Dawn chorus: ASB backs down
ASB stops forcing landlords to have 40% deposit for new builds, telling brokers it now only needs 15%; Facebook deleting Australian news to avoid new Australian law forcing it to pay publishers
TLDR: Morena. ASB has backed down from its policy of forcing rental property investors to have a 40% deposit for new builds, telling mortgage brokers last night they now needed just 15%. The Reserve Bank’s LVR rules exempt new builds to encourage lending to increase supply.
“We acknowledge that in trying to do the right thing for Kiwis, and for first home buyers in particular, we may not have got the balance quite right,” ASB’s GM of retail banking Craig Sims was reported to have told brokers in an email. (NZMM) Balance restored? Certainly political pain reduced.
Elsewhere overnight, Facebook Australia and NZ’s MD William Easton announced Facebook would delete all links to Australian news from its platform to avoid having to pay Australian news publishers. Australia is passing laws to force Google and Facebook to pay for news links. This is what happens when you outsource your societal news distribution system and debate environment to a company focused on generating profits at all costs.
Easton said Australians using Facebook: “Cannot view or share Australian or international news content on Facebook or content from Australian and international news Pages.” That would therefore mean New Zealand news could not be shown on Facebook for Australian users.
Elsewhere in the local political economy
Bernard Hickey @bernardchickeyFYI @CoreLogicNZ reports this morning landlords bought a record high 30% of houses sold in January as they rushed to get in ahead of LVR boom coming down. CoreLogic says first home buyers showing "signs of fatigue" with 3-year low share of 22% in January https://t.co/vf0qUIgnZ3 https://t.co/tuZDAZlLgO
In the global political economy
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Notable other views
Ka kite anō
PS: Thanks to Glen for today’s pic