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Australia’s property market has the right catalysts for a rebound: record low interest rates and investor-friendly government

Record low interest rates and the re-election of a business friendly government will provide a boost to a slumping Australian property market, according to market observers.This month the Reserve Bank of Australia embarked on its first rate cut in three years, slashing the cash rate to a historic low of 1.25 per cent. The surprise re-election of the Liberal/National Coalition, which means a retention of the current investor-friendly policy on capital gains tax and negative gearing, is also… Source link

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Macau gambling tycoon Stanley Ho’s son buys 20pc stake in Australia’s Crown Resorts for US$1.3 billion

Australian billionaire James Packer has sold nearly half his stake in Crown Resorts casinos to Lawrence Ho, son of Macau gambling tycoon Stanley Ho, for A$1.8 billion (US$1.3 billion).Packer’s investment company, Consolidated Press Holdings, said late on Thursday that the sale to Lawrence Ho’s Melco Resorts and Entertainment involved 19.99 per cent of Crown Resorts, bringing its holding in the group down to 26 per cent.Packer, who stepped down from the Crown board last year to deal with what… Source link

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Global 

Australia’s central bank may cut interest rates on Tuesday on weaker housing market, CPI, analysts say

Australia’s central bank may cut interest rates on Tuesday after holding the rate flat for over two years.For the first time since Philip Lowe’s appointment as governor in 2016, the Reserve Bank of Australia (RBA) is expected to lower its cash rate by a quarter point to a record low of 1.25 per cent, according to 14 of 26 economists surveyed by Bloomberg. The remaining 12 said they expected the RBA to leave the rate unchanged at 1.5 per cent.After leaning towards a tighter policy only a few… Source link

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Slowdown in Australia’s property market won’t dampen Chinese investor interest

Chinese real estate developers and investors have more than their fair share of problems at home. Whether it is a sharp slowdown in the economy, softening demand for new office space in coastal cities or tighter capital controls that have curbed overseas acquisitions, mainland property companies face significant challenges. Yet, for those that have sought refuge in Australia’s property market, it has been the worst of both worlds of late. In the year to June 30, 2018, China was the leading… Source link

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Singapore 

AVA issues alert on batch of Australia’s Chobani yoghurt due to almond allergen, Singapore News

SINGAPORE – The Agri-Food and Veterinary Authority of Singapore (AVA) on Saturday (March 30) issued an alert on Australia’s Chobani brand Almond Coco Loco Yoghurt for containing an undeclared allergen, which is almond. The affected product is the 140g Almond Coco Loco Yoghurt with a best before date of April 23, 2019. The move comes after the Australian government’s Department of Agriculture and Water Resources recalled a batch of the yoghurt recently. A statement on the Food Standards Australia New Zealand website said the affected yoghurt had incorrect packaging. Yoghurt…

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China 

Australia’s Huawei 5G ban a ‘hedge’ against future Chinese aggression, says former prime minister Malcolm Turnbull

Australia banned Huawei and ZTE from its 5G network as a “hedge against adverse contingencies” in case relations with China soured in the future, according to former Prime Minister Malcolm Turnbull.Turnbull, who was ousted as leader in August 2018, said that his government “decided not to allow 5G networks to be built out by companies that have an obligation to their own country to assist the intelligence services of those countries”.“We have to, in an uncertain world, hedge against… Source link

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Australia’s record high housing prices were driven by low interest rates, central bank study shows

The boom in Australian home prices and building over the past decade or so was primarily driven by lower real interest rates, while strong migration tended to lift rents, according to a study paper from the country’s central bank.The research model from Reserve Bank of Australia (RBA) economists Trent Saunders and Peter Tulip also suggested that a further reduction in real rates could revive home prices after recent weakness.At their peak, prices in Sydney more than doubled between 2008 and… Source link

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China 

China says last year’s GDP growth was worth more than Australia’s whole economy

China’s added GDP last year exceeded the value of Australia’s total output, the country’s statistics agency said as it sought to highlight the country’s economic resilience.In 2018 China’s economic growth rate in 2018 slowed to the lowest level in 28 years – a fact that has fanned concerns about the country’s economic outlook.In response Beijing is trying to direct attention to the absolute value of its growth and highlight the country’s ongoing role as the engine of the world economy.US-China… Source link

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Money 

Australia’s biggest casino company, Crown Resorts, hit hard as Chinese VIPs spend less

Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years.Crown, which is owned 47 per cent by billionaire James Packer, also posted a weaker than expected profit for the six months to December. Turnover from VIPs – largely Chinese tourists on package holidays – fell 12 per cent compared to a 16 per cent rise in the year-ago period… Source link

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