Record high debt is being offset by rising wealth according to CoreLogic

first_imgLow interest rates have helped make Aussies wealthier despite rising household debt said a leading property analystRISING household debt is being offset by increasing household wealth according to the latest research by CoreLogic.CoreLogic cited data from the Reserve Bank of Australia (RBA) which showed the ratio of household debt to disposable income was at a record high of 193.7 per cent at the end of June 2017.CoreLogic research analyst, Cameron Kusher, said most of this debt is housing related.“Clearly, household and housing debt has increased over time relative to disposable incomes. Of note is that since the financial crisis, the rate of escalation has slowed,” Mr Kusher said.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoThe analysis revealed, however, housing assets and household assets have increased by 6.6 per cent and 7.8 per cent respectively — which is well in excess of the increase in household and housing debt, according to Mr Kusher.“The data reiterates that although debt levels are high, at this stage debt is well supported by assets which are valued substantially higher,” he said.Mr Kusher said a big contributor to the declining ratio of debt to assets has been the fall in interest rates.“The latest household finance data from the RBA highlights that Australian households are heavily indebted, largely due to housing,” Mr Kusher said.“While debt levels are high, the value of household and housing assets are, at this stage, considerably greater than the level of debt,” he said.Follow Kieran Clair on Twitter at @kieranclairlast_img read more

‘Nobody Harmed by Gambling’… William Hill outlines biggest industry commitment to eradicating problem gambling

first_img Submit StumbleUpon Share Share FTSE bookmaker William Hill has set out its new corporate objective ‘Nobody Harmed by Gambling’ seeking to ‘eradicate problem gambling within the UK’.The bold objective sees William Hill place social responsibility and corporate sustainability at the forefront of its day-to-day operations.Presenting the initiative, William Hill governance has published an ‘immediate action plan’ detailing its new corporate sustainability strategy, alongside ‘nine core commitments’ guiding the bookmaker’s long-term social responsibility ambitions.William Hill’s action plan is noticeably the most prominent problem gambling prevention strategy undertaken by a bookmaker to date.The immediate actions include the ‘piloting of mandatory tools’ for at-risk customers, in which the bookmaker may set wagering and time restrictions on for its players aged 18-21.Further protections, will see William Hill place ‘wagering data at the hands of its customers’, as the bookmaker seeks to improve ‘conscious choices’ between its betting services and its consumer engagements.At an operational level, William Hill will enhance and expand its staff training capacities focused on spotting earlier gambling-related harms.The training will be supported by research and findings undertaken by the BetKnowMore UK program, with William Hill governance further stating that it seeks community partners to enhance its new staff training, which will be operated throughout all levels of William Hill’s active corporate management structure; leadership, retail, digital, customer facing, graduate, etc…..Philip Bowcock – William HillDetailing Nobody Harmed by Gambling corporate intent, William Hill Group Chief Executive Philip Bowcock stated“its incumbent on us, as one of the leading betting brands in the UK to eradicate problem gambling. Just taking the money and running is not an option for William Hill”.“We must recognise the hidden side of gambling and get much better at helping our customers stay safe, in shops and online, in the UK and around the world. Society expects it, our customers need it and a sustainable future for William Hill depends on it.”Lyndsay Wright – William HillThe FTSE firm’s new corporate initiative will be led by Lyndsay Wright, William Hill Group Director of Strategy & Sustainability.Presenting Nobody Harmed by Gambling, Wright details that William Hill is prepared to cooperate with the widest pool of stakeholders, as the bookmaker tackles an industry-wide challenge, linked to a range of social and cultural factors.“This isn’t going to be a smooth ride. There will be bumps along the road. We will be criticised and some of that criticism will be fair. But we believe that it’s only by setting out with a bold ambition that we’ll start to see that change we want – and to have a positive impact on people’s lives.”last_img read more