Briefs: Murray Report release date, more backers for SocietyOne, housing affordability improves

Banking Day staff
  • Federal Treasurer Joe Hockey will release the long-awaited Murray Report of the financial system inquiry this coming Sunday, he revealed at a media conference yesterday. The panel's final report and recommendations were reportedly handed to the Treasurer last Friday, fuelling speculation it would be released this week. Along with recommending higher capital requirements for Australia's Big Four banks, the panel is expected to push for large-scale changes to superannuation rules.

  • A consortium of major companies and wealthy individuals, including Challenger, News Corporation and private investment companies controlled by James Packer and Kerry Stokes have joined the rush to invest in peer-to-peer lenders by agreeing to take a stake in Westpac-backed start-up SocietyOne. The group is expected to announce an investment of more than A$10 million this morning, according to the AFR. Citing "sources close to Westpac" the AFR also reported that the bank will pump further capital into SocietyOne as part of a larger funding round for new staff, additional marketing and extra balance sheet capacity.

  • The September quarterly edition of the Adelaide Bank/REIA Housing Affordability Report shows housing affordability improved slightly across the nation, with the proportion of income required to meet loan repayments deceasing by 0.5 percentage points to 30.4 per cent. The Australian Capital Territory remains the most affordable state or territory in which to buy a home, with the proportion of income required to meet loan repayments sitting at 19.4 per cent. Rental affordability also improved nationally in the September quarter, with the proportion of income required to meet rent payments decreasing 0.4 percentage points to 25 per cent.