🗞️ It's time to talk to your bank

Good morning. The banks are undercutting each other to win your mortgage right now.

The Big 4 are currently discounting loans at 3 times the rate they were 6 months ago. When banks fight this hard for borrowers, rates on new loans get more competitive.

If you haven’t called your bank lately, this is why you should.

All the headlines and more below...

HOMEBUYER SENTIMENT CRASHES TO 18-MONTH LOW, 50 POINTS BELOW AVERAGE

The Westpac-Melbourne Institute index for "time to buy a dwelling" dropped 16% in May to 72. Long-run average: 119. Three things hit at once: falling house prices in some capital cities, the RBA's third consecutive rate hike, and federal budget changes to negative gearing and CGT that spooked investors.

Overall consumer sentiment ticked up from April's lows on falling petrol prices. But the split by age is brutal. Boomers and Gen X scored below 70 (extremely weak). Millennials at 95 (modestly pessimistic). Gen Z are the only cohort in positive territory.

The generational gap widened more in 2025 than any year on record. Feeling good about the economy is now age-gated.

AUSTRALIAN NEWS

• Australia’s new 30% minimum tax on discretionary trusts from 1 July 2028 has targeted big four and top-tier law firm partners’ income-splitting strategies, costing some about $50,000 annually. LINK

• State governments are forecast to lose $9.2B in stamp duty revenue in 2026-27 as housing sales drop up to 30% under federal property tax changes impacting Stockland and Mirvac. LINK

• The NSW government has reversed a 6-year ban on granny flats in several south-west Sydney LGAs, allowing 1,500 residents to build 85sqm secondary dwellings with noise-proofing requirements. LINK

• Australian homebuyer sentiment has slumped to an 18-month low while overall consumer sentiment has only mildly improved after the federal budget. LINK

• The government has projected total disability spending of $98B this year as NDIS costs and separate support for people with disability and carers continue to rise. LINK

COMPANY NEWS

• Virgin Australia laid off an undisclosed but small number of corporate staff as it adjusts its operations in response to higher aviation costs linked to the Middle East war. LINK

• Australian Unity has cut 195 jobs across its capital markets, marketing and legal teams after new boss Kelly Bayer Rosmarin completed a divisional review for long-term restructuring. LINK

• Webjet Group entered a trading halt as it prepares an ASX announcement on future material changes to a commercial arrangement that will materially impact its financial outlook. LINK

• Google and Blackstone have launched a US-based AI cloud venture as Blackstone invests an initial $5B in equity toward 500 megawatts of data centre capacity by 2027. LINK

• TechnologyOne reported a 6% rise in net profit after tax to $66.8M and a 17% jump in ARR to $598M as it expanded rapidly in the UK. LINK

• The Jaecoo J7 Chinese SUV, dubbed the Temu Range Rover, is offering heated and cooled seats, a 360-degree camera and a panoramic sunroof for $33,990 in Australia. LINK

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TRIVIA

How much did this 8,056 square metre house in Bonogin, Gold Coast Hinterland, sell for?

The property has 6 bedrooms, 9 garages and 5 bathrooms.

Answer below

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ANSWER

$13,500,000

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