“THE THREE months to October were the worst for housing loans to investors in over five years,” according to Master Builders Australia (MBA) chief economist Shane Garrett.

The ABS results for housing finance during October 2018 have just been released. They show that the value of investor loans fell by 4.3 percent during the three months to October and were 18.5 percent lower compared with the same time last year.

“August 2013 was the last time investor lending volumes were as low as they are now. Lending to housing investors has fallen by over 30 percent since the peak in early 2015," Mr Garrett said. 

“The introduction of more stringent APRA regulations in early 2015 kicked off the decline in investor lending. It has been greatly exacerbated by the commencement of the Royal Commission’s work – lenders have become much more nervous about making financing available," he said. 

“The reduction in investor activity is not all down to lending policies. Many investors are reluctant about entering into markets where house prices are falling. In other places, rental price growth is soft and investors have sat out," Mr Garrett said. 

“While investors are exiting the market at the moment, the story for first home buyers (FHB) is much more positive. At 18.1 percent, the FHB share of owner occupier housing loans is at its highest since late 2012. About 114,000 FHB home loans have been issued over the past 12 months - an increase of 14.9% on a year earlier," he said. 

“Despite the significant challenges the housing market faces, it is encouraging that so many Australians can look forward to celebrating Christmas in their very own home for the first time this year,” Mr Garrett said. 

www.masterbuilders.com.au

ends

THE histories of people who have played major roles in the House of Representatives will be uncovered in a project begun recently. The people are the House Speakers, Deputy Speakers, and Clerks.

The project brings together the House of Representatives department and the Australian National University’s National Centre of Biography, manager of the Australian Dictionary of Biography. The biographies will be released online in early 2020 and will be known as the Dictionary of the House of Representatives.

Some Speakers and their Deputies are very well known to many Australians but in other cases the biographies will bring their part in the history of the House to public attention for the first time since the early years of Federation.

Clerk of the House, David Elder, said, "Australians are used to seeing the day to day political struggle of the House on the news but this project will tell us a much more reflective story about the role of the House and how it works. As an institution it is absolutely central to our democratic framework. The project will help explain three of its key offices."

"Members who have been elected to be Speaker or Deputy Speaker have stood apart from the politics of the day. When they take up those roles it is on behalf of the whole House. The third group, the Clerks, are principal advisers on House operations. Their role is a much less public one and they have always been expected to work impartially."

Mr Elder also said that in addition to the individual biographies, the House department would produce short pieces explaining how each role has developed, what was inherited from the Westminster tradition at Federation, and what traditions have begun here.

ends

THE Institute of Public Accountants (IPA) as part of the global accounting profession is supporting the United Nation’s International Anti-Corruption activities which included a special awareness day on December 9.

The World Economic Forum estimates that every year the cost of corruption is at least US$2.6 trillion -- or 5 percent of global domestic product. According to the World Bank, businesses and individuals pay more than US$1 trillion in bribes each year.

“Corruption not only erodes trust, it has a direct detrimental impact on economic growth,” said IPA chief executive officer, Andrew Conway.

“Accountants play a pivotal role in this united fight against corruption.

“As a profession, we hold the responsibility to promote greater transparency and accountability, employ stronger ethics and lift the standard of integrity,” said Mr Conway.

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 36,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants. 

www.publicaccountants.org.au

ends

COAL has propelled the value of Queensland’s exports to almost $80 billion, up almost 10 percent from October last year. 

Queensland Resources Council chief executive Ian Macfarlane said the latest ABS figures showed coal recorded the highest increase in value during October, for the 23rd month in a row. 

“For the last two years, coal exports have been the anchor for Queensland’s strong export performance,” Mr Macfarlane said. 

“Of Queensland’s total export value of $79.3 billion in October, our coal exports were worth $34.9 billion, and other minerals $8.1 billion. 

“The ongoing strength of the resources sector is testament to the hard work and world-class standards of the 316,000 Queenslanders who work in or with the sector. 

“Every tonne of coal and other resources exported brings in royalty taxes that benefit all Queenslanders. 

“Based on this strong performance we expect an even greater return to Queenslanders from coal royalty taxes, above and beyond the $3.5 billion forecast for this year’s budget. 

“We look forward to seeing the updated figures before Christmas," Mr Macfarlane said.

“Queensland’s resources industry is capping off a positive year, during which we’ve seen new investments and new jobs. 

“Over the past year the resources industry has added about 10,000 jobs for Queensland, or a job every 40 minutes. 

“We are looking forward to a strong start to the new year too, with new projects including the Adani Carmichael mine, and new exploration in the North-West of the state. 

“Figures released by the Queensland Exploration Council earlier this week showed an increase in exploration investment across the range of our state’s commodities. 

“This puts all Queenslanders in prime position to continue to benefit from investment, jobs and returns from royalty taxes that build our state.” 

www.qrc.org.au

ends