Economy

A decline in property prices in some capital cities has reduced the time needed to save for a deposit, particularly in Sydney.

The non-major bank has announced a swathe of changes to its leadership team and organisational structure, which includes the resignation of its chief executive.

Consumer sentiment has dropped to a four-year low, with the RBA’s interest rate cuts potentially fuelling insecurities about the global economy, according to new research.

Australia’s financial regulators have downplayed the contribution of APRA’s mortgage serviceability changes on credit growth.

APRA is “keen to see” new entrants in the banking space that can “force incumbents to up their game”.

ABS data shows that the number of new dwelling commencements increased by 1.1 per cent in the June quarter, however building commencements are still expected to drop.

Australia’s regulators have stressed that they have no intention of tightening credit conditions further amid ongoing work to revise responsible lending guidance.

The Tasmania-based bank has appointed Gary Dickson to the role of interim CFO.

Final auction clearance rates across the country are due to dip below 70 per cent for the first time since mid-August, according to CoreLogic.

A big four bank has revealed that its second-half cash profit will be impacted by an additional $559 million in remediation costs.