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Government to probe regional bank branch closures

Details: The Regional Banking Taskforce will include members from government and from the banks to evaluate how branch closures have impacted local businesses, industries and communities. It will also consider potential solutions. Assistant Treasurer and Minister for Housing Michael Sukkar will co-chair the group, alongside NSW senator Perin Davey.

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Government urged to expand HomeBuilder to social housing

Details: Ahead of the government’s budget for the year 2021-2022 (scheduled for 11 May), Everybody’s Home is urging the government to consider expanding the scheme to have a social housing angle. Kate Colvin, national spokesperson for Everybody’s Home, said: “The $100 billion stimulus impact of HomeBuilder is great news for construction. If we

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Regional Australia needs a home guarantee, government told

Details: Regional Australia needs a home guarantee, government told. By Sarah Simpkins. 15 November 2021. In property markets faced with supply and lending issues, an economist has urged the government to launch a second rendition of the HomeBuilder program, specific to regional buyers. Kim Houghton, chief economist from think tank Regional Australia

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Government urged to hit pause button on banking reform

Details: The government’s agenda of banking reforms – administered through APRA, ASIC, and the ACCC — includes the extension of the Financial Accountability Regime, new breach reporting obligations, the Consumer Data Right …

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Government to review Pension Loans Scheme rates

Details: The federal government is to review the interest rates charges on the Pension Loans Scheme, which allows retirees to supplement their retirement income by drawing down in equity in their homes. The current interest rate for reverse mortgages under the government’s Pension Loans Scheme (PLS) is 5.25 per cent.

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Government ‘lays the tracks’ for data economy

Details: The government will be required to seek the advice of the ACCC and the OAIC when deciding whether the CDR should apply to new sectors or datasets. The bill also stipulates that a government review of the CDR be completed by 1 January 2022 to “confirm that the system is operating as intended” and to assess the impacts of the system on

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Government to axe responsible lending laws

Details: Government to axe responsible lending laws. The federal government has unveiled a plan to overhaul responsible lending laws by shifting from a “lender beware” model to a “borrower responsibility” model and stripping ASIC of its enforcement powers. Commonwealth Treasurer Josh Frydenberg has announced that the government will move to

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Government unveils housing stimulus

Details: Government unveils housing stimulus. The federal government has announced a new $700-million housing stimulus package aimed at rekindling property market activity. A $25,000 grant will be available to owner-occupiers “substantially renovating” or building a new home from 4 June to 31 December 2020, as part of the Morrison government’s new

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Morrison government names new DTA CEO

Details: The Morrison government has announced that Christopher Fechner will serve as the next CEO of its Digital Transformation Agency (DTA), replacing acting CEO Peter Alex ander. Mr Fechner is expected to commence his role from 13 October, where he will serve for a period of five years.

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Will an open-minded government keep SMSF lending alive

Details: No time frame has been provided by the government on this matter; however, Treasury consultation on recommendations from the FSI Panel’s final report is open until 31 March 2015. But an open mind is a positive step to ensure that this legislation gets a ‘fair hearing’ to benefit those right for such a strategy.

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Second chance for government's unused FHB grants

Details: The government will roll over more than 4,500 unused grants from the Home Guarantee Scheme, giving aspiring first home buyers a second chance. In a joint announcement, Prime Minister Scott Morrison and Minister for Housing Michael Sukkar have declared the government will reissue 4,651 unused grants for first home buyers under the Home Guarantee

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Lender warns government over TFF inequalities

Details: The term funding facility (TFF), launched by the government and run by the Reserve Bank of Australia for the banking system, is aimed at supporting the flow of credit to small and medium-sized businesses by providing authorised deposit-taking institutions (ADIs) with funds.. Under the initial TFF, ADIs would be able to access three-year funding facilities at a fixed rate of 0.25 per …

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Government to screen all foreign investment

Details: “The government recognises that foreign investment will play an important part in helping many businesses get to the other side – securing jobs and supporting our economic recovery. “However, these measures are necessary to safeguard the national interest as the coronavirus outbreak puts intense pressure on the Australian economy and

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Vic extends first home owner grant amid COVID-19 crisis

Details: The change will be included in legislation that the government is looking to pass in the emergency sitting of Parliament this week. In 2017, the Labor government in Victoria doubled the regional FHOG from $10,000 to $20,000 to tackle housing affordability. Since then, more than 8,800 regional FHOGs have been provided, which have resulted in savings of $176 million for …

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NZ government scraps capital gains tax

Details: NZ government scraps capital gains tax. By Tas Bindi. 23 April 2019. The New Zealand government has announced that it would not proceed with the proposal to impose a capital gains tax due to lack of public support. The Prime Minister of New Zealand, Jacinda Ardern, has ruled out the introduction of a capital gains tax (CGT) under her leadership

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Government to revamp Pension Loans Scheme

Details: The federal government will reduce rates on the Pension Loans Scheme and rebrand the initiative from next year. The Morrison government has announced that it will reduce the compound interest rate on the Pension Loans Scheme mortgages from 4.50 per cent to 3.95 per cent per annum from 1 January 2022. The scheme allows older Australians to get a

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Government announces $800m digital business plan

Details: Under the plan, the government will provide more than a quarter of a billion dollars ($256.6 million) to develop a digital identity system. While the system will initially enable “more secure and convenient engagement with government services”, the government has said that it would later help users engage with the private sector, too.

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Government committee questions LMI structures

Details: Government committee questions LMI structures. By Annie Kane. 15 September 2021. Members of Parliament are considering ways in which housing affordability can be improved, with one MP suggesting that LMI was a “rort” in need of reform. On Tuesday morning (14 September), the House of Representatives’ standing committee on tax and revenue

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Government eyes tighter tax policy for foreign investors

Details: The government has opened consultation on its Treasury Laws Amendment (Stapled Structures and Other Measures) Bill 2018 exposure draft legislation, aimed at limiting the tax concessions currently available to foreign investors.. The consultation follows a government announcement for a package measure of stapled structures (the arrangement where two or more entities that …

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Government inquiry calls for banking tribunal

Details: The report also recommended that the government consider loosening the rules around banking licensing to increase competition. The major banks should also be required to engage an independent third party to undertake a full review of their risk management frameworks by July 2017, said the report.

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Government, banks mull action on loan deferrals

Details: Government, banks mull action on loan deferrals. The federal government has held talks with the heads of Australia’s major banks to discuss an “orderly transition” for borrowers on repayment holidays. Treasurer Josh Frydenberg has revealed that the federal government has held discussions with Australia’s largest lenders and the Reserve

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NSW government announces $2.3bn stimulus package

Details: The NSW government has announced a $2.3 billion stimulus package, aimed at protecting the health system and broader economy in the wake of the coronavirus (COVID-19) outbreak. This package, which will be rolled out over the next six months, has two key components – $700 million in extra health funding and $1.6 billion in tax cuts to support jobs.

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Government backs APRA review of capital requirements

Details: Government backs APRA review of capital requirements. Treasurer Scott Morrison has announced the government’s endorsement of APRA’s decision to take on capital requirements in ensuring that the nation’s banks are “unquestionably strong”. Addressing a Summit event in Sydney last Thursday, Treasurer Scott Morrison underscored that the

› Verified 8 days ago

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Government to ‘immediately’ review financial counselling

Details: Following on from the release of the final report from the banking royal commission, and the official government response, Treasurer Josh Frydenberg and Minister for Families and Social Services Paul Fletcher have announced an immediate review into financial counselling.. The two ministers noted that the final report reads: “The desirability of predictable and stable funding …

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Government denies it ‘lied’ about ALP housing policy

Details: Government denies it ‘lied’ about ALP housing policy impacts. By Annie Kane. 09 January 2018. The Minister for Revenue and Financial Services has dismissed claims that the government overstated the impacts of Labor’s 2016 housing policies, following the release of confidential documents from Treasury. This week, the ABC published some

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Government consults on BEAR regime

Details: The federal government has released further information on how the Banking Executive Accountability Regime will be implemented. Legislated by the Turnbull Government in February, BEAR imposes higher s

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Government under pressure to appoint housing minister

Details: The Turnbull government has been warned that a strong national focus on housing is critical to retaining Australia’s AAA credit rating, after claiming election victory on Sunday. Harley Dale, chief

› Verified 9 days ago

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Rethink capital gains tax, NSW tells federal government

Details: The NSW government has made the call in a submission to the ongoing parliamentary inquiry into housing affordability.. It has argued current tax settings, such as the 50 per cent discount on capital gains tax arrangements for property and negative gearing, the ability to offset rental losses against taxable income, have boosted house prices – favoring investors and pushing first …

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Government needs to regulate overseas sellers

Details: The government needs to adopt a holistic approach to this problem, which includes the implementation of legislative changes to ensure all overseas, as well as local, agents selling Australian property must hold the appropriate licences to do so.

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BNPL to face new regulations under payment reforms

Details: The government’s new reform plan has taken findings from the government-commissioned Farrell Payments System Review, the Senate select committee on Australia as a technology and financial centre (formerly the Senate’s fintech committee) and a parliamentary inquiry into mobile payments and digital wallets.

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Dwelling investment to detract from growth, says government

Details: The government said that it would also look to reduce the nation’s debt to zero by 2029-30. “The government’s continued focus on spending restraint has ensured that surpluses are being delivered while at the same time providing lower taxes for hard-working Australians and guaranteeing the essential services Australians rely on,” the budget reads.

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Government welcomes ASIC red tape reduction mandate

Details: The government has applauded ASIC’s plans to form a new unit focussed on cutting regulatory costs for businesses, as it has slashed levies for financial …

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Vic government urges action on credit card rates

Details: The government’s call for policy change around credit card interest rates has followed a recent appearance by Dr Philip Lowe in a Senate standing committee on economics legislation hearing, in which Dr Lowe expressed frustration that some credit cards continue to charge interest rates of 20 per cent or more despite the RBA lowering the official cash rate to a record low of 0.10 per …

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Calls for HomeBuilder extension as housing approvals rise

Details: Advertisement. Master Builders Australia CEO Denita Wawn agreed and attributed the rise in the number of building approvals for new homes to the federal government’s $688-million HomeBuilder scheme. “Even prior to the start of the COVID-19 crisis, new home building activity in Australia had been in the advanced stages of downturn.

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Government rejects calls for CBA royal commission

Details: The government backed CBA’s Open Advice Review Program and enforcement by ASIC as the best approach to resolving “any legitimate outstanding grievances” from affected CBA customers. “That is why the government has welcomed the Commonwealth Bank's announcement of the Open Advice Review Program, including the establishment of an

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Government announces new financial literacy board

Details: The Financial Literacy Board is a statutory body designed to offer independent strategic guidance on financial literacy issues to the government and the Australian Securities and Investments Commission (ASIC). The incumbent chair of the board, Paul Clitheroe, is a television personality and director of ipac Securities.

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Government urged to establish HECS-style SME loans

Details: The federal government has been urged by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell, to establish a revenue-contingent loan scheme for small businesses to provide them with the cash flow they need to survive the next 12 months.

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Government seeks to enshrine Consumer Data Right

Details: The Morrison government is set to introduce legislation designed to provide Australians with a Consumer Data Right, as an extension to the open banking regime. Treasurer Josh Frydenberg has announced that the federal government will table a bill in parliament this week, designed to give individuals with a Consumer Data Right (CDR) that would

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Government ‘pleased’ with robust housing market

Details: Government ‘pleased’ with robust housing market. The federal government said it is pleased that higher confidence levels have led to a strong housing market but said that it is “keeping a close eye” on the market. Assistant Treasurer Michael Sukkar made the comments in response to questions from the media about whether the government is

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Government urges states to extend financial literacy

Details: Government urges states to extend financial literacy program. By Charbel Kadib . 27 February 2018 . The Minister for Revenue and Financial Services is calling on the states and territories to support an initiative to extend a financial literacy program for a further four years. States and territories have been invited by the federal government

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Government and industry weigh in on credit curbs

Details: “[The] government, through APRA, took some action and that was to restrict access to interest-only loans. There was also a credit speed limit put on new investor credit, and that has had the desired effect of bringing Sydney and Melbourne housing …

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Government moves on royal commission reforms

Details: Government moves on royal commission reforms. The government has released exposure draft legislation aiming to implement seven further recommendations from the banking royal commission. The legislation is aiming to establish the compensation scheme of last resort (recommendation 7.1 from commissioner Kenneth Hayne’s final report) as well as

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Government responds to big four bank review

Details: Further, the government has tasked the Productivity Commission to undertake a review of competition in the financial system from 1 July 2017. Last week, the government said it was also looking to relax the legislative 15 per cent ownership cap for innovative new entrants, whether through the existing ministerial discretion or legislative change.

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Government blasted for ‘bank bashing’

Details: Mr Sulicich accused the federal government of pursuing a political agenda at the expense of stability in the banking sector, and encouraged policymakers to consider other avenues for regulatory reform. “Instead of scoring points by bank bashing, the government needs to focus on the harder task of enabling a competitive environment in which

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Government retains CDR data standards chair

Details: The government has reappointed the data standards chair for the open banking regime, deciding to keep him on for another year and a half. Andrew Stevens has been retained in the role, where he is responsible for establishing and implementing the regulatory framework and technical and consumer experience standards for the consumer data right (CDR).

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HomeBuilder construction starts extended

Details: The government has now extended the construction commencement requirement for all applicants from six months to 18 months from when the eligible contract was signed (that is, contracts signed 4 June 2020 to 31 December 2020, and contracts signed 1 January 2021 to 31 March 2021). HomeBuilder applications closed last week (midnight Wednesday, 14

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Government urged to enhance FHB scheme

Details: In its 2019-2020 pre-budget submission to the Commonwealth government, the Real Estate Institute of Australia has renewed its call for an expansion of the federal government’s First Home Super Saver Scheme (FHSSS).. The FHSSS enables individuals to contribute a total of $30,000 (and a maximum of $15,000 a year within existing caps) into their …

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