Perth housing and unit prices slump

Perth housing and unit prices slump

Perth's median house price has fallen by $20,000 in the June quarter - the largest drop in two years. The Real Estate Institute of Western Australia said the metropolitan median house price dropped from $550,000 to $530,000 while the cost of units, apartments, villas and townhouses fell from $440,000 to $420,000. REIWA president David Airey said it was a similar story in the regions with the med…

  • CBA wins Federal Court case AAP - Fri, Jul 31, 2015 11:57 PM NZST
    CBA wins Federal Court case

    Environmental groups have lost their legal battle with Australia's largest bank over the reporting of its financing of carbon pollution. Environment activists took the Commonwealth Bank to court last year after it refused to put to shareholders two resolutions at its annual general meeting concerning its financing of fossil fuel projects. The bank argued that the resolutions were not valid because shareholders cannot interfere with the board's power to manage the business.

  • Petrol prices set to fall in coming months AAP - Fri, Jul 31, 2015 11:42 PM NZST
    Petrol prices set to fall in coming months

    Petrol prices are expected to fall over the remainder of the year from recent highs driven by a shortage of supply in Asia. Westpac senior economist Justin Smirk said there is some truth in suggestions the Singapore refining market has been surprised by a jump in demand for specific standards of gasoline required in the Australian market. Mr Smirk said Asian gasoline supply would increase in the coming months and Australian petrol prices will again be driven by crude oil prices, the value of the Australian dollar and refining margins.

  • Uber takes GST battle to Federal Court AAP - Fri, Jul 31, 2015 11:41 PM NZST
    Uber takes GST battle to Federal Court

    Ride sharing service Uber is taking its battle with the tax office over GST to the Federal Court. Uber drivers will be liable to pay GST on every dollar they earn from August, after the Australian Taxation Office recently advised they are legally classified as providing taxi travel.

  • US spies on Japan trade talks: WikiLeaks AAP - Fri, Jul 31, 2015 10:51 PM NZST
    US spies on Japan trade talks: WikiLeaks

    Australia is receiving secret US intelligence on Japanese trade negotiations, according to newly published WikiLeaks documents. The Saturday Paper has reported the US National Security Agency routinely obtains highly sensitive information on issues including US-Japanese relations, trade issues and climate change policy. The information, some of which is collected from discussions in Prime Minister Shinzo Abe's official residence, is shared with Australia, the newspaper says.

  • $A lower in quiet trade AAP - Fri, Jul 31, 2015 7:57 PM NZST

    The Australian dollar is slightly lower as traders take a breather after a busy week of economic data, and with another on the horizon. FXCM chief currency strategist John Kicklighter said the Australian currency had a mixed day ahead of an even busier week for local economic events next week. While the Reserve Bank is widely expected to keep the cash rate unchanged at a record low of two per cent on Tuesday, most attention will be on the RBA's comments on the economy and the exchange rate.

  • Economists look to RBA as tension ease AAP - Fri, Jul 31, 2015 7:49 PM NZST

    The focus for economists has turned to the Reserve Bank's next interest rate decision. The background to the August board meeting is an easing of tensions over the euro area's Greek debt crisis and the Chinese share market's relative stability after a month of hair-raising falls. JP Morgan's Stephen Walters asked why, if the RBA's board was content to leave the cash rate at 2.0 per cent in July amid all that anxiety, it would contemplate cutting rates now in less troubled times.

  • $A lower ahead of another busy week AAP - Fri, Jul 31, 2015 7:47 PM NZST

    The Australian dollar is slightly lower as traders take a breather after a busy week of economic data and with another on the horizon. At 1700 AEST on Friday, the local unit was trading at 72.84 US cents, ...

  • Westpac raises investor home loan rates AAP - Fri, Jul 31, 2015 7:46 PM NZST
    Westpac raises investor home loan rates

    Australia's biggest lender to landlords has hiked interest rates for investors to meet the regulator's "speed limit" aimed at taking some of the heat out of the housing investment market. Westpac is the last of the big four banks to raise rates for investors, matching ANZ and Commonwealth Bank's 27 basis point hike in its standard variable rate. Westpac consumer bank chief executive George Frazis said the move was an important step in ensuring the bank met the Australian Prudential Regulation Authority's benchmark that investor credit growth should be no more than 10 per cent per year.

  • RBA expected to leave rates on hold AAP - Fri, Jul 31, 2015 7:45 PM NZST
    RBA expected to leave rates on hold

    Falling commodity prices and turbulence on China's share markets is not expected to be enough for the Reserve Bank to deliver another rate cut. All 16 economists surveyed by AAP expect the cash rate to remain steady when the RBA board meets on Tuesday, and 12 are tipping no move this year. "Iron ore is a little lower, China's a bit more volatile, but there's really not much a rate cut can do about all that," TD Securities chief Asia-Pacific macro strategist Annette Beacher said.

  • Low rate party for investors ending AAP - Fri, Jul 31, 2015 7:44 PM NZST

    The low loan rate party for investors is ending but beginning for owner occupiers, who could be about to enjoy discounted fixed rates and packaged home loan deals. Many lenders, including all four big banks, have hiked interest rates for investors while also making it harder for them to get loans as the regulator tries to take some of the heat out of the investment property market. Financial comparison website RateCity's banking analyst Peter Arnold says housing investors will be paying more while lenders may now instead sweeten the deal for those people buying property as their home.

  • Bonds weaken ahead of weekend AAP - Fri, Jul 31, 2015 7:24 PM NZST

    The bond market is slightly firmer as traders move into safe positions ahead of the weekend and the end of the month. Commonwealth Bank fixed income quantitative strategist Philip Brown said Australian ...

  • Health sector drives market higher AAP - Fri, Jul 31, 2015 7:22 PM NZST

    The share market has overcome weakness in the mining sector to post its third straight day of gains. Burrell Stockbroking advisor Jamie Elgar said the market had enjoyed gains for the week despite big swings in the resources sector, due to positive company news and sound leads from overseas, including a stabilising of China's market.

  • ERA's loss widens to $255m AAP - Fri, Jul 31, 2015 6:59 PM NZST

    Uranium miner Energy Resources of Australia has slumped to a $255 million half year loss after shelving a major mine expansion in challenging conditions. The Rio Tinto-controlled miner will not pay a half year dividend and said the uranium market remained challenging as an oversupply kept prices week. "Whilst the price recovery continues to be slow, in part due to the delay in reactor restarts in Japan, the long term outlook is more favourable," the company said.

  • Primary share sell-off 'not surprising' AAP - Fri, Jul 31, 2015 6:56 PM NZST

    Medical services company Primary Health Care's sell-off of Vision Eye Institute shares was a necessary step to address its faltering bottom line, an analyst says. The ASX-listed health care and pathology provider, a major Vision shareholder, will sell $34 million worth of its VEI shares and use the proceeds to pay down debt. IG market strategist Evan Lucas said the company had been volatile for some time.

  • Workers meet as Alinta closures loom AAP - Fri, Jul 31, 2015 6:36 PM NZST

    Energy industry workers have met amid growing concerns over the impending closure of Alinta Energy's two South Australian power stations and the future of jobs across the sector. The Australian Services Union brought workers from the Alinta plants and other major energy providers together in Adelaide on Friday while renewing calls on the federal government to develop an energy industry plan. Union secretary Joseph Scales says the sector is facing a crisis and action is needed to outline future energy generation plans and protect jobs.

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    Oculus' debuts virtual reality film 'Henry'

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  • Volkswagen sold more vehicles than Toyota in first half Associated Press - Wed, Jul 29, 2015 2:11 AM NZST
    Volkswagen sold more vehicles than Toyota in first half

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    Mike Tyson stepping into the bitcoin ring

    Mike Tyson is part of a new venture to bring bitcoin ATMs to Las Vegas.

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    Reynolds American beats 2Q profit forecasts

    Reynolds American reported a surge in second-quarter profit with cigarette prices and volume rising. The nation's second-biggest tobacco company topped Wall Street profit expectations, boosted its profit ...

  • Fiat Chrysler to pay record fine AAP - Mon, Jul 27, 2015 8:05 PM NZST
    Fiat Chrysler to pay record fine

    Car maker Fiat Chrysler will pay a record $US90 million ($A123.74 million) fine for lapses in recalls of its vehicles under a deal reached with US regulators. The Italian-American car maker will pay a $US70 million fine to the National Highway Traffic Safety Administration and spend a further $US20 million on consumer outreach activities, the company said in a statement issued on Monday.

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    Latin food can be health food, too: Goya chief

    As part of a broad global expansion, Goya Foods is aiming to keep a hold on the Hispanic food market while capturing the broader population.

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  • Non-Mormon faux holiday 'Pie and Beer Day' gains traction Associated Press - Sat, Jul 25, 2015 8:18 AM NZST
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    Most people are gathering Friday in Utah to celebrate the state's Mormon heritage at Pioneer Day parades featuring floats, carriages and women in prairie dresses. But many non-Mormons will be enjoying ...

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    The deal that, for now, decided the ride-hailing behemoth Uber's future in New York City began with a phone call to Rome. City Council Speaker Melissa Mark-Viverito on Tuesday called Mayor Bill de Blasio, ...