1. This property bubble. Investor loans in NSW and Victoria are literally almost off the chart:
APRA’s worried about it. Last week, its chairman Wayne Byers raised concerns about questionable lending practices in Australian banking. And now this morning, ASIC chairman Greg Medcraft told the AFR he was “quite worried” about the situation in Sydney and Melbourne. “History shows that people don’t know when they are in a bubble until it’s over,” Medcraft said.
2. NZ Prime Minister John Key isn’t waiting for the Auckland bubble to burst. Yesterday, he announced a 33% tax on any property not a main residence which is bought and sold within two years of purchase.
3. On the local market today, after a solid recovery from last week’s lows the bias should be higher as the ASX200 tries to climb back inside the range from earlier this year. Friday’s close at 5,735 is just 10 points below confirmation of a move back inside this range. Of note today will be the listing of BHP spin-off South 32.
4. It’s not the most exciting week in local data, but there’s two big releases in the RBA Minutes tomorrow and the post-Budget Westpac Melbourne Institute Consumer Sentiment survey Wednesday. Look for a reinforcement of the RBA’s easing bias in the minutes, and consumer sentiment will give the latest update on the impact of the new and improved budget. Here’s Westpac’s excellent diary of all the key events and data for the week.
5. Frank Lowy is OK. The FFA chairman had an epic tumble while about to hand over the A-League grand final trophy to Melbourne Victory captain Mark Milligan:
The crowd cheered, then went a bit quiet. Lowy was treated by paramedics, but the tough old rooster has nothing to complain about other than a bruised ego and a sore shoulder, the FFA later confirmed. Victory claimed its third title with a 3-0 win.
6. How much are you worth? If your CV just seems to keep growing, but your pay doesn’t, you might be underselling yourself. Job search engine Adzuna has come up with a new tool that gives you an estimate of how much you should be making based on your skills and experience. Just upload your CV to the site’s ‘Value my CV’ tool and it will crunch thousands of job listings to give you an estimate. And send you listings of jobs available with better pay.
7. The economy might stink for a while. Writing in the New York Times this weekend, economist, author, and blogger Tyler Cowen warned that what’s happening in the world right now could force people to rethink everything about economic growth. Here’s what Cowen thinks could happen in what he’s calling “The Great Reset”.
8. More bad news. Westpac’s New York based strategist Richard Franulovich says buckle up and get ready for more bond market volatility. He claims history suggests the recent rout which saw 10-year bond rates trade up to 6 months highs is not yet over. Here’s why.
9. Journalist Seymour Hersh recently wrote that the US Navy SEAL raid which ended with the death of Osama bin Laden was actually fully backed by Pakistan’s army commander and the head of the country’s intelligence agency, the ISI. Pakistan gave bin Laden up, Hersh wrote, because the US threatened to tell the world the ISI had been sheltering him for at least five years. The Pakistani government has maintained it never even knew bin Laden was in the Abbottabad compound, let alone that he was being protected by the ISI. But it’s a story that stinks in at least five ways.
10. Macs do get viruses. There’s no such thing as “incognito” browsing. And signal bars are no indication of reception quality. Those and eight other common tech myths are part of your list of the day.
BONUS ITEM: This most comfy business suit you’ll ever wear:
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