Economy

The contentious rate hikes that characterised the mortgage market in FY17 have made little difference to the mortgage profitability of Australia’s largest lenders.

The LMI provider continues to see its profits slide, but CEO Georgette Nicholas believes that the group’s third-quarter results were strong and reflected the group’s resilience.

The leading economist has pointed to auction clearance rates as an obvious indicator that the Sydney property market has turned.

Artificial intelligence is “not going to take our jobs immediately”, a leading futurist has said, suggesting that “human-level AI” will not become “general” for at least another 30 years

The New Zealand government’s decision to ban foreign buyers from its residential market may present Australians, who were excluded from the ban, with greater investment opportunities.

Capital gains have dipped since their November 2016 peak, with some markets holding steady, but prices remain down in Sydney, Perth and Darwin.

The Turnbull government will introduce mandatory comprehensive credit reporting (CCR) from 1 July 2018 in what it anticipates will be a “game changer” for lenders and consumers.

The head of a regional bank has explained the impact that APRA’s lending curbs have had on the group’s mortgage portfolio as it refocuses on different market segments.

Federal Treasurer Scott Morrison has outlined how removing the prohibition of the term “bank” could lead to a “flood of new online lenders” and drive rates down for consumers.

Australians have switched approximately $59 billion worth of home lending from investor to owner-occupier mortgages since July 2015, according to the central bank.