Housing Finance Approvals Grow
After falling in February, the ABS figures for March are back in the black.
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A stutter in February saw the value of new loan commitments for housing fall for the month – following eight months of consecutive growth.
However, the Australian Bureau of Statistics (ABS) Lending to Households and Business figures for March 2021, indicate a rise in housing finance approvals, according to the Real Estate Institute of Australia (REIA).
The ABS figures show seasonally adjusted value of new loan commitments for owner-occupier housing increased by 5.5% in March – up 55.5% for 12 months.
REIA President, Adrian Kelly said “despite the March fall of 14.5% it remains at historically high levels at 123.6% higher than twelve months ago.
“Rises in new loan commitments for owner-occupier housing were seen in New South Wales, Victoria, Queensland and the Australian Capital Territory with New South Wales having the largest increase of 8.2 per cent. The largest fall of 6.5 per cent was in Western Australia.
Further, loaning to investors has increased with Mr Kelly stating that the value of loan commitments for investor housing increased by 12.7% for the month, and 54.3% for the year on the back of improving rental market conditions.
“The value of new loan commitments to investors rose across all states except the Australian Capital Territory. The value of new loan commitments to investors rose by 19.0 per cent in Queensland 13.7 per cent in Victoria and 13.0 per cent in New South Wales.”
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“Only with competition can we become stronger and allow the industry to remain healthy,” Ma said
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Alibaba Group co-founder Jack Ma said competition will make the company stronger and the e-commerce giant needs to trust in the power of market forces and innovation, according to an internal memo to commemorate the company’s 25th anniversary.
“Many of Alibaba’s business face challenges and the possibility of being surpassed, but that’s to be expected as no single company can stay at the top forever in any industry,” Ma said in a letter sent to employees late Tuesday, seen by The Wall Street Journal.
Once a darling of Wall Street and the dominant player in China’s e-commerce industry, the tech giant’s growth has slowed amid a weakening Chinese economy and subdued consumer sentiment. Intensifying competition from homegrown upstarts such as PDD Holdings ’ Pinduoduo e-commerce platform and ByteDance’s short-video app Douyin has also pressured Alibaba’s growth momentum.
“Only with competition can we become stronger and allow the industry to remain healthy,” Ma said.
The letter came after Alibaba recently completed a three-year regulatory process in China.
Chinese regulators said in late August that they have completed their monitoring and evaluation of Alibaba after the company was penalized over monopolistic practices in 2021. Over the past three years, the company has been required to submit self-evaluation compliance reports to market regulators.
Ma reiterated Alibaba’s ambition of being a company that can last 102 years. He urged Alibaba’s employees to not flounder in the midst of challenges and competition.
“The reason we’re Alibaba is because we have idealistic beliefs, we trust the future, believe in the market. We believe that only a company that can create real value for society can keep operating for 102 years,” he said.
Ma himself has kept a low profile since late 2020 when financial affiliate Ant Group called off initial public offerings in Hong Kong and Shanghai that had been on track to raise more than $34 billion.
In a separate internal letter in April, he praised Alibaba’s leadership and its restructuring efforts after the company split the group into six independently run companies.
Alibaba recently completed the conversion of its Hong Kong secondary listing into a primary listing, and on Tuesday was added to a scheme allowing investors in mainland China to trade Hong Kong-listed shares.
Alibaba shares fell 1.2% to 80.60 Hong Kong dollars, or equivalent of US$10.34, by midday Wednesday, after rising 4.2% on Tuesday following the Stock Connect inclusion. The company’s shares are up 6.9% so far this year.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
