Regulation

A multimillion-dollar class action has been filed against the New Zealand units of ANZ and CBA, alleging failure to refund wrongfully charged loan fees to 150,000 customers.

The return of migrants once borders reopen is expected to spur stronger unit price growth and close the gap with detached houses, according to an economist.

Introducing macroprudential measures without “adequate consultation” could result in “anti-competitive” consequences, the customer-owned banking association has warned.

Constructing an extra 50,000 homes a year over a decade could result in house prices and rents being up to 20 per cent lower, the Grattan Institute has estimated.

The Treasurer has met with regulators to discuss the housing market and consider whether “carefully targeted and timely adjustments” are required.

The platform has become the first private sector exchange accredited under the ​​Trusted Digital Identity Framework.

The IMF has urged Australia to consider reforms around housing supply and lending standards, citing apprehension around the upsurge in property prices.

The regulator is set to release information setting out how it would use macroprudential policy tools, after expressing concerns around the housing and lending markets.

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability amid surging house prices.

Risks to financial stability could be building as house prices and debt levels keep rising, the Reserve Bank has cautioned.