Received
- Details
- Written by Grant Broadcasters
- Category: Received
- Hits: 78
Mortgage holders will be hoping for some interest rate relief from the Reserve Bank after 10 hikes in a row.
The central bank's board is due to meet on Tuesday ahead of a high-stakes April cash rate decision that could either see the RBA take a breather or hike rates by another quarter percentage point.
The board is undoubtedly edging closer to the end of its policy tightening cycle, having already hiked rates by 350 basis points to an 11-year high.
However, economists are unsure if the RBA has done enough to take the sting out of the economy just yet.
While inflation has come off its peak, it lifted 6.8 per cent in the year to February - still well above the RBA's target range of two to three per cent.
The RBA shadow board at the Australian National University is leaning towards another hike, attaching a 66 per cent probability to further increases and a 34 per cent probability of the cash rate staying on hold.
The shadow board has become much less confident in the case for further tightening compared to previous decisions, with several data sources pointing to a deterioration in economic conditions in response to the most aggressive monetary tightening in decades.
But the ANU team said there were "no signs" of an impending collapse in economic activity and a soft landing was still in reach for Australia's economy.
The real estate industry is one area of concern, although there have been signs the property downturn has started to steady itself.
The shadow board warned the looming expiry of more than 800,000 fixed-rate mortgages could prompt a surge in housing stress and combined with even a modest uptick in joblessness, could drive a significant lift in defaults.
New Canstar analysis shows the average would-be solo homeowner would need to earn $165,695 a year to buy a home without falling into mortgage stress.
The average annual before-tax income is $94,000.
The research explored how much buyers needed to earn to afford a house with a 20 per cent deposit but without contributing 30 per cent or more of their after-tax income toward repayments, which is how mortgage stress is defined.
With property prices already tracking back up despite the possibility of further rate rises, Canstar money expert Effie Zahos said home-ownership would be even further out of reach for single-income earners.
"Even if there is a pause in April, it is expected the cash rate will be hiked up at least one more time during this cycle, meaning mortgage stress isn't going away anytime soon," she said.
© AAP 2023
- Details
- Written by Grant Broadcasters
- Category: Received
- Hits: 81
After victims of the Northern Rivers floods complained of delays and a lack of communication plaguing the government's $700 million recovery program, the NSW premier will visit the area for a community listening tour.
The city of Lismore and surrounds was hit by devastating floods just over one year ago that destroyed 5000 homes, killed five people and upended the community.
In October the state and federal governments committed $700m to rebuilding the Northern Rivers community, with $520m set aside for buying back homes from those most at risk of future floods.
However, locals last month raised concerns over the government agency handling the buybacks, the Northern Rivers Reconstruction Corporation, saying it had failed to complete a single buyback.
The premier and his team hope by having boots on the ground, they will be able to speak with flood victims and get a sense of the ongoing fallout from the disaster.
So far, 68 offers for buybacks have been made, however no owner has completed a settlement. Valuations have been carried out on 252 properties, with 510 home owners deemed eligible for a buyback.
The program, which offers buybacks as well as flood proofing through house raising and retrofitting packages, has received close to 6000 registrations of interest.
The former NSW government, which in charge of facilitating the scheme, announced the first offer had been made to a home owner last month.
At the time, close consultations were taking place with owners in flood-prone areas, and the government said it would make offers to the 250 living in the areas most at risk by the end of this month.
Before the NSW state election, then-premier Dominic Perrottet defended the scheme's timeline, saying offers could not be made overnight.
"The long-term plan is to get people into homes that are not affected by flooding in a way that works in with the local community," he said.
"It's not for the government to come in and dictate to locals in relation to what they should do or where they should live."
© AAP 2023
- Details
- Written by Grant Broadcasters
- Category: Received
- Hits: 77
NSW Premier Chris Minns has paid tribute to the resilience of the people of the Northern Rivers, pledging not to forget them during a tour of the flood-worn town of Lismore.
"It's really important that the new government sends a message to the businesses and to the community that lives in this part of NSW that we are there with them for the long haul," he said on Tuesday.
"There's a real spirit that is evident in the main street of Lismore. It's a resilience and an optimism that you don't find in many parts of NSW or Australia or the world."
Lismore and surrounding areas were hit by devastating floods just over one year ago that destroyed 5000 homes, killed five people and upended the community.
In October, the state and federal governments committed $700 million to rebuilding the region, including $520 million set aside for buying back homes from those most at risk of future floods.
But locals have raised concerns about the government agency handling the buybacks, the Northern Rivers Reconstruction Corporation, saying it has failed to complete a single buyback.
Re-elected Lismore Labor MP Janelle Saffin - who swam to safety then helped others escape the 2022 floods - said she wanted to see more transparency from the reconstruction corporation and a greater sense of urgency.
She is calling for the corporation to publicly release its program of works as soon as possible.
Ms Saffin added that Lismore should be re-imagined when it was rebuilt, as was done during the reconstruction of Christchurch in New Zealand following its 2011 earthquake.
"We have to manage our own expectations, that this is going to be slower than we would like," she said.
"But to people who are still living in a caravan in the shells of their houses I say we are with you."
So far, 68 offers for buybacks have been made, however no owner has completed a settlement.
Valuations have been carried out on 252 properties, with 510 homeowners deemed eligible for a buyback.
The program, which offers buybacks as well as flood-proofing through house-raising and retrofitting packages, has received almost 6000 registrations of interest.
The former NSW government, while in charge of facilitating the scheme, announced the first offer had been made to a homeowner last month.
Ms Saffin said she understood there was some confusion and uncertainty in the community about how the scheme worked.
"The NRCC has a plan to do some relocatables and also have some land ready ... we will have to talk with the Australian Banking Association because there are issues there that we will have to work out," she said.
Mr Minns said it was important that when government funds were offered for relocation there were options for people to stay in the region.
"We want to keep Lismore together," he said.
© AAP 2023
- Details
- Written by Grant Broadcasters
- Category: Received
- Hits: 66
A primary school-aged girl has been flown to hospital after a dingo attacked her while she swam at Queensland's Fraser Island.
The girl was swimming in shallow water on the eastern side of the popular destination island on Monday when the dingo grabbed her, attempting to hold her underwater.
Nearby family members were able to free the girl from the animal, however she suffered bites to her head and fingers.
An RACQ LifeFlight Rescue arrived about 5pm. The girl was treated by paramedics and a critical care doctor before being flown to Hervey Bay Hospital in a stable condition.
Late last year, a five-year-old boy was flown to hospital after being jumped on by a dingo that bit his arm, head and buttocks while playing on a beach at Fraser Island, also known as K'gari.
© AAP 2023
Page 301 of 1496