Credit ratings agency Fitch says it will stress-test the impact of steeper home prices on Australian banks’ debt, sending shudders through financial stocks.
Fitch this afternoon said it’s probing the potential impact of a spike in mortgage defaults or drop in house prices on the portfolio of Australian residential mortgage-backed securities and banks it rates.
“Over the last few months, Fitch has received numerous enquiries as to the sustainability of Australian residential property prices and the possible impacts of a correction,” said Ben McCarthy, managing director for Australia.
“While over the short-to-medium term, a downturn is not Fitch’s central expectation, the agency is performing its stress test exercise on ratings impact under the hypothesis of an imminent housing market correction.”
Australia’s capital city home prices have risen 41 per cent since June 2006, on official Australian Bureau of Statistics data. Over the same period prices plunged in the US, UK, Ireland and Spain.
An estimated 60 per cent of Australian banks’ loan books is secured by residential property, leading pundits and international investors to question the sustainability of house prices.
The announcement this afternoon put pressure on Australian bank stocks, according to CMC Markets.
“The banks seemed to be weighed upon by this news, with all four in the red following being in positive territory in the morning,” said CMC Markets institutional equities dealer David Barrett-Lennard.
Bank stocks closed down 0.8 per cent for the day, as the benchmark S&P/ASX 200 index dropped 0.5 per cent, or 24.8 points, to 4645.
“A housing bubble is the one overhang of the Australian economy, with proponents arguing that with Australian banks having 60 per cent of their loan books secured by residential property, the entire Australian economy is very highly leveraged to a domestic asset bubble,” he said.
There is growing wariness internationally about Australian house prices.
Several months ago The Economist published a report on the local real estate market saying prices were the most overvalued in the world. And investment bank Goldman Sachs last week said Australian house prices were overvalued by up to 35 per cent.
The Fitch report on the outcome of its stress-test analysis is due later this year.
Just in from a friend in the know. Apparently Willie Mason, Arron Payne, Hassan Saleh and Ryan Tandy are all gonna get done for the betting scandal. Wont be announced until after the grand final.
Tandy already on notice from the club will be sacked by the Bulldogs.
They are after Adam Blair.
Arron Payne pointed to the posts to take the 2 points.
Hassan Saleh lives with Ryan Tandy.
The others involved are Sam Ayoub, Jonathan Thurston and John Elias.
Ayoub is Quite well known that for years a certain bookie has had a close association with Thurston and also Andrew Johns as well John Elias (who) by the way already got reprimanded for fixing a wests souths game back in 91′ I think it was.
This is a huge deal but one that’s been on the cards for a while
Apparently Thurston, Aaron Payne, Mason, Ryan Tandy & Adam Blair are going to be banned for life as of Monday after the grand final. They’ve traced money back to a/c’s and have television footage.
Apparently Thurston was told that morning that he went out and got blind and arrested.
———
6 NRL Players and 1 manager will get a life ban in coming days for match fixing in the NRL.
3 players from the Cowboys, 2 from the Bulldogs and a Storm player. The manager is George or Sam Ayoub (sounds made up but this is from a good close source)
Cowboys players are
Willie Mason
Jonathon Thurston
Aaron Payne
Bulldogs players are
Ryan Tandy
and an unidentified player
Storm player is
Adam Blair
This has massive ramifications (if accurate) throughout the world of Rugby League and sports betting everywhere.
I have heard about this website catch of the day for a long time now and when I heard they were going to offer a Playstation 3 (PS3) for $199.00 I thought it was worth a look.
I was lead to believe the PS3 would be available at sometime on Tuesday. So as I did my daily duty of working hard for the money I kept checking these clowns website every half hour or so. Low and behold, hour after hour I was faced with a warning message suggesting that the website was down or another message telling me about some other product I could purchase that was not a PS3.
As the clock reached 20 past five at work I decided to check one more time before I started the 5 minute journey from work to my house. I clicked the refresh button and got the “this is not a real website warning” and thought it time to head home. Once I arrived home I thought I would turn the old computer on and have a look for interest to see if I still had an opportunity to get a deal. Alas it appeared on my screen that the PS3 was the current product but when I hit the deal button I was advise that there was insufficient stock.
What a crock! Catch of the Day is nothing more that a bunch of dogy dribblers who spuik awesome deals and end up delivering nothing on their promises praying on those foolish enough to waste their time visiting their stupid website. Do yourself a fauvour and don’t bother checking them out.
For some reason Queensland Premier Anna Bligh and Gold Coast mayor Ron Clarke have decided to bid for the games in 2018. The state government would spend $11 million on the bid and invest more than $1 billion in infrastructure over the next eight years. Ms Bligh said the games would be a shot in the arm for the coast’s economy, boosting industry, tourism and the region’s ability to host international sporting events and teams.
“I believe we are well-placed to win this bid,” she said.
”… We are going for gold on the Gold Coast.”
Words cannot describe the horrendousness of it.
While I remember the Commonwealth games in Brisbane when I was a young fella and it was interesting at that juncture, it has become clear to me that they are nothing more than a waste of time and money. Compared to the Olympics or World Championships the Commonwealth Games are a second rate version of tiddlywinks in my opinion. I have no idea why these games are not removed from existence but do know that the only thing that will save us from wasting a bag of money on a non-event is intervention from the Queen herself.
Dear QEII,
Please put the Commonwealth out of its misery and discontinue the Commonwealth games.
If you do, I will stop spreading rumours that Charles and Camilla where gimp masks in their spare time and that Harry is clearly the son of James Hewwit, DNA tests notwithstanding.
This week sees a number of major sporting events across the Australian and world sporting landscape. I have decided to give a few predictions for your benefit. Thanks to sportingbet.com.au for the following early prices.
1. Collingwood to win the AFL premiership = $1.42
2. Gold Coast Titans to beat the Roosters = $1.83
3. St George to beat the Tigers = $1.45
4. Mark Webber to win the Singapore F1 GP = $3.75
5. Hay List to win the Manikato Stakes at Moonee Valley Friday night = TBA
6. More Joyous to win the Bill Ritchie Handicap or the George Main Stakes on Saturday
(whichever Gai decides) = TBA
7. Matt Sera to beat Chris Lytle at UFC 119 on Sunday = $2.05
8. Ryan Bader to beat Antonio Rogerio Nogueira at UFC 119 on Sunday = $1.59
9. Jeremy Stephens to beat Melvin Guillard = $2.22
10. San Fransisco to win the 2011 Superbowl = TBA
I might all up a combo if not all of these. Will see how I have traveled early next week.
He is growing on me. I enjoyed listening to him and the boys on 2GB’a Continuous Call Team on Saturday afternoon. Especially when a reporter from the Daily Telegraph called in to tell the team that he had just finished an interview with Nine boss David Gyngell about a revamp to the Footy Show next year.
Ray Hadley and Steve Roach (well known Fatty haters) were giving it to the big marn suggesting that he may need to change his allegiances if Fatty is given the flick. We have today found out that the Fat will remain and all is right with the world.
Back to the Big Marn. Thanks to sportingbet.com.au an Charlie Lawry big Darryl gave the following interview.
What is your greatest career highlight?
Winning the 1984 grand final with Canterbury. I was injured in the first trial but battled my way back into the first grade teams with around six games to go. I played with some wonderful players including Steve Motimer Terry Lamb, Peter Kelly and Paul Langmack. Playing State of Origin for Queensland was also special, with Wally Lewis and Mal Meninga.
Yesterdays Hero – Paul Langmack
What are your thoughts on the Melbourne Storm salary cap saga?
Melbourne Storm cheated the cap and deserve everything they got. I think the NRL have handled it pretty well; however I don’t think they should of still been playing in the 2010 comp, taking points off side that are under the cap.
Given all the off field drama of recent seasons, is it too much to ask for a scandal-free year?
There will never be a scandal-free year in any high-profile sport. Like all sports, 95 percent of the players are fine, upstanding citizens, however there are always some that let the team down. As long as alcohol, women and drugs are accessible, there’s going to be problems. I must say though, that in my opinion the players are like lambs compared to what they used to be.
Did you find the transition to life after league an easy one?
The transition to the media was quite unexpected. I dabbled in coaching after retiring and somehow found myself at the Cool Country 2KA radio in West Sydney. I was always fairly comfortable in this medium and have managed to bluff my way through the last 20 years. Its quite easy when you have no dignity or shame!
Many people know you for your regular appearances on the Footy Show. How did you first get involved?
I got my start though a few friends – Johnny Gibs and Paul Vautin. Television is very different to radio, particularly live TV, because you really are under pressure to perform in front of the cameras at all times.
Your rivalry with Les Boyd has been well publicised. Errant elbows aside, who do you rate as your toughest on-field opponent?
My toughest opponent was probably Peter Kelly, the former Billdogs and Panthers great. He was not only a tough, uncompromising front rower but very skilful as well. He should have played more rep footy but injuries played their part there. John Ferguson, the Canberra winger, was also a tough little bloke. I found him almost impossible to tackle and actually broke my arm on his forehead one day.
Rugby Union and and AFL continue to plunder the NRL with relative ease. What can league do to keep players in the game?
Rugby league has been rocked this year with players changing codes, namely Karmicheal Hunt and Israel Folau going to the AFL. Don’t worry about all the spin and rubbish that is going on about them going there for the challenge, there is only one reason why they jumped ship and it’s money. I have no doubt they will be back in a few years. Remember Wendall Sailor, Matt Rogers, Lote Tuqiri, Mark Gasnier and co? They will be back.
Who’s you tip for the 2010 Premiership?
West Tigers.
We end with some Darryl gold
And for those (like me) who had always wondered about the Les Boyd situation. Here it is from the marn himself.
AS you know, I’m normally the big, fat jolly fellow who writes entertaining and humorous stuff.
But today the gloves are off and it’s time to stand up for myself.
Last week, Les Boyd claimed that before State of Origin I in 1983, Australian selectors Ernie Hammerton, Les “Chicka” Cowie and Peter McLean told Les he could do whatever was required to make sure no Queenslanders were in the Australian side.
With this in mind, Les unleashed hell on Queensland.
Unfortunately for me, I was on the end of an elbow to the head that broke my jaw.
Les, the lovable larrikin with a killer sense of humour, said: “I still maintain my elbow on Brohman was not deliberate. If I wanted to do it on purpose, I would have gone for Gene Miles or Wally Lewis. Brohman was a better asset for us on the field than off it.”
Of course it wasn’t deliberate, Les. That is the way we were taught to tackle: you must run in with your elbow cocked at the head of an opponent. That should stop ‘em, shouldn’t it, Les?
I will concede that Gene and Wally were infinitely better players than me and if I was to accidentally take someone out with foul tactics (something 99 per cent of footballers would never consider), it would have been Geno or Wally on the end of my elbow.
Another really good point, Les.
When Les was asked last week to describe a meeting between the two of us before Origin III this year, he said: “I think he was s—-ing himself. No doubt he’s embarrassed by what happened. I admit what I did was not right but I apologised to the bloke during the game and again after the game. But he took it to the courts and sued me. That’s life.”
I appreciate that you apologised, Les, that was big of you.
Now, let’s start with the truth.
Firstly, I was not s—-ing myself when I met Les and Johnny Peard at the airport before Origin III. I walked up to both and shook their hands.
Peardy and I are old mates. He was my coach at Penrith in 1983 when the elbow incident occurred and he encouraged me to take legal action (something I’m sure Les isn’t aware of).
Les shook my hand but refused to look me in the eye. I have seen Les about half a dozen times since the incident and he has refused to look at me or have a conversation with me.
I have been quite willing to have a chat but he is not interested, so I have decided not to waste my time any more.
Secondly, he apologised to me once, late in the first half when I was in the Queensland dressing room having a shower. My father was checking on my condition when Les walked into the room.
He had been sin-binned for yet another indiscretion and decided to venture into what he thought was a vacant Queensland room.
Les said something along the lines of, “I’m sorry, I didn’t mean to do that to you”. My father told him to piss off, and he left.
The thing that really annoys me about all this rubbish is that he thinks I am embarrassed by what happened. What planet are you living on, Les?
Not only did you break my jaw with an elbow to the head, in your second game back from a 12-month suspension you eye-gouged Billy Johnstone at Brookvale Oval and were suspended for a further 15 months.
Add to that a myriad of other suspensions and it is painfully clear that the person who should be embarrassed is you.
Not only have you embarrassed yourself and your family, Les,you are an embarrassment to rugby league. You changed the game forever with your despicable on-field behaviour.
I just hope that as you grow older you might have some regrets and admit that what you did on the field is not the way football is supposed to be played.
It’s a tough game for tough men, but fortunately the thugs have been weeded out. And guess what, Les – the game is better for it.
