Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

j.ballantyne1990-6AQqhLzZaK

NAB forecast Brisbane house prices to rise 7% in 2021

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The Federal Court of Australia has ordered two entities in NAB’s wealth management division to pay a total $57.5 million penalty after the Court found that NULIS Nominees (Australia) Limited (NULIS) and MLC Nominees Pty Ltd (MLC Nominees) made false and misleading representations to superannuation members.
It was about their entitlement to charge plan service fees and members’ obligations to pay the fees.
The court also made declarations that MLC Nominees and NULIS failed to ensure that their financial services were provided efficiently, honestly and fairly.
MLC Nominees will pay a total penalty of $49.5 million for its contraventions.
NULIS will pay a penalty of $8 million for its contraventions.
Between 8 September 2012 and 30 June 2016, MLC Nominees misled members in the MasterKey Product and deducted approximately $33.6 million in Plan Service Fees from approximately 220,000 members of MasterKey Business Super (MKBS) and MasterKey Personal Super (MKPS), divisions of the MasterKey Product, who did not have a Plan Adviser.
Between 8 September 2012 and 30 September 2018, MLC Nominees and NULIS misled members and deducted approximately $71.9m Plan Service Fees from approximately 457,000 members of MasterKey Personal Super linked to Plan Advisers where Plan Advisers were not required to provide services and members did not receive services or any services they could not otherwise obtain for free.
The Federal Court made declarations to the effect that NULIS and MLC Nominees breached the ASIC Act for misleading and deceptive conduct and by making false or misleading representations, for which the civil penalties have been ordered.
The contravening conduct was done by MLC Nominees’ and NULIS’ in their failure to inform members that, when they transferred from MKBS to MKPS, they could “turn off” their plan service fee.
Other declarations related to failing to comply with the financial services laws, for misleading and deceptive conduct and for issuing a defective Product Disclosure Statement.
The court ordered that the defendants’ pay ASIC’s costs of the proceedings.
In his decision, Justice Yates described NULIS and MLC Nominees’ contraventions of s12DB of the ASIC Act as “very serious.”
ASIC deputy chair Daniel Crennan QC noted it was the largest total penalty yet imposed in a civil action filed by ASIC.
‘Fees for no service conduct is particularly egregious, having resulted in substantial financial loss for thousands of unsuspecting consumers.
"ASIC will continue to bring enforcement action against this misconduct and other case studies from the Financial Services Royal Commission.
"This demonstrates our resolve to deliver on the public’s expectation that we hold wrongdoers of all dimensions to account."
ASIC acknowledges that MLC Nominees and NULIS made admissions of liability during the proceedings and notes that this cooperation was taken into account by Justice Yates in determining the penalty.
<h2>Download</h2>
<a href="https://download.asic.gov.au/media/5783217/australian-securities-and-investments-commission-v-mlc-nominees-pty-ltd-2020-fca-1306.pdf" target="_blank">Download the full judgment</a>
<h2>Background</h2>
MLC Nominees was the Trustee of The Universal Super Scheme (TUSS) until 30 June 2016. TUSS became the MLC Super Fund and NULIS was the Trustee of the MLC Super Fund from 1 July 2016. The MasterKey Product was an MLC branded corporate superannuation product established as part of TUSS (and subsequently part of the MLC Super Fund).
ASIC commenced proceedings against NULIS and MLC Nominees on 6 September 2018 (18-259MR). Although these proceedings commenced before the publication of the Financial Services Royal Commission Volume 2 Final Report, NULIS was a Superannuation Case Study.
The maximum penalty per contravention at the time the unlawful conduct occurred ranged from $1.1m to $2.1million. The maximum penalty per contravention for conduct of this kind occurring after 13 March 2019 was increased by Parliament to the greater of $10.5million, three times the benefit obtained or 10% of the company’s annual turnover. Increased maximum penalties also apply to contraventions of s912A Corporations Act occurring after 13 March 2019 which did not attract civil penalties before this date.
Between October 2016 and June 2017, NULIS remediated No-Adviser members approximately $35.9m (including interest and less fund tax of $6m). As at 30 April 2019, a further total of $178,101 (excluding fund tax) was remediated to a further 1,120 No-Adviser member accounts.
By 31 May 2019, NULIS had paid $116,659,241 (excluding fund tax) to No-Adviser members and Linked Members.
ASIC also imposed, by consent, additional licence obligations on NULIS in January 2017 following its inquires in relation to several breach reports, including the Plan Service Fee.
ASIC has been monitoring remediation for fees for no service failures by financial services institutions including NAB and its associated entities (18-229MR, 20-028MR).
This was the first enforcement action commenced by ASIC concerning fees for no service (FFNS) activity. In 2019, ASIC also commenced civil penalty proceedings in the Federal Court against NAB itself for alleged contraventions of the ASIC Act and the Corporations Act for FFNS activity. These proceedings are being case managed by the court to trial, a date is yet to be scheduled (19-360MR).
In August 2020, ASIC commenced civil penalty proceedings in the Federal Court against State Super Financial Services Australia Limited for charging at least 36,592 members fees for financial advice that StatePlus promised it would provide but did not provide (20-189MR).
Also in August 2020, ASIC commenced civil penalty proceedings in the Federal Court against Asgard Capital Management Limited for charging adviser fees to 404 customers for financial advice that was not provided and also against Asgard and BT Funds Management Limited for making misleading representations in half-yearly or annual account statements regarding the charging of the adviser fees (20-190MR).
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NAB superannuation trustee companies to pay $57.5 million penalty for fees for no service breaches: ASIC 

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National Australia Bank has made cuts of -0.10 per cent to savings rates on Tuesday, becoming the seventh provider to cut savings rates over the last week.
Other providers who cut their savings rates include BOQ and ING, Canstar data reveals.
<img src="https://www.urban.com.au/images/2020/9/29/Screen%20Shot%202020-09-29%20at%2010.11.22%20am.png" alt="">
The bank also cut a number of term deposit rates by between -0.05 per cent and -0.15 per cent.
Canstar’s group executive Steve Mickenbecker noted that prices are down when it comes to saving rates.
“With the Reserve Bank supplementing bank fund raising with 0.25 per cent loans, banks are under less pressure to raise funds from savers”, he said.
“We have seen savings interest rates continue to slide through the pandemic.”
Canstar notes that savers have to actively manage their money or make do with modest remuneration.
“Savers have to micromanage their money by qualifying for bonus rates or switching savings accounts every few months to earn introductory rates, or settle for rates around 0.05 per cent.” Mickenbecker said.
He noted that these rates are likely an unanticipated consequence of the measure to fund businesses through the crisis.
The top saving rates from the major banks still sits with Westpac Life account.
<img src="https://www.urban.com.au/images/2020/9/29/Screen%20Shot%202020-09-29%20at%2010.24.45%20am.png" alt="">
Young adults, aged between 18 and 29, can earn an interest rate of up to 3 per cent. 
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Savings rates cut by NAB along with six other providers

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EXPERT OBSERVER
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The RBA continues to signal further monetary easing is likely. Deputy Governor Debelle in a speech titled <a href="https://www.rba.gov.au/speeches/2020/sp-dg-2020-09-22" target="_blank">The Australian Economy and Monetary Policy</a>, “outline[d] [the] possibilities for further monetary policy action should the Reserve Bank Board decide that is warranted” and concluded that “the [RBA] Board will continue to assess the merits of the range of monetary options to best support the economic recovery”.
NAB now sees significant risk of the RBA easing policy further by cutting the cash rate, 3-year yield target and TFF rate by 15bps to 0.10% (from 0.25%). The remuneration on ES balances which is already at 0.10% is likely to be either unchanged, or cut slightly, so as to remain positive.
We also expect the RBA to announce outright QE purchases in the 5-10 year area of the curve, so as to lower longer-dated rates to provide stimulus via the portfolio rebalance effect/a lower $A. Different to YCC, this would likely require a nominated quantum of bond purchases per period to be announced.
NAB expects these further easing measures to be announced at either the October or November Board meetings, noting that the October Board meeting is the same day as the Budget, while the November SMP after the November Board could be an avenue to communicate its messaging to a wider audience. 
While NAB remains of the view that further monetary easing will have only marginal impact on the economy, the RBA continues to signal that it will do what it can to support the recovery: “given the outlook for inflation and employment is not consistent with the Bank’s objectives over the period ahead, the Board continues to assess other policy options”.
 Fiscal policy also continues to be well-placed to support the recovery and further measures are expected to be announced on this front in the Budget on October 6. 
It is also worth emphasising the RBA continues to rule out negative rates (“empirical evidence on negative rates is mixed”) and the Bank is very reluctant to intervene in the exchange rate (“AUD broadly aligned with its fundamentals”), citing the experience of the Swiss National Bank in today’s speech. 
This forecast was provided by NAB economists Alan Oster and Gareth Spence.
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jrobinson-rf4aSBido9

NAB now sees significant risk of cut to the cash rate

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CBA has cut the introductory rate on its NetBank Saver account by -0.05% while slashing the bonus rate on its GoalSaver account by -0.05% for balances of $50,000 or more.
The bank has also cut the bonus rate on its Youthsaver account by -0.10%.
<img src="https://www.urban.com.au/images/2020/8/20/NAB%20AUG%20cuts.JPG" alt="">
This is the second time in just over six weeks that CBA has cut the introductory rate on its NetBank Saver account and the total rate available on its Youthsaver account as well as the bonus rate on its GoalSaver account.
NAB has also revealed cuts of between -0.05% and -0.15% for its 1, 2 and 3-month term deposits.
<img src="https://www.urban.com.au/images/2020/8/20/NAB%20CBA%20AUG%20cuts.JPG" alt="">
New analysis shows 50% of savings accounts and 80% of term deposits on Canstar’s database have a total rate of less than 1%.
Canstar’s Editor-at-Large and money expert, Effie Zahos commented on the rate cuts, “A cut to deposit rates right now will be felt pretty hard by anyone financially impacted by the pandemic, people saving for their first car or first home, and many retirees.”
“Depending on the balance of your savings, retirees would see the Government deeming you to earn 2.25% on the portion of your savings over $53,000, despite the highest deposit rate being 2.20%. Even smaller balances are deemed to earn over 0.25%. This goes to show retirees with money in the bank have to be chasing the top returns on savings accounts."
“Banks are seeing their margins squeezed, some banks aren’t paying dividends and others are trying to offer higher rates in a low rate environment. It’s forcing savers to move their money about."
“Where one lender is reducing rates, there will be another holding on with a better deal.”
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CBA cuts saver's rates again, joined by NAB

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NAB has cut the rate on its Base Variable Rate Special Offer for investors to bring the rate down to 3.09% for principal and interest loan repayments and 3.29% for interest only repayments.
These rates are well below the average variable rate investors say they are paying, with a recent Canstar survey finding investors are paying an average rate of 4.06%.
<img src="https://www.urban.com.au/images/2020/8/13/NAB%20Investor%20Loan%20rates.JPG" alt="">
Canstar research shows that 16 lenders made cuts to 38 investment variable rates since July 1.
It comes as the latest ABS Lending Indicators data released last week pointed to a 8.1% rise in the value of new loan commitments to investors in June, but still down 6.1% on June 2019.
Canstar’s finance expert, Steve Mickenbecker said this is a sign that the banks are looking to entice investors.
<img src="https://www.urban.com.au/images/2020/8/13/NAB%20Investor%20Loan%20rates%20BIG%204.JPG" alt="">
“The housing market has been in the doldrums and new lending to investors in particular is even lagging the owner occupied market, leaving lenders competing hard for the quality business that is available,” said Mickenbecker.
“With new investment demand flat, the race is on for market share of the refinance market, and investors are a tried and tested group being targeted by lenders."
“With investors saying they are paying rates around 4.06%, it’s time they looked at refinancing. The lowest variable rate in the market for investors right now is almost 1.5% lower at 2.59% and the lowest fixed rate is down to 2.29%,” he concluded.
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NAB cuts investment loan rates to lowest in Big 4

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During these extraordinary times, NAB has taken the decision to publish aggregated customer data categorised by industry segment with the view to helping provide clarity around which segments of the economy have been most affected by the broader macroeconomic trends at play.
 NAB takes data privacy very seriously. All customer transaction data has been aggregated and no individual’s data is specifically identified or analysed as part of this process. The data used in this report will not be sold or made publicly available, but insights from the data will be shared with the Australian people.
NAB’s latest Data Insights highlight a slowdown in consumption spending in recent weeks, with overall growth easing to 5.8 per cent y/y for the week ended July 18. Spending slowed in all states and territories (except SA/NT). It is now weakest in VIC (-0.7 per cent) with this result heavily influenced by lockdown in metropolitan Melbourne. NSW is also weakening faster than most. Relative to last year, overall spending growth slowed (or fell further) in all industries, but overall growth continues to be supported mainly by spending on Construction and Retail Trade.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/24/16_Consumption%20Spending%20by%20State.jpg" alt="">
 
Source: NAB Group Economics.
Payment inflows across all industries were flat (0.1 per cent) in the 4-weeks to July 18 (4-week average terms). Inflows are still falling heaviest for corporates. By industry, they were down most in Mining, Transport and Hospitality, and were strongest in Agriculture, Manufacturing, Retail Trade and Professional, Scientific &amp; Technical Services.
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<div class="column">NAB’s latest Data Insights point to a slowdown in consumption spending in recent weeks, with overall growth easing to 5.8 per cent y/y in the week ending July 18 (9.8 per cent in the previous week), but still roughly at levels seen in late-February.</div>
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<div class="column">Consumption spending eased in all states except SA/NT (8.9 per cent). It fell sharply in VIC, which is now the only state showing a negative result (-0.7 per cent). This spending hit was driven by sharp falls in lockdown areas (-3.6 per cent), with non-lockdown areas still growing by more than 8 per cent. Spending growth halved in NSW (6.1 per cent) compared to the previous week, and was strongest in the NT (19.6 per cent) and WA (12.5 per cent).</div>
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<div class="column">Relative to last year, overall spending growth eased (or fell faster) in all industries. But overall growth continues to be underpinned mostly by spending on Construction (albeit slowing to 19.6 per cent from 39.9 per cent in the previous week) and Retail Trade (which also eased to 18.3 per cent from 25.1 per cent in the previous week). Spending on Hospitality (the biggest sector of the economy) fell 14.6 per cent (down 10.1 per cent last week). Spending on Administration &amp; Support Services is still very weak (-70.9 per cent), with sizeable falls also persisting in Transport, Postal &amp; Warehousing (-43.0 per cent) and Education &amp; Training (-22.6 per cent). </div>
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<div class="column"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/24/16_By%20Industry%201.jpg" alt="" style="caret-color: #000000; color: #000000;"></div>
<div class="column">Source: NAB Group Economics.</div>
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<div class="column">Payment inflows (in year-on-year 4-week moving average terms) were basically flat (0.1 per cent) for the 4 weeks ending July 18 compared to the same time last year, but improved from the previous week (-2.9 per cent). By business size, inflows grew in both large (5.0 per cent) and emerging (2.7 per cent) firms. Inflows into corporates however fell for the fourth straight week (-6.4 per cent), with smaller falls of around 21⁄2 per cent in both medium and small firms.</div>
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<div class="column">By industry, payment inflows into Accommodation continue falling steeply (-16.5 per cent), although this was the slowest rate of decline seen since late-March. Inflows into Mining firms however turned down sharply (-26.9 per cent), with inflows into Transport, Postal &amp; Warehousing also still falling heavily (-16.6 per cent). Inflows into Education fell 4.6 per cent after falling 22.0 per cent in the previous week. Payment inflows were strongest into Agriculture (12.2 per cent), Manufacturing (11.4 per cent), Retail Trade (11.2 per cent) and Professional, Scientific &amp; Technical Services (10.0 per cent). </div>
<div class="column"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/24/16_By%20Industry%202.jpg" alt=""></div>
<div class="column">Source: NAB Group Economics.</div>
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Impacts of coronavirus on consumption based spending and business payment inflows: NAB

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The COVID-19 led economic slowdown had a major impact on commercial market sentiment in Q2, with NAB’s Commercial Property Index falling to an unprecedented -62 points (surpassing the previous low of -19 in Q3 2012).
Sentiment collapsed in Retail (-76), Office (-68) and CBD Hotels (-60), but the fallout for Industrial property (-28) was comparatively limited.
Sentiment fell steeply in all states, with VIC (-60), NSW (-63) and QLD (-49), joining SA/NT (-67) and WA (-63) in deeply negative territory.
The hit to confidence was also severe, with the 12-month index falling to -55 and the 2-year measure to -29 -its first ever negative read. The results suggest property experts are not expecting markets to improve any time soon.
With COVID-19 driving new norms around how we work, shop and live, confidence levels are now weakest for Retail and Office property. Confidence has also been shaken (and is now negative) in all states.
Expectations for capital growth for the next 1-2 years were pared back significantly for Office (-4.4% &amp; -3.0%) and Retail (-4.7% &amp; -2.8%), with falls predicted in all states. Industrial values are set to fall moderately in the next 12 months, but the outlook in 2 years’ time is positive.
Office vacancy hit a 2-year high 8.5% in Q2, and climbed steeply in VIC (7.4%) and NSW (6.7%). Retail vacancy also hit new survey highs (9.0%), but industrial property remained insulated, with vacancy falling (5.8%).
As many commercial tenants struggle in the wake of the COVID-19 led downturn, the outlook for rents was pared back sharply for both Retail (-5.6% &amp; -3.6%) and Office (-4.5% &amp; -2.9%) property over the next 1-2 years.
Supply over-hangs have now also emerged in all sectors, bar Industrial.
The number of developers looking to start new works in the next 18 months fell heavily to a survey low 68% in Q2, suggesting the disruption caused by the pandemic has not only had an immediate impact on the building construction industry, but will continue to impact over the next few years.
Property experts indicated that debt funding conditions were more difficult in Q2, and expect it will remain so in the next 3-6 months. With market uncertainty persisting, the average pre-commitment required to meet funding requirements for new developments across Australia rose significantly for both residential and commercial property in Q2.
New research finds that 8 in 10 property experts expect the biggest changes in Office markets from COVID-19 will be the continuation or extension of working from home, and structural changes as to how office space is used.
A large number also expect to see slower leasing volumes and renewals, and cashflow reductions due to firms’ ability to continue operating and pay rent and how this will impact investors’ mindset as key changes. Only 2% believe that conditions will return to pre-Covid-19 patterns.
New research also shows COVID-19 had a big impact on rent collections across all Retail property formats. Bulky Goods Retail and Large Format Retail look to have held up best, with 30% and 21% of property experts reporting no change in collections from these formats. This compares to 7-8% from Neighbourhood and Regional Shopping Centres and in Strip Retail.
At the other extreme, rent collections were 30-50% lower from significantly more Strip Retailers (43%), and were down 50% or more from 45% of Other Retailers, 24% of Strip Retailers and 20% of Regional Shopping Centres.
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NAB Commercial Property Index falls to unprecedented low

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The NAB are forecasting a "very large fall" in Australia's second quarter of 2020, but then there will be an extended period of recovery.
NAB economists Alan Oster and Gareth Spence suggested the -0.3 per cent contraction in Q1 was slightly weaker than they had anticipated, however after the inevitable large Q2 dip, they now see a stronger than previously expected pick up in the second half of 2020.
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"Following the integration of the Q1 national accounts our near term forecasts for growth in 2020 are broadly unchanged," Oster and Spence advised in their most recent research.
"We still expect a large fall in activity in Q2 – a decline 8.5% q/q, before an earlier and stronger than previously expected pickup H2 2020 and continued recovery in 2021."
For the first time, NAB have forecast the GDP in 2022, expecting a 2.8 per cent rise. 
They suggest the GDP won't exceed the Q4 2019 levels until mid 2022.
<h1>Housing</h1>
There's been no revision in the house price forecast from NAB. They're still expecting to see falls of between 10 and 15 per cent over the next 12 to 18 months.
"Higher unemployment, slower wage growth and falls in overseas migration will weigh on prices in capital cities while new supply continues to come online", Oster and Spence said, although added that offsetting the declines will be the impact of lower interest rates and a pullback in construction.
They believe dwelling investment will decline around 15 per cent over the next year or so before levelling out in mid-2021.
"High rates of completion are likely to rapidly erode the pipeline of new dwellings while uncertainty in the housing market will see caution in new commitments going forward.
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"A more significant improvement in approvals will be needed going forward to see a return to growth in dwelling investment. However, as noted the impact of softer prices in the established market and uncertainty about the level of migration going forward may weigh on the development process going forward."
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<h1>Employment</h1>
There's further good news coming from the NAB camp. They've downgraded their forecasted unemployment rate, now suggesting it will peak around 8.5 per cent.
"With labour force participation temporarily impacted by definitional changes to Jobseeker payments and the impact of Jobkeeper in supporting jobs it is likely that the unemployment rate will now peak at a much lower rate – around 81⁄2%.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/NAB%20key%20economic%20forecasts.jpg" alt="">
"Nonetheless, the impact on the labour market has already been large with underutilisation rising to exceptionally high levels and hours worked declining sharply in April.
"The unemployment rate is expected to remain elevated for sometime, despite the rebound in growth.
"This reflects the time it will take to fully recover the level of GDP to pre-COVID levels following the large expected fall in Q2."
 
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Extended recovery forecast by NAB after "very large" Q2 fall 

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EXPERT OBSERVER
Large falls in consumption-based spending post COVID-19 containment measures continued into May and across most industries (with some exceptions such as Construction), although the pace of decline looks to have stabilised.
Business payment inflows however have weakened further across most industries, and remain deeply negative in key parts of the economy (particularly Accommodation &amp; Food Services).
Consumption-based spending has stabilised in recent weeks, but is still down some 15% overall since the start of the year.
The rate of decline in spending has slowed in all states and territories, with the heaviest falls since the start of the year now in the ACT.
By industry sector, consumption spending over the year to date is down most in Administration &amp; Support Services, including Travel Agents (-88.9%), Accommodation &amp; Food Services (-56.0%) and Health Care &amp; Social Assistance (-40.3%).
Spending has grown in a handful of industries - Construction (28.3%), Utilities (7.2%) and Retail Trade (1.9%).
Some sub-industries have seen solid spending growth including Internet Publishing &amp; Broadcasting (39.9%), Construction Services (23.4%) and Gambling (22.4%). But some - Motion Picture &amp; Sound Recording Activities (-98.3%), Administration Services (-90.1%) and Other Transport (-88.2%) - are down heavily.
Business payment inflows into NAB merchants have also fallen sharply.
Business payment inflows into NAB merchants fell in May (-8.6%), after growing in the first 4 months of the year.
Inflows into Corporates were positive but have halved since April, and are falling for small, medium and large firms.
By industry, inflows are still falling most in Arts &amp; Recreation Services (particularly Amusement &amp; Other Activities and Sports &amp; Physical Recreation) and in Accommodation &amp; Food Services (particularly clubs), but at a slower rate. Inflows however rose sharply in Manufacturing (particularly in Pulp &amp; Paper Manufacturing).
ALAN OSTER is the NAB Group Chief Economist
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