Storyteller

[caroljiayu]

Australian Real Estate Market：The High-end Goes Higher

The real property market in Sydney is undergoing a slowdown. The mortgage policy is restricting and the median residential property prices is heading south.

However, at the weekend, two properties with water views sold above guide price, proving that “position is everything”. One property in Drummoyne went to $3.55 million on 487 square metres while another eight older-style apartments on 575 square metres in Coogee was sold for $5.54million.

According to Domain，properties above $3 million appear to be travelling well at the moment, in large part because buyers at this level are less reliant on loan finance than others. But market observers say weak demand is most evident in the all-important $1 million to $2 million segment.

[caroljiayu]

NAB Chairman: A mad kid in front of royal commission

“While others appearing before Kenneth Hayne's royal commission offered apologies and conceded mistakes, the NAB chairman was a more reluctant witness. ”  

                                                                                                       ABC News

Over the course of several years, NAB has been involved in the “fees for no service” scandal. The chairman Ken Henry stood in the inquiry by banking royal commission this week.

When asked whether it was possible to measure the bank's performance in reforming its culture, Dr Henry said: "That's a big piece of work in front of us."

Ms Orr then asked: "Do you have a view on how long it's going to take to embed the culture that you want?"

Dr Henry replied it could be as long as a decade.

"I could be 10 years. I hope not. But I wouldn't be at all surprised. That would not be unusual for organisations that seek to embed challenge in cultures."

"I don't know whether this is the  appropriate forum to say, but I will say it here now anyway, we have said consistently to APRA the word "ensure" is a bit strong. It's really difficult for a board to be held accountable for ensuring anything”

According to Dr Henry’s statement, should the customers pay for the bank’s misconduct for another 10 year until they establish an “appropriate risk culture”? That would be the most literally expensive culture in the organization management field.