Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.

"We've always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren't there," Hameister says.

"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.

"The focus is on reducing emissions, which is laudable, but there hasn't been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

What does it really mean for a building to be 'green'?

Banks

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ASIC has released a report setting out the details of the changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million.
The report, Unfair contract terms and small business loans  provides more detailed guidance to bank and non-bank lenders about compliance with the unfair contract terms laws as they relate to small business.
The report follows the announcement in August 2017 that the big four banks had committed to improving terms of their small business loans following work with ASIC and the Australian Small Business and Family Enterprise Ombudsman.
ASIC Deputy Chair Peter Kell said the UCT report provides further guidance to help banks and other lenders ensure that their small business loans are fair, and do not breach the rules prohibiting unfair contract terms.
The report:
<ul>
<li>Identifies the types of terms in loan contracts that raise concerns under the law</li>
<li>Provides details about the specific changes that have been made by the banks to ensure compliance with the law</li>
<li>Provides general guidance to lenders with small business borrowers to help them assess whether loan contracts meet the requirements under the unfair contract terms law</li>
</ul>
"ASIC will review small business lending contracts across the market.
"There are no excuses for failure to comply with the UCT laws, and we will consider all regulatory options available to us if we identify lenders whose unfair contracts break the law."
ASIC will monitor the four banks' use of the clauses to ensure they are not applied or relied on in an unfair way.
ASIC and ASBFEO will continue work together to ensure small business loan contracts comply with the unfair contract terms law.
Unfair contract terms protections were extended to small business from 12 November 2016.
Small business loans are defined as loans of up to $1 million that are provided in standard form contracts to small businesses employing fewer than 20 staff are covered by the legal protections.
In August 2017, ASIC and the ASBFEO welcomed the changes to small business loan contracts by the big four banks that have:
<ul>
<li>Ensured that the contract does not contain ‘entire agreement clauses’ which prevent a small business borrower from relying on statements by bank officers (e.g. about how bank discretions will be exercised)</li>
<li>Limited the operation of broad indemnification clauses</li>
<li>Addressed concerns about event of default clauses, including ‘material adverse change’ events of default and specific events of non-monetary default (e.g. misrepresentations by the borrower)</li>
<li>Limited the circumstances in which financial indicator covenants will be used in small business loans and when breach of a covenant will be considered an event of default</li>
<li>Limited their ability to unilaterally vary contracts to specific circumstances with appropriate advance notice.</li>
</ul>
 
 
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j.ballantyne1990-6AQqhLzZaK

ASIC reports on changes to small business loan contracts by big four banks 

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Banana growers in north Queensland affected by Panama disease are encouraged to contact their bank to access a range of hardship measures on offer. 
Australian Banking Association CEO Anna Bligh said banks understood the challenges facing growers in the region because of the new outbreak of the disease and were on hand to help. 
“This is a challenging time for banana growers in north Queensland who are contending with the effects of the Panama disease or the threat of it,” Ms Bligh said.
“An outbreak, or threat of outbreak, can have a significant impact on income and cashflow, causing heavy financial strain on farmers. 
“We strongly encourage farmers who are concerned about their financial situation to contact their bank as early as possible to access the many forms of assistance available.
“Banks understand that agriculture can be heavily impacted by weather and seasons therefore can be flexible where needed to help customers in need,” she said.
Over the past few months Australia’s major banks have met with representatives from the Queensland Government and the banana industry about the effects of Panama disease.
The type of assistance offered will depend on individual circumstances, but may include a deferral of scheduled loan repayments, waiving fees and charges, interest free periods or no interest rate increases; and debt consolidation to help make repayments more manageable.
Find out the contact details of your bank’s financial hardship team <a id="m_2170294376519089879LPlnk518030" href="https://www.ausbanking.org.au/images/uploads/ArticleDocuments/206/Banks%20hardship%20contacts%20Jan%202016.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.ausbanking.org.au/images/uploads/ArticleDocuments/206/Banks%2520hardship%2520contacts%2520Jan%25202016.pdf&amp;source=gmail&amp;ust=1519947570499000&amp;usg=AFQjCNH89cc-F2BIrugqnxfiqrn0N6B11g">here</a>.  
 
 
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Support from banks for Panama disease affected banana growers

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GUEST OBSERVER
There’s more than 30 years of research showing financial consumers have behavioural biases that can lead to poor decisions. Financial providers and banks have known this too, and have designed some products to take advantage of consumer habits rather than benefit them.
Legislation soon to be introduced to parliament is intended to curb these practices, but credit products are being left out to consumer detriment.
Regulators have relied on two strategies to help consumers with this problem. Disclosure of the nature and prospects of the products providers offer. Also, encouraging consumers to seek financial advice.
Neither of these has worked well. The Financial System Inquiry in 2014 recognised that disclosure hasn’t closed the gap in consumer capability. Worse, the providers of these products may have incentives through remuneration which may not serve the customer’s interest and only about 25% of financial consumers seek advice.
The Productivity Commission’s report on competition in financial services, illustrates many of these points in arguing for regulation of mortgage brokers. Brokers are supposed to be the customer’s agent to scout for and advise on the best mortgage terms and cost. Instead they are remunerated by mortgage providers (like the banks), take commissions and, according to the Productivity Commission, generally cost more than loans directly from a bank.
Bias in financial decision-making
Consumers are prone to a range of biases which may also impair their financial decisions. For example overconfidence may cause them to ignore new information or hold unrealistic views about how high returns will be.
As we age or as our circumstances change, our tolerance for risk also changes. As we get older our tolerance for risk decreases, while having a higher income increases it. Men are also more risk tolerant than women.
Consumers may also give too much weight to recent events and things they know already and can be unduly influenced by the opinions of friends and family.
This sort of consumer decision-making is no match for providers’ knowledge of financial conditions and product features. Banks and other financial service providers have learned from experience, but most of all their own command of consumer behaviour research.
The latter leaves providers able to design and sell products that benefit from consumers not overcoming mistakes, or at times, exacerbating mistakes.
Helping customers make better choices
In a bill soon to be before the Australian parliament, those selling financial products will have to make a “target market determination”. This records and describes the market for a product (those who would buy it). It must also set out any conditions under which the product must be distributed, for example that it can only be sold with advice.
It’s designed so that financial products meet the needs and financial situation of the people acquiring them.
There are criminal and civil penalty sanctions for failing to make and ensure products are sold in accordance with a determination. Also, for failure to revise and reissue it, if circumstances change.
Twinned with this requirement are new intervention powers for the Australian Securities and Investments Commission (ASIC). ASIC will be able to make interim rules, effectively prohibiting sales or imposing conditions, if continued sale would result in “significant detriment” to financial consumers.
The purpose of product regulation is clearly to allow ASIC to be more active and reduce over-reliance on ineffective disclosure, conflicted advice and drawn out dispute resolution.
Product regulation is no panacea. This version has a large gap, as credit products (for example credit cards or mortgages) do not require a target market determination. It’s not difficult to read the politics of regulation in this omission. There is also a risk that target market determinations will become pro-forma and add to compliance and not to consumer benefit. Although a description of the target market must be in the advertising, it’s not clear it must be in formal disclosure, so consumers may never read it.
Product intervention powers apply across investment, insurance and credit products but it will never be easy for ASIC to prove the risk of “significant consumer detriment”. Intervention orders also expire in 18 months unless made permanent by parliament.
<img src="https://counter.theconversation.com/content/91228/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">The regulation of product design and distribution in the spirit of consumer safety has been commonplace (if imperfectly realised) in car, pharmaceuticals and other consumer markets, for decades. There are modest grounds for optimism that in Australia financial product safety might catch on too, but the government needs to include credit products as well.
Dimity Kingsford Smith, Professor of Law, UNSW
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/banks-and-financial-providers-one-step-ahead-of-consumers-who-struggle-with-personal-bias-91228" target="_blank">original article</a>.
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Banks and financial providers one step ahead of consumers: Dimity Kingsford Smith

jrobinson-rf4aSBido9

Homes help as banks have three-quarters of their small business lending collateralised: RBA

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Rating agency Moody’s has sounded a caveat for banks in Australian, Canada and Sweden, saying they are increasingly sensitive to economic shocks that could result from a slump in house prices after a more than 16-year surge. 
In the report, "Banking -- Global; Possible house price drop poses some risk for Canadian, Swedish, Australian banks," Moody's Investors Service compares the rise in house prices and household indebtedness. 
Between 2000 and 2016, house prices rose by 144% in Sweden, by 115% in Canada and by 113% in Australia. At the same time, household indebtedness has risen sharply, and mortgages now account for 63% of the banking systems' total loan books in Australia, 48% in Sweden and 39% in Canada. 
“Housing market corrections are often triggered by an economic slowdown, but even when they occur without any economic trigger, the attendant uncertainty can weigh on consumer confidence. This can in turn contribute to a slowdown in economic growth, which if severe enough can increase losses across the full range of banks' loan portfolios,” Moody’s said in the report.
“Between May and September 2017, we took rating actions in all three banking systems to reflect this risk, although lenders in these countries remain among our most highly rated globally.” 
Moody's base case is that house prices will continue to climb in Canada and Australia, albeit at a slower pace over the next 12 to 18 months, whereas preliminary data suggest that the housing market may already be turning in Sweden. 
“If there were a house price correction in any of these countries, the combination of protective features built into their mortgage markets, banks' underwriting practices and full recourse loans would limit mortgage losses,” it said. 
"Nonetheless, banks in these countries are exposed to second order effects," said Louise Lundberg, a Vice President and Senior Credit Officer at Moody's. 
Lundberg elaborated by saying that an economic slowdown that would likely accompany a substantial house price correction would lead to higher losses on consumer loans, commercial real estate loans, and loans to consumer-exposed corporates.
In most scenarios, Moody's said it expects banks in these three countries to be able to absorb any loan losses through their earnings. 
“Any impact on their capital levels, which we currently assess as strong to adequate, would likely be limited,” it said. 
Assuming unchanged earnings (although these would likely be negatively impacted in a stressed scenario), loan losses could increase to 2.2% of gross loans in Canada from 0.4% in 2016, to 1.8% in Australia from 0.2%, and to 1.4% in Sweden from 0.1% before eating into capital. 
In Australia, macroprudential measures recently announced by the regulator will likely constrain credit growth, particularly growth in loans to property investors, who account for around 35% of all new mortgages. These measures, along with more stringent underwriting criteria, are likely to reduce customers' borrowing capacity. Overall, we expect the rate of house price appreciation over the next 12 months to slow. 
Rising house prices have led to a sharp decline in housing affordability in all three countries (see Exhibit 2). 
<a href="https://www.propertyobserver.com.au/images/2017/11/21/Exhibit2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/11/21/Exhibit2.png" alt="">
Canadian, Swedish and Australian household debt has also risen strongly (see Exhibit 3). Household leverage is highest in Australia, where it reached 212% of net disposable income in 2015, and has risen further since. This compares with 183% in Sweden and 176% in Canada (2016 data). 
<a href="https://www.propertyobserver.com.au/images/2017/11/21/Exhibit3.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/11/21/Exhibit3.png" alt="">
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prateek24-ezbwHMbNAk

Australian banks among international lenders exposed to second order housing impact: Moody's

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GUEST OBSERVER
In Australia, ATM use is <a href="https://www.apca.com.au/docs/default-source/decline-of-cheques---milestones/towards-the-digital-economy-milestones-report-(november-2016).pdf" target="_blank">declining</a> by about 5% per year. Plenty of alternatives to getting cash are available, such as supermarket checkouts, and new technologies will only make ATMs more redundant. The question is, where will banks replace the revenue from removing ATM fees?
The RBA has <a href="https://www.commbank.com.au/guidance/newsroom/commonwealth-bank-cuts-atm-withdrawal-fees-201709?ei=card-view" target="_blank">reported</a> that some 250,000 so-called “<a href="https://www.apca.com.au/docs/about-payments/brochure.pdf?sfvrsn=0" target="_blank">foreign</a>” withdrawals are made each year. This is when you withdraw money from an ATM operated by a different bank. But this is less than a drop in the ocean compared to the <a href="https://www.bankers.asn.au/images/uploads/ArticleDocuments/192/ATM%20fact%20sheet_updated%20Jan%202016.pdf" target="_blank">725 million</a> total ATM transactions made in Australia each year.
<h2>New technologies threaten ATMs</h2>
Sometime later this year a couple of new technologies will be launched that further undermine ATMs. The biggest will be <a href="https://www.nppa.com.au/" target="_blank">NPP</a>, short for New Payments Platform. Another is <a href="https://www.bpay.com.au/osko" target="_blank">OSKO</a>, a new payment mechanism from the people who brought you BPAY. Soon people will be asking you if you want to OSKO that!
NPP is a <a href="https://www.apca.com.au/about-payments/future-of-payments/new-payments-platform-phases-1-2" target="_blank">brand-new system</a> that has been built from the ground up to be fast, reliable, flexible and able to handle the high volume of payments needed to operate a modern banking system.
If and when it works, the NPP will change the way that payments are made in Australia. Rather than putting a payment on a credit card or waiting a few days for a payment from another bank to clear, with NPP payments will be cleared in a few minutes or less.
Using NPP, anyone will be able to make an almost instantaneous transfer of funds into the bank of a supplier, such as a plumber (can you OSKO that?). Late at night one party animal will be able to transfer money from his/her account to a friend, in return for some of the folding stuff. With NPP, everyone with a smartphone and spare cash is an ATM.
The technical boffins at NPP have been <a href="https://www.apca.com.au/about-payments/future-of-payments/new-payments-platform-phases-3-4" target="_blank">beavering away</a> for over <a href="https://www.apca.com.au/docs/2014-media-releases/australia-s-leading-financial-institutions-sign-up-to-build-the-new-payments-platform.pdf" target="_blank">four years</a> building the Formula 1 of payment systems. With the help of international experts from the SWIFT organisation (which handles <a href="https://www.swift.com/about-us/swift-fin-traffic-figures" target="_blank">millions of high value payments</a> each day between the world’s largest banks), <a href="https://www.apca.com.au/docs/2014-media-releases/australia-s-leading-financial-institutions-sign-up-to-build-the-new-payments-platform.pdf" target="_blank">support from the Reserve Bank of Australia</a> and money from the biggest Australian banks.
<h2>Replacing ATM revenue</h2>
So where does that leave ATM’s? Apart from possible conduits for <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2017-08-11/asic-to-investigate-cba/8796542">money laundering</a>, they are a dying breed in the long term. So in future, how will banks pay for installing, replenishing with banknotes and protecting ATMs against <a href="https://www.telegraph.co.uk/news/2017/07/13/ram-raiders-usetelehandler-steal-atm/">ram-raiders</a>? With extra fees elsewhere, of course.
The banks that stumped up the money for NPP do deserve a reasonable return on their investment, which was not without risk. But there are alternatives to levying fees elsewhere to replace ATM revenue.
Following a lead from the government on promoting a more flexible banking system, the RBA and the competition regulator, the Australian Competition and Consumer Commission (ACCC) <a href="https://www.afr.com/business/banking-and-finance/financial-services/rba-accc-want-more-competition-in-banking-20170920-gyl5jj">recently asked</a> the Productivity Commission to investigate the <a href="https://theconversation.com/four-pillars-or-four-pillows-bankings-comfy-collective-23297">Four Pillars policy</a> with ACCC chairman, Rod Sims, describing retail banking as being:
- characterised by oligopolies comprising the large banks, who can influence products, prices and other conditions in important markets either alone or together.
The Australian Bankers’ Association <a href="https://www.afr.com/business/banking-and-finance/financial-services/rba-accc-want-more-competition-in-banking-20170920-gyl5jj">demurred</a> of course, saying that they did not:
- believe there are widespread systemic issues in the banking system or regulatory framework that hinder competition. Nor do we believe further regulation is the path to greater competition
So how to stop another round of opaque, predatory pricing? Give the banks what they say they want - competition.
<h2>Creating more competition</h2>
As part of a radical shakeup of banking, the Indian government has recently introduced the concept of <a href="https://www.thehindu.com/business/all-you-need-to-know-about-payment-banks/article7561353.ece">payment banks</a>, which as the name suggests concentrate almost completely on <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/how-to-make-the-most-of-payments-banks/articleshow/55704502.cms">payments</a>. As such these “banks” do not take deposits nor make loans, and so the need for prudential, as opposed to consumer, regulation is minimal.
It would not be difficult to create such payment banks in Australia. In fact, with companies like Woolworths, Coles and the Australian Post Office, which already have embryonic payments systems in place, we are almost there already. And of course, as initial investors and developers of NPP, the big banks already have a head start on providing payment services.
But how to create a level playing field? One way would be to float the New Payments Platform.
Assuming that the concept will work, as envisaged by the RBA and banks, there should be a market for the shares, especially among super-funds, which would love the long term stable returns from such a key infrastructure. The proceeds from the sale would be returned to the banks that had the foresight to invest and the public, of course, through the RBA.
A new company would set and publish transparent charges for its “wholesale” services, providing a reasonable return for its shareholders. In turn, the “retail” providers, the payment banks, would charge their customers for each payment and the lowest cost providers would set the pace on prices for the industry.
When payment banks are paired with the new “open banking” initiatives, such as those developed <a href="https://theconversation.com/more-lessons-on-fintech-to-come-for-scott-morrison-71715">in the UK</a> and encouraged by the <a href="https://www.pc.gov.au/inquiries/completed/data-access/report">Productivity Commission</a>, new FinTech (Financial Technology) companies would be able innovate in the payments area and keep costs down.
<img src="https://counter.theconversation.com/content/84594/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">It looks like one of the most boring areas in banking is about to get a big kick up the pants, and the big banks may not like how it feels.
<a href="https://theconversation.com/profiles/pat-mcconnell-13137" target="_blank">Pat McConnell</a>, Visiting Fellow, Macquarie University Applied Finance Centre, <a href="https://theconversation.com/institutions/macquarie-university-1174" target="_blank">Macquarie University</a>
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/atm-fees-may-be-gone-but-what-will-replace-them-84594" target="_blank">original article</a>.
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blah-kDyg7eVbfw

ATM fees may be gone but what will replace them?

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GUEST OBSERVER
As expected, the minutes of the monetary policy meeting of the Reserve Bank Board showed that the Bank has been somewhat encouraged by recent developments in the economy.
In particular, conditions in the labour market have continued to improve with employment growth being described as “broadly based across the states”.
Solid employment growth is expected to continue given the current forward indicators in the labour market, although “spare capacity remains”.
On the other hand, the Board continues to be concerned about wages.
Wage growth is described as stable at a low rate, and the forecast is for “growth in wages to remain low for some time, before picking up gradually in response to a strengthening labour market”.
Evidence to support that view is that those industries with stronger employment growth are showing higher wage outcomes.
Another encouraging sign is around non-mining business investment, where forward looking indicators such as capacity utilisation and investment intentions from business surveys suggest a further pick-up.
The Bank is reasonably cautious on this, forecasting that non-mining investment will “strengthen gradually”.
It notes that non-residential investment is also improving although the data from the capex survey still pointed to modest growth at best, with sectors not covered by capex such as education and health looking stronger.
The dark side of the construction cycle centres around residential construction.
The Bank appears to be considerably more optimistic here than Westpac.
It accepts that construction has passed its peak but is still expecting a strong pipeline while continuing to note that “a considerable number of new apartments were scheduled to be completed in the period ahead”.
In the Governor’s statement following this board meeting, he pointed out that conditions in the housing market had eased, notably in Sydney.
The minutes flesh out this point, and in particular note that conditions “had remained strong in Melbourne”.
Overall, the minutes indicate a less comfortable assessment of developments in the housing market than was implied in the statement.
The issue of concern for the Bank is growth in housing debt continuing to outpace income growth.
That summarises why the Bank is most concerned about wages, employment and house price growth.
As with the Governor’s statement, there is no attempt to “jawbone” the Australian dollar.
It is accepted that weakness in the US dollar is a key contributor to AUD strength, but it also noted that the rise in the AUD “was weighing on domestic growth and contributing to subdued inflationary pressure”.
The warning from the minutes in August is repeated, “a further appreciation of the Australian dollar would be expected to result in a slower pick-up in growth and inflation”.
The discussion on international economic conditions once again centres on China.
It appears apparent that the Bank expects growth in the Chinese economy to slow over the course of the next few years, with the key challenge being balancing a commitment to short-term growth targets with the need to address high debt levels.
The implication is that Australia’s commodity prices can be expected to fall over the course of the next few years.
Commentary around the US Federal Reserve has changed somewhat.
In previous minutes, the Board seemed to accept that the Federal Reserve would continue its tightening program.
In these minutes, market pricing is noted to indicate that a rate hike was not expected until the second half of 2018.
Given the Bank’s clear comfort with a lower AUD, this observation might indicate recognition of AUD holding higher for longer than had been anticipated previously.
The minutes are not quite as upbeat as the Governor’s statement indicated.
The improved labour market conditions are recognised but clearly qualified by an expected slow response from wages and ongoing spare capacity.
Improving prospects for non-mining investment are noted, but the peak in the residential construction cycle has been reached, and prospects for non-residential investment are mixed.
The easing of conditions in the housing market, especially in Sydney, are noted, but the qualification that the Melbourne market remains strong is added.
The policy conundrum of rising household debt in an environment of low inflation is emphasised.
While, the commentary notes that financial markets are giving “some expectation of an increase in the cash rate by mid-2018”, there is no signal in these minutes to suggest that the Board sees any urgency around interest rates.
Westpac expects that concerns with weak income growth weighing on consumer spending and eventually the jobs market will dominate the policy debate in 2018.
The sustained application of macro-prudential policies is likely to continue to ease conditions in housing markets precluding any need for the Bank to raise rates next year.
BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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bevans-rYk9SxEa4r

Housing debt continuing to outpace income growth: Bill Evans

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<img src="https://counter.theconversation.edu.au/content/82886/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The view of Australian banks on the risk that mortgage stress poses to our economy and the banks’ own viability is worrying.
Shayne Elliott, CEO of ANZ Bank commented in this week’s Four Corners report:
"The reality is that housing loans are pretty good because they’re quite diverse in terms of lots of relatively small loans across ah across the country."
This view is in contradiction to research from the United States which finds housing markets there are less diversified than previously thought. This means any house price shocks will likely occur simultaneously across the country, causing large cumulative losses to borrowers and banks via mortgage defaults. Australian housing markets are likely to be even more concentrated than in the US because of the population size of Sydney and Melbourne.
Banking regulator the Australian Prudential Regulation Authority (APRA) has already issued guidelines to the banks on tracking exposure to mortgages and limiting the growth of loans to investors, in particular for interest-only loans. An independent review by Stephen Sedgewick on behalf of the industry also recommended banks stop paying mortgage brokers based on the volume of loans they secure, in an effort to reduce risks. But these steps might not be enough to ensure security.
Australian bank exposure to mortgage risk
Bank losses during the global financial crisis were in large parts driven by borrowers not being able to make their mortgage repayments. After receiving a loan, borrowers may experience income shocks like loss of jobs or demotion and expense shocks like higher petrol prices or interest rates, that affect their ability to service their mortgages.
Australian mortgage contracts are risky for borrowers in international terms. Unlike other countries, Australian banks offer to lend only up to five years at a fixed rate and the majority of loans are at a variable rate. 
This leaves Australian borrowers exposed to interest rate increases. In the past few years, interest rates were lowered as Reserve Bank of Australia economists targeted low inflation rates.
<a href="https://www.propertyobserver.com.au/images/2017/08/24/RentEarnings.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/24/RentEarnings.png" alt="">
www.rba.gov.au, Author provided
Interest rates are now close to zero, limiting the ability of the RBA to stimulate economic growth. There’s the possibility the RBA could raise interest rates, causing shocks to mortgage borrowers. My research shows this shock could increase bank losses substantially.
At the moment 23% of consumer expenses are housing related and this number is likely higher for mortgage borrowers and could be growing. Interest rate increases, in combination with the current high debt levels, are therefore likely to increase inflation and trigger further interest increases. 
Dealing with the risk of mortgage stress
Current bank portfolios are not well diversified, if 60% of bank assets are in mortgages. Other loan classes such as commercial real estate loans and small to medium enterprise loans are also often property-backed. 
Bank lending standards need to be more consistent to avoid borrowers shopping around for the lender that offers them the highest loan amount. Lending standards should also consider the concentration of housing income and expenses in a borrower’s portfolio.
Banks should promote fixed rate mortgages. This type of mortgage transfers interest rate risk from borrowers to the banks, that are better placed to manage this risk. This may come at an additional cost but should be small compared to the cost borne by consumers should the housing bubble ever burst. 
There also needs to be more scrutiny of the use of offset accounts and redraw facilities, being used as an offset for outstanding loans. Borrowers often use these funds to purchase additional properties and they may not be available in the case of mortgage default. Instead of promoting offset accounts it may be better to give borrowers a prepayment on their mortgage, but not an option to redraw. Should consumers want to draw down on the equity in their homes, they could then apply for a second mortgage. 
Mortgage brokers should act as independent advisers, a tool for consumer information and bank competition, as smaller lenders in particular rely on mortgage brokers. The Sedgwick report suggested the loan to value ratio of mortgages should be considered when paying mortgage brokers. This would mean that loans with high loan-to-value ratios (where the borrower is more likely to default) would earn a lower fee.
The Sedgwick banking review has been a step in the right direction, but the focus should be on banks rather than mortgage brokers, as it’s ultimately the bank that is in a contract with the consumer. 
Some of this may require a fundamental value change. It’s not likely the Australian appetite for property will change but this means we need to hedge our bets against any risks by improving diversification and the way banks finance mortgages.
<a href="https://theconversation.com/profiles/harry-scheule-3573" target="_blank">Harry Scheule</a> is Associate Professor, Finance, UTS Business School, University of Technology Sydney and author for <a href="https://theconversation.com/au" target="_blank">The Conversation</a>.
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jchancellor-FAypfDUnLy

Banks shouldn’t underestimate the risk of concentration in the housing market

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A regional bank has joined the big banks in raising home loan interest rates for investors.
Tasmania-based MyState said it had increased its rates for residential investors by 25 basis points for its variable rate residential investment loan and by 10 bps on its 1, 2, 3 and 5 year fixed residential investment loans
The new rates will be for new and pipeline customers with loans contracted on or after 21 June, according to the Australian Broker.
The bank also announced it was reducing the loan-to-value ratio for residential property investors, capping it at 50 percent.
This will allow MyState to manage its investor portfolio responsibly and is in response to new regulatory requirements, the bank’s head of broker Paul Herbert said in a note sent out to brokers.
The change applies to all new residential investment loans.
Other changes introduced by MyState include additional fees for specific loan applications including a:
• $200 additional valuation fee (charged for each additional security)
• $200 company/trust fee (charged when a borrower is a company or trust or acting as a trustee for a trust)
The fees will affect new lending applications from 28 June and have been brought in to reflect additional cost and time or establishment, Herbert said.
Earlier this week, MyState Bank chief executive Melos Sulicich had said investors were listing their properties on Airbnb because of a lack of hotel accommodation. 
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jonathanchancellor-7SQnKwU6yx

Tasmania's MyState raises home loan rates for investors

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<img src="https://counter.theconversation.edu.au/content/77784/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
In its 2017 federal budget, the Australian government included a 0.06 percent levy on Australia’s biggest five banks: ANZ, the Commonwealth, NAB, Westpac and Macquarie Bank.
The levy will collectively cost the banks A$1.6 billion a year, and by some estimates will raise the overall cost of funding for the affected banks by around 0.03 percent. Many commentators have suggested this cost will be passed directly onto customers.
In an interview on the ABC’s Insiders program, Treasurer Scott Morrison said the banks could absorb the cost of the levy, given the size of their profits.
He said Australia’s large banks have between a 0.2 percent to 0.4 percent advantage because of the way Australia’s regulatory regime works and that Australian banks have a return on equity about twice that of banks in other advanced developed economies.
Is that right?
Checking the source
When asked for sources to support his statement, a spokesperson for Scott Morrison referred The Conversation to evidence presented by the Reserve Bank of Australia to the House of Representatives Standing Committee on Economics at its hearing on September 28, 2016.
In the report, the Reserve Bank included a chart provided below.
The spokesperson added that:
Importantly, the chart doesn’t adjust for M&amp;A [mergers and acquisitions] activity, given NAB’s 2016 sale of Clydesdale brings down average (unadjusted) ROE [return on equity] for Australian banks quite substantially.
Let’s check the facts.
What is the return on equity for Australian banks?
Return on equity, or ROE, is a measure of profit, expressed as a percentage of shareholder equity. It shows how much profit a company generates with the funds invested by its shareholders.
The figure below (from the Reserve Bank’s Financial Stability Review) shows the return on equity of the large banks in Australia was around 15 percent in 2015.
Including the smaller Australian banks, which have about 20 percent of the market, the average return on equity is somewhat lower and more variable than for the big four only, but it is above 12 percent.
<a href="https://www.propertyobserver.com.au/images/2017/05/19/return%20on%20equity.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/19/return%20on%20equity.png" width="452" height="425">
A decade ago, Australian bank returns on equity were a few points higher, and not much different from those earned by banks in other developed markets.
However, during the global financial crisis, banks in the US and Europe sustained large losses, leading to negative returns for couple of years. US banks have since recovered somewhat. European and UK banks, however, continue to perform weakly: the returns on equity of large banks in Europe are about 5 percent, compared to about 3 percent in the UK. The ROEs of large Canadian banks have, like those of large Australian banks, remained higher and more stable.
Looking ahead, the Reserve Bank notes that:
Analysts’ expectations are for Australian banks’ [return on equity] to remain on average around 12.5 percent over the next couple of years. While this is high by international standards and appears to be above banks’ cost of equity, it is lower than the returns to which Australian banks and their investors have become accustomed. Do Australia’s biggest banks have an added advantage over smaller rivals?
The treasurer also claimed that “our major banks have about a 20 to 40 basis point [funding cost] advantage because of the nature of the regulation and structure of our financial system”.
Big banks do indeed appear to be able to borrow more cheaply because their lenders expect them to receive government support during crises.
In 2010, the International Monetary Fund (IMF) used a range of approaches to estimate the value of “implicit government support” – such as the bailouts provided to some US banks during the global financial crisis – for banks and other financial institutions in the Group of 20 nations, including Australia.
While the answers from the different approaches varied, the IMF concluded that implicit government support “provides too big to fail financial institutions with a funding benefit between 10 and 50 basis points, with an average of about 20 basis points”.
Here in Australia, the Reserve Bank has concluded that “the major banks have received an unexplained funding advantage over smaller Australian banks of around 20 to 40 basis points on average since 2000”.
Macquarie University researchers James Cummings and Yilian Guo found that the funding cost advantage was about 30 basis points from 2004 to 2013, but has declined to about 16 to 17 basis points since then, in part due to prudential reforms that obliged banks to increase the share of lending contributed by shareholders.
Verdict
Scott Morrison was correct: Australian banks do “have a return on equity which is about twice, if not more than that, what you see particularly in other parts of the advanced developed economies of the world”.
Australian banks currently have higher returns on equity than banks in many other major developed markets. Those returns are about twice as high or more than the returns of the troubled European and UK banks. But returns in Canada are close to the Australian level, and the returns earned by large US banks are only a few points below the Australian level.
The treasurer is also correct to point out that the major banks enjoy a funding cost advantage on the basis of expected government support in financial crises. However, the size of the support is less clear. While IMF and RBA studies are in line with the treasurer’s range, there is some evidence that the funding cost advantage may now be somewhat lower.
Jim Minifie is Productivity Growth Program Director at the Grattan Institute. You can follow him on Twitter <a href="https://twitter.com/jimminifie?lang=en" target="_blank">here</a>. 
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