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Construction Activity at Record High

Posted on by Laze Spasevski
Construction Activity at Record High
Australia is experiencing a “record high” construction activity across all sectors and states, according to Rider Levett Bucknall’s third-quarter construction report. The amount of construction work underway across Australia during Q3 was unprecedented with “similar levels of activity” forecast for the next two to three years. RLB said this building boom was being driven by: Federal...
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SMEs Optimistic About the Future

Posted on by Laze Spasevski
SMEs are cautiously optimistic about the future, according to the Australian Banking Association's Small and Medium Enterprises Lending Report. The report, which surveyed businesses throughout the country, found an increase in the average value of loans in the year to July: Small business loans rose from $2.9 million to $3.4 million Medium business loans rose from $12.7 million to $...
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Majority of Homebuyers Using Mortgage Brokers

Posted on by Laze Spasevski
Majority of Homebuyers Using Mortgage Brokers
An ever-growing majority of homebuyers are taking out home loans using mortgage brokers, rather than going direct-to-lender. Between July and September 2022, mortgage brokers facilitated 71.7% of all new residential home loans. This is a record share according to the research group Comparator. That compared to 66.9% the year before and 60.1% the year before that. Anja Pannek, the ...
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Borrowers Favour Lower-Rate Variable Loans

Posted on by Laze Spasevski
Borrowers favour the lower-rate variable loans right now. According to the  October 22 data from Australian Bureau of Statistics, only 4% of borrowers fixed their loans (both new loans and refinances). Very few borrowers are currently fixing their home loans – unlike a year earlier when about half of borrowers were doing so. By contrast, 44% of borrowers fixed in October 2021 and 46% in ...
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Borrowers Are Refinancing Their Home Loans

Posted on by Laze Spasevski
Borrowers Are Refinancing Their Home Loans
Enormous numbers of borrowers are refinancing their home loans according to the latest data from the Australian Bureau of Statistics. Australians refinanced $17.8 billion of mortgages in October. This is not far off the record $18.6 billion of refinancing that occurred in August. It just shows that the past six months have been the six biggest months in refinancing history. Owner-occupie...
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Property Market Will Rise Again in 2023

Posted on by Laze Spasevski
Property Market Will Rise Again in 2023
In the year to November 2022, the property market has declined but based on SQM Research forecast, it will rise again in 2023. The property market has changed significantly over the past 12 months. In the year to November 2021, the national median property price jumped 22.2%, according to CoreLogic. But in the year to November 2022, prices fell 3.2%. Some capital cities actually recor...
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ATO Intends to Collect Tax Debts

Posted on by Laze Spasevski
The ATO (Australian Taxation Office) has put small businesses on notice that it intends to collect unpaid tax debts and crack down on tax evasion. ATO second commissioner Jeremy Hirschhorn said small businesses were responsible for 65% of the $37 billion in collectible (i.e. not disputed) debt. Mr Hirschhorn said that while the ATO took a relatively relaxed attitude to debt collection during...
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Economy Remains In Growth Mode

Posted on by Laze Spasevski
The Australian economy remains in growth mode according to the latest national accounts figures of the Australian Bureau of Statistics. It is one of the three key pieces of data released by the bureau. First, the data shows that the economy grew 3.6%. That was the strongest growth figure in 10 years. This covers the 2021-22 period There are several factors affecting this growth. The numb...
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Household Spending Increased

Posted on by Laze Spasevski
September was the 19th consecutive month in which household spending increased, according to the latest data from the Australian Bureau of Statistics. Australians continue to be in a spending mood, and businesses throughout the economy are benefitting. And the level of spending in September was 28.0% higher than the year before – with increases occurring in all nine categories monitored ...
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Breakdown of Property Buyers

Posted on by Laze Spasevski
Home loan activity has fallen since earlier in the year, but Australian Bureau of Statistics’ breakdown of Property Buyers shows that first-home buyers have held up better than that of other buyer groups. Between April, when national property prices peaked, and August, the most recent month for which we have data, total home loan commitments fell 13.9%, according to the Australian Bureau of Sta...
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