Market wrap: ASX flat as Wall St set to rise

Positive US futures were not enough to lift the Australian sharemarket on Thursday as a mixed corporate earnings season depressed movement on the ASX.

The benchmark ASX 200 ended the day flat, up just 2.8 points or 0.04 per cent to close at 7611.20 points and the broader All Ordinaries rose 5.3 points, or 0.07 per cent, to close at 7865.3 points.

The lacklustre trading day contrasts with a…

Click here to check original article.

Budget estimates: NSW Premier Chris Minns says he won’t call for review in negative gearing

NSW Premier Chris Minns has ruled out calling for a review into negative gearing as a means to boost housing.

During budgets estimates on Wednesday, Mr Minns was grilled by Greens MP Abigail Boyd as to whether the government should seek to disincentivise investors from purchasing housing stock, citing $39bn of federal tax concessions that are “pumped into the private market”.

“The housing…

Click here to check original article.

How a 27-year-old built a $3 million property portfolio in just six years

At just 27 years old, Mark Abel owns six investment properties worth $3 million, and he did it after starting out with an $80,000 investment just six years ago.

But Mr Abel told that while he has “saved hard, never had a credit card and never had a car loan,” his first investment property, bought in 2017 when he was just 21, was far from glamorous.

The purchase was a dilapidated…

Click here to check original article.

Commonwealth Bank posts net $5bn profit in mid yearly report

The Commonwealth Bank has recorded a cash profit of $5bn after closing 354 branches and removing 2,297 ATMs across the country in just five years.

The half yearly results for the six months ending December 31, 2023, saw the bank’s cash profit drop three per cent lower than previous six month period in 2023.

CBA chief executive Matt Comyn explained the cost of inflation and a competitive…

Click here to check original article.

ABS figures show sharp fall in first homebuyer loans

New loan commitments for first home buyers fell sharply in the month of December, in the latest sign that more Australians are giving up on the dream of owning their own home as house prices continue to rise to new heights.

The total number of first homebuyer loan commitments hit 9491 Australia-wide in December, a sharp 8.4 per cent fall from November.

The value of first homebuyer loans also…

Click here to check original article.