News Australia

The Reserve Bank of Australia (RBA) has spared borrowers an interest rate rise, leaving the cash rate at 4.75 percent in a widely expected move. The Reserve Bank last increased the overnight cash rate in November 2010 to 4.75 percent from 4.5 percent and most economists still expect a rate rise this year. “We expect [...]

The Australian dollar was higher at noon after a deal was reached to raise the US government’s borrowing limit. At 1200 (AEST) on Monday, the Australian dollar was trading at 110.52 US cents, up from 109.54 cents on Friday. On Monday morning (AEST) political leaders in Washington agreed to raise the US government debt ceiling [...]

Now we know the starting price on carbon – $23 – a clearer picture is starting to form as to its impact on the property industry. Will it have a negative impact? That all depends on who you talk to. The Housing Industry Association – a body that represents builders and the makers and suppliers [...]

NEW home construction is tipped to fall 17 per cent in Victoria this financial year but the HIA says its forecast is not all bad news. The Housing Industry Association says its not all doom and gloom with the state coming off record highs. HIA chief economist Harley Dale said the forecast for a 17 [...]

House prices have fallen almost three per cent so far in 2011 as potential home buyers choose to save their pennies rather than bid for real estate. The RP Data-Rismark Hedonic home value index shows a 2.7 per cent decline in Australia’s capital cities house prices through the first five months of 2011. In the [...]

The Retail Traders Association says Western Australia’s retail market remains weak despite recording an increase in turnover in May. The latest Bureau of Statistics figures show turnover rose 0.8 per cent in WA and 0.1 per cent in the Northern Territory. All other states posted a loss. The association’s Wayne Spencer says there have been [...]

The central bank has again signalled that interest rates will increase "at some point" but says it will wait for more news on the state of the international economy and on Australia’s domestic demand. The minutes of the Reserve Bank of Australia’s (RBA) June 7 board meeting, show the bank believes inflation is being moderated [...]

Hopes by some mortgage brokers and non-bank lenders that the Government would not garner sufficient numbers in the Parliament to maintain a ban on mortgage exit fees appear to have been dashed, with the Australian Greens indicating their strong support. The Greens’ only member in the House of Representatives and the party’s banking spokesman, Adam [...]

Australian home owners are among the most indebted in the world, but most had no trouble meeting monthly repayments on their mortgage in the last year, new research shows. A survey of home owners and aspiring first-home buyers in eight countries by mortgage insurance provider Genworth has shown one in five Australian home owners spend [...]

The price of luxury properties in Australia could fall for up to three years with some having seen drops of 20% since January as expensive suburbs become the poorest real estate market performers. The near double interest rate rise in November last year has hit Australian capital city property values which are down 1.2% in [...]