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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Financial risks must consider cost of climate change: APRA

By Grace Ormsby · February 28 2020

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Borrow

Financial risks must consider cost of climate change: APRA

By Grace Ormsby
February 28 2020

Reading:

Financial risks must consider cost of climate change: APRA

By Grace Ormsby · February 28 2020

Reading:

Australia’s prudential banking regulator has acknowledged the financial risks associated with climate change, saying it will be developing a practice guide and a vulnerability assessment for financial institutions.

An open letter from the Australian Prudential Regulation Authority’s (APRA) executive board member Geoff Summerhayes has revealed how looking ahead, “the financial risks of climate change will continue to be a focus of APRA’s efforts to increase industry resilience”.

Mr Summerhayes highlighted how many industry participants have indicated they would like APRA to provide more information on better industry practice in relation to climate-related financial risks.

He noted how a number of large entities already understand the financial risks and opportunities arising out of a changing climate.

Following on from that, the authority has recognised a need to address the climate data deficit and quantify the likely impact of the physical, transitional and liability risks of climate change as well as appropriately assess and price such risks.

According to the letter, this “needs to ultimately be tackled through scenario analysis, stress testing and disclosure of market-useful information”, and will allow well-managed entities to minimise their costs and optimise any benefits.

As a result, APRA is intending to develop and consult on a climate change financial risk prudential practice guide.

This won’t establish new obligations on authorised deposit-taking institutions and financial service providers, Mr Summerhayes said.

Instead, it is designed to “assist entities in complying with their existing prudential requirements”.

In addition to the practice guide, the executive indicated APRA will be seeking to undertake a climate change financial risk vulnerability assessment, beginning with Australia’s largest authorised deposit-taking institutions.

Mr Summerhayes explained how “the vulnerability assessment will involve entities estimating the potential physical impacts of a changing climate, including extreme weather events, on their balance sheet, as well as the risks that may arise from the global transition to a low-carbon economy”.

APRA will undertake this work in conjunction with the Reserve Bank of Australia and the Australian Securities and Investments Commission.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.