Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<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/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Joel Robinson

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;

Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;

"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;

"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365782]

Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;

“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;

"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365785]

Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;

Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;

Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;

Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365767]

A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;

Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;

"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365771]

Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;

"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;

"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;

There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.

[smartcode_project_cta:default project_id=108274]

Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

National property developer <a href="https://www.apartments.com.au/developers/goldfields-group">Goldfields</a> has appointed BINAH as its construction partner for Quartet, its new Brisbane apartment development in the undersupplied suburb of <a href="https://www.apartments.com.au/developments/milton-qld-4064">Milton</a>.

Located just two kilometres from the Brisbane CBD and moments from key 2032 Olympic precincts, <a href="https://www.apartments.com.au/new-apartments/quartet-milton-33-manning-street-milton-qld-4064">Quartet</a> will deliver 131 one, two, three, and four-bedroom apartments priced from $1 million to $4.2 million, combining elevated design with a wellness-focused lifestyle offering.&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=368000]

Goldfields’ Chief Executive Officer, Lachlan Thompson, said the appointment of <a href="https://www.apartments.com.au/builders/binah-constructions">BINAH</a> marked an important milestone for the project.&nbsp;

“Bringing BINAH on board as our construction partner will allow us to bring our vision for Quartet forward with a team that has a proven track record of delivering high-quality residential projects,” Thompson said.&nbsp;

“We’ve taken a considered approach to progressing the site because we wanted to deliver the whole package. Buyers ultimately back great developers, great projects and great builders, and with Quartet, we’ve made sure all three line up.

“People want certainty, they want to know the project will be built, that the homes will be delivered as promised, and that the developer stands behind the quality of what they create. That’s something Goldfields has built its reputation on over many years.”&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=367993]

BINAH’s Managing Director, Khalil Hafza, said the company was proud to be partnering with Goldfields to deliver Quartet.&nbsp;

“Quartet is an exciting project to bring to life, particularly given the level of detail in the residences and the extensive rooftop amenity planned for the building,” Mr Hafza said.&nbsp;

“Our focus is on delivering a high-quality build that brings that design vision to life and creates homes residents will enjoy for many years.”&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=367999]

The facilities at Quartet have been feared towards the roof, with a&nbsp;25 metre lap pool, spa, sauna and cold plunge, and a communal barbecue area and alfresco.

Town planning was designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and brought to life by Melbourne-based architecture firm Cera Stribley.

<a href="https://www.apartments.com.au/interior-designers/cera-stribley">Cera Stribley</a> Co-Founder and Managing Principal, Dom Cerantonio, said the project responds to both its riverside setting and Brisbane’s evolving urban character.&nbsp;

“Quartet has been designed to sit comfortably within its riverside context, offering a refined take on urban living through well-planned, generously proportioned residences that will stand the test of time,” Mr Cerantonio said.&nbsp;

“An emphasis on natural light, natural textures and carefully selected finishes from timber and marble to premium appliances, creates calm, considered interiors designed for comfort and long-term liveability.”&nbsp;

Construction of Quartet will commence in July 2026, with completion anticipated in Q4 2028.

[smartcode_project_cta:default project_id=108736]

Construction to commence on 131-residence tower designed around wellness-focused living

Goldfields appoints BINAH for Quartet apartments in Milton

The first partnership between national developer <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> and Adelaide-based developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> has made a strong start, with the pair securing $21 million in unconditional sales at <a href="https://www.apartments.com.au/new-apartments/one-four-four-hutt-adelaide-144-hutt-street-adelaide-sa-5000">One Four Four Hutt</a>&nbsp;on the edge of the Adelaide CBD.

Over a third of apartments have been snapped up in the boutique 44-apartment project on the corner of Hutt Stret and Wakefield Road. Local downsizers and owner-occupiers wanting to remain in Adelaide's tightly-held southeast quarter have been the most prominent purchasers.

The DKO-designed, mixed-use development is one of the few new apartment projects in the precinct, an area where new housing supply has remained limited despite continued demand from buyers wanting to stay close to the CBD, Victoria Park and Adelaide's established east-end amenities.

[smartcode_project:default project_id=151233 project_image_fid=375378]

Fortis Head of Development SA Arthur Dendrinos said the early sales reflected both the strength of the local owner-occupier market and confidence in the Hutt Street location.

"The level of early commitment reflects the confidence local buyers have in the Hutt Street precinct," Dendrinos said.

"Many purchasers are long-term east-end residents who love the area and want to stay connected to the neighbourhood. They recognise the value of a well-designed, well-located development.

"Our partnership with Otello has been central to this success, and the number of unconditional sales at this stage only strengthens our confidence in the South Australian market."

[smartcode_project:default project_id=151233 project_image_fid=375379]

Otello Director Daniel Harris said the sales result also highlighted the lack of new apartment opportunities within the Hutt Street precinct.

"One Four Four Hutt has clearly resonated with buyers, with strong early sales reflecting both the appeal of the Hutt Street corridor and the lifestyle on offer," Harris said.

"The activated ground-floor retail has also been a key drawcard, with purchasers responding to the vision of a more vibrant and connected streetscape, not just the residences themselves."

One Four Four Hutt will deliver 44 one, two and three-bedroom apartments, alongside a collection of penthouses, above a ground-floor retail offering designed to further activate the Hutt Street precinct.

Construction is scheduled to commence in the third quarter of this year, with completion anticipated in 2028.

[smartcode_project_cta:default project_id=151233]

Fortis Head of Development SA Arthur Dendrinos said the early sales reflected both the strength of the local owner-occupier market and confidence in the Hutt Street location.

Fortis makes Adelaide debut with Otello as One Four Four Hutt records strong early sales

Royal Commission

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GUEST OBSERVATION
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is set to deliver its interim report no later than September 30.
There have already been plenty of consequences for industry participants from the proceedings thus far. But the ugly facts that have been uncovered obscure the larger, and in many ways more important, picture. What will be the inquiry’s long-term economic impact?
Any royal commission has two faces. In one way it’s like a coronial inquest; the facts of the case need to be established – perhaps in gruesome detail. In another way it’s an exercise in public catharsis, shedding light on hard truths so society can collectively move forward.
If ever there was a case study in how these two aspects can conflict, it’s this royal commission. At this point we can only speculate about the precise contents of the interim report. Based on what we’ve learned from the proceedings, however, it will cover charging fees to dead people, breaches of anti-money-laundering obligations, and the relentless pushing of unsuitable financial products on unsuspecting consumers.
Let’s be clear: that is all very bad, and there’s no excuse for it.
Furthermore, I’ve been consistently critical about less sensational but probably more damaging behaviours, such as imprudent lending practices. The massive amount of interest-only loans, which require borrowers to only repay the interest, risk detonating the Australian financial system the way sub-prime loans what’s this? did in the US a decade ago.
If all the royal commission achieved was to stop the financial services sector doing these unacceptable and unwise things, it would serve a useful purpose.
The danger of scaring bankers too straight
But it’s likely to do much more than that. It will causes bankers to pull back from public view like frightened turtles.
Why risk making a loan that could possibly go bad, even if on balance it’s a good idea for both borrower and lender? Why risk offering a financial product to someone who may not fully understand the implications? In short, why take much risk at all?
Now it may be that banks have taken too much risk in certain instances, but overall their job is to take risk. A bank that never makes a bad loan is not lending enough. The supply of credit in the economy depends on financial institutions being willing to balance the upsides and downsides of risk.
The royal commission has every chance of causing a big overreaction, with banks and other financial institutions being far too cautious in its wake.
The people who will lose from this excess caution are not the wealthy and financially sophisticated. They will still be prized customers - perhaps even more so. The people who will lose are the “marginal” borrowers - the young, the less affluent, the less educated, those with insecure employment, those newly arrived in Australia.
These folks face being functionally excluded from the modern economy for half a generation or more - pressed up against the glass, looking in on the benefits that accrue to those banks deem worthy credit risks in the post-commission environment.
It’s also worth reflecting on what the commission might not do.
So far the boards and directors presiding over incentive schemes both facilitating and encouraging all kinds of bad, even illegal, behaviour have escaped relatively unscathed.
What about the regulators?
The royal commission is not set up to deal with such matters. The corporate and prudential regulators are. At least in principle. Yet the commission has barely touched on their failings.
This is the commission’s big omission. The Australian Securities and Investments Commission and the Australian Prudential Regulatory Authority have been, to put it politely, asleep at the switch. All this bad stuff happened on their watch. Worse still, it was entirely predictable. And one can only presume that neither side of politics took it seriously because neither, when in government, chose to put serious people in charge of these organisations, nor resource them properly.
The US Supreme Court justice Louis Brandies once famously observed that sunlight is the best disinfectant.
Quite so. But too much sunlight gives you skin cancer. The most enduring legacy of the banking royal commission might be the cancer of caution it will engender in the financial services industry.<img src="https://counter.theconversation.com/content/103943/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;">
Richard Holden, Professor of Economics and PLuS Alliance Fellow, UNSW
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/vital-signs-for-all-its-worth-the-banking-royal-commission-could-hurt-a-generation-of-battlers-103943" target="_blank">original article</a>.
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rh-YsoTT2xMuQ

For all its worth, the banking royal commission could hurt a generation of battlers: Richard Holden

<html><body>
GUEST OBSERVATION
ABC’s <a href="https://tv.press.abc.net.au/who-cares-four-corners" target="_blank">Four Corners</a> aired the first of a two-part investigation into the often shocking treatment of the elderly in aged care homes around Australia.
The timing coincides with Prime Minister Scott Morrison’s weekend <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-09-16/scott-morrison-announces-royal-commission-into-aged-care-sector/10252850" target="_blank">announcement of a royal commission</a> into Australia’s aged care system. The prime minister said poor standards had led authorities to close one aged centre per month since the Oakden aged mental health home scandal.
South Australia’s Oakden facility <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2017-09-22/oakden-closed-as-last-two-residents-moved-out/8974156" target="_blank">closed nearly a year ago</a>, following revelations of abuse and neglect dating back a decade.
While the terms of reference are yet to be determined, the royal commission will likely look into issues already raised by previous inquiries into the sector. These include the changing demands of Australia’s ageing population, staffing ratios, funding levels and the mental health, well-being and safety needs of nursing home residents.
Below are five articles in which our experts have previously explored the complex aspects of Australia’s aged care system, drawing on research which has exposed where the problems are, and have been for some time.
Lack of medical care
Our ageing population, and the focus on helping the elderly stay at home for as long as possible, means by the time people enter aged care they are older and sicker than before. Around <a href="https://www.gen-agedcaredata.gov.au/Resources/Factsheets-and-infographics/Care-needs-factsheet.pdf?ext=">half of people</a> living in aged care today have dementia, depression, or another mental health or behavioural condition.
In fact, the proportion of older people requiring high care for complex needs, which includes assistance with all activities of daily living such as eating and bathing, has quadrupled from 13% in 2009 to 61% in 2016.
Yet there is no legal requirement for all aged care facilities to provide 24-hour registered nursing care. In the article below, Jane Phillips, David Currow, Deborah Parker and Nola Ries explore how today’s nursing home residents have minimal access to quality medical care.
1. <a href="https://theconversation.com/australias-aged-care-residents-are-very-sick-yet-the-government-doesnt-prioritise-medical-care-88690" target="_blank">Australia’s aged care residents are very sick, yet the government doesn’t prioritise medical care</a>
In a separate piece on health care in nursing homes, Sarah Russell has also written: "nursing home providers looking to cut costs are bypassing registered nurses and employing less-skilled personal care attendants (PCAs) who aren’t adequately trained for the job."
2. <a href="https://theconversation.com/heres-why-we-need-nurse-resident-ratios-in-aged-care-homes-59682" target="_blank">Here’s why we need nurse-resident ratios in aged care homes</a>
<hr>
Funding for older Australians to stay at home
Research <a href="http://www.naca.asn.au/Age_Well/Blueprint.pdf" target="_blank">consistently shows</a> more people want to stay in their own homes as they age. In the <a href="https://www.budget.gov.au/2018-19/content/speech/download/budget_speech.pdf" target="_blank">2018-19 budget</a>, the government announced an extra A$1.6 billion over the next four years for an additional 14,000 <a href="https://www.myagedcare.gov.au/help-home/home-care-packages" target="_blank">Home Care Packages</a>. These deliver an agreed set of services to meet the specific needs of aged Australians who want to remain at home.
The government also subsidises a number (currently <a href="https://theconversation.com/australias-aged-care-residents-are-very-sick-yet-the-government-doesnt-prioritise-medical-care-88690" target="_blank">around 283,000</a>) of residential care places for older people unable to continue living independently.
Aged care subsidies are allocated <a href="https://agedcare.health.gov.au/sites/g/files/net1426/f/documents/08_2016/2016_report_on_the_funding_and_financing_of_the_aged_care_industry_0.pdf" target="_blank">through a ratio</a>, which aims to provide 113 subsidised care places for every 1,000 people aged 70 and over. This ratio will increase to 125 places for every 1,000 by 2021-22. Within the overall number of places, the government also sets sub-targets for the numbers of Home Care Packages and residential care places.
The government is aiming to amend the ratio in favour of more home care packages. By 2021-22, the target for home care packages will increase from 27 to 45 per 1,000, while the residential target is to reduce from 88 to 78 per 1,000.
But as Professor of Health Economics at University of Technology Sydney, Michael Woods has written, this still won’t be enough to meet demand.
3. <a href="https://theconversation.com/there-is-extra-funding-for-aged-care-in-the-budget-but-not-enough-to-meet-demand-96403" target="_blank">There is extra funding for aged care in the budget, but not enough to meet demand</a>
<hr>
Poor mental health
Older Australians living in nursing homes represent one of society’s most vulnerable populations. More than 50% of <a href="https://www.aihw.gov.au/reports/aged-care/depression-in-residential-aged-care-2008-2012/contents/table-of-contents" target="_blank">residents in nursing homes</a> suffer from depression compared to 10-15% of adults of the same age living in the community.
Recent <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/gps.4862" target="_blank">research</a> conducted by Briony Murphy and Professor Joseph Ibrahim from Monash University’s Health Law and Ageing Research Unit, found around 140 Australian nursing-home residents took their own lives between 2000 and 2013.
The authors found nearly 70% of those who took their own life were male, 66% had a diagnosis of depression and nearly 80% were experiencing one or more major life stresses, such as health deterioration. Around 43% were experiencing isolation and loneliness, and nearly 30% had trouble adjusting to life in a nursing home.
They wrote:
"The small proportion of adults over 65 living with depression in the community shows that depression is not a normal part of the ageing process… the much larger figure of those suffering depression in nursing homes raises some serious questions."
4. <a href="https://theconversation.com/too-many-australians-living-in-nursing-homes-take-their-own-lives-92112" target="_blank">Too many Australians living in nursing homes take their own lives</a>
<hr>
Poor oral health
Stories of abuse and neglect in nursing homes have also highlighted the issue of poor nutrition and oral health. In November 2017, the dire state of this was shown in a report of a <a href="https://www.smh.com.au/national/nsw/push-for-inquiry-after-woman-found-with-maggots-in-her-mouth-at-nsw-nursing-home-20170509-gw0p1j" target="_blank">nursing home resident in NSW</a> who was found with maggots in her mouth the day before she died.
Researchers have long highlighted people living in aged care have substantially poorer oral health and three times the risk of untreated tooth decay than people living in the community.
Bronwyn Hemsley, Andrew Georgious, Joanne Steel and Susan Balandin collated a list of ways family members can help ensure their loved ones’ oral health is adequately looked after. This includes visiting your family member around mealtimes "…or helping the person to eat… Ask the resident permission to look into her mouth to check if she is swallowing or removing leftover food promptly".
5. <a href="https://theconversation.com/the-shocking-state-of-oral-health-in-our-nursing-homes-and-how-family-members-can-help-77473" target="_blank">The shocking state of oral health in our nursing homes, and how family members can help</a>
<hr>
If you or someone you know is experiencing depression or another mental health problem, contact <a href="http://www.lifeline.org.au/" target="_blank">Lifeline</a> 13 11 14, <a href="http://beyondblue.org.au/" target="_blank">beyondblue</a> 1300 22 4636 or <a href="http://www.sane.org/" target="_blank">SANE Australia</a> 1800 18 7263.<img src="https://counter.theconversation.com/content/103325/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;">
Sasha Petrova, Deputy Editor, Health + Medicine, <a href="http://www.theconversation.com/" target="_blank">The Conversation</a>
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/essential-reading-to-get-your-head-around-australias-aged-care-crisis-103325" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Essential reading to get your head around Australia’s aged care crisis

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Bank-owned superannuation funds are losing billions to industry funds a response of customers in response to their misbehavior that has been revealed at the banking royal commission.
AustralianSuper says it received more than $1 billion from new customers in each of July and August – double the amount of the same time last year.
Chief investment officer Mark Delaney said the gains were due to transfers out of retail funds.
"We can see where the money is coming from," he told Fairfax Media. "It's money being rolled in and it's coming from retail providers."
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<div class="cq-article-content-media section">With more than $140 billion in funds under management, AustralianSuper is already the nation's largest super fund.</div>
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In the June quarter, the value of industry funds surpassed retail funds for the first time; the sectors hold $632 billion and $622 billion respectively.
It appears while industry super executives were called before the royal commission they emerged largely unscathed.
Hostplus was found to have fallen below community standards when it sought to keep low-balance members in the fund.
Hostplus had been riding a wave of popularity generated by author Scott Pape, better known as The Barefoot Investor.
The Hayne royal commission gave industry super funds a surprisingly "cursory" examination, says former union boss Paul Howes.
KPMG wealth chief and former union boss Paul Howes told Fairfax Media he was surprised at "the significant amount of time that was dedicated to retail funds versus quite a cursory amount of time on industry funds."
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Howes said consolidation of industry funds was the most important issue faced by the super sector and yet the commission spent comparatively little time exploring it.
<div id="article-inline-ad" class="adWrapper">"We have 238 APRA-regulated funds in a country of 25 million people," he said.</div>
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"It is insane, and it is an indictment on our sector and the regulator that so many exist.
"What also surprised me was the lack of focus on returns," he said.
"I felt they talked a lot about fees ... transparency and disclosures, but ultimately the $2.7 trillion question for the sector is about returns. It was almost like the elephant in the room that was never mentioned."
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After cursory examination, Hayne royal commission triggers influx of billions into industry super

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GUEST OBSERVATION 
The Financial Services Royal Commission has not only shown that banks and their representatives have behaved appallingly, but that we need better-educated consumers.
It is naive not to expect new schemes will pop up to replace the now (or soon to be) banned practices. There is a clear pattern of repeating unconscionable behaviour in the financial services industry.
Consumers need to be trained to ask the right questions. “How much do I have to pay each week over the life of the loan including (hidden) fees?”, “How much do I have to pay in fees each year?”, and “Why is this right for me rather than right for the bank?”
Being able to answer such questions can help reduce the invariably expensive and imperfect regulation that generally follows inquiries such as the royal commission.
A 20-year-old, let’s call him Mark, just started his first job paying A$45,000 a year. Confidently, he walks into a bank branch, applies and is approved for a A$30,000 car loan within 20 minutes. He wants a new car and isn’t too concerned about the 12.5% annual interest.
Mark states afterwards he didn’t know he could hardly afford the loan. It cost more than A$40,000 over five years. And with other commitments he was in over his head, leaving no room for changes in work, illness, etc.
Should Mark be expected to know? Was he taught any of this? Could he know if he had made some effort, or should the bank have informed him better and been more explicit?
And where does the responsibility sit?
We assumed in the story (loosely related to one heard by the royal commission) that the bank had informed Mark about rates and fees, but had not effectively communicated what this meant in terms of weekly payments or total cost.
For the moment, let’s put aside the primary role of the banks and their representatives - it is their practices on the line and we are not blaming or judging the victims. Neither do we know the client’s individual circumstances.
But, caveats established, how much information must be presented and what can be reasonably expected in terms of the financial literacy level of customers? If the response from the royal commission is increased disclosure, these are the relevant questions.
But this still leaves whether we can be confident that education is being provided so customers can make informed decisions.
Financial literacy is in the National Curriculum and being taught to primary and secondary students. But, given Mark’s age, there is no guarantee he would have received financial literacy education at school.
For the future Marks, financial literacy is now embedded, but coverage remains uneven as what is taught varies by state and school level.
Elsewhere policy is continuing the trend of transferring financial responsibilities from government to individuals, which requires greater financial literacy. For example, the NDIS aims to build a new disability marketplace, requiring important financial decisions from individuals or their representatives.
But the royal commission has clearly shown people suffered by following bad advice or by not questioning numbers sufficiently.
How were 24% p.a. car loans supported by banks and accepted by customers? Were the numbers too abstract and customers didn’t know what 24% a year meant in dollar terms?
Not just new regulation but new education
Better-educated people are better equipped to ask the right questions and make more informed decisions.
We can’t just rely on regulated disclosure - we need to continue to ensure the “simple” questions about the total costs over the life of the loan and whether it’s right for the customer, rather than just the bank, are taught. Teaching consumers to ask these questions, to question the information provided, is important and can enhance the regulation.
Who should provide this education? Not those with a conflict of interest such as financial institutions. If the royal commission tells us one thing it is that incentives matter.
If you are incentivised, or part of an incentivised brand, it may be better you don’t have a role in education. The Dollarmites scandal may not be the biggest scandal this year but it’s emblematic and part of a problem.
Schools, VET and universities can do better and more.
A new round of regulation will create new incentives to avoid it. Regulation tries to catch up and focuses on institutions - here the banks. But new financial technologies mean financial providers don’t look like they used to - for example, new app-based peer-to-peer lenders at your favourite store.
We can’t rely on education alone but we also can’t rely on regulation alone.

<img src="https://counter.theconversation.com/content/100665/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Let’s recognise the limitations of regulation as we try to improve outcomes and consider whether some of the money spent on designing and enforcing new regulations may be better spent further educating our future customers.
Dirk Baur, Professor of Finance, University of Western Australia
Elizabeth Ooi, Lecturer, Finance, University of Western Australia
Paul Gerrans, Professor of Finance, University of Western Australia
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/the-royal-commission-should-result-not-only-in-new-regulation-but-new-education-100665" target="_blank">original article</a>.
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The royal commission should result not only in new regulation, but new education

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GUEST OBSERVATION
Many entrenched motivations for misconduct in the banking sector have been uncovered by the ongoing royal commission. Not least are the conflicts of interest inherent in the major Australian banks providing financial, insurance and mortgage advice and selling related products.
The banks, most recently the Commonwealth Bank (following the lead of ANZ and NAB), are already separating their wealth-management arms – services such as mortgage broking, insurance and financial planning and advice – in a bid to resolve these conflicts of interest.
These restructures are a step in the right direction. But they are not enough to overcome the fundamental problem: the banks’ sales-driven culture. This goes much deeper and seemingly pervades all of their operations, as the royal commission has highlighted.
The nature of this problem lends weight to an Australian Securities and Investments Commission (ASIC) proposal to embed regulatory staff in the major banks to help change the culture.
Bankers’ priorities laid bare
The evidence made public by the forensic analysis of Rowena Orr QC, counsel assisting the commission, has revealed many instances of the banks’ “toxic” culture. It’s one that puts profits and growth – in particular their associated incentive systems – above customers’ interests.
This has been evident from the outset. The first round of hearings in March 2018 revealed significant cash bribes, forged signatures and manipulation of incentives within NAB’s “Introducer Program”. This generated billions of dollars in home loans for the bank, with introducers paid 0.4-0.6% of home loan totals.
We have had belated “apologies” to customers who were treated unfairly or, worse, fell victim to unscrupulous or wrongful behaviour; admissions that the banks breached their own codes of conduct; and assurances that changes in governance systems aimed at improving culture have been made or will be. Yet the banks are still in denial that systemic cultural issues have been at play or persist in their organisations.
A stark example is provided in the evidence of Rabobank executive Bradley James at the most recent hearings that dealt with issues of farming finance. Orr questioned James about a A$3 million loan made on the advice of a manager of this rural lender to a Queensland grazing family, the Brauers. They had no ability to repay it. The motivation for the manager was to meet his lending KPIs to earn a bonus.
Asked whether he saw any difficulty with that from a customer perspective, James’s response was: “Absolutely not!” This shows a complete failure to understand the bank’s incentive structure – linking staff bonuses to the number of loans brought in – and the culture that goes with it as a potential source of misconduct.
James defended the bank’s system, saying it enabled the business to grow. This demonstrates that, in putting profits and growth ahead of customers’ needs, banking culture is out of touch with community expectations and societal values.
Regulators must step in
Little wonder, then, that trust in the financial sector is at an all-time low. ASIC chair James Shipton speaks of a “trust deficit”.
Shipton is seeking government funding to embed specialist ASIC supervisors in the major banks to help drive cultural change and rebuild trust. This should be done, signalling as it does a new, more intrusive regulatory style.
However, ASIC should do more. It needs to take enforcement action. Most notably this would include prosecution in cases of criminal wrongdoing by the banks and their top executives. The latter have been conspicuously absent at the royal commission, raising important questions about bank accountability.
Another corporate regulator, the Australian Competition and Consumer Commission (ACCC), last month brought criminal proceedings against ANZ and several other companies and individuals over an alleged cartel arrangement. Commentator Nathan Lynch observed that, irrespective of the outcome, one message reverberates: senior management accountability:
"Governments and regulators have had enough of financial services firms that are still talking about improving culture and conduct. A decade on from the financial crisis … they now want to see a healthy dose of fear and respect in the market."
Lynch quotes strategic consultant Ben Quinlan:
"Regulators are now at the point where they’re saying, ‘It’s impossible for things of this magnitude to happen without the people right at the top knowing what was going on.’"
If ASIC also took such action, it would go a long way to overcoming concerns about an accountability deficit for the scandals and wrongdoing. This could be a catalyst for real cultural change in the industry to reduce misconduct in the future.
Why isn’t restructuring enough?
As for the current bank restructures, certain aspects are problematic.
In the first place, not all will result in a full separation of their businesses. The CBA will split off its wealth management, mortgage broking and insurance businesses, but retain its financial advice business. ANZ has sold its wealth management business to IOOF, but will not sell its life insurance business.
In addition, the banks remain keen to distribute products to retail customers. For example, ANZ’s sale to IOOF includes a 20-year deal to make IOOF super and investment products available to its retail customers.
These moves raise concerns that, despite these demergers, conflicts of interest and the banks’ failure to act in customers’ interests will continue.
At a minimum, Shipton’s plan to put ASIC agents in banks is more important than ever when the indications are that the banks cannot be left to self-regulate.
Vicky Comino, Lecturer in Corporations Law and Regulation of Corporate Misconduct, The University of Queensland
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/restructuring-alone-wont-clean-up-the-banks-act-99142" target="_blank">original article</a>.
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Restructuring alone won't clean up the banks' act: Vicky Comino

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<div>EXPERT OBSERVER</div>
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<div>A Royal Commission into financial services misconduct always had the potential to represent a tumultuous period for Australia's major banks.</div>
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<div>Emerging stories have ranged from the banal to the trivial, to the troubling and the downright nauseating.</div>
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<div>But for all that, there's been no 'smoking gun' to cause a collapse in share prices. </div>
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<div>Interim report looms</div>
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<div>Commonwealth Bank of Australia (ASX: CBA) has been battered more than most through the hearings, and not without reason, with a range of adverse findings coming to light. </div>
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<div>Since going ex-dividend in the second week of February the CBA share price took quite a tumble, inevitably leading an army of technical analysts to predict a breakout lower.</div>
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<div>But instead the opposite happened, with the share price now essentially back to where it was back in September last year before the hearings kicked off.</div>
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<div class="separator"><img src="https://4.bp.blogspot.com/-OeZDpihZ2x8/W0GM174x9EI/AAAAAAAAq9Y/vIXkIODQt1870GmY6MRTpm2ox4NCWGtewCLcBGAs/s640/CBA.jpg" width="640" height="376" data-original-height="797" data-original-width="1351"></div>
 
<div>Some early disclosure here, I bought CBA in the $68-69 range (some of my general market thoughts and trade ideas are discussed on my Twitter feed - I also bought Telstra at $2.87 immediately before of the proposed restructure, but let's not talk about that). </div>
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<div>As the deadline for the interim Royal Commission report looms, the CBA share price has gained more than 12 per cent since mid-June.  </div>
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<div>Ruthless efficiency?</div>
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<div>It's worth noting that with a PE ratio hovering around 13 and a price-to-book of about 2, the market is not pricing in significant downside for CBA, nor for that matter its industry peers. </div>
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<div>This likely reflects the benign level of mortgage arrears and the improving labour market outlook. </div>
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There may have been a relative shift in sentiment between residential property and equities helping to drive the S&amp;P ASX 200 to a 10½ year high, although what this means for bank valuations may be somewhat reflexive given that the banks have heavy exposure to mortgages. Markets might also be assigning the Coalition a marginally higher chance of election success on the back of its personal income tax cuts policy, although betting markets aren't much moved. 
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<div>The major banks do continue to grapple with a potential loss of market share. </div>
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<div>Of course, markets are not always rational, but they normally are, and they're usually more efficient than many people seem to think.
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<div>And the market voting machine is presently judging that the four major banks will emerge from the Royal Commission a little bruised but relatively unscathed, with the hapless AMP bearing the brunt of share price pain. </div>
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pwargent-M4siyDbqQY

Bank share prices will emerge from Royal Commission bruised but relatively unscathed: Pete Wargent

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GUEST OBSERVATION
The Financial Services Royal Commission has exposed the fraught relationship between farmers and financiers. We have heard about loan terms being changed without notice or consultation, loans revalued to suit the agendas of financiers, and heartless and harsh treatment of farmers once the loans are revoked.
A number of factors have contributed to this, including instability in the market value of farms, policy changes that make farms more reliant on financial instruments, and shifts in the global positioning of farm land relative to other forms of property.
The commission has heard that local lending brokers were not qualified to value farm properties, and that farm valuations have become fluid and unpredictable.
Sometimes farms and farmland were deliberately overvalued. Higher values enable farmers to borrow more money for farm improvements, and the local lending branch manager to earn higher commissions.
Not only do the central administrators in banks lack the information and expertise to question these assessments, their business models have encouraged overvaluation and overborrowing as a means to grow their businesses.
Across the Murray Darling Basin banks have taken the separation of water from land – a precursor to the marketisation of water – as a cue to devalue land.
This has provided a reason to void existing loan agreements and to offer refinancing under more arduous conditions. Farmers have no option to refuse, and so borrow with the expectation that a couple of good years will put them back on track.
And if the good years don’t materialise, farms fall into financial stress.
This confronts a third issue, which is that in the bad years farms are harder to sell so their market value plummets. This compounds the problem.
Farmers are more reliant on banks
Policy changes have made farms more reliant on banks.
Since Australia adopted open-market policies in the 1980s and agricultural markets have become global, farmers have been exposed to global price changes.
The removal of single-desk marketing boards like the Australian Wheat Board, which protected farms from price fluctuations, increases the impact of price changes. Farmers are now expected to purchase financial products to reduce the risk of this volatility.
Drought assistance has also been reoriented to rely on market-based instruments, such as loans from banks rather than grants from governments. In the wake of the deregulation of the financial system, and the post-financial crisis consolidation of the farm lending sector, many farm-specific loan products have disappeared. So banks tend to treat farms as businesses like any other.
The open-market policies also create an imperative to expand landholdings (“get big or get out”) and to invest in the latest equipment and technologies. Since this requires borrowing, it thrusts farmers onto a credit treadmill.
Of course, low interest rates have also stimulated borrowing for farm expansion.
Increasing corporate control of farm inputs (seeds, fertiliser etc.) and outputs is squeezing farmers’ capacity to earn enough to service their loans.
To make matters worse, the declining terms of trade impel farmers to increase productivity just to stand still.
The farmers before the royal commission have mostly managed to stay on the treadmill, but only until the banks’ rule changes cranked up the speed to throw them off.
It’s clear that despite their crucial role, many banks still don’t really “get” the vagaries of farming. They don’t understand how different farm lending is – or should be – to commercial and housing lending. Neither do they seem to appreciate the broader social and economic dimensions of the role they have in managing farm risks.
Dramatic revisions to land valuations, as discussed in numerous cases described in the commission, can undermine an entire farming region’s equity.
The accelerated thinning out of the farming population impacts on local economies and sporting teams, among others. In the lead-up to and during the whole process of deregulation, farmers were continually reassured – in reports by the Productivity Commission, for example – that the credit market would evolve to meet their needs.
The evidence that the commission has heard in many respects represents a case of market – and regulatory – failure.
Since the global financial crisis, farm land has become an attractive investment for wealthy families and institutional investors, and for governments worried about food security.
As this pushes up land values, banks can be more aggressive towards failing farms. Foreclosures free up land for deep-pocketed investors.
It would be a mistake, then, to conclude that the stories coming out of the commission are an isolated issue relating to the one bank’s heavy-handed mopping up after the failure of a specialised rural lender – as was the case with ANZ and Landmark.
On the contrary, there are many stories of different banks imposing financial risk frameworks on farmers that are ill-equipped to accommodate the vagaries of farming production and pricing.
When farmers jest about being owned by the banks, they aren’t joking.
We should ask why the government took so long to acknowledge the problems of rural finance and the effects on farming communities.
After the commission concludes, it is likely that banks and regulators will tighten the risk parameters on farm lending and make it harder for smaller family farmers to access finance.
Vulnerable farms will not be able to borrow as much money as in the past. This might be prudent from a financial risk perspective.
However, if city bankers don’t understand farming and don’t make allowances for the volatile and uncertain economies of farming, there’s still no guarantee that tighter rules will translate into better decisions and more positive outcomes.
<img src="https://counter.theconversation.com/content/99086/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Rather, tighter rules are likely to have uneven consequences, further disadvantaging smaller family farms relative to deep-pocketed agribusinesses. So, in effect, restricting credit is likely to accelerate the transfer of farmland from family farms to more corporate entities including transnational corporations.
Sally Weller, Reader, Australian Catholic University
Neil Argent, Professor of Rural Geography, University of New England
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/royal-commission-shows-bank-lenders-dont-get-farming-and-rural-economies-pay-the-price-99086" target="_blank">original article</a>.
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Royal commission shows bank lenders don't 'get' farming, and rural economies pay the price

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The Dover Financial Group is set to close leaving the $4 billion dollars of investor funds from around 30,000 clients in the lurch.
It follows news that Dover Financial Group's founder, Terry McMaster has entered the final stages of its agreement with the corporate regulator, Australian Securities and Investments Commission following his recent royal commission appearance that ended in him requiring hospitalisation.
The regulator intends stripping the firm of its operating licence.
The ABC reported McMaster's email announcement to his staff on Friday, where Mr McMaster stated that ASIC, required the firm to "cancel its AFSL [Australian Financial Services Licence] by 6 July 2018" and "terminate the appointment of its authorised representatives". 
 Advisers have to cease giving new advice immediately and stop servicing the clients completely by the first week of July.
The Australian Securities and Investments Commission has confirmed that its inquiries into the firm were ongoing.
Fairfax Media reported McMaster had sought until the end of the year to wind down his business but that ASIC had told him that his time was up.
The 400 advisers will need to find another licence-holder to work under.
In the period to 1 April 2018 Dover incorporated a document known as the Dover Client Protection Policy into its financial services guides and its statements of advice.
On 22 March 2018 Dover was notified by ASIC that it had reviewed the Dover Client Protection Policy and believed it contained certain provisions which were unlawful and void.
The Dover website noted it does not know of any client adversely effected by those provisions.
"In good faith Dover cooperated with ASIC and immediately withdrew the Dover Client Protection Policy and replaced it with the Dover Client Information Policy, with retrospective effect, and undertook to not rely on the relevant provisions.
"Dover also wrote to each client potentially affected by those provisions."
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Dover Financial Group begins ASIC-forced shutdown

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The Brisbane-based, ASX-listed house and land package company Tamawood has cut its profit outlook for the year, after credit delays were holding back construction starts.
Tamawood advised shareholders its net profit after tax for the year to June would be down by $800,000, an 8.8% decline on the $9.1 million reported last year.
The company reported more than half of that the result of delays in construction resulted from customers who couldn't get confirmation of bank loan approvals.
The company makes around 85% of its sales in south-east Queensland, through the Dixon Homes brand.
It said the delays were the result of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
"It's quite a bit," Tamawood executive chairman Robert Lynch told The Australian Financial Review.
"It's just pushing out the profits into next year. It's a slowdown rather than anything else." 
Tamawood is Queensland's seventh-biggest builder with 598 home starts last year.
"The banks are being very careful about every loan," he said.
"The reason for that is they're going through and checking everything again. It's all due to nervousness created by the royal commission."
It also advised its setup costs for its Sydney expansion was above initial expectations.
Tamawood shares closed up 4¢, or 1%, on Friday at $4.04, pointing out there had not been a drop in its dividend over the past 18 years.
The company, listed on the ASX in 2000, has its head office in Brisbane’s south which was recently sold in a $8.5 million deal.
The property at 1821 Ipswich Road, Rocklea (pictured above), sold on an initial yield of 7.4%, with a head lease to Dixon Homes in a 10-year leaseback arrangement.
The property was sold by Rainrose Pty Ltd – an entity linked to Lev Mizikovsky, the founder of Tamawood Limited.
It acquired the Rocklea complex in 2012 for $5.4 million.
The property – once occupied by an indoor go-karting track – is positioned to enable staff to access Dixon Homes’ construction projects and estates throughout south-east Queensland.
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Delays in Dixon Homes new starts blamed on royal commission-induced credit showdown

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Australia's second richest person, Harry Triguboff, has suggested Australia's bank had become "shell shocked."
But "there is nothing wrong with our banks, I promise you," Mr Triguboff told The Australian Financial Review.
"I assure you they make mistakes, so do we all. But there is nothing wrong with them. They are shell shocked and if affects all of us."
He attacked their new stronger borrowing tests saying using expenses to help justify if and how much a person could afford to borrow was "the dumbest thing to do in the world".
</div>
Triguboff argues just because someone spends a set amount each month doesn't mean this will continue when they have a mortgage as borrowers will divert spending to repay their mortgage.
<div>
"All this is very dumb when you have a falling market...it's playing dumb."
Triguboff says tighter lending was adding to the softening market, which was also being hurt by fewer Chinese buyers entering the market<a href="https://www.afr.com/real-estate/chinese-property-buyers-have-disappeared-20180116-h0j2wb" target="_blank">.</a>
</div>
<div>
Meriton national sales director James Sialepis said there were instances of borrowers going to the same bank and branch but instead of being able to get a $1 million loan three months ago, it was now $750,000 to $800,000.
"Obviously the royal commission has had a huge impact on people being assessed."
</div>
<div>
Mr Sialepis said the banks "used to assess people on a fixed number of monthly expenses".
"Now, every single receipt needs to be looked at and the point Harry (Triguboff) makes is great.
"If I haven't bought a house and I have a disposable income and I have extra money in the pocket I'll go and spend that but once I get into a mortgage, that's it I made the sacrifices," he said.
"There's no more going out, there's no more footy memberships, I need to start concentrating on paying that mortgage off and at the moment I think the banks are looking in the rear view mirror too much."
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