Housing Finance Figures August 2008
The latest housing finance figures for August 2008 in Western Australia show a drop of 1.7% compared to July 2008. This trend has been repeated across every State and Territory across Australia except ACT where home loans increased by 1.9%.
Net Overseas Migration Highest on Record
In the year to March 2008, Australia’s net overseas immigration (inflow – outflow) reached 200,000 people and accounted for 59% of Australia’s population increase.
Yet Another Regulatory Burden
The Department for Planning and Infrastructure has commenced the development of a Multi Unit Housing Code for WA. The intent is to develop a new design code (including design guidelines) for multi-unit residential development for application in conjunction with the current R-Codes.
Reserve Bank Cuts Rates
The Reserve Bank of Australia cut the official cash rate last Tuesday to 6.00%, a full 1% below its pervious level. This cut is the largest movement since 1992. The Reserve Bank said “… the Board judged that a material change to the balance of risks surrounding the outlook had occurred, requiring a significantly less restrictive stand on monetary policy.”
Tough cop on the beat must stay
Master Builders Australia, the peak body for the Australian building and construction industry, today welcomed the release of a Discussion Paper by Murray Wilcox QC into the replacement for the Australian Building and Construction Commission (ABCC).
Further Decline in Home Lending
Another fall in August reinforces the steep decline in home lending that has occurred over the past year, and lends support to the Reserve Bank’s decision to bring interest rates down by a full percentage point, according to peak building and construction industry organisation Master Builders Australia.
Large Rate Cut will Bolster Confidence
The building industry welcomes the full one percentage point interest rate cut announced today by the Reserve Bank of Australia, according to Master Builders Australia, Australia’s peak building and construction industry association.
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