YBR's Mark Bouris and Aussie's John Symond have made their stance clear on changes to negative gearing rules... ANZ Bank cash profit rises 3.4% on small business lending...
Symond and Bouris speak out against negative gearing changes
Yellow Brick Road chairman Mark Bouris and Aussie Home Loans founder John Symond have made their stance clear on proposed plans to change negative gearing rules.
"It will kill the investment market. I think it's a terrible idea," Bouris told the Australian Financial Review.
"The fabric of Australian portfolio has been investment property. Any change would rip the guts out of the economy and growth."
"Politicians talk about the amount of money we lose from people claiming negative gearing tax breaks, but I would love to see the impact on the other side, when the investor market dies off.
"There will be less money spent on concrete, bricks, furniture, televisions, plumbing etc."
Symond said changes to negative gearing of property would likely result in negative consequences for the housing sector.
"Many property investors who are negatively geared are PAYG taxpayers and their nest eggs will be hit for six in any change," Symond said.
ANZ Bank cash profit rises 3.4% on small business lending
Australia & New Zealand Banking Group Ltd. reported a 3.4 percent rise in first quarter profit on lending to small businesses and mortgages.
Unaudited cash profit, which excludes one-time items, climbed to A$1.85 billion ($1.31 billion) in the three months ended Dec. 31, from A$1.79 billion reported a year earlier, the Melbourne-based lender said in a statement Wednesday.
This is the first earnings update for Chief Executive Officer Shayne Elliott, who after taking over Jan. 1 is under pressure to turn around the lenders Asian operations. The Asian business, part of former CEO Mike Smith’s plan to make a regional lender to compete with HSBC Holdings Plc. and Citigroup Inc., is dragging down return on equity and depressing the share price.
(Bloomberg)
You may have missed:
Doubling revenue in 12 months
Looking inside the property investor's mind
What are the consequences of the investment lending crackdown?
Yellow Brick Road chairman Mark Bouris and Aussie Home Loans founder John Symond have made their stance clear on proposed plans to change negative gearing rules.
"It will kill the investment market. I think it's a terrible idea," Bouris told the Australian Financial Review.
"The fabric of Australian portfolio has been investment property. Any change would rip the guts out of the economy and growth."
"Politicians talk about the amount of money we lose from people claiming negative gearing tax breaks, but I would love to see the impact on the other side, when the investor market dies off.
"There will be less money spent on concrete, bricks, furniture, televisions, plumbing etc."
Symond said changes to negative gearing of property would likely result in negative consequences for the housing sector.
"Many property investors who are negatively geared are PAYG taxpayers and their nest eggs will be hit for six in any change," Symond said.
ANZ Bank cash profit rises 3.4% on small business lending
Australia & New Zealand Banking Group Ltd. reported a 3.4 percent rise in first quarter profit on lending to small businesses and mortgages.
Unaudited cash profit, which excludes one-time items, climbed to A$1.85 billion ($1.31 billion) in the three months ended Dec. 31, from A$1.79 billion reported a year earlier, the Melbourne-based lender said in a statement Wednesday.
This is the first earnings update for Chief Executive Officer Shayne Elliott, who after taking over Jan. 1 is under pressure to turn around the lenders Asian operations. The Asian business, part of former CEO Mike Smith’s plan to make a regional lender to compete with HSBC Holdings Plc. and Citigroup Inc., is dragging down return on equity and depressing the share price.
(Bloomberg)
You may have missed:
Doubling revenue in 12 months
Looking inside the property investor's mind
What are the consequences of the investment lending crackdown?
