The Reserve Bank of Australia (RBA) has upwardly revised its forecasts for economic growth and inflation, with both proving to be more resilient than expected. The economy, which is currently growing at an annualised rate of 2.1% according to the latest data, is now expected to grow 1.5% in 2023 (compared to a July forecast … Read more
Stamp duty is both an increasingly expensive tax and a highly inefficient one, according to joint research by the e61 Institute and PropTrack. Four decades ago, the average buyer in Sydney, Melbourne, Brisbane and Adelaide needed to work for about one month to afford to pay stamp duty, based on comparing the average post-tax income … Read more
Australia’s fourth-largest mortgage lender, ANZ, is one step closer to acquiring the country’s ninth-largest, Suncorp Bank, after winning an appeal against an earlier rejection of the deal. ANZ and Suncorp agreed the deal in July 2022, but the Australian Competition & Consumer Commission (ACCC) decided, in August 2023, not to authorise the takeover because it … Read more
There’s been a noticeable slowdown in rental growth, although it’s not yet clear whether this is an out-of-the-ordinary result or sign of a trend. Across Australia, the median rent in the December 2023 quarter experienced 11.5% year-on-year growth but only 1.8% quarter-on-quarter growth, according to PropTrack. PropTrack Senior Economist Angus Moore said the rental market … Read more
One of Australia’s leading property economists, Ray White Group Chief Economist Nerida Conisbee, has given 10 insights about what to expect from the property market this year. Price growth will continue. Market forces will lead to further price growth in 2024, according to Ms Conisbee. “At this point, housing supply remains extremely low and many people … Read more
Investing in property can increase your wealth by generating a rental yield and capital growth. But you’ll also have some expenses and costs that you’ll need to take into account when determining whether your investment will be viable or unprofitable. Your property investment costs include one-off and ongoing costs, so let’s take a look at … Read more
Natural disasters can be devastating for small businesses, yet only one in four have a current business continuity plan, according to a new report tabled in parliament. The report, which was prepared by the Small Business Natural Disaster Preparedness and Resilience Inquiry, found that businesses with a plan are better able to bounce back after … Read more
When you’re paying off a mortgage, budgets matter. Knowing how much money is coming in and going out will not only help you manage your monthly repayments, it will also ease stress and give you confidence in your financial situation. So what makes a good budget? Here are three tips to organise your finances. Track … Read more
Australia’s unemployment rate has been remarkably steady – and low – for more than a year, but it might start trending upwards in the coming months. Unemployment rose from 3.6% in September to 3.7% in October, according to the Australian Bureau of Statistics (ABS). That marked the 16th consecutive month in which it had hovered … Read more
The average interest rate charged on home loans has, surprisingly, increased by less than the series of cash rate hikes during 2022 and 2023. Between May 2022 and September 2023, the cash rate increased by 4.00 percentage points, whereas interest rates on outstanding mortgages increased by an average of only 2.90 percentage points, according to … Read more
