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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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RBA provides banks with $9 billion in liquidity

By Cameron Micallef

March 16 2020
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Borrow

RBA provides banks with $9 billion in liquidity

By Cameron Micallef
March 16 2020

The Reserve Bank of Australia has met a sharp increase in demand for additional liquidity from the banks in light of the growing market uncertainty from market volatility.

RBA provides banks with $9 billion in liquidity

By Cameron Micallef

March 16 2020
Share

The Reserve Bank of Australia has met a sharp increase in demand for additional liquidity from the banks in light of the growing market uncertainty from market volatility.

The Reserve Bank of Australia (RBA) has provided the banking sector with a significant liquidity boost on the overnight money market, purchasing bank assets through repurchase (repo) agreements totalling $8.8 billion – well above the daily average.

Over 60 per cent ($5.6 billion) of the transactions involved the purchase of transaction terms of 95 days.

This follows a similar move from the US Federal Reserve following President Donald Trump’s ban on travel from Europe in light of the coronavirus (COVID-19) outbreak.

President Trump’s decision sent ripples through international markets, including Australia, prompting traders to sell assets and strain liquidity in credit markets.

RBA governor Philip Lowe hinted at providing the banking sector with liquidity support following the monetary policy board’s decision on the official cash rate to a new record low of 0.5 per cent earlier this month.

“Australia’s financial markets are operating effectively, and the bank will ensure that the Australian financial system has sufficient liquidity,” Mr Lowe said.

The RBA’s response to demand for additional liquidity from Australia’s banking sector also followed Prime Minister Scott Morrison’s release of a $17.6 billion stimulus package to help support the domestic economy as it grapples with economic side effects of COVID-19.

The RBA will now conduct repo operations of six months maturity or longer at least weekly as long as the market conditions warrant a response. It will also continue to conduct one-month and three-month repo operations until further notice.

“Australia’s financial institutions, market participants and market infrastructure providers have undertaken substantial investments in their operational capability to deal with the effects of the virus,” the Council of Financial Regulators said in a statement.

“At the same time, trading liquidity has deteriorated in some markets, and financial institutions are having to adjust to a more volatile environment. The financial regulators are in regular contact with financial institutions, market participants and market infrastructure providers.”

The announcement comes as ASIC issues directions to a number of large equity market participants requiring them to limit the number of trades executed each day until further notice.

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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.

About the author

Cameron Micallef

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