Why the RBA is reluctant to stop the housing boom
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Properties are selling quickly across the country.
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Each weekend, across the country, they line up for a quick COVID-restricted viewing.
They are shuffled in from the driveway and from the street, subjected to a toned-down version of the usual spin from agents whose main task these days is to act as crowd control marshals and fend off requests for contracts.
The competition is intense. Young couples nervously eye each other off, would-be rivals in a quest for their slice of the great Australian dream.
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Francesco de Ferrari gave up a plum private banking job at Credit Suisse to take over troubled AMP. It was always a tough ask. Personnel mis-steps did not help, but in the end there was not going to be much of a business left for him to run.
Euromoney remembers sitting down with Francesco de Ferrari one day in 2018 in Credit Suisse’s Singapore offices at One Raffles Link with a view over the
Padang playing fields. He was as apparently relaxed and genial as usual, at the top of the Asia-Pacific private banking business that was increasingly the engine room of the whole bank. But when the interview was done and the conversation turned to Australia, he seemed particularly interested.
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In some parts of Australia, what Summerhayes was describing was already a fact of life. Across the cyclone-prone north, the cost of home insurance has increased by 178% since 2007, while the price for combined home and contents insurance has grown by 122%.
These comments have since been read as a rebuke to the attitude taken by some in industry that as climate crisis gets worse the simple solution is to pass the risk – and the cost – on to the consumer. In one example, Nicholas Scofield, the chief corporate affairs officer for Allianz Australia, appeared before a hearing of the Senate’s bushfire inquiry in July 2020. The committee chair, Labor senator Tim Ayres, asked him whether climate change represented an “existential threat for the industry in some parts of Australia”.