Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

<html><body>
The RBA board were upbeat in their assessment on the housing market at their February 2020 meeting where they left the cash rate on hold at 0.75 per cent.
They said that prices had "increased very strongly in Sydney and Melbourne in recent months", with hopes that higher housing prices and the increase in housing turnover will support consumption and dwelling investment.
They noted household consumption was lower than expected in the September quarter, despite strong growth in household disposable income.
RBA Governor Philip Lowe said the RBA's forecast was for growth in consumption to increase gradually, sustained by moderate growth in household disposable income and the recovery in the housing market.
"Growth in housing prices had picked up in most capital cities and parts of regional Australia over recent months", Lowe said.
<h1>Mortgages</h1>
Mortgage payments increased in the December quarter.
There was a rise in principal and excess payments, more than offsetting the decline in interest payments.
"Members discussed whether this increase reflected a change in behaviour by households and the potential for it to persist," Lowe said.
"They noted that some households were likely to be repaying their debts faster in response to low growth of their incomes and the earlier fall in housing prices."
Housing loan commitments also continued to rise, which the RBA said was largely driven by owner-occupiers. Growth in credit extended to owner-occupiers had increased to 5.5 per cent on a six months ended annualised basis in December.
<h1>Household consumption</h1>
The RBA suggested household consumption had been lower than expected in the September quarter.
"[This was] despite strong growth in household disposable income, supported by the receipt of tax offset payments and lower interest payments following the recent reductions in the cash rate."
The RBA were only expecting retail sales volumes to grow modestly in the December quarter, however nominal sales had increase strongly in November, namely due to Black Friday sales.
"Measures of consumer sentiment had declined over recent months, but consumers' views on their personal financial situation, which historically have had a stronger link to consumption, had been little changed.
"Members noted that a number of factors had contributed to the slowdown in consumption growth since mid 2018.
"The downturn in the housing market had reduced households' wealth, and the extended period of weak growth in household income had probably lowered expectations of future income growth.
"Members observed that the prolonged period of slow growth in income was expected to continue to weigh on consumption over coming quarters.
"Furthermore, recent data had suggested that households were directing more income to saving and reducing their debt.
<h1>Future rate movements</h1>
Lowe advised the lower interest rates could speed up progress towards the Bank's inflation and unemployment targets.
"In considering this case, the Board took into account that interest rates had already been reduced to a low level and that there are long and variable lags in the transmission of monetary policy", Lowe said.
"The Board also recognised that the incremental benefits of further interest rate reductions needed to be weighed against the risks associated with very low interest rates."
To read the full minutes, <a href="/expert-insights/investing/insights-into-rba-thinking-february-2020-rba-minutes">click here</a>.
 
 
 
 
 
 
</body></html>

jonathanchancellor-7SQnKwU6yx

Prices increasing "very strongly" in Sydney and Melbourne: RBA February minutes

<html><body>
EXPERT OBSERVER
In July I noted via a stylised example how the lifting of the minimum 7 per cent mortgage assessment rate - when combined with the monetary easing then priced in - might result in a 15 per cent increase in borrowing power and activity for homebuyers (but not portfolio investors).
<img src="https://1.bp.blogspot.com/-KEtYgTcCfQM/XkjtNvUsVZI/AAAAAAAA0SA/Czq_5rwV_h82_Ngssm_oXQTeFvkfSoSDQCNcBGAsYHQ/s640/Floor%2Brate.jpg" width="640" height="362" data-original-height="781" data-original-width="1374">
This is pretty much what's played out, with investor credit growth running at the lowest level on record and mired in negative territory, while homebuyers have come back into the market with gusto.
As written about previously, Australian Finance Group (AFG) saw a $35,000 jump in the average loan size across two quarters of its lodgements data, largely driven by upwards moves in New South Wales and Victoria. 
<img src="https://1.bp.blogspot.com/-V8SmCTvSiEs/Xkjtr_mT5cI/AAAAAAAA0SI/Zt8nDkOXZi46E3lgW-lGDhuzBGkxTfCbgCNcBGAsYHQ/s640/AFG1.jpg" width="640" height="378" data-original-height="808" data-original-width="1365">
And now the December 2019 housing lending figures from the ABS showed the average new mortgage size for homebuyers rising to around $500,000 for the first time, recording a surprising 16 per cent or $60,000 leap since the election.
<img src="https://1.bp.blogspot.com/-khQfprIuT6c/XkkKzxewRWI/AAAAAAAA0SY/J_cQf-ufv68_eb_EJYcfvmI9nVWxun6igCNcBGAsYHQ/s640/Loan.jpg" width="640" height="394" data-original-height="820" data-original-width="1330">
The increase here was again driven by New South Wales and Victoria, and to a secondary extent the other mainland states.
While it may be a noisy data series, in NSW the average mortgage size surged by $103,000 or 20 per cent since May for the purchase of existing homes. 
<img src="https://1.bp.blogspot.com/-gk7f-c9iGqQ/XkkOnT5X1EI/AAAAAAAA0Sg/loFPwgv9gWYzZ9S4lSCe_Jj_nCmbHsqXQCNcBGAsYHQ/s640/AMS.jpg" width="640" height="374" data-original-height="831" data-original-width="1418">
With this week's wage price index likely to record year-on-year growth of just +2.3 per cent there probably isn't much more gas in the tank here until the economy gets moving again, which doesn't look likely any time soon. 
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
</body></html>

pwargent-M4siyDbqQY

The average new mortgage size has increased to nearly $500,000: Pete Wargent

<html><body>
Australia’s largest bank, CBA, has today cut fixed rate home loans by up to 0.50 per cent.
Commonwealth Bank has slashed all its investment fixed rates, as well as its 1, 4 and 5 year fixed owner-occupier mortgage rates.
The biggest cuts are to the 4- and 5-year fixed investment interest-only loans, which have dropped by 0.50 per cent.
<img src="https://www.urban.com.au/images/2020/2/14/CBA%20new%20rates%201.JPG" alt="">
RateCity.com.au research shows 30 lenders have cut fixed rates this year, including Suncorp, Westpac and Bankwest.
As a result of today’s changes, CBA now has the lowest 1-year fixed rate out of the big four banks and equal lowest 4- and 5-year fixed rate for owner-occupiers.
<img src="https://www.urban.com.au/images/2020/2/14/CBA%20new%20rates%202.JPG" alt="">
RateCity.com.au research director Sally Tindall said the Commonwealth Bank was cutting fixed rates to stay competitive.
“With fixed rates now as low as 2.50 per cent, banks are being forced to take the knife to their home loan rates to attract new business,” she said.
“CBA’s decision to cut all investor fixed rates is a sign it wants them back on the books."
“Since the APRA caps on investors and interest-only lending have been scrapped, banks have been increasingly shaving investor rates."
“Although fixed rate cuts are often a sign of an imminent RBA cut, these latest changes could be more about CBA drumming up new business," she concluded.
</body></html>

j.ballantyne1990-6AQqhLzZaK

CBA cuts fixed home loan rates by up to 0.5%

<html><body>
EXPERT OBSERVER
At its first board meeting for the year the RBA left the official cash rate at 0.75%. Its last easing was back in October and its been on hold ever since.
This was in line with the market’s and our own expectations.
The RBA appears to have taken heart from the drop in the unemployment rate to 5.1% in December and the December quarter inflation results which were in line with its expectations. As a result it has decided to be patient.
What’s surprising though is that it has retained its expectation for economic growth to pick up to around 2.75% this year. Its confidence may reflect the run of better than expected data for retail sales, building approvals and employment over the last month or so.
But the problem is that all of this has related to late last year and since then business and consumer confidence has weakened further not helped by the bushfires with the coronavirus posing a new threat.
While we mostly agree with the RBA that the drag on growth from the bushfires and the coronavirus will be short term and temporary, it is likely to be more significant than the RBA is allowing for. And the risk is that it will linger longer particularly given the threat that both pose to tourism.
As a result we continue to see economic growth being constrained to around 2% this year, well below the RBA’s 2.75%. This in turn is likely to see unemployment drift up a bit, underemployment remains very high and wages growth and underlying inflation remain lower for longer.
All of which will mean that little if any progress towards the RBA’s full employment and inflation targets is likely this year.
As such, we continue to see the RBA cutting rates again in the months ahead ultimately taking the cash rate down to 0.25% by mid-year, unless fiscal policy is eased significantly.
In this regard it is worth noting that the RBA retains an easing bias, with its post meeting Statement noting that “It [the RBA Board] remains prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time.”
SHANE OLIVER is the Head of Investment Strategy and Chief Economist at AMP Capital
</body></html>

soliver-smf6LQXgW9

The cash rate will still fall in the months ahead: Shane Oliver

<html><body>
<div>
<div class="rss-mr-content">
At its meeting today, the Board decided to leave the cash rate unchanged at 0.75 per cent.
The outlook for the global economy remains reasonable. There have been signs that the slowdown in global growth that started in 2018 is coming to an end. Global growth is expected to be a little stronger this year and next than it was last year and inflation remains low almost everywhere. One continuing source of uncertainty, despite recent progress, is the trade and technology dispute between the US and China, which has affected international trade flows and investment. Another source of uncertainty is the coronavirus, which is having a significant effect on the Chinese economy at present. It is too early to determine how long-lasting the impact will be.
Interest rates are very low around the world and a number of central banks eased monetary policy over the second half of last year. There is an expectation of a little further monetary easing in some economies. Long-term government bond yields are around record lows in many countries, including Australia. Borrowing rates for both businesses and households are at historically low levels. The Australian dollar is around its lowest level over recent times.
The central scenario is for the Australian economy to grow by around 2¾ per cent this year and 3 per cent next year, which would be a step up from the growth rates over the past two years. In the short term, the bushfires and the coronavirus outbreak will temporarily weigh on domestic growth. The household sector has been adjusting to a protracted period of slow wages growth and, last year, to a decline in housing prices, with the result that consumption has been quite weak. Following this period of balance-sheet adjustment, consumption growth is expected to pick up gradually. The overall outlook is also being supported by the low level of interest rates, recent tax refunds, ongoing spending on infrastructure, a brighter outlook for the resources sector and, later this year, an expected recovery in residential construction.
The unemployment rate declined in December to 5.1 per cent. It is expected to remain around this level for some time, before gradually declining to a little below 5 per cent in 2021. Wages growth is subdued and is expected to remain at around its current rate for some time yet. A further gradual lift in wages growth would be a welcome development and is needed for inflation to be sustainably within the 2–3 per cent target range. Taken together, recent outcomes suggest that the Australian economy can sustain lower rates of unemployment and underemployment.
Inflation remains low and stable. Over 2019, CPI inflation was 1.8 per cent and underlying inflation was a little lower than this. The central scenario is for CPI inflation to be around 2 per cent in the near term and to fluctuate around that rate over the next couple of years. In underlying terms, inflation is expected to increase gradually to 2 per cent over the next couple of years.
There are continuing signs of a pick-up in established housing markets. This is especially so in Sydney and Melbourne, but prices in some other markets have also increased. Mortgage loan commitments have also picked up, although demand for credit by investors remains subdued. Mortgage rates are at record lows and there is strong competition for borrowers of high credit quality. Credit conditions for small and medium-sized businesses remain tight.
The easing of monetary policy last year is supporting employment and income growth in Australia and a return of inflation to the medium-term target range. The lower cash rate has put downward pressure on the exchange rate, which is supporting activity across a range of industries. Lower interest rates have assisted with the process of household balance sheet adjustment. They have also boosted asset prices, which in time should lead to increased spending, including on residential construction. Progress is expected towards the inflation target and towards full employment, but that progress is expected to remain gradual.
With interest rates having already been reduced to a very low level and recognising the long and variable lags in the transmission of monetary policy, the Board decided to hold the cash rate steady at this meeting. Due to both global and domestic factors, it is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target. The Board will continue to monitor developments carefully, including in the labour market. It remains prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time.
</div>
</div>
<div class="box-enquiries">To read the original meeting statement, <a href="https://www.rba.gov.au/media-releases/2020/mr-20-01" target="_blank">click here</a>.</div>
</body></html>

jrobinson-rf4aSBido9

Housing price growth extends beyond Sydney and Melbourne: RBA Governor Philip Lowe's February 2020 meeting statement

<html><body>
The RBA kept the official cash rate at a record low 0.75 per cent at its February meeting, the first of 2020. 
Tim Lawless, CoreLogic's head of research, said the result wasn't a surprise given the ongoing uncertainty brought about by the extent of the bush fires and the unfolding implications of the Corona virus outbreak.
"The RBA may need to keep some rate cutting ammunition up their sleeve should these scenarios play out more severely than expected.", Lawless said.
"To date, lower interest rates haven’t flowed through to a material improvement in economic conditions, but housing markets have well and truly responded, with national housing values rising 6.7% since the first rate cut in June through to the end of January. 
Lawless said that, importantly, we may be seeing some early signs that strength in housing markets is transferring through to other sectors.
"Dwelling approvals recorded their first annual rise since mid-2018 and the value of new mortgage commitments up 5.9% over the year to November, driven by a 10% increase in owner-occupier commitments. 
"Although rates remained on hold today, we are expecting the RBA to cut the cash rate later in 2020. 
"Further rate cuts could fuel home buyer demand, although we don’t expect future cuts to the cash rate to be passed on in full to mortgage rates.
 Finder's RBA survey suggests the retail slowdown will continue as the cash rate holds.
Some 79 per cent of survey respondents said we will see further store closures through 2020, following the likes of retailers Big W, Bose, Curris Planet and EB Games all closing stores.
Graham Cooke, insights manager at Finder, said the outlook is grim.
“While FMCG retailers such as Woolies and Coles will generally continue to operate successfully, clothing and other retailers must adapt or perish", Cooke said.
“In an environment where people are spending less and ordering more online – if you don’t have a seat at the table, you might be on the menu.
 Mozo director Kirsty Lamont says the likelihood of a cut in the next few months is very high.
“The full economic impact of the bushfire crisis and coronavirus is still unknown and the RBA will need to account for these factors to an already stagnant economy", Lamont said, adding that recent improvements in employment and inflation data gave the Reserve Bank enough breathing room to hold rates.
 
</body></html>

RBA hold rates at first meeting of 2020

<html><body>
Economists are highly divided on whether the Reserve Bank of Australia (RBA) made the right number of cuts to the cash rate last year, according to the latest Finder survey.
In this month’s Finder RBA Cash Rate Survey, when asked if the RBA was right to make 3 cuts in 2019, only half of the respondents to this question said it made the right call (50%,13/26).
Of the other half of experts who disagreed with the Reserve Bank's decisions, most (42%, 11/26) said the RBA should have cut less.
Graham Cooke, insights manager at Finder, said the RBA’s decisions will never please everybody.
“On the one hand, some experts say the cutting was 'overzealous' and is seeing house prices soar while most economic metrics have been stagnant."
“Others think the RBA hasn’t done enough to repair the economy in light of lagging employment and inflation figures."
“One thing is clear: three cuts have reignited the housing market and pumped up property prices across the country."
“With more cuts on the horizon, it remains to be seen whether cheaper credit and lower rates will be an elixir or a poison pill," he said."
RBA cash rate expected to hold
Nearly 9 in 10 experts and economists predict the RBA will hold the cash rate in February (87%, 34/39) with just 13% expecting a cut.
The experts predicting a cut cited the bushfires, weak wage growth, low inflation and high unemployment as the main issues necessitating an easing.
Besa Deda of St.George Economics said; “In the absence of wage pressures, inflation remains well below target. More stimulus is required to return growth to trend.”
Cooke noted the forecast for a rate cut in February dropped from 66% before the December meeting to just 13% this month.
Nearly 4 out of 5 who made a forward prediction (not including February) forecast a cash rate drop by May 2020 (79%, 23/29).
A quarter of experts predict a cut in March (24%, 7/29), while nearly a third predict a cut in April (31%, 9/29). Another quarter predict a cut in May (24%, 7/29).
Only 2 of the 39 experts (5%) on the panel thought the eventual move, whenever it happens, would be a rise.
</body></html>

Half surveyed experts think RBA went wrong with rate cuts: Finder Survey

<html><body>
EXPERT OBSERVER
The RBA will stay on hold in February, using the recent improvement in the unemployment rate to buy time – suggesting the bank will continue to react to the accumulation of evidence very gradually.
It is important to note that the framework for monetary policy still suggests that rates should be lower.
Inflationary pressure remains weak and recent headwinds – particularly for consumption and business investment - are likely to persist. Notwithstanding the recent dip in the unemployment rate, a large degree of spare capacity remains in the labour market with little progress having been made over the last year in reducing unemployment.
Nonetheless, unless the RBA wishes to move against market expectations, the February cut appears off the table.
Consequently, we have moved the timing of the next cut to April followed by a second cut around mid-year. Beyond that the risk of a move to ‘unconventional’ policy in H2 2020 will depend critically on whether the labour market deteriorates more significantly than we forecast.
By April, the RBA will have confirmation of another quarter of weak consumer spending with further evidence that interest rate and tax cuts to date have not done enough to boost spending.
We will review our GDP forecasts over the next week or so as more information comes in on the indirect effects of the bushfires and coronavirus on activity and ultimately the labour market. 
The stronger than expected December labour market data has provided time for the RBA to further assess the data flow. While the RBA staying on hold in February is expected by the market, we still think the RBA will regret not moving earlier this year – as was also the case in 2019 – as consumer spending trends remain very soft. The December NAB survey also suggests that private sector economic momentum, while it didn’t collapse in late 2019, remains stalled. 
Ultimately the RBA’s policy path will depend on where the economy and the labour market goes from here. We remain of the view that the economy – and consumer spending in particular - will continue to underperform and probably more than the RBA expects – albeit new RBA forecasts will be published later this week and will likely contain a softer near-term growth outlook. 
An early estimate of the short-term bushfire impact could well see average GDP growth in 2020 slow to around 1.5% or lower, with unemployment starting to rise to around 5.5% by H2 2020. While we will be assessing the indirect disruption effects of the fires over coming weeks it seems likely that Q1 GDP will be negative. We are quite worried that the January NAB Survey will further highlight that the indirect effects were larger than most expect.
Internal data on income growth suggests that wages growth may have weakened in late 2019. Indeed, our analysis suggests household cash flows weakened further in late 2019. It is too early to assess the impact of the Coronavirus but clearly it will also not be a positive. Next week we will formally review our GDP forecasts ahead of the next NAB business survey release. 
The bushfire rebuild will add somewhat to growth in the out years but we do not see that as significant in 2020 – rather it is likely to be a 2021 issue. Also, the fiscal outlay on the fires (at $2billion over two years) is not likely to be a game changer in terms of the near term macroeconomic outlook.
We still see scope for more support from a material fiscal package. That does not appear to be on the government’s agenda. Similarly, we think there is a need for renewed focus on structural policy to lift productivity growth over the medium term, which would in turn provide support for wage growth.
Whether the RBA moves to unconventional policy will very much depend on whether the economy strengthens in H2 2020 and unemployment continues its recent gains. We fear that will not be the case. Beyond that, the shape of the 2020/21 Federal Budget will be important.
While we can understand the RBA’s position of taking more time to assess the outlook, that in our view is only sustainable for a short period. By April it will be clear that private sector growth continues to flat line, consumer spending remains soft and potentially that recent unemployment gains are not sustained. That combination means that further stimulus will be needed.
ALAN OSTER is NAB Group's Chief Economist
</body></html>

NAB push back RBA rate cut prediction: Alan Oster

<html><body>
EXPERT OBSERVER
Westpac now expects that the Reserve Bank will delay its next cut in the cash rate to April with the final cut to 0.25% occurring in August.
Prior to the release of the surprisingly strong December Employment Report we had expected the cuts to be timed for February and June.
Our analysis of the December Board Minutes highlighted that, with the Board committing to review its assessment of the economy in February, it seemed likely that the Board would have been prepared to cut the cash rate by 0.25% at that meeting.
However we did note that, “The flow of economic data over the next six weeks will be critical to that decision, particularly the labour market; retail sales and confidence”. (Economic Bulletin, December 17).
Although the November retail sales report printed a strong 0.9% we were comfortable to attribute much of that out performance to the “Black Friday” effect expecting a sizeable pull back in retail sales in December, (to be released on 6th of February).
The Westpac-MI Consumer Sentiment Index fell by 1.8% in January to 93.4 – consistent with a down beat consumer.
However, the Employment Report was always going to be the most important data release.
Recall that in the December minutes the Board concluded that, "The Board would continue to monitor developments, including in the labour market, and was prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time”.
The November report showed a tick down in the unemployment rate from 5.3% to 5.2% – Westpac expected that the December Report would see a reversion back to 5.3% but the actual report printed a further fall in the unemployment rate to 5.1%.
This fall in the unemployment rate is not unprecedented. Over the last five years there have been six occasions when the unemployment rate has fallen in back to back months by a total of 0.2% or more.
Read full report <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2020/January/er20200124BullDelayRBACashRate.pdf" target="_blank" data-auth="NotApplicable">'RBA delay cash rate' (PDF 74kb)</a>
BILL EVANS is the Chief Economist for Westpac
</body></html>

bevans-rYk9SxEa4r

Westpac expects RBA and USA to delay rate cuts: Bill Evans

<html><body>
ANZ Bank has cut both its home loan and deposit rates in the lead up to the RBA's first meeting of the year.
They've cut the variable rate for new owner occupiers paying principal and interest with a 20 per cent deposit or more by 0.12 per cent. It is now at 3.12 per cent.
ANZ now offer the second lowest ongoing variable rate of the big four.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/1/23/Big%20Four%20Variable.jpg" alt=""> Source: RateCity.
RateCity.com.au research director Sally Tindall said ANZ appeared to be doing some "spring cleaning" ahead of the RBA’s meeting next month.Note: the above rates are new customer variable rates for owner occupiers paying principal and interest.
“ANZ’s recalibration of their deposit rates ahead of the next Reserve Bank meeting suggests they are getting their house in order ahead of a potential cash rate cut", Tindall said.
“Today’s home loan cuts are testament to the ongoing competition in the mortgage market. Yesterday we saw <a href="/expert-insights/finance/westpac-makes-big-cuts-to-fixed-rate-loans">Westpac slash investor fixed rates by up to 0.50 per cent</a> and we expect others will follow in coming days,” she said.
Following <a href="/news/nab-slashes-saving-rates-again">NAB's saving rate cut earlier in the month</a>, ANZ have followed suit, cutting their Online Saver account base rate from 0.10 per cent to just 0.05 per cent, the worst of the big four.
The old introductory rate for the first three months has been trimmed from 1.6 per cent to 1.55 per cent also.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/1/23/Big%20four%20savings%20rates.jpg" alt=""> Source: RateCity
“With a new ongoing rate of 0.05 per cent, ANZ’s online saver account is down there at the bottom of the barrel.“What’s disappointing is that while the home loan cuts are largely reserved for new customers, the savings cuts will hit everyone with an ANZ online saver account", Tindall added.
"A person with $10,000 in one of these accounts would be getting less than 50 cents in interest a month once the introductory rate expires. That’s not even enough for a litre of milk."
 
 
 
</body></html>

Latest Finance Insights

NAB bring forward first RBA cut to February 2025

Editor's Picks

Developments

New apartments

New townhouses

News

Latest Finance Insights

NAB bring forward first RBA cut to February 2025

Editor's Picks

Receive the latest news stories to your inbox

Developments

New apartments

New townhouses

News