Author: abul-jalaluddin

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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Superannuation Industry: Funds, Assets and Investments

Australian superannuation is an exceptional retirement savings system in the World. Employees including self-employed persons become members of superannuation funds; they make compulsory and voluntary contributions to the funds; the contributions are invested by the funds over the employees’ working life and finally the sum of the contributions plus earnings minus taxes and fees are paid as an income stream or lump sum to the contributors when they retire. There are various types of superannuation funds in the industry. Retail Funds offer superannuation products to general public. Industry Funds draw members from the employees of a range of employers...

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Distribution of GST revenue to states and territories

Goods and Services Tax (GST) is levied by the Federal Government of Australia and the total GST revenue collected is distributed to the States and Territories to fund their services and associated infrastructure. The Commonwealth Grants Commission (CGC) is responsible to manage the distribution of GST revenue to achieve Horizontal Fiscal Equalisation (HFE) amongst the States and Territories. The CGC defines HFE as “State governments should receive funding from the pool of GST revenue such that, after allowing for material factors affecting revenues and expenditures, each would have the fiscal capacity to provide services and the associated infrastructure at...

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NSW Budget 2018-19: An election entreat to entice voters

The budget has established a NSW Generations Fund to guard against intergenerational budgetary pressures with a capital of $3 billion. The fund will grow through future contributions and investment returns. Half the returns from this fund will go to My Community Dividend, a NSW state initiative which will provide funds to local projects worth between $20,000 and $200,000. This budget has a surplus of $3.9 billion, being the last one before the next election in March 2019. Health There will be $8 billion over four years to fund 40 new and upgraded hospitals, including $740 million to transform Liverpool...

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