Archive for March, 2019

  • Bank boss backs targeted measures to cool property demand

    Date: 2019.03.16 | Category: 南京夜网 | Response: 0

    Bendigo and Adelaide Bank chief Mike Hirst has endorsed targeted macroprudential measures by regulators to cool investor demand for property, arguing unusual action is warranted for extraordinary times.
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    “The global economy is just limping along and the G20 is addressing that. Because we’re in that situation, however, a few countries have taken a new approach through quantitative easing, for example,” Mr Hirst said.

    “Given that fact it is reasonable for regulators to look at new ways of countering the unintended consequences of that.”

    While Australia  did not have to resort to printing money, it still had record low interest rates, which had driven investor demand.

    “I think it is well worth considering more targeted responses if you don’t want to impact the broader economy too heavily.”

    Bendigo does not lend much to investors in inner city property and has lost market share in investment lending to its bigger rivals.

    Privately, many bankers say they are expecting some form of action from APRA on investor lending before the end of the year to try to reduce the risk of a sudden drop in inner city property prices, which could infect the rest of the economy.

    Mr Hirst’s comments come after Fairfax Media reported that APRA bank stress tests conducted earlier this year found a severe downturn in the economy would wipe out all capital the biggest banks are holding against mortgages.

    None of the big four banks would comment on these findings on Sunday, but NAB’s head of retail banking, Gavin Slater, told the Australian Financial Review last week: “I believe we – NAB and the industry – are well capitalised.”

    As loans to property investors in Sydney have topped 60 per cent of all new housing loans in the year to September, options being considered by the Reserve Bank and the Australian Prudential Regulation Authority include raising the capital held against losses on loans to investors, making these more expensive loans to make, and raising the loan serviceability “buffer” banks must add on to the present interest rates on investor loans.

    The Reserve Bank and APRA have repeatedly said there is no evidence that macroprudential tools work, but have flagged their possible use to deal with the “imbalance” of so much lending going to investors who have not been boosting the economy by building new homes.

    Most of the big banks argue such regulatory manoeuvres are unjustified, citing relatively low lending growth and little evidence of a reduction in lending standards.

    Ken Hanton, director of asset transformation at NAB, told the Australian Securitisation Conference in Sydney last week “neither [the RBA nor APRA] have an appetite to do this. They have managed to keep lenders in check without using these blunt tools”.

    The RBA, however, has said it is more worried about knock-on effects on the economy of a sudden sell-off in investor properties sparked by poor returns on rental yields rather than bank survival. The biggest banks just happen to be among the most exposed to investor loans.

    This story Administrator ready to work first appeared on Nanjing Night Net.

  • China deal could give Aussie dollar ‘temporary boost’

    Date: 2019.03.16 | Category: 南京夜网 | Response: 0

    The signing of a free-trade agreement between Australia and China this week could give the Australian dollar a boost against the greenback, but most economists still maintain it’s longer term path is lower.
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    After wrapping up hosting duties of the G20 summit in Brisbane, Prime Minister Tony Abbott is preparing to sign a free-trade agreement on Monday with China’s President Xi Jinping.

    HSBC chief economist Paul Bloxham said while the details are unclear, the free-trade deal (FTA) should be good for Australia’s economic growth and that should give the Australian dollar a lift.

    “The challenge is we don’t know what is in the FTA yet. But if it does include greater access for agriculture and services, producers and the relaxing of foreign investment in Australia, that combination should be somewhat supportive of the Australian dollar, in the short term,” he said. He added that he still sees the currency at US82¢ by the end of next year.

    The Australian dollar is trading around US87.43¢ against the US dollar, from US86.37¢ at the start of last week, and US93¢ at the start of September.

    The local currency rose about 2¢ against the Japanese Yen last week and is buying ¥101.8, with investor confidence growing in the wake of the Bank of Japan’s stimulus injection as it tries to encourage growth in its struggling economy.

    Global shares finished mixed at the end of last week. Japanese shares shot up 3.6 per cent over the five trading days as investors were also pleased at talk of a delay to the introduction of a 10 per cent increase in a sales tax.

    US stocks finished marginally higher, while European shares hardly budged.

    Australian shares are expected to gain 6 points when the local market opens Monday, according to the SPI Futures for December.

    The most significant move over the last week has been the continuing fall in oil prices. They are down around 30 per cent since June to their lowest levels since 2009.

    “The fall in oil prices is likely to push average Australian petrol prices below $A1.30/litre which would represent a saving to the average family petrol bill since June of $8 a week,” said AMP Capital chief economist Shane Oliver in a note on Saturday.

    It’s a relatively light week for economic data but of note will be the minutes from the Reserve Bank of Australia’s last meeting and a speech by Governor Glenn Stevens on Tuesday. Both will be watched for clues on interest rates and if the RBA airs any further concerns about the local currency or the property market.

    This story Administrator ready to work first appeared on Nanjing Night Net.

  • NBN must be stripped of monopoly power, says ACCC chairman Rod Sims

    Date: 2019.03.16 | Category: 南京夜网 | Response: 0

    Rod Sims, head of the ACCC. Photo: Nic WalkerCompetition boss Rod Sims says the federal government must rip up the rules that give the national broadband network monopoly protection before splitting up its divisions and selling them off.
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    Mr Sims is set to make the recommendations during a wide-ranging speech to the NBN Rebooted event in Sydney on Monday.

    NBN Co’s business case is propped up by legislation that stops rival telcos connecting users to new high-speed broadband networks. This boosts NBN Co’s profitability so it can stay off the budget, while helping pay for services in the bush.

    But Australian Competition and Consumer Commission chairman Mr Sims will become the latest in a series of leading competition experts, including his predecessors Graeme Samuel and Allan Fels, to call for NBN Co’s monopoly powers to be clipped so its rivals can compete.

    “I can’t see any reason to keep it in government ownership once it’s built,” he told Fairfax Media. “It’ll be better to have infrastructure competition than an infrastructure monopoly.

    “Government should not limit competition in order to maximise the proceeds from the sale – there is too much at stake for that.”

    Under Mr Sims’ proposal, the hybrid fibre coaxial (HFC) networks used for cable television and broadband systems that NBN Co is buying from Telstra and SingTel-Optus would be spun off as a separate company.

    NBN Co’s satellite and other fixed-line networks would then be sold off separately, with all three organisations competing freely in the open market.

    Mr Sims warned that not doing so would risk NBN Co being launched with too much power.

    “If this is not done early it will be extremely difficult to do down the track,” he said. “[Separation] should be done prior to any privatisation of NBN Co.

    “After that it is highly unlikely that separation will ever occur.”

    The government-funded Vertigan panel into the NBN made similar suggestions and urged immediate action, which was rejected by Communications Minister Malcolm Turnbull.

    The break-up of NBN Co would be a far cry from the ubiquitous NBN envisaged by Labor that was meant to connect 93 per cent of homes and businesses to a fibre-optic network.

    NBN Co has already prepared to split away the HFC networks as a separate company under NBN Co chief technology officer Dennis Steiger.

    This story Administrator ready to work first appeared on Nanjing Night Net.

  • How to boost business with LinkedIn groups

    Date: 2019.03.16 | Category: 南京夜网 | Response: 0

    Are you one of the six million Australians and more than 300 million professionals worldwide who have a profile on LinkedIn, the professional networking site often referred to as Facebook for business?
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    While your online resume allows people to connect with you easily, social media aficionados say there are more powerful benefits to be had from becoming active in some of LinkedIn’s special-interest “groups”.

    The site hosts more than two million of them on every topic imaginable – from entrepreneurship, philanthropy and career development to drilling for oil in the Middle East.

    Groups are created at the rate of 6500 a week and, on an average day, new posts total more than 150,000. In Australia, the IT, construction and financial services sectors boast the busiest groupies.

    Just as online daters with photos attract more contacts than those without, LinkedIn members who join groups enjoy five times more profile views than those who keep to themselves, according to a LinkedIn spokesperson.

    Besides being looked at more often, what are the business and professional benefits of getting in there and mingling up a virtual storm?

    Here are a few:

    I’m available

    Looking for work? Where better to pick up job leads than in a virtual hall packed with others in the same game, digital marketer Ben Liau says. He founded a LinkedIn group for Australian online marketing professionals four years ago that now has more than 1400 members.

    “As a group founder I get access to communicate with all my members easily, and have used it to find great online marketers that I have referred jobs to and discussed digital strategies [with],” Liau says.

    “There are always jobs being posted, companies searching for great online marketers, and online marketers looking for the next step in the career. Start-ups also find skilled people to help them with their business, whether it be an online marketer or digital designer.”

    Position yourself

    Want to become known as a thought leader in your field? Being recognised as the founder of a specialist group can give a big boost to “brand you”, according to Karalyn Brown, founder of job interview coaching service Interview IQ.

    She started her Interview IQ LinkedIn group in 2010 and has about 1200 members, many of whom joined while looking for work.

    “You become a hub or a ‘go-to person’ and known as an expert in your field,” Brown says.

    “You can lead discussions. If you start a group, it helps you be seen as not just promoting yourself but also promoting discussion and networking in your industry.”

    Grow your own business

    Looking for suppliers rather than customers for your business? Jump on in, says LawPath’s digital marketing manager Tom Willis. The online marketplace brokers connections between small enterprises and lawyers who can help with common documents and provide cost-effective advice on demand. Highly targeted LinkedIn law groups were the first port of call when building a database of experts to bid for the work.

    “The tactic was to post regular group updates on live inbound requests LawPath had received, requesting that interested parties would need to first sign up to the LawPath platform to be provided with all the details,” Willis says.

    “We’d mainly target categorical law groups – family law, business law – and provide a location in the posts to ensure the lawyer was appropriate.

    “The result was a win-win – we connected the customer with an expert lawyer to help them with their matter; the lawyer gained a new client, which led them to join LawPath.”

    Form genuine bonds

    While it is easy to connect virtually with everyone you have ever shaken hands with at a conference, interacting genuinely with someone in a group can see random contacts become trusted associates over time.

    “As so few people do, the person who wants to help another person with some advice or provide a real insight that benefits the group comes across as a networker and gains credibility and trust,” Brown says.

    “It is the same as in real life. From helping someone in a group, you can create an online friend, with whom you can more easily deepen the relationship.”

    This story Administrator ready to work first appeared on Nanjing Night Net.

  • How to get ahead as a LinkedIn groupie

    Date: 2019.03.16 | Category: 南京夜网 | Response: 0

    Are you one of the 6 million Australians and more than 300 million professionals worldwide who have a profile on LinkedIn, the professional networking site often referred to as Facebook for business?
    南京夜网

    While your online resume allows people to connect with you easily, social media aficionados say there are more powerful benefits to be had from becoming active in some of LinkedIn’s special-interest “groups”.

    The site hosts more than 2 million of them on every topic imaginable – from entrepreneurship, philanthropy and career development to drilling for oil in the Middle East.

    Groups are created at the rate of 6500 a week and, on an average day, new posts total more than 150,000. In Australia, the IT, construction and financial services sectors boast the busiest groupies.

    Just as online daters with photos attract more contacts than those without, LinkedIn members who join groups enjoy five times more profile views than those who keep to themselves, according to a LinkedIn spokesman.

    Besides being looked at more often, what are the business and professional benefits of getting in there and mingling up a virtual storm?

    Here are a few:

    I’m available

    Looking for work? Where better to pick up job leads than in a virtual hall packed with others in the same game, digital marketer Ben Liau says. He founded a LinkedIn group for Australian online marketing professionals four years ago that now has more than 1400 members.

    “As a group founder, I get access to communicate with all my members easily, and have used it to find great online marketers that I have referred jobs to and discussed digital strategies [with],” Liau says.

    “There are always jobs being posted, companies searching for great online marketers, and online marketers looking for the next step in the career. Start-ups also find skilled people to help them with their business, whether it be an online marketer or digital designer.”

    Position yourself

    Want to become known as a thought leader in your field? Being recognised as the founder of a specialist group can give a big boost to “brand you”, according to Karalyn Brown, founder of job interview coaching service Interview IQ.

    She started her Interview IQ LinkedIn group in 2010 and has about 1200 members, many of whom joined while looking for work.

    “You become a hub or a ‘go-to person’ and known as an expert in your field,” Brown says.

    “You can lead discussions. If you start a group, it helps you be seen as not just promoting yourself but also promoting discussion and networking in your industry.”

    Grow your own business

    Looking for suppliers rather than customers for your business? Jump on in, says LawPath’s digital marketing manager Tom Willis.

    The online marketplace brokers connections between small enterprises and lawyers who can help with common documents and provide cost-effective advice on demand. Highly targeted LinkedIn law groups were the first port of call when building a database of experts to bid for the work.

    “The tactic was to post regular group updates on live inbound requests LawPath had received, requesting that interested parties would need to first sign up to the LawPath platform to be provided with all the details,” Willis says.

    “We’d mainly target categorical law groups – family law, business law – and provide a location in the posts to ensure the lawyer was appropriate.

    “The result was a win-win – we connected the customer with an expert lawyer to help them with their matter; the lawyer gained a new client, which led them to join LawPath.”

    Form genuine bonds

    While it is easy to connect virtually with everyone you have ever shaken hands with at a conference, interacting genuinely with someone in a group can see random contacts become trusted associates over time.

    “As so few people do, the person who wants to help another person with some advice or provide a real insight that benefits the group comes across as a networker and gains credibility and trust,” Brown says. “It is the same as in real life. From helping someone in a group, you can create an online friend, with whom you can more easily deepen the relationship.”

    This story Administrator ready to work first appeared on Nanjing Night Net.