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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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Borrow

NAB to raise $3.5 billion as earnings fall

By Cameron Micallef · April 27 2020

Reading:

Borrow

NAB to raise $3.5 billion as earnings fall

By Cameron Micallef
April 27 2020

Reading:

NAB to raise $3.5 billion as earnings fall

By Cameron Micallef · April 27 2020

Reading:

One of Australia’s largest banks has launched a multibillion-dollar capital raising, as well as slashed dividends and executive pay, as the fallout from COVID-19 affects its bottom line.

NAB has announced a trading halt as the bank prepares to undertake a capital raising.

The big four bank announced a 51 per cent decrease in half-yearly net cash profit to $1.44 billion, with a net profit of $1.31 billion.

NAB slashed the fixed remuneration of its executives by 20 per cent and its interim dividend to 30 cents a share.

“We acknowledge you are feeling the pain of significant recent drops in the value of your investments across the market,” CEO Ross McEwan said in a letter to shareholders. “Many of you rely on investments for your livelihood, particularly in retirement. We also know that reducing the 2020 interim dividend to 30 cents per share has a direct impact on our shareholders, and those invested in NAB through their superannuation.”

“These actions are intended to provide us with sufficient capacity to continue supporting our customers through the challenging times ahead, as well as increasing our capital level to assist to manage through a range of possible scenarios, including a prolonged and severe economic downturn.”

The bank also launched a $3 billion capital raising in order to strengthen its buffer against credit losses.

Macquarie Bank and Goldman Sachs will lead the capital raising undertaken by the bank.

nestegg has taken a look at what recapitalisations can mean for shareholders, here.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.