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The Victorian government has confirmed its intention to abolish stamp duty replacing it with an annual property tax aimed at bolstering new housing development prospects.

Increasing costs to foreign investors will not be the solution to improving housing affordability, the housing industry has warned.

Surging housing and rental prices and rising interest rates have exacerbated housing affordability conditions, REIA has found.

The statement has emphasised the government’s commitment to an independent Reserve Bank as well as outlining the objectives of monetary policy.

The major bank chief executive has been appointed chair of the Australian Banking Association for the next two years.

Borrowers will be able to connect virtually with a home loan banker within 15 minutes, according to a new move by a big four bank.

Increased interest rates, inflationary pressures, and tax offset removals have eaten away at household savings, the ABS has found.

The major bank’s subsidiary has announced the introduction of additional progress payments to support Western Australia’s housing supply.

Capital cities that have led the home price recovery have recorded slowing growth, PropTrack has found.

Financial institutions will be able to offer a new form of personal advice, following a move by the government to create a new breed of ‘qualified advisers’.

The mortgage lender has lowered its serviceability buffer from 2 per cent to 1.5 per cent for certain borrowers, in a bid to help more broker clients access finance.

Households have remained resilient in servicing increased mortgage costs despite interest rate rises, CoreLogic’s head of research has said.

Credit risk has shown a positive turnaround towards the end of 2023, despite rising interest rates, new data has found.

Recent reforms in South Australia’s residential tenancy laws will implement specific grounds for terminating or declining to renew a tenancy.

Local e-conveyancing providers are “taking several steps to ensure we remain vigilant” in the aftermath of the cyber attack overseas.