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APRA acts against Macquarie on breaches
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What five super titans say about Your Future, Your Super reforms
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It is Australiaâs most important bank but it doesnât have any customers. You canât open an account with this bank, itâs unlikely youâll ever meet the manager and it doesnât even have ATMs.
But the Reserve Bank of Australia is pivotal to the national economy. From house prices to wages, the Reserve (RBA) influences even the smallest financial transaction in the country. It does this through monetary policy â the interest rate set by the bank once a month that affects the cost of money.
Anyone with a note or two in their wallet also has a reminder of the Reserve Bankâs other key function. The signature of the bankâs governor is on every note â it is the RBA that prints our colourful collection of currency.
Australian workers face poverty as wage subsidies and welfare supplements end
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The case for falling house prices next year
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MLCâs chief economist, Bob Cunneen, is the first to offer an alternative story on the property market, tipping prices to fall 7 per cent next year as the world starts to push fixed interest costs higher.
While property prices posted the fastest growth in 32 years in March, and most economists expect property prices to grow from 15 per cent to 20 per cent from the trough in October 2020 through to mid-2022, Cunneen says prices could fall.
He says that while there will be growth this year of about 9 per cent, some of that is already fake.