CUA recorded above-system home loan balance growth of 8.2% in its full-year financial result... Australia’s jobless rate declines as fewer people seek work...
Mutual lender reports strong profit
Mutual lender CUA has reported a strong full-year financial result, posting an annual consolidated Net Profit after Tax (NPAT) of $51.66 million, up 5.8 % on last year’s result.
Its home loan balance growth flew up by 8.2% amidst strong competition, soft economic conditions and regulatory restrictions, with 6.5% of CUA’s home loan portfolio having a Loan to Valuation Ratio (LVR) above 90%.
CUA chief executive officer Rob Goudswaard said the focus for the year ahead would remain on improving CUA’s digital capabilities, growing member numbers, strengthening engagement with members and maintaining strong financial performance.
“We expect that economic conditions will remain tough and we will continue to face headwinds on the economic and regulatory front,” he said.
“The limited options available to mutuals to raise additional capital will continue to provide a challenge, as will the competitive environment and margin pressure in this low interest rate environment."
Australia’s jobless rate declines as fewer people seek work
(Bloomberg) -- Australia’s unemployment rate fell to the lowest in almost three years in August as fewer people sought work, while the economy unexpectedly shed jobs.
Employment dropped 3,900 from July; economists forecast 15,000 gain Jobless rate declined to 5.6% from 5.7%; economists forecast 5.7% Full-time jobs rose by 11,500; part-time employment fell by 15,400 Participation rate, a measure of labor force as a share of population, declined to 64.7% from 64.9%; economists predicted 64.9%
The drop in unemployment is a gift for a government struggling to assert its authority in a parliament where it holds a razor-thin majority; yet the rise in people leaving the labor force suggests a level of discouragement that points to plenty of slack. The central bank has eased policy twice since May as it tries to boost inflation and tame an elevated local dollar; the picture is further clouded by the hiring of 38,000 people for a population count.
The “fall in employment in August is probably even worse than it looks as employment last month was boosted by people being temporarily employed to conduct the census,” said Paul Dales, chief Australia and New Zealand economist at Capital Economics Ltd. “Even so, the forward-looking business surveys are consistent with employment continuing to grow.”
Mutual lender CUA has reported a strong full-year financial result, posting an annual consolidated Net Profit after Tax (NPAT) of $51.66 million, up 5.8 % on last year’s result.
Its home loan balance growth flew up by 8.2% amidst strong competition, soft economic conditions and regulatory restrictions, with 6.5% of CUA’s home loan portfolio having a Loan to Valuation Ratio (LVR) above 90%.
CUA chief executive officer Rob Goudswaard said the focus for the year ahead would remain on improving CUA’s digital capabilities, growing member numbers, strengthening engagement with members and maintaining strong financial performance.
“We expect that economic conditions will remain tough and we will continue to face headwinds on the economic and regulatory front,” he said.
“The limited options available to mutuals to raise additional capital will continue to provide a challenge, as will the competitive environment and margin pressure in this low interest rate environment."
Australia’s jobless rate declines as fewer people seek work
(Bloomberg) -- Australia’s unemployment rate fell to the lowest in almost three years in August as fewer people sought work, while the economy unexpectedly shed jobs.
Employment dropped 3,900 from July; economists forecast 15,000 gain Jobless rate declined to 5.6% from 5.7%; economists forecast 5.7% Full-time jobs rose by 11,500; part-time employment fell by 15,400 Participation rate, a measure of labor force as a share of population, declined to 64.7% from 64.9%; economists predicted 64.9%
The drop in unemployment is a gift for a government struggling to assert its authority in a parliament where it holds a razor-thin majority; yet the rise in people leaving the labor force suggests a level of discouragement that points to plenty of slack. The central bank has eased policy twice since May as it tries to boost inflation and tame an elevated local dollar; the picture is further clouded by the hiring of 38,000 people for a population count.
The “fall in employment in August is probably even worse than it looks as employment last month was boosted by people being temporarily employed to conduct the census,” said Paul Dales, chief Australia and New Zealand economist at Capital Economics Ltd. “Even so, the forward-looking business surveys are consistent with employment continuing to grow.”
