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From the RBA today:
The pandemic has accelerated structural change and so has added to strains for retail commercial property
Retail commercial property in Australia was already facing a challenging environment prior to the pandemic. The margins of retailers, particularly bricks-and-mortar retailers for discretionary goods, were being compressed by intense competition from both large international and online retailers.
[1] In addition to this reducing retailers’ ability to pay high rents, the shift to online retailing was decreasing the demand for retail commercial property premises. These forces had resulted in falling retail commercial property rents and prices (Graph B.1). The need for social distancing through the pandemic rapidly accelerated the trend towards online retailing in 2020. With Australia having a relatively low share of online retailing relative to other advanced economies, it is likely this shift will continue to
The insurance bill from the NSW and QLD floods is nearing $600m – but the true cost will be much higher, say financial counsellors David Adams Lisa Maree Williams/Getty Images
The insurance industry estimates the damage bill from last month s flooding in NSW and QLD will near $600 million.
But financial counsellors say the true cost will be much higher, after countless small businesses faced the disaster without coverage. It s not a good news story that they re not contacting us about insurance, said Helen Davis, general manager of the Small Business Financial Counselling Support Line.
Visit Business Insider Australia’s homepage for more stories.
2021-04-09 11:36:19 GMT2021-04-09 19:36:19(Beijing Time) Xinhua English
SYDNEY, April 9 (Xinhua) The Reserve Bank of Australia (RBA) said low interest rates and rising house prices could create a risk of excessive borrowing, but it was not worried about undue risk to financial stability.
In the semi-annual financial stability review issued on Friday, the Australian central bank downplayed the threat of surging house prices to financial stability, saying the growth in asset prices has not been associated with a significant increase in the growth of debt.
Housing price growth has picked up notably in recent months, making regulators worry about excessive risk-taking by lenders.
The Straits Times
The Australian property market is defying the naysayers.PHOTO: AFP
https://str.sg/JyZK
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