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In The News

5 things you need to know today

  • In a speech overnight in New York to Citigroup, Treasurer Scott Morrison has told US financiers that Australian house prices are not in danger of crashing anytime soon. "Safe as houses still broadly means something in Australia," he said. "The rise in housing values has been driven principally by genuine economic forces of supply and demand, where mortgages are subject to full recourse finance, supported by a strong, stable and resilient banking system and world's best practice credit standards.
  • Overnight the Dow Jones fell 0.1% to 22841, the S&P500 dropped 0.1% to 2,551, and the Nasdaq fell 0.2% to close at 6,591. In Europe the FTSE 100 was up 0.3% to 7,556, and the German DAX rose 0.1%  to 12,983. At 730am the SPI 200 futures was flat at 5,766.
  • In economic news, the average credit card balance fell marginally by $0.34 to $3,069.10 in August. CommSec reported that this was the lowest reading since December 2007. In smoothed terms (12-month average) the average balance was down by 0.1% on a year ago.
  • The Government will announce changes to private health insurance today that are designed to make it more affordable. The changes include discounted premiums of up to 10% for young adults, greater transparency around policy inclusions and exclusions, and increasing access to mental health services.
  • HSBC has announced John Flint, who runs HSBC's retail and wealth management business out of London, will take over as CEO in February next year when Stuart Gulliver, 58, retires after seven years in the job.

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Published on: Friday, October 13, 2017


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