&nbsp;

A local Australian has spent a Lower North Shore record $15.1 million at <a href="https://www.apartments.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, the new TOD above the recently opened Crows Nest Metro Station.

The buyer amalgamated a penthouse and sub-penthouse to create the triplex apartment that will have five bedrooms, five bathrooms, a private rooftop pool, expansive terrace, and panoramic views of Sydney Harbour and skyline. The building is being created by burgeoning developer Third.i, alongside joint venture partner Phoenix Property Investors.

The buyer was drawn to Elevate’s unrivalled connectivity, situated directly above the&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> Metro Station, and the vibrant lifestyle precinct that surrounds it. The Metro connects to the CBD in just seven minutes, and Chatswood in four.

[smartcode_project:default project_id=142550 project_image_fid=309367]

Designed by internationally acclaimed architects <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, Elevate draws inspiration from the ancient blue gum forests native to the area. The building is a Net Zero development, created in consultation with Indigenous communities and exceeding sustainability benchmarks. Interiors feature chevron-engineered timber flooring, natural stone benchtops, and premium Sub-Zero Wolf appliances, delivering timeless elegance and next-level comfort.

The exchange of the $15.1 million apartment, follows a recent $5 million sale, and over $30 million currently in expressions of interests. Interest in Elevate’s penthouse stock has surged, reflecting a strong appetite for ultra-luxury residences that combine design excellence with unmatched connectivity.

[smartcode_project:default project_id=142550 project_image_fid=309369]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group.&nbsp;

“These recent sales are a testament to the vision behind Elevate. It’s not just about luxury finishes or panoramic views, it’s about creating homes that are deeply connected to the city and the community. Buyers are responding to that. They want to live somewhere that offers more than just a postcode, they want culture, convenience, and long-term value. Elevate delivers all of that, and more.”

[smartcode_project:default project_id=142550 project_image_fid=297878]

As part of the Hume Place precinct, Elevate is transforming Crows Nest into Sydney’s most dynamic urban village. Elevate’s unique position directly above the metro, combined with its curated amenity offering, has made it a magnet for buyers seeking a future-proof investment and a vibrant urban lifestyle.

The next release at Elevate is expected later this year.

[smartcode_project_cta:default project_id=142550]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group


Joel Robinson

Third.i & PPI set Lower North Shore apartment record with $15.1m sale at Elevate Hume Place penthouse amalgamation

Sydney developer Deicorp is set to officially open its <a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill-nsw-2154">Showground Village</a> precinct in Castle Hill.

NSW Premier Chris Minns will attend the opening on Sunday August 31, alongside&nbsp;Minister for Planning and Public Spaces Paul Scully, The Hills Shire Council Mayor Dr Michelle Byrne, Landcom CEO Alex Wendler, and Deicorp Founder Fouad Deiri.

Located just moments from Hills Showground Metro Station, the centre spans 9,500 sqm across four levels and features 26 specialty retailers as well as a 1,400 sqm public plaza, creating a new community meeting point for shopping, dining, fitness, and everyday convenience.&nbsp;

Showground Village forms part of the Hills Showground Station Precinct, an urban renewal initiative led by Landcom and Sydney Metro that will provide for around 2,300 new jobs over the next 20 years and around 9,000 new homes.&nbsp;

Deicorp was recently approved for another new development next door to Showground Village.

The new five residential buildings in the East Showgrounds Precinct, will see another 873 dwellings delivered, as well as&nbsp;3,500 sqm of open public space in the form of landscaped courtyards, a public park and communal outdoor recreational space including a playground, barbeque area, and outdoor seating.

“This approval will allow us to start construction on a range of beautifully designed, conveniently located apartments and create another vibrant, walkable and well-connected community,” said&nbsp;<a href="https://www.apartments.com.au/developers/deicorp" target="">Deicorp</a>&nbsp;Founder Fouad Deiri.

“These new homes will provide their residents with a seamless connection to jobs and services along Metro North West, and the new&nbsp;<a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill" target="">Hills Showground Village</a>&nbsp;retail precinct currently under construction."

Deicorp has several thousand apartments in planning and under construction across Sydney, from Zetland and Five Dock to Crows Nest and Macquarie Park.

[smartcode_project_cta:default project_id=133881]

Deicorp, NSW Premier officially open Showground Village, new retail and hospitality hub in Castle Hill

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

Financial System

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GUEST OBSERVATION
Australians have A$2.6 trillion in superannuation assets. We conducted a study of Australian women who influence or make decisions about how these assets are invested. Research shows gender-diverse investment teams lead to better investment returns. Yet women report being subject to sexist and unequal treatment in their industry.
While women are now the majority of finance graduates at some Australian universities, they remain a minority at all levels of investment management. They comprise 17% of Australian investment managers. On average they experience a 33% gender pay gap. This is almost 10 percentage points bigger than the gap across all industries.
The gender pay gap is particularly pronounced because discretionary bonuses make up a substantial portion of pay packets in investment management. Women are less likely to be in roles that are paid bonuses. The also report being paid lower bonuses than male equivalents.
Our survey and interview data from 127 women show investment management remains a “boys’ club”. Our findings mirror those of studies of women in Australian finance conducted since 1991. Little has changed over 30 years.
The women in our study were ambitious and passionate about working in investment management. They talked about the strong sense of purpose their jobs provided. They wanted more women making career decisions to be aware of the financial and intellectual rewards.
Most study participants were relatively senior, and most agreed they were treated with respect and had sufficient flexibility over work hours. But only half agreed their workplace treated men and women equally. A significant minority had experienced sexual harassment, offensive remarks or behaviours, and exclusion from important work-related events.
Working mothers have it hardest
Lack of accommodation of working mothers was the key problem identified.
More than half agreed working flexibly or part-time compromised career opportunities. Women described only limited access to flexibility and maternity leave, and stalled careers as a result. Women who took extended leave or “downshifted” were paid less than men in their cohort. This led to a widening pay gap over the course of their careers.
Other problems were identified:
<ul>
<li>
an “ingrained” culture of sexism and gender discrimination; this included stereotyped views of women being best suited to administrative roles, and that their primary role was that of family carer
</li>
<li>
unconscious and conscious biases screening women out of recruitment processes and preventing their advancement
</li>
<li>
disillusionment that men across the industry were only paying “lip service” to gender equality
</li>
<li>
an absence of support, sponsorship and mentoring from direct managers throughout their careers.
</li>
</ul>
Diversity promotes accountability
Finance-sector organisations are under pressure to improve their accountability and performance following the banking royal commission. Having more diverse decision-making is key to this. Cognitively diverse teams are less likely to engage in group think or risky behaviours.
It’s important the leaders of investment management organisations show genuine commitment to improving diversity. It’s equally important this commitment is enacted by managers at all levels.
At the team level, managers should provide support and equal opportunities for women to “stretch” themselves and build their potential for promotion. We found women given the same career-advancing assignments as male colleagues advanced to senior levels and recruited more women at levels below.
One catalyst for change might be to link managers’ pay, bonuses or promotion prospects to achieving key performance indicators for supportive and equitable management practices.
At an industry level, superannuation funds such as HESTA are measuring gender diversity in the firms that manage their assets.
The research points to a need for organisations to “de-bias” all people management processes to ensure gender-equal outcomes in recruitment, allocation of assignments, development opportunities, promotions and remuneration.
To accommodate working parents, organisations should redesign jobs to allow for reduced workloads and career advancement. They need to develop strategies that minimise the impact of maternity leave on career trajectories. They should also encourage men to work flexibly and take extended parental leave, so this becomes a cultural norm.<img src="https://counter.theconversation.com/content/103319/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Sarah Oxenbridge, Research Fellow, University of Sydney Business School, University of Sydney
Rae Cooper, Associate Dean, University of Sydney Business School, co-Director Women, Work and Leadership Research Group, University of Sydney, University of Sydney
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/for-the-sake-of-our-retirement-savings-its-time-to-reform-the-investment-management-boys-club-103319" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

For the sake of our retirement savings, it’s time to reform the investment management boys’ club

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GUEST OBSERVATION
In the 2017 budget lockup - when then-Treasurer Scott Morrison announced his outrageous bank tax/heist - I heard one well-known journo remark to another “Boy, it’s a f…ing bad day to be a banker”.
And so one might say today that it’s a bad time to be a central banker.
The big debate going on at the moment is whether the “inflation-targeting” framework followed by the United States Federal Reserve, Reserve Bank of Australia and other central banks, is up to the job in a post-2008 world.
Inflation targeting is where central banks try and keep inflation within a certain range. But they have recently been struggling to achieve their targets.
It’s pretty clear the real interest rate consistent with financial stability in advanced economies is lower than it has been in the past. This means GDP growth rates with a two in front of them are the new normal.
How should monetary policy change - if at all - in light of this?
Inflation targeting in both the United States and Australia dates to the (early/mid) 1990s. Central banks saw a tradeoff between inflation that was either too high or too low. The US Federal Reserve (to this day) summarises it as follows (emphasis added)
"Over time a higher inflation rate would reduce the public’s ability to make accurate economic and financial decisions. On the other hand, a lower inflation rate would be associated with an elevated probability of falling into deflation… a phenomenon associated with very weak economic conditions. Having at least a small level of inflation makes it less likely that the economy will experience harmful deflation if economic conditions weaken."
At the time the Fed settled on a 2% target and the RBA on a 2-3% band.
The question is, are these useful targets today?
As former US Treasury Secretary and NEC Chair Larry Summers put it when commenting on the tradeoff and how it might have changed (emphasis added):
"I do not see much that has changed that bears on the cost of higher inflation in making it harder for economic agents to plan. On the other hand there are compelling reasons to believe that the risks of deflation have increased. First, the world has seen a substantial amount of deflation or very low inflation over the last 20 years. In Japan and significant parts of Europe, deflation has taken place over several year periods. And there were moments during the financial crisis when deflation appeared a real risk for the United States. Second, deflation scenarios occur when the economy falls into the liquidity trap where short term safe nominal rates cannot be reduced any further even though there is economic slack and inflation rates are declining. On any reasonable calculation this is a much greater risk than it could have appeared in the mid-1990s."
The risk is these frameworks are beneficial precisely because they provide certainty to markets and economic actors, and anchor inflation expectations. If one changes the framework too readily or too often then disaster looms.
Changing the mandate
Having said that, there’s a good case to be made for a nominal GDP target rather than the kind of inflation target we currently have. A number of distinguished scholars have advocated this position.
Whatever the new framework is - and there surely needs to be a new one - should almost surely involve nominal interest rates around 5% in normal times. This would permit monetary policy to respond to sharp economic downturns.
How that is achieved is a tactical, not a strategic question. And I say that with all due chiding.
To me, the deep and hard question is how we transition to such a framework without a large loss of credibility. That surely involves making the case - in a compelling fashion - that the world has changed.
US Federal Reserve chair Jay Powell and RBA governor Phil Lowe need to have this discussion very publicly.
Thus far the RBA has not really been on the field, but it pulled out its strongest intellectual weapon on Wednesday, with deputy governor Guy Debelle delivering a detailed speech on inflation in Brisbane.
He offered some suggestions about why inflation has been low - perhaps unusually so - of late, and then concluded with something that sounded an awful lot like the party line (emphasis added):
"Our current forecast for inflation is broadly unchanged from earlier forecasts. We did revise down our expectation for inflation in the current quarter for reasons I have just discussed. Beyond the September quarter, we continue to expect inflation to be around 2¼% over the next couple of years as above-trend GDP growth reduces spare capacity in the labour market and there is an associated pick-up in wages growth. We expect most of these other forces that have contributed to the recent low rate of inflation to abate but there is uncertainty about how much longer they will persist. We would like to be more confident that inflation will be sustained at a rate consistent with the target."
The RBA can call it their “house view”, and we observers can call it other things. But one thing is for sure, the RBA cannot duck the question of what the appropriate monetary-policy framework is for a secular-stagnation world much longer.

They may be able to keep the cash rate on hold, but this debate cannot be kept on hold.
Richard Holden, Professor of Economics and PLuS Alliance Fellow, UNSW<a href="http://theconversation.com/institutions/unsw-1414"></a>
This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/vital-signs-its-time-to-discuss-a-new-framework-for-central-banking-101978">original article</a>.
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rh-YsoTT2xMuQ

 It’s time to discuss a new framework for central banking: Richard Holden

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Comparison website RateCity has welcomed the federal government’s decision to hold a Royal Commission into Australia’s financial sector.
RateCity CEO Paul Marshall said the only way to restore public trust in our financial sector was through a Royal Commission.
“Australians rely on financial products every single day," Marshall said.
"They hold the keys to our homes. They are the keepers of our retirement.
“We all agree banks are a fundamental to our economy but they are also fundamental to our society. We expect our banks to lend responsibility and help us manage our finances.
“Every Australian is entitled to financial products that are honest and fair. The government is right to focus on this point.
“We would like to see changes that make financial services more transparent and easy-to-understand. Any recommendations should focus on increasing competition and reducing costs for consumers, not the reverse.
“Australia’s big banks have been at the forefront of a long list of scandals and wrongdoings for too long. We’re well past the mea cupla stage.
“It’s time to look at the culture inside our banks and make sure it is in line with community values,” Marshall said.
Mr Turnbull’s announcement comes after the chief executives of the big banks, the Commonwealth, Westpac, National Australia and ANZ banks requested the government step in to  aunch an inquiry.
It was in an email sent to Treasurer Scott Morrison yesterday.
Treasurer Scott Morrison dubbed the Royal Commission a “regrettable but necessary action”.
Leader of the opposition Bill Shorten took to Twitter to take a dig at Prime Minister Malcolm Turnbull.
He tweeted "Is Malcolm Turnbull the last person in Australia who doesn't see the need for a Banking Royal Commission?"
Heritage Bank welcomed the Royal Commission into the banking sector, however Heritage Bank CEO Peter Lock said that the customer-owned banking sector, which included Heritage, should not be dragged into an inquiry based on the alleged wrong doings of the big banks. 
“The whole issue of the need for an inquiry into the banking sector has been used as political football for far too long,” Mr Lock said. 
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jonathanchancellor-7SQnKwU6yx

Banking royal commission should focus on an honest and fair financial system

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GUEST OBSERVER
The government’s response to the Financial System Inquiry is good news for consumers and will help promote a competitive and diverse banking and financial landscape and we congratulate the government on accepting the majority of Inquiry Chair David Murray’s recommendations, which were handed down in late 2014.
The recent announcement by the government is good news for customers and will continue to enhance the integrity, competition and transparency in our financial system in Australia. 
I’m pleased to see there will be a stronger focus on competition in the sector, through the inclusion of competition in ASIC’s mandate and also through the commitment to review competition in the financial system by the end of 2017. 
CUA hopes this is just the beginning, and that we will see a continued focus on competition going forward, including regular rolling reviews of competition within the financial system.
We welcome the requirement for transparency around vertically integrated financial advice and mortgage broking businesses, owned by larger banks, and for higher standards in financial advice and acknowledge the steps the government and regulators, including the Australian Prudential Regulation Authority (APRA), have already taken in recent months in response to recommendations which came out of the Inquiry.
The government’s decision earlier this year to not proceed with a levy on deposits was a sensible outcome which was in the best interests of Australians and customer-owned institutions like CUA. 
Likewise, I’m pleased to see the government has endorsed the steps already taken by APRA towards requiring the majors to hold more capital against home loans and the release of a discussion paper on capital levels for ADIs. Both of these are positive outcomes for consumers and customer-owned lenders like CUA. 
CUA looks forward to APRA implementing the broader international work on risk weights for mortgages - the so called Basel 4 approach - which could enable our sector to allocate more appropriate levels of capital to customers with lower loan to valuation ratios. This tailored approach has been missing from our repertoire and will be a major step forward for mutuals given our focus on the customer.
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The CUA would seek further details on some of the proposed actions and how they would impact CUA, including changes to the definitions around term deposits. 
We look forward to continuing to work closely with industry stakeholders, regulators and the Government on implementing these measures so Australians can continue to enjoy a strong, secure and competitive financial services landscape. 
 
Rob Goudswaard is Chief Executive Officer, CUA and can be contacted <a href="https://www.cua.com.au" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

CUA applauds measures to promote competition in financial services

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February 29s are a relatively unusual occurrence given the rules that decide leap years: every year divisible by four is a leap year, but every year divisible by 100 is not a leap year, unless the year is also divisible by 400, then it is still a leap year.
As amusing as they are, much can rest on the incidence of the leap year.
Indeed, bankruptcy notices have been set aside because banks didn’t correctly calculate the 366th day in their claims.
The much-feted Sydney developer Andrew Clubb avoided Westpac’s bankruptcy application in a fascinating 1990 Supreme Court ruling – the story still resonates around lower north shore drinking holes.
And a look at the judgement is quite colourful too … for a Federal Court ruling.
“When Julius Caesar decreed that from the year now known as 45 BC onwards there should be adopted the Julian calendar, with its provision for recurring bissextile or leap years, he not only set the scene for a well-known Gilbertian jest; he also set the scene for the problem posed by the present case,” his honour Justice James Burchett said in his 1990 judgement.
“For the basic question is whether, in calculating a proportionate amount of interest due at a yearly rate, the year in question being a leap year, is it permissible to convert the yearly sum to a daily rate by dividing by 365, or whether it is essential to include the intercalary day, thus making the divisor 366.”
Clubb’s bankruptcy notice claimed the sum of $427,938.29, together with $311,000 interest on the balance of the judgment with the obligation to pay interest at a rate, which is stated as a percentage "yearly". There were different daily rates of interest – ranging from 15% to 19.5% - relating to  particular time periods within the period of indebtedness.
The period included a leap year 1988, which had the extra day.
After doing his sums, his honour ruled the total error was $213.
And so given the long precedent that bankruptcy notices are invalid if the sum specified exceeds the amount for which the creditor was entitled, Clubb’s lawyer secured victory.
The bank failed in its contention that the word "yearly" had reference to a common year of 365 days after counsel for the bank cited Halsbury fourth edition volume 45 para.1102, where the expression "common year" referred to a year that consists of 365 days.
His honour suggested it would be a curious anomaly, if applied to a portion of a leap year consisting of 365 days, that the interest for that portion of the leap year would be identical to the interest that could lawfully be exacted for the full year.
“For these reasons, I have concluded that the bankruptcy notice is invalid and must be set aside,” he ruled.
There was another judgement in 1991 where a debt exceeding $100,000 was overstated by $33.19 and the bankruptcy application against the The New York Deli, Double Bay restaurateur Henry Saade was similarly invalid.
None since then that I am aware of, which suggests the banks are alert to the loophole. And there have been two cases – Shaddock and Hodgson – where it’s been ruled in the financier’s favour after the court calculator ran a check over the amounts claimed.
Oh and that bit of Gilbertian jest was The Pirates of Penzance and its character Frederic the pirate apprentice, who was indentured to remain with the pirates until his 21st birthday, but technically going by birthdays was only five, and so  must serve for another 63 years.
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