Average home prices hit $1m with more growth to come
"We're certainly not going to see the massive increases that we saw during COVID, but we do think house prices will continue to increase, particularly as interest rates are predicted to fall further," she told AAP.
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The Advertiser
5 hours ago
- The Advertiser
Sun sets on another state's solar home battery rebate
The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face". As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants. The move comes as other states power down their own battery incentives. Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high. The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent. "The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday. But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners. They were promised up to $2500 in addition to the federal program if they invested in a home battery. "This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said. She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates. "We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP. The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1. In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July. But NSW follows other states turfing battery sweeteners. Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December. Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year. The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found. The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face". As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants. The move comes as other states power down their own battery incentives. Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high. The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent. "The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday. But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners. They were promised up to $2500 in addition to the federal program if they invested in a home battery. "This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said. She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates. "We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP. The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1. In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July. But NSW follows other states turfing battery sweeteners. Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December. Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year. The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found. The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face". As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants. The move comes as other states power down their own battery incentives. Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high. The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent. "The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday. But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners. They were promised up to $2500 in addition to the federal program if they invested in a home battery. "This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said. She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates. "We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP. The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1. In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July. But NSW follows other states turfing battery sweeteners. Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December. Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year. The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found. The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face". As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants. The move comes as other states power down their own battery incentives. Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high. The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent. "The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday. But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners. They were promised up to $2500 in addition to the federal program if they invested in a home battery. "This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said. She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates. "We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP. The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1. In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July. But NSW follows other states turfing battery sweeteners. Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December. Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year. The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found.
West Australian
8 hours ago
- West Australian
Reserve Bank warns ‘periodic disruptions' to debt markets are likely amid bond glut
Surging government borrowing across the world could push up interest rates and investors have been told to brace for repeats of the April volatility sparked by Donald Trump's trade chaos. Reserve Bank head of domestic markets David Jacobs warned investors to prepare for 'periodic disruptions' amid ongoing uncertainty overseas. But he said Australia's bond market — where governments and businesses borrow cash — should be strong enough and flexible enough to overcome any pressure. Interest rates on US government debt rocketed after Mr Trump's tax hikes on trade and the squeeze was widely cited as the reason his administration swiftly back-flipped on the worst of the proposals. While central banks like the RBA and US Fed set benchmark interest rates, there are many other factors that impact rates for borrowers across the market including businesses, banks, and ultimately, homeowners. 'Events in early April were somewhat dramatic, though brief, and illustrated how changes in the global economic system will play out quickest in capital markets,' Mr Jacobs said at the Australian Government Fixed Income Forum in Tokyo. He said markets had quickly steadied but only after the US paused the tariffs. 'That suggests little room for complacency,' he said. 'Much as international trade may be diverted in a new economic order – so too might international capital.' That might mean investors worry about Australia's position as a free trade nation and relationship with China in a world moving towards tariffs and protectionism. Yet Australia may also remain an attractive place to send cash because of strong institutions and a great credit rating. There has been a sharp increase in government borrowing in the aftermath of the COVID-19 pandemic and amid giant doses of stimulus pumped into major economies. Australian Federal Government net debt is set to hit $620 billion by June next year, about double the level from a decade ago. Mr Jacobs said increased borrowing and central banks stepping back pandemic-era operations meant more bonds were hitting the market — which had been labelled a 'global bond glut'. That means governments may need to pay higher interest rates on debt, potentially pushing up borrowing costs across the economy.
West Australian
8 hours ago
- West Australian
Sun sets on another state's solar home battery rebate
The scrapping of a $2500 solar panel sweetener has been defended by a state energy minister after critics labelled the move a "slap in the face". As a federal battery subsidy kicks in on July 1, NSW will replace its home battery installation rebate with a smaller incentive to create more virtual power plants. The move comes as other states power down their own battery incentives. Virtual power plants connect solar-powered batteries owned by households and small businesses to the grid, allowing owners to generate ongoing revenue by selling the excess energy stored in their battery when demand is high. The NSW government argues households and businesses will benefit by stacking the new scheme - worth up to $1500 - on top of the federal program, which slashes up-front costs by about 30 per cent. "The real value of virtual power plants is that we don't waste energy that's in the batteries," NSW Energy Minister Penny Sharpe told AAP on Thursday. But renewable energy advocacy group Solar Citizens said ditching the state battery subsidy on June 30 was a "slap in the face" for solar panel owners. They were promised up to $2500 in addition to the federal program if they invested in a home battery. "This surprise decision is a blow to solar-home owners planning to buy a home battery in coming months," the group's chief executive Heidi Lee Douglas said. She described the rebate's removal as a "betrayal" of the Labor government's election promise of the federal Cheaper Home Batteries program, which can be topped up with state rebates. "We designed the Cheaper Home Batteries program to be stackable with state incentives, and it is," a spokesperson for Energy Minister Chris Bowen told AAP. The $2.3 billion federal government scheme will subsidise the up-front cost of installing eligible small-scale battery by about 30 per cent from July 1. In Western Australia, solar battery customers are still able to receive both federal and state battery subsidies starting from July. But NSW follows other states turfing battery sweeteners. Victoria ended an interest-free solar battery loan worth $8800 in May while Queensland closed its $4000 battery rebate in December. Australia has the highest take-up of rooftop solar in the world, with panels on more than two million homes providing about 13 per cent of electricity needs for the national grid in the past year. The nation could slash $4 billion a year off power bills by the end of the decade if households embrace solar batteries in larger numbers, a Climate Council report found.
