ACC512 Management Accounting for Costs and Control - Free Samples
Owner-occupiers have largely been responsible for holding up the market as many investors have been squeezed out by rising mortgage rates and stricter lending standards imposed by regulators.
"It's probably a little premature to say that we are at a turning point in lending to that segment of the market. But certainly it was a sizeable drop in August," Mr Aird noted.
Investor lending also continued to fall. It is now down more than 20 per cent on a year ago.
Article title: “House price falls to continue as new loans dry up”
The article summarizes trend in home prices. It states that price of house is facing a weak phase following a decline in demand of new mortgages. There is a sharp decline in the number of home loans in recent years. The decline in home loan far exceeds the expected rate of 2.1 percent. It is on a tract of declining beyond 10 percent. It is weakest phase of property market since the hit of global financial crisis. The Commonwealth Bank expects further deflationary pressure in the dwelling market.
The surprising aspect in the housing price trend is the steep fall in loans for owner occupied houses. This category of loans declined by more than 4 percent in a month and over 10 percent in a ye
ar. Increase in the mortgage rate and imposition of stricter regulation drives out many investors from the market (abc.net.au 2018). In the month of August, investment in construction declined by 7.6 percent.
The financial stability review of RBA however has denied existence of any credit crunch in the housing market. The strict regulatory lending standard however benefits non-bank lenders. More than 9 percent borrowing in the owner occupied lending marker is now captured by lenders outside authorized banking organization.
Article title: “Avocado growers say prices have hit their peak while supply continues to skyrocket”
The article describes the current status of avocado market. At present, the avocado market experiences a rapid increase in both price and supply of avocado. There is a good news for avocado lovers that the fruit for which they are willing to pay the most are likely to get cheaper followed by the increasing supply. The demand and supply forces can well explain the scenario of avocado market. Demand for avocado has already been reached to the highest level. It is the seasonal factor that contribute to a decline in price of avocado. Despite plateaued demand of avocado, supply if avocado has kept on increasing in this year. Given the demand, an excess supply result in a sharp drop in avocado prices. The farmers of avocado expect the declining trend in avocado will continue in the future because of plateaued avocado demand. Price of avocado declined by nearly 35 percent each tray.
Supermarkets can consider the current market status of avocado as an opportunity for making higher profits. In the phase of very high price, profit margin of supermarket gets squeezed. In the summer months however avocado still remains dearer. The avocado industry however is expecting future expansion in demand that will absorb the excess supply balancing price.
Article title: “ANZ boss Shayne Elliott urges disgruntled customers to email him directly
This article is about the recent strategy of ANZ to increase customer satisfaction by accomplishing their expectation. Shayne Elliott, the CEO of ANZ is of the view that any financial or emotional stress to the customers on part of the bank is completely unacceptable. Being the CEO of ANZ since 2016, he has made himself accountable for any misconduct to the customers. Mr. Elliott announced that there are around 200 staffs of ANZ who had been dismissed due to the misconduct causing sufferings to the people in Australia. In the past year, ANZ did not give sufficient attention to the misconducts and failure of bank executives harming customers.
The past mistakes not only harmed consumers but are also responsible for down grade in bank’s profit. Complaints regarding financial services has accounted more than fifty percent decline in profit. Most of these complaints are related to product reviews, inappropriate advices and non-offerings of promised services (Logan 2018). The present CEO of the bank not only apologised the customers but also invited bank’s customers to mail him directly regarding any complaints to the given mail address. This is expected to resolve complains of customers at a fast pact benefitting both the bank and the customers.
Article title: “Labor supports fast-tracking tax cuts for small to medium-sized businesses”
Tax rates for small and medium sized enterprises are expected to be reduced at a faster pace than expected following announcement of labour about backing the Coalition plan for tax relief on a fast track. The Federal government recently announced an acceleration in tax rate reduction for business enjoying turnover to the upper limit of $50 million. After a reduction in the said tax rate from 30 percent to 27.5 percent, government has announced a further reduction in the tax rate to 25 percent by 2026 (abc.net.au 2018). The Coalition however has attempted to make the downward revision in the tax rate earlier.
The opposition leader has not completely redundant the proposal and considered whether to ruling in or ruling out. Treasurer and opposition leaders are thinking of supporting the proposal. The opposition leader, Mr. Shorten said that they are ready to compromise national interest rate. They are agreed to incorporate the decision in the bottom line of the budget with one-year delay in introduction of ‘Australian Investment Guarantee’ (abc.net.au 2018). Coalition however has given warning to small business despite agreeing on fast track tax relief. In this regard, the opposition cannot be trusted as the opposition leader disagreed tax concession for small business.
Article title: “Westpac considered passing bank levy onto customers and staff”
Brian Hartzer, the boss of Westpac has agreed that the bank earlier was an unnamed financial institution that was singled out by regulators of competition in the past. The bank has announced to pass on the full cost burden of bank levy to the customer rather than its shareholders. Westpac also considered passing on million-dollar cost burden to staffs of the bank. In the report of Australian competition and consumer act Westpac was pointed an unnamed financial institution among the four bug banks for making shareholders to pay the cost of levy and later shifting the cost burden to the suppliers and customers. Some banks also pass the cost to their staffs.
ACCS carried out an inquiry on the four major banks including Westpac regarding the mortgage pricing in 2017. Over the next four years, the government expects bank levy to increase to $6.2 billion. As against this, Westpac estimated an increase of $370 in the bank levy. It was the first baking institution that took the decision of raising mortgage rate without RBA’s concern (Danckert 2018). Westpac also passed the levy to its staffs. Mr. Hartzer has waned policymaker to remain careful before taking any steps following the recommendation of royal commission.
ABC News. 2018. ANZ sacked 200 staff over banking misconduct. [online] Available at: https://www.abc.net.au/news/2018-10-12/anz-boss-shayne-elliott-fronts-parliament/10368460 [Accessed 14 Oct. 2018].
ABC News. 2018. House price falls to continue as new loans dry up. [online] Available at: https://www.abc.net.au/news/2018-10-12/home-lending-weakness-points-to-house-prices-falling-more/10370044 [Accessed 14 Oct. 2018].
ABC News. 2018. Labor supports fast-tracking tax cuts for small to medium-sized businesses. [online] Available at: https://www.abc.net.au/news/2018-10-12/labor-supports-fast-tracking-the-tax-cuts/10369226 [Accessed 14 Oct. 2018].
Danckert, S. 2018. Westpac considered passing bank levy onto customers and staff. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/business/banking-and-finance/westpac-considered-passing-bank-levy-onto-customers-and-staff-20181011-p5094q.html [Accessed 14 Oct. 2018].
Logan, T. 2018. Avocado prices set to fall as supply smashes demand. [online] ABC Rural. Available at: https://www.abc.net.au/news/rural/2018-10-11/avocado-prices-hit-their-peak/10360012 [Accessed 14 Oct. 2018].
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