Winners & losers as consumers spend cautiously
Winners & losers as consumers spend cautiously Economic perspectives Household spending: Data out yesterday showed real (inflation-adjusted) consumer spending rising by 1.9 per cent in the 2018/19 financial year – the slowest annual growth in 5½ years. This report examines what Aussie consumers have been buying – and not buying – over the past year….
EU sees no alternative to Brexit ‘backstop’
The EU said Wednesday it currently sees no alternative to the so-called “Irish backstop” in a Brexit withdrawal deal and warned the risk of Britain crashing out without an agreement has increased. As political turmoil rages in London and the clock ticks down to the October 31 departure date, the European Commission issued its final…
CommSec Daily Report Friday
Latest News The recent run of gains is continuing for a fourth straight day as US-China trade tensions appear to be easing. The Aussie market is following global markets higher as both sides discussed the importance for calm dialogue. At this stage, US tariffs are still proposed to rise by at least 5% on a…
Housing to stabilise; Credit card debt slides
Housing to stabilise; Credit card debt slides Private sector credit; Building approvals Lending: Private sector credit (effectively outstanding loans) rose by 0.2 per cent in July to be up 3.1 per cent over the year. Credit Cards: According to APRA, loans by deposit taking institutions to households via credit cards fell from $39.2 billion to…
CommSec Daily Report Friday
Latest News The local sharemarket is mostly flat at lunch on Friday with the ASX 200 giving up gains made on the open. The index was up as much as 24 points within minutes of opening but has since given up those advances to trade 2 points lower at 6566. The muted moves come despite…
ASIC sues ANZ for misrepresentations and unconscionable conduct
ASIC confirms that it has now commenced proceedings in the Federal Court against Australia and New Zealand Banking Group Limited (ANZ). In these proceedings, ASIC will allege ANZ was not entitled to charge certain periodic payment fees under the Bank’s contracts with its customers. At the relevant time, ASIC says that ANZ’s contract terms and…
Concerns over antipsychotics in aged care
Many people living with dementia in aged care facilities are taking antipsychotic drugs for longer than 200 days – more than twice as long as the maximum recommended time, researchers say. The Macquarie University study found about 38 per cent of Australian aged care residents with dementia were taking antipsychotic medication, the same as a…
ASX All Ordinaries closes at all-time high
The Australian share market has surged on hopes the US and China will reached a trade deal, with the All Ordinaries index hitting its highest closing price ever. The All Ordinaries closed up 49.9 points, or 0.73 per cent, to 6,862.4 point, ecliping its previous peak closing price of 6,853.6 set November 1, 2007. The…
APRA Proposes Stronger Requirements on Remuneration
The Australian Prudential Regulation Authority (APRA) has released a draft prudential standard aimed at clarifying and strengthening remuneration requirements in APRA-regulated entities. In a discussion paper released today for consultation, APRA has proposed creating a new prudential standard to better align remuneration frameworks with the long-term interests of entities and their stakeholders, including customers and…
APRA orders three banks to tighten funding
The prudential regulator has ordered Macquarie Bank, Rabobank and HSBC to tighten their funding arrangements to make sure funds cannot be withdrawn by their parent companies in the event of financial stress. The Australian Prudential Regulation Authority says the institutions must strengthen arrangements after discovering they were “improperly reporting the stability of the funding they…
