On 8 May 2012 Treasurer Wayne Swan delivered his fifth Federal budget. There are a number of announcements of which financial planners and their clients should be aware. The announcements in this Technical Update are proposals unless stated otherwise. These proposals need to successfully pass through Parliament before becoming law and may be subject to change during this process. Read more
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RBA to investigate funding costs
Mortgage One - Thursday, March 15, 2012
In a bid to determine whether or not Australia’s lenders were appropriate to move their rates independently of the cash rate, the Reserve Bank of Australia has launched an investigation into the true cost of funds.
Earlier this month, all four of Australia’s majors moved their rates independently of the Reserve Bank, blaming “higher funding costs”.
ANZ chief executive Phil Chronican said the bank could no longer “absorb the additional funding costs in the hope that funding pressures would ease”.
“Margins in retail and business banking have now been squeezed for a number of months and we’ve taken the difficult decision to pass on part of the higher costs to customers while we also get on with taking action to reshape the bank for tougher times,” he said.
As such, the Reserve Bank is now set to interview banking executives and release a report on the true cost of funds next month.
The investigation comes one week after French Bank Société Générale labelled Australia’s funding cost problems “dubious”.
According to research by Société Générale using publicly available data from the Reserve Bank and the Australian Prudential Regulation Authority, nearly all funding costs are falling.
“What we have seen over the last six months is that overall funding costs for Australian banks have absolutely come down. Research suggests that effectively pretty much every source of funding that they use - in terms of domestic deposits, short-term funding onshore, long-term funding onshore - has actually gone down,” Société Générale's head of strategy in Asia Christian Carrillo told the ABC.
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RBA to investigate funding costs
Mortgage One - Thursday, March 15, 2012 In a bid to determine whether or not Australia’s lenders were appropriate to move their rates independently of the cash rate, the Reserve Bank of Australia has launched an investigation into the true cost of funds. Read more
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It has been the conversation on everyone’s lips over the past few days, that is:- “Will the RBA cut rates again in the month of June”???
Mortgage One - Tuesday, June 12, 2012 No need to talk about it further as it is official the RBA has cut the cash rate for the second consecutive month. The big question now is of the 25points cut, how much of the rate cut will be passed on by the banks? Over the upcoming weeks the banks will begin to communicate how much of this rate cut they will pass on. Read more
The Smokers Dilemma
Mortgage One - Wednesday, June 20, 2012 It is estimated around 3 million Australians adult smokes cigarettes on a daily basis. The highest rate being among men in the 18-24 years of age group (34%) followed closely by women between 25-34 years of age (27%). Read more
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