Australia must ease zoning to fix housing crisis: OECD
"The impact of global trade tensions on the Australian economy is more likely to come via the depressing effect of higher tariffs and policy uncertainty on investment worldwide, manifested in part by lower prices for iron ore, coal and natural gas."
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Daily Mail
8 minutes ago
- Daily Mail
I thought it was ridiculous NAB asked me why I wanted to withdraw my own money... staff didn't like my joke and now I have to switch banks
An Australian business owner has complained he now has to switch banks because he was banned from withdrawing his own money over a poorly received joke. Rohan Cannon took to TikTok to explain that he buys manufacturing equipment from overseas for his business - natural wellness and skincare company CannonBalm - and needed to send the payment directly to them. 'I've got to get it delivered from the factory in China that's been making it, so I went to the bank branch to transfer the money to the manufacturers,' Mr Cannon said. 'They're like, "your international transfer limits too high, what are you transferring money for?" and I said it was for some equipment.' He then said the staff member told him he would have to ring phone banking over the $3,500 amount, which he did from inside the branch. The customer service officer on phone banking then asked him again what he wanted to withdraw the money for. 'I said, "I need to purchase goods'" and they're like, '"we need to know what the goods are." I felt this was completely unnecessary to go through it again and explain it to yet another National Australia Bank employee what I was spending my money on. 'So I was like, "I want it for cocaine and hookers" and well now I'm banned from making international transfers.' The business owner said the staff member explained they could not release his money because the bank could not 'support the illegal drug trade'. 'I said "I was kidding about that but I need to buy some equipment" and they said that it was too late we've got the recording of you saying that's what you want to spend your money on. 'I said, "so I'll never be able to transfer the money I need out of my account internationally?" and they're were like, "one day you might be able to again" and so now I've got to close my account. 'I've got to open a new account with another bank and change all of my banking details just so that I can order the equipment I need to keep manufacturing product in Australia. 'That's how f***ing crazy the world has become.' Social media users were divided with some taking Mr Cannon's side and others pointing out the bank was just doing its due diligence. 'These banks have no right to ask their customers what they want to with their money,' one person said. Some argued the banks are required to check for anti-money laundering reasons or that, 'It's because people get scammed regularly and then the banks get the blame'. 'At my local branch if you want to withdraw or transfer more than $2,000 they ask you what are you using it for? and my answer is always the same, none of your business,' another said. 'That's why I don't keep my money in the bank,' another said. One said they had 'learnt to have no loyalty to any bank, insurance or phone company'. 'If you won't take care of me or help me I will just move. My car insurance just went up by $14 a month... so I said okay I will look elsewhere.' they said. 'Imagine when cash is gone and they have complete control over everything.'
Daily Telegraph
9 minutes ago
- Daily Telegraph
Trump's tariff hike: New challenge for Aus construction sector
In a decisive move that has sent shockwaves through global markets, President Donald Trump has announced a dramatic increase in tariffs on steel and aluminium imports to the United States, doubling them from 25 per cent to 50 per cent. This decision, made public during a rally at a Pennsylvania steel plant on Monday, has raised concerns about the potential impact on Australia's housing market, which is already grappling with rising costs. Australia's direct exposure to these tariffs is expected to be limited, with only a small percentage of its steel and aluminium exports heading to the US. However, the indirect effects could ripple through the housing market, influencing construction costs and availability of imported materials. Historically, similar tariff hikes have led to increased prices for US consumers and reduced employment in industries reliant on metal inputs. The tariffs imposed by George W. Bush in 2002 and Trump's first-term tariffs demonstrated these adverse effects, with US industries taking years to recover. MORE NEWS Great Aussie dream crushed by cost surge Trade turmoil: Aussie's home dream crushed Demolition dilemmas: Aus homes under threat For Australians, this means that products imported from the US, such as construction machinery and materials, are likely to become more expensive. This could exacerbate existing pressures on the housing market, where affordability is already a critical issue. Moreover, the ripple effects extend beyond Australia's borders. Countries like Canada and Mexico, which export significant amounts of steel and aluminium to the US, will face increased pressure on their metals industries. This could lead to reduced demand for Australian exports, both directly and indirectly, as North American consumers tighten their spending. Additionally, affected metals manufacturers may seek alternative markets, potentially displacing Australian exports to countries like South Korea. This situation is compounded by the OECD's warnings of excess steel capacity, driven by China's substantial steel subsidies. MORE NEWS: When is the next RBA rates meeting in 2025? Despite these challenges, there is a potential silver lining for the Australian housing market. A temporary fall in steel and aluminium prices could offer some relief from the post-pandemic rise in building and infrastructure costs. This could provide a much-needed respite for developers and home builders, potentially easing some of the financial burdens faced by prospective homeowners. Indeed, exclusive data by the Housing Industry Association shows the cost of reinforced steel had dropped by 7.2 per cent over the 12 months to March, 2025 but are still up 41.1 per cent when compared to five years ago. The cost of steel beams and sections have also dropped by 5.6 per cent over the past 12 months. Managing director of ProWay Paul Gianniotis, who has been building livestock equipment over the past decade, said history showed Trump's tariffs on steel would have limited implications on his business. 'A lot of the steel going into the USA (will be) out of the market, and that's going to have to find a home,' he told the ABC. 'So if you just look at the tariffs alone and what will likely happen, (there is) going to be a glut of steel on the planet and, you know, there should be deals to be had.' Mr Gianniotis said, earlier this year, buying imported steel was around 10 per cent cheaper than buying from domestic suppliers. After the US tariffs were announced, that discount doubled to 20 per cent. 'So, it's becoming more attractive to import steel as an option, he told the ABC' While Trump's tariff hike presents challenges for global trade, the Australian housing market may find some relief in the shifting dynamics. As the situation unfolds, stakeholders in the housing sector will need to remain vigilant and adaptable to navigate the complexities of international trade and its impact on local markets.
Fox Sports
17 minutes ago
- Fox Sports
Chiefs seem ready to win the Super Rugby title after losing in the final twice
Associated Press WELLINGTON, New Zealand (AP) — The Chiefs head into the first round of Super Rugby playoffs as top seeds and favorites, poised to win their first title since 2013 after finishing runners-up in the last two seasons. The Hamilton-based Chiefs will face the Auckland-based Blues on Saturday in a repeat of last year's final, which was won by the Blues 40-10. This year, the Blues are seeded sixth in the qualifying playoffs and the advantage — not just home advantage — seems to be with the Chiefs, who won 11 of 14 matches in the regular season. 'It's only our time if we make it our time,' Chiefs captain Luke Jacobson said. 'We have to earn everything. We've learned a bit over the last few years in coming close. I'd like to think we're in a better spot than we were last year.' The second-seeded Crusaders will host the fifth-seeded Queensland Reds in the first playoff match in Christchurch on Friday and the third-seeded Brumbies will host the Wellington-based Hurricanes in Canberra on Saturday. In a quirk of the new playoffs system, the Brumbies and Hurricanes will both progress to the semifinals if the top two seeds win their matches. The winner in Canberra would go through automatically, the other as the highest-ranked loser. Chiefs in charge The Chiefs seem fated to win their third Super Rugby title after losing in last year's final to the Blues in losing the 2023 final to the Crusaders, 25-20. The Chiefs have won the title twice before, in 2012 and 2013 under Dave Rennie, who went on to become Wallabies coach. This year under Clayton McMillan, who will leave New Zealand after the final to coach Munster in Ireland, the Chiefs have been at the top of the standings throughout the season. They have twice beaten the Blues, 25-14 in Round 1 and 32-31 in Round 5; have beaten the Crusaders 49-24 and 35-19; the Brumbies 49-34; the Reds 27-15, though they lost to the Hurricanes 35-17. The Chiefs' style, playing at high tempo and using the width of the field, is hard to counter. The Hurricanes showed the best way is to deprive the Chiefs of possession. When they have the ball, flyhalf Damian McKenzie orchestrates the Chiefs attack superbly. The Blues play much more conservatively and in the middle of the field and have been at sixes and sevens when stretched. The Crusaders have bounced back from a 2024 season in which they won only four matches to again reach the playoffs. They also have won 11 games this season but have scored fewer and conceded more points than the Chiefs. Australian prospects The Reds and Brumbies carry Australia's hopes into the finals, with the knowledge no Australian team has won a playoff match in New Zealand in 19 attempts. The Brumbies are 0-8 and the Reds 0-4 in the post-season in New Zealand. Wallabies coach Joe Schmidt will keep a close on the playoffs and the selection spotlight for the Australian squad will be on the Reds' backrow and flyhalf Tom Lynagh. 'We won't let the occasion really dictate but we know you've just got to play smart footy in finals. That's balance really, so you are playing in the right areas of the field," Lynagh said. "When things don't go our way, it's making sure you get little wins and stack them to get back momentum.' The Brumbies again are the top-ranked Australian team in the playoffs. They won twice against New Zealand opponents during the regular season but lost to the Hurricanes 35-29 in Canberra. 'We are the last game this weekend but we've been pretty firm on making sure that we get a good performance out there on the field,' coach Stephen Larkham said. 'Irrespective of the other results, we need to know that we're playing well. We can't get distracted by these other games and the other results.' ___ AP rugby: recommended
