Australia’s vacancy rate fell to 0.9% in July, compared to 1.0% the month before and 0.9% the year before, according to Domain. In national terms, supply and demand strongly favours property investors, although conditions differ from market to market Sydney’s vacancy rate was 1.2% in July, the same as the year before. “Annually, vacant rental listings … Read more
One of Australia’s leading economists has forecast a positive spring selling season – in part due to a sharp decline in household savings. “With savings rates now plummeting, what does this mean for property?” Ray White Chief Economist Nerida Conisbee said. “With retail trade falling for the third straight quarter, savings rates plummeting and inflation … Read more
Last month was the biggest July in the history of new vehicle sales, according to the Federal Chamber of Automotive Industries (FCAI). Australians took delivery of 96,859 new vehicles, which beat the previous July record (92,754), set in 2017, by 4.4%. FCAI Chief Executive Tony Weber attributed the record result to an ongoing increase in … Read more
Australia’s competition watchdog has refused to authorise ANZ’s acquisition of Suncorp Bank. The Australian Competition & Consumer Commission (ACCC) said it had rejected the $4.9 billion deal, which was announced in July 2022, because it might reduce competition in the banking sector. “We are not satisfied that the acquisition is not likely to substantially lessen … Read more
Today, the Reserve Bank of Australia (RBA) chose to hold the cash rate at 4.1%. This is the second month in a row the Bank chose to hold the cash rate following positive signs in inflationary data. With the uncertainty around the future of interest rates – whether they will keep increasing or have reached … Read more
Australia’s consumer watchdog has put businesses on notice about false environmental and sustainability claims, after finding a large number were engaging in ‘greenwashing’. The Australian Competition & Consumer Commission (the ACCC) has published draft guidance to help businesses stay on the right side of the Australian Consumer Law. This comes in response to ACCC research … Read more
A new report from the Productivity Commission (PC) has solved the mystery of why Australia’s labour productivity is falling. Labour productivity fell 4.6% in the 12 months to March 2023, according to the most recent data from the Australian Bureau of Statistics. The PC report said this was “most likely due to the unwinding of … Read more
Business confidence has fallen to its lowest level in almost three years, according to Roy Morgan’s latest monthly survey. The Roy Morgan Business Confidence Index slipped to 88.8 points in June, compared to 90.3 points the month before and 97.3 points the year before. That is the lowest reading since September 2020 and well below … Read more
A leading property data analyst believes that while property investors continue to hold the balance of power in the rental market, the rental crisis among tenants is now starting to ease. SQM Research Managing Director Louis Christopher said new data showed vacancy rates (which measure the share of untenanted rental properties) had increased in several … Read more
The Reserve Bank of Australia (RBA) has unveiled a series of reforms to how it manages and communicates the country’s monetary policy. Following an independent review of the RBA, which was commissioned by the federal government, the RBA board has agreed to update how it conducts monetary policy (i.e. the setting of the cash rate) … Read more
