Australian Broker weekend wrap: Frustration with APRA, affordability efforts and new major CEO

by AB03 Oct 2015
Making news this week, a major bank taps a new chief executive, a broker raises concerns about APRA moves and the new Treasurer puts a focus on housing affordability.

Early in the week, new Treasurer Scott Morriison called for a bipartisan approach in addressing housing affordability. Morrison's remarks drew praise from Master Builders Australia, which said the Federal Government would have to work closely with state and territory governments to enact change.

On the regulatory front, Stephen Dinte, founder and principal mortgage planner of Sydney-based brokerage Australian Mortgage Planners, had some stern words for APRA. Dinte said the banking watchdog's constantly shifting regulations were making the market needlessly difficult for brokers while giving banks a free pass to price gouge.

APRA's tinkering, however, seems to be having the desired effect. The latest monthly banking figures released by APRA show loans to investors dropped almost $3.5 billion in August. Aggregate year-on-year growth is now just below APRA’s 10% limit at 9.9%, with $48.2 billion investment loans settled over the year.

Finally, ANZ has appointed a new CEO to succeed Mike Smith. Shayne Elliott, the bank's current CFO, will move into the role when Smith departs at the end of the year.