Taxpayers back AustralianSuper's pet green iron project
The grant will provide Calix, which is 17 per cent owned by AustralianSuper, with half of the $90 million required to build a renewables-powered kiln that would make 'green iron' by removing the oxygen and waste elements in iron ore.
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AU Financial Review
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- AU Financial Review
Lithium bull market sends Pilbara Minerals and MinRes rocketing
Australia's beaten-down lithium sector has burst back to life this month amid signs that a lingering glut of the battery material is finally starting to ease, triggering a rush of trading activity. Pilbara Minerals and Mineral Resources – among the most targeted by short sellers on the ASX – have rocketed more than 50 per cent since June. The rally turbocharged by news last week that Chinese producer Zangge Mining was forced to halt production at its Qarhan project after regulators found its mining license was invalid.
Perth Now
16 minutes ago
- Perth Now
Bank removes ‘roadblock' for homebuyers
National Australia Bank has become the latest lender to ignore some Higher Education Loan Program debt when assessing new home loans. From July 31, NAB says if someone owes $20,000 or less in student debt, it won't affect how much they can borrow should they take out a new loan with the big four bank. This will help lift the borrowing capacity of a potential borrower, as banks consider income, liabilities and outstandings when calculating how much they will give a potential borrower. Major banks are beginning to exclude student debt in their serviceability criteria. NewsWire / Nicholas Eagar Credit: NewsWire NAB executive for home ownership Matt Dawson said the change would make a real difference for first-home buyers especially. 'For too long HELP debt has been a roadblock for many Australians looking to buy a home,' Mr Dawson said. 'NAB was pleased to advocate for this change last year which will allow more people to turn their homeownership dreams into reality, faster.' The NAB move is in line with the Commonwealth Bank, which in April said it would exclude HELP debt from home loan serviceability calculations on the basis the applicant could pay off their debt in the next 12 months. CBA also said it was piloting plans for those who could pay off HELP loans over the next one to five years. In February, student debt came into the spotlight when Treasurer Jim Chalmers told the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority (APRA) to update their guidance on how banks should treat student debts. NAB changes to HELP serviceability will start on July 31. NewsWire / Gaye Gerard Credit: News Corp Australia In June, APRA said the changes would come into effect from September 30 2025. While NAB welcomed the move by the regulator to increase buying capacity for homebuyers by clarifying the treatment of HELP debt, Mr Dawson said housing supply remained the most significant challenge. 'It is critical to address both demand and supply-side measures together to help more Australians buy a home. There's no simple fix, solving Australia's housing challenges will take collaboration across the board.' NAB's move comes after the Albanese government announced changes to HELP debt on Wednesday. In its first Bill since returning to office, the government plans to slash 20 per cent off three million graduates' HELP debt. This is the equivalent of $16bn in total relief, according to the government. The move targets HELP debt, VET loans and apprenticeship loans. Calculations released by the government show $5520 would be wiped off the average HELP debt of $27,600 if the legislation passes. The changes would also raise the minimum threshold for student loans to be repaid from $54,000 to $67,000.
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
International student surge probably contributed to post-pandemic inflation: RBA
International students spend twice as much as Australian residents and work fewer hours on average, say Reserve Bank economists, who have found they were a probable contributor to the recent inflation surge amid an ongoing political debate over whether international arrivals have put pressure on housing prices. While the RBA's latest bulletin suggests international students add more to demand in the economy than they do to supply in the short term, its economists have rejected the idea that international students have been a major driver of the country's price pressures. The increase in international students was 'just one of the many other forces at play' that drove inflation higher in the years immediately after the pandemic, when international students returned to the country in large numbers, they said. Inflation peaked at 7.8 per cent in December 2022, and both house prices and rents have continued to climb, though at a slowing pace. The total number of international students rose sharply from just under 300,000 in 2022 to 560,000 by the end of 2023, with the RBA's research noting such large swings could shift the dial on inflation, especially when the economy has little spare capacity or flexibility to increase supply. The research found that international students spend about twice as much as residents, with the difference mostly explained by tuition fees. However, their spending – which is higher on average than the amount they earn – is also fuelled by the savings they bring with them. Front-loaded spending on categories such as furniture may have contributed to inflation, the researchers said, as international students set up their lives in Australia and took some time to join the labour market. Figures from the Australian Bureau of Statistics (ABS) in June showed people were leaving Australia in the highest numbers since the pandemic, with international student numbers hovering near record highs but starting to stabilise after years of concern over surging arrivals. In May, the Albanese government's new assistant minister for international education, Julian Hill, refused to rule out another attempt to cap foreign student enrolments after its initial plans to cut down numbers was blocked by the Coalition and the Greens, saying: 'We are not going to back off managing the numbers'. During the election, the Coalition also vowed to slow international arrivals.
