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Australia should brace for a wave of business failures and growing mortgage stress, the RBA warns, as support measures fall away


Australia’s central bank expects the number of small business failures will “rise substantially” as income and loan pressure builds.

With income support measures and more than $200 billion in loan deferrals set to expire, the Reserve Bank of Australia (RBA) says between 10% and 15% of businesses in hard-hit sectors won’t make it as they run out of cash.

“These businesses are in a tenuous position and are particularly vulnerable to a further deterioration in trading conditions or the removal of support measures,” the RBA wrote in its Financial Stability Review published on Friday.

“Survey evidence indicates that about one-quarter of small businesses currently receiving income support would close if the support measures were removed now, before an improvement in trading conditions.”

While the RBA acknowledged there was “a high degree of uncertainty about the magnitude and timing” of those failures, the prognosis doesn’t look good.

For one, the number

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Posted in home

Australia to Expand First-Home Buyer Assistance to Lift Economy

(Bloomberg) — Australia will provide 10,000 extra places in a program to help first-home buyers and encourage construction as the economy recovers from the impact of the Covid-19 pandemic.



a sign on the side of a building: An advertisment for residential property is displayed on the fence of a show home at a new housing development in Melbourne, Australia, on Tuesday, Sept. 1, 2020. Australian house prices fell for a fourth consecutive month in August as a slump in the Melbourne market -- the center of a renewed Covid-19 outbreak -- weighed heavily on the national picture and expected higher unemployment continues to cloud the outlook.


© Bloomberg
An advertisment for residential property is displayed on the fence of a show home at a new housing development in Melbourne, Australia, on Tuesday, Sept. 1, 2020. Australian house prices fell for a fourth consecutive month in August as a slump in the Melbourne market — the center of a renewed Covid-19 outbreak — weighed heavily on the national picture and expected higher unemployment continues to cloud the outlook.

The First Home Loan Deposit Scheme will be expanded from Oct. 6 to support the purchase of a new or newly built home, Treasurer Josh Frydenberg said in a statement. About 20,000 people have already used the program, which allows them to purchase their first property with a deposit of

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Netball Australia commits to making Indigenous improvements | Netball

Netball Australia has devised a “declaration of commitment” to improving Indigenous representation and diversity in the sport.

Super Netball came under fire recently for using the competition’s only Indigenous player, Jemma Mi Mi, in promotions for their Indigenous round, only for the Queensland Firebirds to not play her.

There have only been two Indigenous players – Marcia Ella-Duncan and Sharon Finnan-White – in the national team, and none since the 1990s.

The former Diamonds have been vocal about the lack of action by Netball Australia, which prompted the review into the sport’s lack of diversity and the declaration, announced on Tuesday.

While participation rates show 4% of the netball community is Indigenous, this does not translate to elite levels.

The “declaration of commitment” is a pledge from a coalition of 20 of netball’s peak organisations to take significant action to break down the barriers that have prevented Aboriginal and Torres

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All-Star ‘Music From The Home Front’ Charity Fundraiser Returns to No. 1 In Australia

There’s a familiar feel to the top end of Australia’s albums chart this week as Music From The Home Front (Bloodlines/Universal) returns to No. 1 and Powderfinger’s classic Odyssey Number 5 (Universal) reenters at No. 2, while Cardi B and Megan Thee Stallion’s “WAP” (Atlantic/Warner) makes it a full month atop the national singles survey.

The all-star Home Front album bagged two consecutive weeks at No. 1 in June and July, and returns for a third week off the back of its release on triple vinyl.

The companion album to Michael Gudinski’s virtual concert on ANZAC Day, April 25, Home Front features performances from Jimmy Barnes, Crowded House, Dean Lewis, Tones And I and many others, with all profits going to Support Act, the charity that delivers crisis relief services to artists, crew and music professionals.

“It’s hard to believe that four and a half months after Music From The

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Continue Reading All-Star ‘Music From The Home Front’ Charity Fundraiser Returns to No. 1 In Australia