Author: abul-jalaluddin

A classic pre-election budget

With huge tax cuts and large infrastructure spending through the marginal seats across the nation, this Federal Budget 2019-2020 is an attempt by the government to win the next federal election to be held on Saturday 18 May 2019. In 2019-20, the economy is expected to grow by 2.75%, the rate of inflation is forecast to be 2.25%, the wage will grow at 2.5%, the rate of unemployment is 5% and the economy will be in a surplus with $7.1 billion which is an achievement after 12 years. Individual Tax Cuts There is an immediate tax cuts to low...

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Final report of Royal Commission: A soft landing on banks

Commissioner Kenneth Hayne recently handed down the final report of the Royal Commission into the misconduct of banks and financial institutions. In this report, there was no gore for shameful behaviour heard, no structural separation of the banks, no overhaul of the regulators and no head on the sticks. Yet, the over 950-page report made 76 recommendations with far-reaching implications for the financial services industry and its clientele. It would improve commercial behaviour, customer service, lower fees, change corporate culture and enhance governance in the industry. The key recommendations will encompass the major segments of the financial services industry,...

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Australia Day/Invasion Day controversy on 26 January

Australia Day is celebrated every year on 26 January but this day has also been called Invasion Day by an increasing number of Australians, both Indigenous and non-Indigenous marking the commencement of a long history of dispossession and trauma for Aboriginal and Torres Strait Islander people. Australian National Day is celebrated on 26 January of each year due to the fact that the First Fleet of the British ships arrived at Sydney Cove, which is in the vicinity of Circular Quay of today, on 26 January 1788. On the same day, Governor Arthur Phillip raised the British flag at...

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Down turn in Australian property prices

Australians love home ownership and investment in real estate. The unsustainable growth in property prices during the last decade or so has decreased affordability, adversely impacting on the level of home ownership in the country. According to the census 2016, the rate of home ownership in Australia decreased from 67% in 2011 to 65% in 2016. Homeownership rate in Australia averaged 68.85% from 1966 until 2016, reaching an all-time high of 71.40% in 1966 and a record low of 65% in 2016. Tasmania has the highest rate of home ownership at 70% and the Northern Territory the lowest at...

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The Royal Commission on Banking: The Interim Report Discredits Financial Services Industry

The Royal Commission into Misconduct in the Banking, Superannuation and Insurance was established on 14 December 2017. The Interim Report, released on 28 September 2018, found the financial services industry was driven by greed with the pursuit of short-term profits at the expense of basic standard of honesty and customer service. Banks were obsessed by a sales driven culture whereby from Executives to frontline staff were measured and rewarded by reference to profits and sales. The Royal Commission so far completed hearings into consumer lending (mortgages, credit cards, car loans ect.), financial planning, financing to small business and medium...

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