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ANZ Says Property Tax Changes Hit Mortgage Demand, Posts Slightly Higher Profit
The bank said mortgage demand has eased since the May budget, while cash profit rose 7% and it lifted its final dividend to $2.70.
- On Wednesday, Commonwealth Bank reported an $11 billion cash profit, a 7 per cent annual increase, while raising its final dividend to $2.70 per share, up from $2.60 last year.
- Home loan applications at CBA have fallen 15 per cent since the May budget, reflecting industry-wide cooling in housing activity following government moves to clamp down on property investor borrowing.
- Westpac reported a 20 per cent decline in home loans since the budget, while National Australia Bank noted its Australian home loan applications dropped 15 per cent in the June quarter.
- Commonwealth Bank Chief Executive Matt Comyn described the Australian economy as resilient despite slowing growth from higher interest rates and inflation, though businesses face mounting pressure on input costs.
- Although housing activity has softened from a high base, application volumes appear to have stabilized in recent weeks, suggesting the sharp decline following the May budget may be leveling off.
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Major bank reports massive drop in loan applications | ABC News Top Stories - ABC listen
Another major bank has reported a massive drop in home loan applications as Australia goes through a housing downturn. The Federal Government and the Coalition are edging closer to striking a deal on gambling advertising reforms. Ethical questions have been raised about a US Secret Service ruse that used a plane full of journalists and White House staff as a possible "decoy" to protect President Donald Trump from an alleged Iranian threat. Pres…
·Ultimo, Australia
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Total News Sources16
Leaning Left3Leaning Right3Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 27%
C 46%
R 27%
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