Former senator Linda Reynolds has launched bankruptcy proceedings in the Australian Federal Court against her ex-staffer Brittany Higgins as she tries to recover damages awarded to her for defamation, ABC.net.au reported. In August Ms Higgins was ordered to pay Ms Reynolds $315,000 plus $26,000 in interest after she and her husband David Sharaz were found to have defamed the former senator in a series of social media posts. Ms Higgins was also ordered to pay 80 per cent of Ms Reynolds's legal costs.
Read more
A measure of Australian consumer sentiment slid for a second straight month in October as concerns about family finances returned amid speculation interest rates might not fall any further, a survey showed on Tuesday, Reuters reported. A Westpac-Melbourne Institute survey showed its main index of consumer sentiment dropped 3.5% to 92.1, having fallen 3.1% in September. The reading under 100 means pessimists increasingly outnumber optimists. Sentiment had been slowly picking up mid-year as the Reserve Bank of Australia cut interest rates three times and inflation looked to be cooling.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Sydney pub baron Jon Adgemis has declared bankruptcy owing more than $1.8bn to suppliers and creditors, News.com.au reported. The embattled publican made the call after funding was pulled from lenders and ahead of a court appearance against the Australian Taxation Office, where they planned to recoup $162m in tax obligations. Mr Adgemis founded Public Hospitality during the pandemic, adding 22 pubs and development projects across Sydney and Melbourne. But it was all funded through short-term, high interest loans.
Westpac is facing a lawsuit filed by the liquidators of collapsed investment companies who claim the bank ignored red flags while large sums moved through accounts linked to a scheme run by businessman Chris Marco, The Aussie Corporate reported. The case, lodged in the Supreme Court of NSW, accuses Westpac of failing to prevent investor losses and continuing to process questionable transactions after inquiries were made by financial regulators.
Read more
The Reserve Bank of Australia left interest rates on hold Tuesday, citing the need for continuing caution amid simmering inflation and a still-tight job market, the Wall Street Journal reported. The RBA’s policy-setting board left the official cash rate unchanged at 3.60%, as expected by most economists. The decision was unanimous, with the central bank saying that while domestic economic activity is rebounding, the outlook remains uncertain. The decline in underlying inflation has also slowed, the RBA said in a statement.
Read more
Australian home prices increased at the fastest pace in a year in September, driven by rate cuts and record-low listings, property consultant Cotality said on Wednesday, Reuters reported. National home prices increased 0.8% to a record median value of A$857,280 ($565,462) in September, marking the strongest monthly gain since October last year, according to figures from Cotality, formerly CoreLogic. For the quarter, prices were up 2.2%, compared with a 1.5% lift in the second quarter. The monthly gain was broad-based, led by a jump of 1.2% in Brisbane and a 1.6% surge in Perth.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.