Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

Westpac

<html><body>
Burgess Rawson have successfully auctioned off the Kempsey Westpac.
Located at 4-6 Smith Street, the building sold for $1.11 million.
It is currently leased to Westpac until 2022 with options to 2032.
Net income on the property is $80,027 per annum, plus GST.
Set on a 510 square metre holding, the two story building is situated near both a Coles shopping centre and a post office.
The property last sold in 2001 for $330,000, a reduction on its previous sale price of $502,250 in 1989.
It was last marketed unsuccessfully in 2015 and spent two thirds of a year on the market.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Kempsey Westpac building sold for $1.11 million

<html><body>
EXPERT OBSERVER
Fintech's ongoing transformation of global finance is well understood but equally important is an honest reckoning of how to utilise its disruptive nature to create a more socially responsible industry in coming years.
<div>
<div>
<div>
<div>
The ubiquity of the term ‘fintech,’ a composite of finance and technology, shows how the lines between the two sectors have blurred. While this symbiosis offers great promise for the future, it has also caused some existential concerns among finance practitioners arguing for the importance of the human touch in a field that in many respects remains a great unknown.
That was the conclusion of a lively panel discussion titled ‘Beyond Fintech: The Future of the Finance Industry’ at the Milken Institute’s Women Leaders Summit in Singapore.
An audience poll at the event found that most of those present believed technology would make nearly a third of all jobs in the banking sector redundant. With Wall Street increasingly under pressure to adopt machine learning and companies like Google <a href="https://techcrunch.com/2018/09/05/googles-launchpad-studio-accelerator-welcomes-a-cohort-of-blockchain-and-finance-startups/?ref=gazelle.popsugar.com" target="_blank">working with</a> startups to disrupt financial markets, those fears are understandable.
“There has been a lot of talk about the progress we have made in technology. But, what we haven’t spent enough time thinking about is whether we have the ability to harness the power of technology.
Becoming inseparable
Addressing the debate around the disruptive and double-edged nature of technology, the panelists agreed that instead of worrying about fintechs taking over the traditional banking landscape, it’s best to view the next decade as an era of cooperation that will present significant opportunities.
"The future is, I think, going to be the human and the machine working together to create value in the world,” said Teresa C. Barger, Co-Founder and CEO, Cartica Management, LLC. In the asset management industry, machines driven by artificial intelligence (AI) will take over short-term trading functions, she predicted.
It’s important to understand how technology is changing the landscape for clients and the entire supply chain, and adapt one’s internal processes and capabilities accordingly, suggested Lisa Robins, Global Head of Transaction Banking, Standard Chartered. And, to do that, “we need a very different type of creativity, a very different way of thinking, and a lot of curiosity,” she said.
Banks are already acting accordingly. Citibank spends about a fifth of its costs on technology as the bank invests in innovation to disrupt its business model from within, noted panel moderator Julia Raskin, Managing Director, APAC Head Investor Sales &amp; Relationship Management, Citi Markets and Securities Services.
“We work with platforms and we also become a platform,” observed Robins. “It’s not black and white anymore. Now, it’s a bit more complicated, and more exciting too.”
Enabling emerging markets
The impact of technology on the financial services sector is nowhere more apparent than in emerging markets, as innovation rushes to fill the gaps left by the region’s nascent financial institutions. Across Asia Pacific, the panel observed, institutions are joining forces with fintech firms to develop a range of products and solutions.
Standard Chartered, for example, is <a href="https://av.sc.com/hk/content/docs/hk-stanchart-appointed-ant-financial-for-new-blockchain-remittance-services-eng-final.pdf" target="_blank">working with</a> Ant Financial, Alibaba Group’s fintech arm, to develop a blockchain-based cross-border remittance service, Robins noted, to help Hong Kong’s Filipino expats send money home to their families.
Chinese fintech firm CreditEase uses its own credit assessment system to promote inclusive finance and serve segments of the population largely overlooked by mainstream financial institutions by effectively analysing vast troves of credit data, explained Lin Hou, General Manager, Wealth Management Product, CreditEase.
Westpac meanwhile has just opened regional innovation hub co.lab in Singapore and has tripled its investment in its venture capital arm, which incubates early-stage fintechs. One of the companies Westpac has invested in provides a payment platform that supports government healthcare and motor accident insurance payments in Australia. Westpac has also partnered with another firm that simplifies cash register transactions at restaurants and cafes.
Fear of fintech
For all the potential of fintech, a sobering note was struck while gauging the potential of a global economic crisis triggered by technology-related excesses. Barger noted that there is indeed a very real chance for such an event in the next decade. And, given the volume of money coursing through the global economy, even the impact of a small reversal could be hugely magnified, she warned.
Sanghvi pointed out that technology has enabled the flow of billions of dollars in investments into passive exchange traded funds run by trading algorithms. Sure enough, the rise of high-frequency trading has led to <a href="https://www.technologyreview.com/s/611890/the-world-economic-forum-warns-that-ai-may-destabilize-the-financial-system/" target="_blank">‘flash crash’ events</a> that neither emerging nor developed markets may be prepared to deal with.
“I wonder whether we've introduced more systemic risks in our financial markets, and I worry about whether we've done enough to ensure that our financial markets are stable and secure,” she said.
Many emerging economies, especially China, are dominated by retail ‘mom-and-pop’ investors with little or no financial expertise, Barger noted, calling for more regulatory oversight especially in corporate governance of listed firms.
Lin agreed, noting that while the Chinese government is working to put regulatory checks and balances in place, there is an urgent need for more efforts to ensure investor protection.
Growing a social conscience
The finance industry is still viewed with caution by the general public. Whilst regulation has gone some way towards making banks less risky (since 2008, global banks have paid over $300 billion <a href="https://www.straitstimes.com/business/global-banks-have-paid-453b-in-fines">in fines</a>) it still has not clearly articulated how the industry is contributing to the economy, the community and the world as a whole. 
The industry needs to develop a social conscience and it is important that the right tone is set at the top and perhaps, even more critical, is how this change is embraced through the organisation, Sanghvi observed.
Apart from making banks safer, regulation can be a good thing for innovation too, Raskin noted.
“A lot of what we've done with data, comes not because we wanted to do it, but because we're being regulated into it. And that's spurring a ton of innovation,” she said.
Overall, considering the risks posed by technological disruption, understanding the human impact can help deal with them effectively and allow businesses to balance commercial imperatives with societal ones, panelists noted.
“I think the one thing I can say for sure is the future of finance is exciting. It's never been more exciting. The next 10 years are going to be very different from the last ten,” Sanghvi concluded.
Sneha Sanghvi is head of financial markets Asia at Westpac.
</div>
</div>
</div>
</div>
</body></html>

jrobinson-rf4aSBido9

Beyond fintech - the future of finance 10 years from now

<html><body>
EXPERT OBSERVATION
Consumer sentiment has tracked back to neutral as the earlier tax cut boost wanes and a variety of negatives impact. The housing market correction is in the mix but the detail suggests the impact on sentiment has been small so far.
The Westpac Melbourne Institute Index of Consumer Sentiment has weakened over the last 3 months, falling 4.2% and retracing all of the gains seen through the middle of the year.
At 100.5, the Index is now broadly unchanged on a year ago and only just above the 100 line, indicating a near even mix of optimists and pessimists.
A waning boost from the income tax cuts announced in May, renewed political instability, mortgage rate increases, further declines in house prices, rising petrol prices and unsettled financial market conditions all look to have contributed to the softer reads. Indeed, given the range of negatives, the pull back in sentiment has arguably been mild.
There is some evidence that positives around economic growth, the labour market and more balanced conditions across states have provided some underlying supports.
A key area of interest is the extent to which the house price correction is having spillover effects on the consumer. Assessments of family finances remain a notable weak spot.
Concerns around interest rates and house prices are both apparent – sentiment amongst households with a mortgage falling 6.4% over Sep-Oct.
That said, the more pronounced house price corrections in Sydney and Melbourne do not appear to be weighing more heavily on sentiment in these regions, at least not yet.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/The_Red_Book/Red_Book_bites/Redbook-bite-20181023-1.jpg" alt=""> 
Matthew Hassan is a Senior Economist for Westpac.
</body></html>

Matthew_Hassan-HHWHptmrw4

Housing market correction impact on consumer sentiment small so far: Matthew Hassan

<html><body>
EXPERT OBSERVATION
Westpac’s forecast for the September quarter headline CPI is 0.5%qtr which will see the annual pace ease to 2.0%yr from 2.1%yr.
Westpac’s forecast leaves the two quarter annualised pace at 1.6%yr.
The September quarter is a seasonally strong quarter with the ABS projecting a seasonal factor of +0.30ppt. However, this is larger than the average of the June quarter seasonal factor for the previous two years (average 0.27ppt) so there is a risk that this estimate will be revised downward.
Core inflation is forecast to print 0.3%qtr (0.31% at two decimal places) seeing the annual pace ease to 1.8%yr from 1.9%yr. The trimmed mean AND weighted median are both forecast to rise 0.31%.
The two quarter annualised pace of core inflation eases back to 1.5%yr from 2.0%yr putting inflation momentum below the RBA’s target band.
We have lifted our Q3 forecast (it was 0.3%qtr) due to rising petrol prices (impact is set to be even larger in the December quarter) plus the impact of drought on fresh fruit, lamb and cereal product prices (beef prices have been falling as cattle have been sold).
We have also made a small allowance for the introduction of GST on imported goods worth less than $1,000.
The big unknown this quarter is the impact of changes to childcare rebates. Back in 2007 and 2008 increases in rebates saw childcare prices fall between 20% and 30% each year.
This time the impact appears to be somewhat less but we have not found a way to confidently estimate it. Our -7% forecast is our “best guess” with the limited information. 
Traded prices are forecast to rise 1.2% in the quarter to be up 1.8%yr, while non-traded prices are forecast to rise 0.1%qtr/2.0%yr due to moderating housing costs moderate and falling childcare.
Core inflation remains below the bottom of the RBA target band due moderating housing costs.
Overlay a competitive deflationary cycle in consumer goods and it makes it hard to see core inflation breaking much higher.
Market forecasters over estimated the quarterly change in the CPI for the last seven quarters by an average of +0.14ppt. Will they do it again making it two consecutive years of overestimating inflation?
Justin Smirk is a Senior Economist for Westpac
</body></html>

Westpac's Australian Q3 CPI forecast: Justin Smirk

<html><body>
<div>
Westpac has denied an AFR report it is giving risky property investors less than a month to find another lender.
The bank is alleged to be sending a single-page letter to investors warning it can "no longer support our commercial relationship with you."
Victor Kumar, a director of Right Property Group, a buyers' agency, reportedly has seen the letter sent to property investors.
The letter informs borrowers that Westpac is a responsible lender.
Martin North, principal of Digital Finance Analytics, has reportedly been in contact with borrowers who have received the letter.
</div>
<div>
Westpac denied the claims. 
Initially Westpac said it was attempting to locate the letter and declined to comment.
"We don't support the claims made regarding the Westpac customer communications," a spokesman later told the AFR.
"Based on the limited information we have been provided, the statements made are incorrect."
As banks are forensically examining their lending books, the Westpac letters are reportedly being sent to interest-only borrowers with multiple properties and high loan-to-value ratios, usually 80 per cent or above.
The investors, who often have up to six properties, have been told they have until October 20 – or less than a month – to find a new lender.
</div>
</body></html>

Westpac denies risky property investors are being given one month to find alternate finance

<html><body>
Westpac has cut its rates, and promised longer discounts.
The nation's second-largest lender has cut lending rates by up to 110 basis points in an aggressive bid for new borrowers.
Its new loan packages also aim to lock-in new borrowers with lucrative discounts of up to 80 basis points for the life of the loan. A basis point is 0.01 percentage point.
Fairfax Media advised the new Westpac rates will also apply for new lenders for Bank of Melbourne, BankSA and St George Bank.
The offer will replace the existing two-year introductory discounts with a life of loan discount for principal and interest and interest only borrowers. The new flexi first option home loan, with its basic home loan product with a headline rate of 3.98 per cent, will now include a 75 basis point discount for the life of the loan.
The flexi first principal and interest option for investors, which has a headline rate of 4.48 per cent, includes an 80 basis point discount for the life of the loan.
The interest only version has a headline rate of 5.08 per cent and a 71 basis point life of loan discount.
The offer excludes owner occupied loans with interest only repayments or to switches within the Westpac Group.
Westpac is set to advise the new first time buyer flexi first option home loan borrowers will receive an 85 basis point discount for the first five years and then roll onto a 75 basis point discount for the life of the loan. The headline rate is 3.88 per cent. First time investors will receive a 110 basis point discount for the first five years and then revert to a 80 per cent discount for the loan's life.
Its headline rate is 4.18 per cent.
</body></html>

Westpac cuts new loan rates, and promises longer discounts

<html><body>
EXPERT OBSERVER
Following the strong GDP Report Westpac has lifted its growth forecasts for 2018 and also revised slightly its forecasts for 2019 and 2020.
However, the key themes that growth will slow in 2019 and remain below the 2018 pace in 2020 are intact.
The June quarter GDP report was released this week. Due to upward revisions of around 0.5 percentage points, the Australian economy was revealed to be much stronger than we had been led to believe.
Real GDP expanded by a solid 0.9% in the June quarter and annual growth printed 3.4% – well above potential of around 2.75%. Markets were expecting annual growth of around 2.8% with most of the lift being attributed to revisions of earlier quarters.
These accounts have prompted a review of our growth outlook.
We have lifted our growth forecast for 2018 from 2.7% to 3.3%.
The growth forecast for 2019 has been lifted from 2.5% to 2.7% and the 2020 forecast has increased from 2.8% to 3.0%.
While the levels of the growth forecasts have been lifted, the profile of an economy that will slow into 2019 and lift modestly in 2020 remains.
Furthermore, these growth rates (following 2.4% in 2017) are insufficient to make any meaningful impact on the spare capacity in the economy and therefore our inflation and wages forecasts remain essentially unchanged.]
Bill Evans is the Chief Economist for Westpac
</body></html>

bevans-rYk9SxEa4r

Westpac still expects a growth slowdown in 2019 despite recent strong GDP report: Bill Evans

<html><body>
Westpac has admitted breaching its responsible lending obligations when providing home loans and agreed to submit to a $35 million civil penalty to resolve Federal Court proceedings under the National Consumer Credit Protection Act 2009 (Cth) (the National Credit Act).
A three-week trial for this matter was due to commence in the Federal Court yesterday.
The parties have jointly approached the Federal Court seeking orders that Westpac contravened the responsible lending provisions of the National Credit Act because its automated decision system:
<ul>
<li>did not have regard to consumers’ declared living expenses when assessing their capacity to repay home loans, and instead used a benchmark (the Household Expenditure Measure); and</li>
</ul>
<ul>
<li>for home loans to owner occupiers with an interest-only period, failed to use the higher repayments at the end of the interest-only period when assessing a consumer’s capacity to repay the loan. For example, for a loan of $500,000 at 5.24% with a term of 30 years and a 10-year interest-only period, the assumed repayment using the incorrect method is $2,758 per month, whereas the actual repayment after the expiry of the interest-only period using the correct method is $3,366 per month.</li>
</ul>
The litigation related to Westpac’s home loan assessment process during the period December 2011 and March 2015, during which approximately 260,000 home loans were approved by Westpac’s automated decision system.
For approximately 50,000 home loans, Westpac received, and did not use, consumers’ actual expense information that was higher than the Household Expenditure Measure.
For approximately 50,000 home loans, Westpac used the incorrect method when assessing a consumer’s capacity to repay a home loan at the end of the interest-only period. Of these approximately 100,000 loans, Westpac should not have automatically approved approximately 10,500 loans.
If approved by the Federal Court, this will represent the largest civil penalty awarded under the National Credit Act.
The new ASIC chair James Shipton said it was "a very positive outcome and sends a strong regulatory message to industry that non-compliance with the responsible lending obligations will not be tolerated. Responsible lending in the home lending market is absolutely vital to consumers, banks and our economy." 
"This outcome is a warning to all lenders that they must comply with the responsible lending obligations. If they do not, ASIC will take action to enforce the law."
 
</body></html>

Westpac fined $35 million after breaching home loan lending obligations

<html><body>
<div>Variable rate customers who have their mortgage with Westpac and some of their subsidiaries will be forking out an average of $35 extra per month and $420 per year.
</div>
<div> </div>
<div>This is thanks to Westpac hiking rates by 14 basis points.</div>
<div> </div>
<div>The new Treasurer Josh Frydenberg has demanded Westpac justify its out-of-cycle interest rate increase.</div>
<div> </div>
<div><img src="https://www.urban.com.au/images/2018/8/30/Westpac%20rates.JPG" alt=""></div>
<div> </div>
<div>
RateCity research director Sally Tindall said Westpac had held out longer than the market expected before caving into the pressure to hike rates.</div>
<div> </div>
<div>"Westpac has today decided to use variable rate home loan customers to help ease their cost of funding pressures. Most households will be able to absorb the rate hike, however anyone who overstretched to get in the market will feel burdened by this extra cost," she said
</div>
<div> </div>
<div>
Now that Westpac has hiked, taking the brunt of the bad PR, it is expected the other three banks will match them.
</div>
<div> </div>
<div>“Ironically the banks are desperately seeking out customers to boost their lagging profit margins. They’re doing this by offering rock bottom rates, but only to new customers so if you’ve got a bit of equity in your home, now is a great time to consider refinancing,” she concluded.</div>
</body></html>

Westpac is the first of the big four banks to hike out-of-cycle

<html><body>
EXPERT OBSERVER
The Wespac Leading Index has posted a solid rebound from last month’s below trend.
Despite this, the Leading Index growth rate has still slowed materially since the start of the year, from +1.31% in February to +0.55% in July.
Over the course of the last six months the Leading Index has only dipped below zero on the one occasion which was last month. That is sending a more positive signal around the growth outlook than we are expecting at Westpac. We are expecting growth over the remainder of 2018 and into 2019 to hold slightly below trend particularly in light of an uncertain outlook for the consumer. Falling property prices; amid a slowdown in jobs growth; fading jobs confidence and high household debt are likely to create headwinds for growth.
Three components account for the bulk of the slowdown in the Leading Index growth rate over the last six months: a turnaround in the Westpac-MI Unemployment Expectations Index (–0.35ppts); reduced support from commodity price gains (–0.28ppts); and a narrowing yield spread that mainly reflects rising short term interest rates (–0.27ppts).
These drags have been partially offset by some lift in aggregate monthly hours worked (+0.22ppts); and dwelling approvals (+0.08ppts) although the momentum in both of these components remains patchy month to month. While the remaining components have seen little change since February, US industrial production has continued to provide steady support.
The Reserve Bank Board next meets on September 4. Earlier in the month the Bank released its latest Statement on Monetary Policy which provided an update of its forecasts. Of most interest was a downward revision to the Bank’s inflation forecast for 2018 from 2.25% to 1.75%. If correct that would mark five consecutive calendar years when headline inflation has printed below the bottom of the Bank’s 2–3% target band.
The Reserve Bank still expects inflation to lift to 2.25% by 2020 and anticipates that the next move in the cash rate will be up. An obvious headwind to the Bank’s plan to move inflation back into the target zone is the impact that five years of underperformance in inflation will have on households’ and firms’ expectations.
The reason why the Bank is reluctant to lower its 2–3% target range is because such a move may have a further dampening impact on inflationary expectations.
Westpac is sceptical that the Bank will be successful in lifting inflation particularly under the weight of low inflationary expectations.
In fact, yesterday Westpac extended its forecasts to now expect the bank to remain on hold in 2020. This complements its existing forecast which has the bank on hold in 2018 and 2019.
Bill Evans is the Chief Economist for Westpac.
</body></html>

Westpac

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Westpac

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News