Australian Treasurer Signals for Home Loan Crackdown Amid Rising Household Debt

Australian Treasurer Josh Frydenberg has met with regulators over the need for plans to address the ballooning levels of household debt. Last Friday, Frydenberg spoke about the current state of the housing market with the Council of Financial Regulators, chaired by the Reserve Bank of Australia (RBA) governor Philip Lowe and which members include the Australian Prudential Regulation Authority (APRA), Australian Securities and Investments Commission (ASIC), and Treasury. No immediate decision to crackdown lending was made despite the mounting concerns for high-debt home loans. Sustained record low-interest rates have contributed to a strong growing housing market driven by owner-occupiers rather than investors. “With Australia’s economy well positioned to strongly recover as restrictions ease, it is important to continually assess the appropriateness of our macro-prudential settings,” Frydenberg told The Australian Financial Review. “We must be mindful of the balance between credit and income growth to prevent the build-up of future risks …

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UK Accountancy Grant Thornton Fined Over Patisserie Valerie Chain Audit

Tue Sep 28 , 2021
LONDON—Accountancy firm Grant Thornton has been fined for its audit of Patisserie Valerie, the British cafe chain that collapsed in 2018, throwing 900 people out of a job and triggering a separate fraud investigation into accounting irregularities. The Financial Reporting Council (FRC) said it was fining Grant Thornton 4 million […]
UK Accountancy Grant Thornton Fined Over Patisserie Valerie Chain Audit

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