Good morning, early birds. The government has revealed details about its 'first-in, best-dressed' first home buyers mortgage scheme, and the US announces the death of ISIS leader Abu Bakr al-Baghdadi. It's the news you need to know, with Rachel Withers.
Dick Smith is not doing so well. Plus other business tidbits of the day.
Cashmere, "sous-vide" beef and sea views -- Joe Hockey lives in a fantasy land for the cloistered elite. No wonder he doesn't understand economic hardship.
We're not as immune from the mortgage lending laws that triggered the Global Financial Crisis as we might think.
The Reserve Bank says there is a continued pattern of many households choosing to repay their mortgages more quickly than required.
By the reaction in the media, yesterday's rate cut by the Reserve Bank is the greatest thing since, well, the last rate cut 31 months ago. But the narrative of mortgage stress is a myth -- we're paying off our homes faster.
We're spending all our money on building new huge houses or doing fancy renovations. So quit whinging about your mortgage and the government raising interest rates and go count the bathrooms in your holiday house, says Ross Gittins.
So according to Westpac, mortgages and banana smoothies are very similar. But the money that banks needed to buy started to cost them a lot more, just like bananas for smoothies. You still following?
Why is the media so fixated on mortgage holders? More concerning is how much power the Big Four banks now hold over the economy, and how SMEs are struggling to get finance.
How did Goldman Sachs emerge from the financial crisis in such good shape? By simultaneously selling more than $40 billion in mortgage-backed securities, while secretly betting that the US housing market would crash.