APRA suggests easing mortgage criteria
APRA has suggested banks change the way they assess customers’ ability to meet their mortgage repayments in a move analysts say will increase the amount people can borrow, and could even stem the fall in house prices. The Australian Prudential Regulation Authority on Tuesday proposed removing guidance that customers should be able to repay their…
Rate cut likely in June
Reserve Bank signals rate cut for June Reserve Bank Governor speech; RBA Board minutes; Consumer confidence Interest rate outlook: In a speech titled “The Economic Outlook and Monetary Policy” today in Brisbane, Reserve Bank Governor Philip Lowe said that “a lower cash rate would support employment growth and bring forward the time when inflation is…
Tax cuts can be given retrospectively: ATO
Australia’s tax agency says it can retrospectively deliver tax cuts if the coalition’s proposal doesn’t pass through parliament before the end of the financial year. But it remains to be seen if the tax cuts will pass parliament, with key crossbench senators still to pledge their support for the plan. Government senator Zed Seselja is…
Seven West Media flags FY earnings drop
Seven West Media has flagged a drop in full-year earnings of up to 10.9 per cent, with the free-to-air network blaming a softer advertising market. Seven West on Tuesday said it expects underlying earnings before interest and tax for the 12 months to June 30 to be between $210 million and $220 million, compared to…
The Daily Fix
The headlines roll in, and price naturally reacts, but just as everyone becomes well-versed in the importance of Huawei in the trade drama, and an emerging cold war in China-US tech, we now hear that the US Commerce Department is allowing Huawei “engagements in transactions” in certain conditions and perhaps things don’t look so bleak….
James Hardie FY profit up 57%, cuts payout
Shares in James Hardie are up after the construction materials supplier lifted its full-year profit 57 per cent to $US228.8 million ($A331 million) despite cutting its final dividend. The company said it shook off a softening housing market in Australia to record a 22 per cent lift revenue for the 12 months to March 31…
Cut to cash rate likely ‘appropriate’: RBA
The Reserve Bank of Australia looks increasingly likely to cut the cash rate as early as next month after board members said “a decrease … would likely be appropriate” if the labour market did not improve. The RBA this month held the cash rate at its record low 1.5 per cent but minutes of the…
Myer appoints retail expert Jacquie Naylor
Myer has appointed Jacquie Naylor as a non-executive director as it boosts the amount of retail experience on its board following constant criticism from major shareholder Solomon Lew. Myer chairman Garry Hounsell said Ms Naylor has a record of improving financial performance and strategy through her experience as a director at the Just Jeans Group,…
CommSec Daily Report Tuesday
Latest news Aussie shares are off to a softer start, slipping by 0.2 per cent or 14pts to 6,463 pts at lunch. Keep in mind that the market surged eight times as much yesterday, gaining 1.74 per cent and hitting a fresh 11.5 year high in the process post-election. The surprise Coalition victory has removed…
US, China bicker as trade tensions rise
China has accused the United States of harbouring “extravagant expectations” for a trade deal, underlining the gulf between the two sides as US action against China’s technology giant Huawei began hitting the global tech sector. Alphabet’s Google suspended business with China’s Huawei Technologies that requires the transfer of hardware, software and technical services, except those…
