later players could soon be subject to the same laws as credit card providers, as “unaffordable or inappropriate lending practices are contributing to financial stress and hardship, and other types of consumer harm”.
The paper said there were 7 million active buy now pay later accounts in the 2021-22 financial year resulting in $16 billion in transactions, an increase of almost 37 per cent on the previous financial year.
The Treasury paper makes it clear self-regulation, without some controls, is no longer an option.
It raises a range of issues, noting there’s been reports of “poor complaints handling processes” and that “the lack of hardship assistance for consumers leads to delayed or unsatisfactory remediation”.
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This is an edited version of a major presentation I gave a couple of day back to a range of Finance Professionals across Investment Banking, Hedge Funds and Analysts. I walk through our analysis and models and take questions from the audience.
Go to the Walk The World Universe at https://walktheworld.com.au/
