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ISCOVER
The weekly round-up of the biggest news stories from across Momentum Media’s property brands from the week ending 5 July.
To compile this list, not only do we consider the week’s most-read stories and the news that matter most to you, but we also curate it to include stories from our sister brands that also have an impact on the Australian property landscape.
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Here are the biggest stories of the week:
ASIC slammed for inaction, Senate calls for reform
The financial services regulator “has failed” according to a Senate inquiry, with major reforms put forward to reduce its focus and overhaul its funding approach.
Treasury minister slams delays to interoperability
EXCLUSIVE Dr Andrew Leigh MP has hit back at the ‘pause’ on interoperability, saying the failure to bring about competition in e-conveyancing is ‘a problem caused by the mistakes of states and territories’.
Broking fintechs slam ‘blatant ‘shut down’ campaign’ on open banking
Calls from the banking industry to ‘go back to the drawing board’ on open banking are “a blatant ‘shut down’ campaign”, according to broking industry fintechs.
Industry has called out the banking industry for its vested interests in trying to shut down the ability for borrowers to more easily access a better product or change lender/product.
Is the Home Guarantee Scheme as good as it could be?
While brokers have been busy preparing communications to ensure clients are well informed of the new places opening up (including through personalised consultations and regular updates through emails, newsletters, and social media etc) for the financial year 2025 Home Guarantee Scheme, there are concerns that increasing house prices and income bracket creep are reducing the efficacy of the schemes.
CoreLogic’s head of research Eliza Owen said that another rise is far from certain but acknowledged that the RBA had expressed “extremely low tolerance for any further uplift in inflation”.
Were the bank to move forward with a rate increase, Owen said that market demand had the potential to falter and indeed that cracks had already started to appear.
Miles government pledges to review property taxes
Cameron Dick, the Deputy Premier, Treasurer, and Minister for Trade and Investment of the Queensland state government, has said that Miles Labor government will review Queensland’s tax settings that affect the housing market, with a view to further increasing housing supply.
WA planning reforms will cut back red tape
Western Australians looking to undertake small residential projects can now undergo a simpler approval process.
CEO of non-major bank to depart, successor appointed
Bendigo and Adelaide Bank has announced that its CEO and managing director Marnie Baker is to be succeeded by Richard Fennell at the end of August.
Baker has been at the helm of the banking group since 2018 and has worked at the bank for the past 35 years. However, she “recently indicated her intention to conclude her time with the bank”.
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