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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including CoreLogic’s latest findings, which suggest national home values have increased at the fastest pace in over 30 years, and why he isn’t quite sure this is the case.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring travel stocks, the rising popularity of NFTs and what they are, as well as the sudden meltdown of Archegos Capital Management.

And lastly, tax and super guru Timothy Munro gives his thoughts on Paul Keating’s early release of super verdict, as well as an overview of life after JobKeeper.

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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Home values up 30% (or are they); NFTs taking the world by storm, and why Keatin...

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How much is the wagyu and shiraz case costing taxpayers?

By Cameron Micallef

August 12 2020
Share

Invest

How much is the wagyu and shiraz case costing taxpayers?

By Cameron Micallef
August 12 2020

ASIC has disclosed the preliminary legal bill for its responsible lending case against Westpac.

How much is the wagyu and shiraz case costing taxpayers?

By Cameron Micallef

August 12 2020
Share

ASIC has disclosed the preliminary legal bill for its responsible lending case against Westpac.

The case centred on Westpac’s use of an automatic process to approve hundreds of thousands of home loans, substituting would-be borrowers’ actual living expediter for a relatively low benchmark, the Household Expenditure Measure.

In his judgment last year, Justice Perram found that a customer’s current living expenses weren’t an important indicator of whether they could afford the loan, contending expenses could be cut if necessary.

The Australian Securities and Investments Commission (ASIC) has revealed that its proceedings against Westpac Group for alleged breaches of responsible lending have cost taxpayers at least $1.83 million.

The costs include expenses from a pre-litigation investigation of Westpac’s conduct, as well as charges associated with proceedings in the Federal Court and the regulator’s appeal to the Full Federal Court.

However, the costs exclude Westpac’s litigation expenses, which the court ordered ASIC to pay after its appeal was dismissed.

ASIC stated that Westpac is yet to disclose its expenses to the corporate regulator.

The litigation costs were revealed in a response to a question on notice from Liberal senator and chair of the parliamentary joint committee on corporations and financial services, James Paterson, from a public hearing held last month.

The public hearing was held prior to ASIC’s decision to accept the Full Federal Court’s judgement, which the regulator had considered appealing to the High Court.

Senator Paterson had questioned whether a move to take the matter to the High Court would be counterintuitive.

“As we’ve discussed in this case previously, it’s ASIC’s aspiration to have clarity in the law and that’s what you said the appeal could provide,” he said.

“Obviously, that clarity could also be provided by ASIC accepting the court’s ruling of what the law is.

“Now that you’ve appealed once and been unsuccessful, is it really wise for ASIC to create further uncertainty with another appeal?”

The regulator has since announced that in light of the Full Federal Court’s decision, it would review its updated regulatory guidance and consider the implications of the Federal Court’s decision on compliance practices.

ASIC issued its new guidance in December 2019, after holding two rounds of public consultation with industry stakeholders.

The principles-based guidance was designed to provide lenders with greater clarity and flexibility amid uncertainty off the back of scrutiny from the banking royal commission.

However, ASIC has stressed that prospective reforms of the National Consumer Credit Protection Act to further clarify the enforcement of responsible lending obligations is “ultimately a matter for the federal government and Parliament”.

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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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