Here is a look at what is making news around the country today.
Today’s national news includes Sydney being among the costliest housing markets in the world, Australia being included in China’s Visa Waiver Program, New reforms to help small banks compete with the majors, NSW increasing duties on foreign homebuyers, and the First Bitcoin ETF listed on ASX.
Nation
Sydney is among the most costly housing markets in the world
A study out of Chapman University in the US has found nearly all of Australia’s major cities rank in the top 25 per cent of least affordable housing markets in the world, Sky News reports. Chapman University’s Frontier Centre for Public Policy’s Demographia International Housing Affordability report placed Sydney at the top of Australia’s list and second overall on its list of most unaffordable housing markets in the English-speaking world. Sydney has been ranked first, second or third as the least affordable housing market for the past 15 years. “Sydney has the least affordable market, with an impossibly unaffordable median multiple of 13.8, making it the second least affordable market internationally (ranking 93rd in affordability out of 94 markets),” the report read.
Politics
Australia to be included in China’s Visa Waiver Program
China will include Australia in its visa waiver program, Premier Li Qiang announced after meeting with Prime Minister Anthony Albanese in Canberra, in the latest sign of warming relations between the two countries, Yahoo Finance reported. No initial details were provided on how the program would work. However, a similar announcement in May allowed 12 countries—mainly from Europe but also including Malaysia—to enter China visa-free for up to 15 days for business, tourism or visiting relatives and friends. Li’s visit is the first trip to Australia by a Chinese leader of his seniority since 2017.
https://finance.yahoo.com/news/china-australia-visa-waiver-program-033106557.html
New reforms to help small banks compete with the majors announced
Banks will soon be forced to be more upfront with customers, while regional banks could be given extra powers to help them compete against the majors, Sky News reports. It’s part of a range of measures announced by the government to ensure better transparency between companies and customers. Treasurer Jim Chalmers says this measure is to help Australians ‘find and follow’ better deals.
Regions
NSW to increase duties on foreign homebuyers
New South Wales will raise some duties on overseas buyers of homes in the country’s most populous state as lawmakers look to address the worst housing crisis in living memory, the Business Times has reported. The state government will lift the foreign purchaser surcharge to 9 per cent from 8 per cent, while the owner’s land tax duty for overseas buyers will increase to 5 per cent from 4 per cent. “These are modest adjustments against the backdrop of a generational housing crisis,” state Treasurer Daniel Mookhey said. “We intend to pull every lever we can to confront the housing crisis and build the homes the people of NSW need.”
Business
First Bitcoin ETF listed on ASX
The Economic Times has reported that an exchange-traded fund investing directly in Bitcoin will list on Australia’s main stock market for the first time, kicking off another wave of such listings after similar products began trading in the US and Hong Kong. ASX said it had approved the listing of the VanEck Bitcoin ETF. “We recognise Bitcoin is an emerging asset class that many advisers and investors want to access,” said Arian Neiron, chief executive officer for VanEck in the Asia-Pacific region.
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