The profitability of Australia’s major banks is under threat thanks to low interest rates, intense competition and open banking, according to a report from ratings agency Moody’s.
There are car-sharing apps (such as Popcar or Car Next Door) and there are house-sharing apps like Airbnb, but for the first time in Australia, two of these share-economy platforms are teaming up to trial a new affordable way of living.
Near-record numbers of house hunters are jumping back into the market and are determined to buy property, a clear sign monetary policy stimulus is working, according to Commonwealth Bank.
Australia’s most-talked-about property market, Sydney, looks to be heating up at the moment, with a 5% gain in median home values over the three months to 31 October 2019.
Major banks Westpac and Commonwealth Bank have held their view that the next Reserve Bank rate cut will occur in February next year, after the central bank released the minutes of its November cash rate meeting yesterday.