7h agoThu 9 Oct 2025 at 8:39pmMarket snapshotASX 200: -0.2% to 8,929 pointsAustralian dollar: -0.3% at 65.61 US centsS&P 500: +0.3% to 6,735 pointsNasdaq: -0.1% to 23,024 pointsFTSE 100: -0.4% to 9,509 pointsEuroStoxx 600: -0.4% to 571 pointsSpot gold: +0.8% to $US4,006/ounceBrent crude: Flat at $US65.22/barrelIron ore: +0.4% to $US105.35/tonneBitcoin: -1.5% at $US121,771
ASX 200: -0.2% to 8,929 pointsAustralian dollar: -0.3% at 65.61 US centsS&P 500: +0.3% to 6,735 pointsNasdaq: -0.1% to 23,024 pointsFTSE 100: -0.4% to 9,509 pointsEuroStoxx 600: -0.4% to 571 pointsSpot gold: +0.8% to $US4,006/ounceBrent crude: Flat at $US65.22/barrelIron ore: +0.4% to $US105.35/tonneBitcoin: -1.5% at $US121,771Prices current at around 11:06am AEDT
Live updates from major ASX indices:
20m agoFri 10 Oct 2025 at 3:32am
How to stop investors from losing their retirement savings?38m agoFri 10 Oct 2025 at 3:14amCould first home buyers end up in ‘negative equity’ because of housing policy?
38m agoFri 10 Oct 2025 at 3:14amCould first home buyers end up in ‘negative equity’ because of housing policy?RBA governor Michele Bullock was centre stage at Senate estimates on Friday, being quizzed on monetary policy at a time when rising property prices are once again under focus.
When asked by Liberal senator Andrew Bragg whether she agreed the federal government’s First Home Guarantee scheme could result in more people having higher loan-to-value ratios (LVRs) and therefore riskier loans, Ms Bullock said: “yes”.
“They still have a much higher loan-to-valuation ratio, which does mean that if they do find themselves in difficulties … there’s a risk that that may not cover the loan if housing prices decline,” she said.
“And [then] you’re in negative equity. That’s the main outcome.”
Read more here:
42m agoFri 10 Oct 2025 at 3:10amIs FOMO also driving the strength in gold prices?
This week gold rose sharply, pushing above $US4,000 before settling just below it and Bitcoin also made it to a new high before ending down slightly for the week.
“Both are being driven by similar things,” says AMP chief economist Shane Oliver.
“A downtrend in global interest rates; a downtrend in the US dollar, a desire for a hedge against governments seeking to inflate their way out of high public debt levels (ie debase their currencies); a desire for a hedge against geopolitical threats; in the case of gold central banks allocating more of their reserves to gold; and bitcoin gaining more institutional acceptance.”
But, he says, overlaying both is an element of momentum.
This he says is driven demand from ordinary investors who have a fear of missing out (FOMO) — “a sign of this is the queue outside ABC Bullion in Sydney’s Martin Place,” he says.
People lining up in Sydney up to buy gold. (ABC News: John Gunn)
Mr Oliver says their assessment is that “the fundamental drivers could push both higher, but the increasingly speculative nature of the rally means it could be vulnerable to a short-term pullback”.
“Investors also need to allow that both assets are very volatile,” he said.
1h agoFri 10 Oct 2025 at 1:56amWrap of Michele Bullock at senate estimates
What did we learn from RBA governor Michele Bullock’s appearance at senate estimates today?
Here’s a quick wrap:
Reserve Bank governor Michele Bullock has warned the jobless rate is likely to rise further this year — and hinted inflation could make an unwelcome return if households keep spending freely.
Ms Bullock rejected suggestions the RBA was to blame for soaring house prices — even after her predecessor, Philip Lowe, reflected in 2023 that the bank may have done “too much” during the COVID pandemic (Recap: interest rates were cut to record lows, allowing borrowers to take out bigger loans, fuelling a property price surge).
Michele Bullock takes on the Senate estimates committee today. (ABC News: Matt Roberts)
Ms Bullock noted loans under the scheme were riskier because of higher loan-to-value and debt-to-income ratios — risks ultimately borne by the federal government as guarantor.
While she conceded the scheme posed some risk to the broader household sector, she said that impact would be “at the margins”, given the program covered a relatively small share of the market.
On payments reform, Ms Bullock agreed consumers could end up footing the bill under plans to scrap debit and credit card surcharges and lower interchange fees — if merchants passed those costs on by raising prices elsewhere.
Read more here:
2h agoFri 10 Oct 2025 at 1:50am
Best and worst performers
The local share market briefly clawed back to around the flatline but has dipped back into the red at lunchtime.
Here are the best individual stock moves so far:
Netwealth Group +5.1%Mineral Resources +4.1%Temple and Webster +4.1%Pilbara Minerals +4.1%Amcor +3.4%
And the worst:
Austal -4.9%Capricorn Metals -4.1%Ramelius Resources -4.1%Regis Resources -3.9%Perseus Mining -3.8%
2h agoFri 10 Oct 2025 at 1:22am
🎥 The cost of buying the Australian dream later in life
Some Australians are buying properties later in life because of rising house prices and having to pay them off into retirement.
Experts warn it could create pressures with meeting mortgage payments — David Taylor has the story:
Loading…2h agoFri 10 Oct 2025 at 12:58amGold stocks leading the worst performers
The ASX 200 remains in the red, down 0.1% at the moment.
Gold stocks are the worst performers, which has seen materials as the sector with the largest fall so far.
3h agoFri 10 Oct 2025 at 12:23am
UBS maintains ‘sell’ on ANZ as strategy update looms
ANZ announced some new senior leadership appointments yesterday, with chief executive Nuno Matos bringing in three external executives, starting from next month.
The appointments come ahead of a strategy update from the bank to be delivered on Monday morning, which should put more meat on the bones of the restructure announced last month.
The major bank revealed plans to axe 3,500 jobs and 1,000 contractors over the next year as part of a restructure.
“At the Strategy day we hope to see some financial targets and futher details on the plans around their retail business, Suncorp Bank integration and sequencing of this,” UBS analysts wrote.
UBS is also closely watching any potential revenue implications of the workforce reductions.
“Additionally, its relatively lower credit provisioning comparted to industry peers remains a notable market concern, which will likely be addressed.
“Furthermore, questions arise regarding the dividend and capital position.”
UBS maintains a sell rating on ANZ, with a 12 month price target of $26.50.
This morning, the stock is up 0.7% to $35.04.
4h agoThu 9 Oct 2025 at 11:50pmBullock: Consumers could pay more under changes to credit card fees
Senator Bragg has asked a series of questions about changes to credit card fees.
The Reserve Bank wants to end debit and credit card surcharges in Australia in a move it says would save consumers $1.2 billion each year — or about $60 for every adult using a card.
This is his last question, which summarises his questions on this issue quite neatly:
Bragg: “Is there a risk that in changing the interchange fee arrangements, reducing the cap, that there’ll be a large number of people that will be paying high fees, will be paying for access to these services?
Bullock says possibly, yes: “As I said earlier, you have a whole set of costs in the system and it’s about who pays it. Is it the person who uses the facility who pays it, or is it the merchant who takes the cut? That is the debate.”
OK. That’s a wrap for RBA Governor Michele Bullock’s appearance at Senate estimates.
4h agoThu 9 Oct 2025 at 11:42pmFirst Home Guarantee borrowers are riskier
I am back on Senate estimates. Senator Bragg is asking final questions.
He’s focusing on the risk carried by the federal government under the First Home Guarantee Scheme.
In short, if the buyer defaults, the government pays.
Bullock: “Now for the first-time buyers, under the new policy, they don’t have to get lenders mortgage insurance, the government guarantees.
“So if they default, the government pays.”
“Individuals taking on higher LVR loans do tend to be riskier.”
Bragg asks is the overall housing sector riskier as a result of the First Home Guarantee Scheme?
Bullock says at the margins, maybe.
4h agoThu 9 Oct 2025 at 11:32pmASX down in early trade
OK, back to the ASX for a moment.
The ASX 200 is down almost 0.3 per cent, to 8,946 points.
ASX 200 gains and declines (ASX)
Nine of 11 sectors are down. Tech and consumer discretionary are the biggest drags on the index.
ASX 200 sectors (ASX)
We’ll bring you more market moves after Michele Bullock wraps up at Senate estimates.
4h agoThu 9 Oct 2025 at 11:26pmMore people with higher LVR loans and DTI ratios
Senator Bragg is asking Michele Bullock about whether she agrees the First Home Guarantee scheme will result in an increase in riskier loans.
Basically, what does more people having higher Loan to Value Ratio loans mean for the broader economy.
Ms Bullock said the RBA along with APRA were keeping an eye on it:
“High debt to income doesn’t necessarily result in high risk loans, but those are things that we’re watching.”
Senator Bragg is asking if the expanded First Home Guarantee scheme will result in more people with high LVR loans, will there be more people with high Debt to Income (DTI) ratios?
Bullock says probably, yes. That’s because people will have higher repayments. The big question is how many people will borrow up to the maximum.
She says basically, all it means is the risk attached to those loans is now on the government. That’s because the government is acting as guarantor for those loans.
4h agoThu 9 Oct 2025 at 11:19pmBullock: Housing supply to remain a problem for two years
Senator Bragg also asked Michele Bullock about her recent comments that federal government supply side housing policies won’t make much of a difference for two years.
In short, this is Bullock’s explanation to her thinking there:
“It takes up to two years, really, to get any momentum on approvals and construction and so on. What we’re talking about here is high density. That stuff doesn’t happen overnight.
“I wouldn’t take the two years as being you know, precise.
“In 25 months, we’re going to have a boom in housing. I don’t mean that. What I mean is that basically it takes time for improvements in building.”
4h agoThu 9 Oct 2025 at 11:15pmBullock: First Home Guarantee scheme will push up property prices
OK, while I wait for early figures for the ASX open to settle, more from Senate estimates.
Liberal senator Andrew Bragg is asking Michele Bullock about housing.
He’s asked if the federal government’s expanded First Home Guarantee scheme. That’s the 5 per cent deposit scheme where the government acts as guarantor for the remaining 15 per cent.
Bullock: “In the short term, it’s possible that housing prices might be a little higher than those otherwise were.”
However, Ms Bullock won’t bite on how much higher the policy could inflate property prices by. She says the RBA has not done any analysis on this.
4h agoThu 9 Oct 2025 at 11:12pmASX 200 falls at open
The Australian share market has opened lower on Friday.
The ASX 200 is down 0.2% to 8,949.
More to come.
4h agoThu 9 Oct 2025 at 11:07pm
Leaving senate estimates for now4h agoThu 9 Oct 2025 at 11:05pmBullock on energy prices
One Nation senator Malcolm Roberts has been asking Michele Bullock about the cost of energy and housing.
On energy prices:
Roberts: What are you seeing in the underlying increases in the price of electricity? It’s increased 23% in two years and that seems like an incredible shock to the economy. How are you thinking about that and what is the impact of your management of inflation?
Bullock says yes, the end of energy bill subsidies has caused a spike in inflation. But she says it’s a temporary spike in inflation.
A side note from me: The pain for households from bill shock, though, is ongoing.
4h agoThu 9 Oct 2025 at 10:59pmYep, wait for the quarterly inflation data
More on inflation:
Paterson: What does this indicate more broadly about the fight against inflation? Is this just, in your view, the last mile challenge, and it’s just that sticky bit to be defeated? Or is there a risk that actually, the fight against inflation is going to be a more enduring?
Bullock: “We think the risk is relatively balanced on both sides. It is possible that we’ve been expecting the inflation for this last bit to be slower to decline than if it came down very sharply. And then it’s been much slower, gradual decline. We had expected that, but as I said earlier, we’re in a position where we think the labour market might be still a little bit tight or maybe close to balanced, depending on who you talk to.”
Basically, we need to wait for the quarterly data. But the RBA is a little concerned inflation may pick up again. Which is why hopes of November rate cut are fading.
4h agoThu 9 Oct 2025 at 10:55pmUpdate
Back to Liberal senator James Paterson now.
He’s asked Michele Bullock about the recent monthly inflation coming out of the Australian Bureau of Statistics. Bascially, it’s been a bit higher than expected.
Paterson: What do you think is driving the increase, higher than expected inflation in this last two months?
Michele Bullock says monthly reads can be volatile:
“The other caution I have is that, trimmed mean in a monthly sense is not the same as true mean in a quarterly sense. So, you can’t just read into, the trimmed mean for monthly.”
Quarterly data is out in late October. That’s before the RBA’s meeting in November to decide on the cash rate.
She says housing and services were higher than expected in the monthly reads. But the RBA will need to see the quarterly figures.