array(1) { [0]=> &object(stdClass)#6243 (52) { ["id"]=> string(5) "17060" ["title"]=> string(120) "Do lockdowns boost property prices? Are short-sellers levelling the playing field? Did you lodge your tax returns early?" ["alias"]=> string(117) "do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["introtext"]=> string(196) "

On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

" ["fulltext"]=> string(1111) "

Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

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

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "302" ["created"]=> string(19) "2021-07-13 05:06:29" ["created_by"]=> string(4) "2404" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2021-07-13 07:59:56" ["modified_by"]=> string(4) "2404" ["modified_by_name"]=> string(12) "Robyn Tongol" ["publish_up"]=> string(19) "2021-07-13 07:55:25" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(240) "{"image_intro":"images\/podcasts\/230221_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg","float_intro":"","image_intro_alt":"","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(855) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","send":"0","test":"0","comments":"1","readingDiff":"3","schema_active":"0","schema_name":"","schema_description":"","schema_thumbnailUrl":"","schema_uploadDate":"","schema_duration":"","schema_contentUrl":"","schema_embedUrl":"","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(105) "lockdowns, boost, property, prices, short, sellers, levelling, playing, field, lodge, tax, returns, early" ["metadesc"]=> string(200) "On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021. Steve W" ["access"]=> string(1) "1" ["hits"]=> string(3) "139" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "1111" ["ordering"]=> string(1) "0" ["category_title"]=> string(7) "Podcast" ["category_route"]=> string(17) "resources/podcast" ["category_access"]=> string(1) "1" ["category_alias"]=> string(7) "podcast" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "82" ["author"]=> string(12) "Robyn Tongol" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(9) "Resources" ["parent_id"]=> string(3) "300" ["parent_route"]=> string(9) "resources" ["parent_alias"]=> string(9) "resources" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#6356 (3) { ["data":protected]=> object(stdClass)#6144 (95) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["menu-meta_description"]=> string(138) "Finance, credit and debt feel like a minefield? From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-07-13 07:55:25" ["slug"]=> string(123) "17060:do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(136) "/resources/podcast/do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["image"]=> string(65) "images/podcasts/230221_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

Latest Podcast

Do lockdowns boost property prices? Are short-sellers levelling the playing fiel...

Resources

There is $17.5 billion in lost and unclaimed super across ...

Borrow

Big banks caught up in new junk insurance class actions

By Grace Ormsby

February 28 2020
Share

Borrow

Big banks caught up in new junk insurance class actions

By Grace Ormsby
February 28 2020

Two new class actions have been filed in the Federal Court today on behalf of customers sold junk insurance by ANZ and Westpac.

Big banks caught up in new junk insurance class actions

By Grace Ormsby

February 28 2020
Share

Two new class actions have been filed in the Federal Court today on behalf of customers sold junk insurance by ANZ and Westpac.

Slater and Gordon announced it has filed the actions, based on claims of unconscionable conduct, inappropriate advice, misleading or deceptive conduct and unjust enrichment.

nestegg first reported on the firm’s intention to go after the banks on the issue of junk insurance in November 2019.

The class actions relate to consumer credit insurance added to credit cards and personal loans issued by ANZ and Westpac.

It is alleged that the added-on insurance policies provided consumers with little or no benefit, but generated “hundreds of millions of dollars” in revenue for the banks and insurers.

Slater and Gordon is also alleging that the insurance was added on to customers’ loans and credit cards without the consent of customers or without them being told it was optional.

Commenting on the lawsuits, Slater and Gordon practice group leader Andrew Paull has said that, “for too long, banks have abused their power by selling junk insurance products, adding thousands to their customers’ credit card bills or personal loan repayments while providing little or no benefits to the customer”.

ANZ and Westpac stopped selling junk insurance last year, while ASIC recently placed an outright ban on the practice of cold calling potential customers.

While Mr Paull called these actions “welcome developments”, he still considered that “not enough has been done to compensate the past victims of these predatory sales tactics”.

“The customers we’ve spoken with trusted the big banks. They were ripped off and continue to be out of pocket after being pressured to sign up to worthless insurance cover,” Mr Paull said.

He highlighted how many people who were sold the insurance had disabilities, were unemployed or were critically ill.

This meant they would not have been eligible to claim on the policies anyway.

“Others were led to believe the insurance they bought was free, or mandatory,” he continued.

“Neither was the case.”

Mr Paull outlined that the banks “enjoyed extraordinary profit margins on these products”.

“Between 2011 and 2018, ANZ paid out claims totaling just 6.9 cents for every dollar they collected in credit card insurance premiums,” he stated.

In comparison, motor vehicle insurance pays out approximately 85 cents for every dollar of premiums.

Anyone who has purchased ANZ Credit Card Insurance, ANZ Personal Loan Protection, Westpac Credit Card Repayment Protection, Westpac Flexi Loan Repayment Protection or Westpac Personal Loan Protection since 2010 may be eligible for inclusion in the class action, with Slater and Gordon encouraging potential victims to head to its website for more information.

Both consumer credit class actions will be run on a no win, no fee basis.

Slater and Gordon has previously settled a similar case with NAB for $49.5 million after it was revealed nearly half a million Australians were affected by the bank’s junk credit policies.

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates

Rate the article

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.

About the author

Grace Ormsby

Loans

What does COVID-19 mean for my HECS debt?

Australia’s consumer price index has been bumped up and down during the COVID-19 pandemic, but what does that mean if you have a HECS debt? ...Read more

Loans

ME Bank faces criminal charges

The corporate regulator has filed criminal charges against ME Bank, alleging false and misleading behaviour and breaches of the Credit Act. ...Read more

Loans

Australia’s largest bank begins to lift rates in a sign of things to come

Record-low interest rates could be a thing of the past as Australia’s largest bank begins to lift rates, despite the RBA’s ongoing “lower for longer” narrative. ...Read more

Loans

Responsible lending laws set to stay

The controversial axing of responsible lending laws appears all but over, as independent senators announce they will not support the legislation. ...Read more

Loans

Westpac introduces a savings buffer for distressed mortgage customers

Westpac is looking to make life a little easier for financially distressed customers by introducing a savings buffer to its existing suite of mortgage products. ...Read more

Loans

New loan commitments reach record high

Record-low interest rates are leading to record-high new loan commitments as investors and first home buyers flood the market, official figures have revealed. ...Read more

Loans

Rate of inflation disappoints, silencing interest rate doomsayers

Speculation that the likelihood of rising March quarter inflation data would signal the prospect of interest rate rises has predictably once again fallen well wide of the mark, an economist has said. ...Read more

Loans

Home loan commitments crash for the first time since May

New loan commitments for housing have declined for the first time since May 2020, but months of growth have ensured records have been maintained, new data has shown. ...Read more