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New South Wales economy continues to lead Australia: CommSec

New South Wales has maintained its spot as Australia's top-performing state economy, while the Northern Territory is growing faster than anywhere else, according to CommSec's latest snapshot of the Australian economy. Key points: NSW economy led by housing construction and business spending NT economy boosted by gas project, low unemployment WA continues to lag other states as mining investment boom falls The quarterly State of the States report uses eight key economic indicators to compare each state against its own average performance over the past decade. CommSec economist Savanth Sebastian said the states and territories can be grouped into three, thanks to Western Australia dropping bac

Australian Government Forces Foreigners to Sell Property

The Australian government has announced the forced sale of another 16 properties purchased illegally by foreign buyers in breach of the FIRB regulations. Federal Treasurer Scott Morrison has ordered the sale of $92 million worth of Australian property in the Governments crackdown in foreign investment in housing. Foreign investors that have fraudulently purchased Australian real estate face criminal prosecution and civil penalty orders. In addition to being forced to sell the property immediately without being able to retain any profits, individual property investors face a fine of $135,000 and/or 3 years imprisonment. A company will be forced to handover $675,000. Australia Government FIRB

Return On Equity For Canadian Banks Higher Than Australias Big Four

Australia's bank bosses fronting the parliamentary inquiry have sought to play down the returns they earn by drawing a parallel with banks in Canada, another commodity economy similar in structure. In this respect, the big four chief executives are correct. But in reality, comparisons with Canada flatter Australian banks, in the eyes of some investors. That's why global investors are lining up short positions betting that share prices of Canada's big five banks will fall. Beyond having a similarly hot housing market and a national reliance on commodity prices, Canada's prudential regulation and lending standards are arguably weaker than Australia's, and Canadian banks are believed to be unde

 
 
 

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