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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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Aussie banks set for more pain as cost of culture rises

By Cameron Micallef · July 11 2019

Reading:

Invest

Aussie banks set for more pain as cost of culture rises

By Cameron Micallef
July 11 2019

Reading:

Aussie banks set for more pain as cost of culture rises

By Cameron Micallef · July 11 2019

Reading:

Investor favourites are once again in the firing line as the Australian Prudential Regulation Authority forces three of the big four to hold an additional $500 million each.

The banking regulator has written to ANZ, National Australia Bank (NAB) and Westpac advising them to raise their minimum capital requirements as part of risks identified in their risk governance and self-assessment.

This follows instructions to have additional capital to withstand market volatility.

APRA chair Wayne Byres believes the Australian banks are well financed but need improvement on non-financial risks, such as paying out remediation.

“The major banks play a vital role in the stability of the entire financial system, and APRA expects them to hold themselves to the highest standards of risk governance,” said Mr Byres.

“Their self-assessments reveal that they have fallen short in a number of areas, and APRA is therefore raising their regulatory capital requirements until weaknesses have been fully remediated,” continued Mr Byres.

This follows an increase in capital requirements in May last year, where APRA imposed a $1 billion capital add-on to the Commonwealth Bank of Australia (CBA) in response to the findings of the APRA-initiated Prudential Inquiry into CBA.

“Australia’s major banks are well capitalised and financially sound, but improvements in the management of non-financial risks are needed,” said Mr Byres.

“This will require a real focus on the root causes of the issues that have been identified, including complexity, unclear accountabilities, weak incentives and cultures that have been too accepting of longstanding gaps,” continued Mr Byres.

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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.