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Australia May Clamp Down on Mortgage Lending to Cool Home Prices
03/17/2021 | 02:41am EDT
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Message : By James Glynn SYDNEY The recent surge in Australia s home prices and rising evidence of deterioration in the quality of mortgage lending may force the hand of the country s banking regulator before the end of the year, with measures to cool the property market. House prices in Australia have returned to record levels, buoyed by ultralow interest rates, a big jump in household savings, and the Reserve Bank of Australia s insistence that interest rates aren t likely to be nudged higher before 2024 at the earliest.
Mortgage Business Bank profits fell by over a third in 2020 By Annie Kane 17 March 2021
Despite a surging mortgage market, bank profits dropped by over a third in the calendar year 2020, new APRA stats show.
The Australian Prudential Regulation Authority (APRA) has released the Quarterly Authorised Deposit-taking Institution (ADI) Performance and the Quarterly Authorised Deposit-taking Institution Property Exposures publications for the period ending December 2020.
According to the data, the banking sector’s collective net profit after tax totalled $21.9 billion in the year ending December 2020, down a massive 35 per cent on the year ending December 2019.
The APRA figures show that the banking sector suffered greatly in the first quarter of the calendar year (following Christmas and the be
Australia’s NGS Super has set a target to create a zero-carbon investment portfolio by 2030 to mitigate climate change risk on members’ retirement savings, which may require the superannuation fund, which has over A$11.4 billion (US$8.77 billion) of assets, to sell off stakes in some companies.
The fund deems the 2050 target in the Paris climate agreement as “misaligned” with scientific timelines, and aims to finalise its transition plan for a carbon neutral portfolio by the end of this year.
NGS Super says it has excluded public companies generating more than 30% of their revenues from thermal coal from its portfolio since 2016.
AUD/USD and NZD/USD Fundamental Daily Forecast – RBA s Kent Sees No Immediate Decline in Lending Standards yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.