According to The Australian Financial Review, almost 2.2 million Australians are millionaires after soaring asset prices pushed another 390,000 adults onto the top rungs of the global wealth ladder, according to a report by Credit Suisse that says Australians are the richest people in the world.
Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
According to The Australian Financial Review, new housing demand will pick up in the next 18 to 24 months as rising wages and falling prices combine to improve the affordability problem keeping buyers out of the market, says Stockland chief executive Tarun Gupta.
Mortgage payments equal to the “mid-40” per cent of disposable household income for Sydney – over the typical equilibrium level of 35 per cent – and at 33 to 35 per cent in Melbourne, in contrast to the “under 30″per cent figure that represented equilibrium, would come down, Mr Gupta said.
According to The Nikkei Asia, Japan will resume visa-free entry for individual travelers on 11 Oct, Prime Minister Fumio Kishida announced Thursday in New York, bringing its border rules close to pre-pandemic norms for the first time in about two and a half years.
Starting on 11 Oct, short-term visitors will no longer be required to apply for tourist visas. Before the pandemic, Japan allowed visa-free short-term travel from people from 68 countries and regions, such as Singapore, Malaysia, Thailand, Hong Kong and the U.S. And with no need to book tours through travel agencies, it will be easier to visit.
According to The Asahi Shimbun, average overall land prices in Japan rebounded from a three-year slump, while residential properties gained in value for the first time in 31 years, a land ministry report showed 20 Sept.
The overall average increased year on year by 0.3 percent as of July 1, while residential land prices edged up 0.1 percent, according to the report.
The rises reflect growing demand for homes and stores as economic activities pick up steam following the easing of restrictions related to the novel coronavirus pandemic.
According to The Australian Financial Review, giant Korean conglomerates Hanwha and SK Group have joined Korea Zinc in a proposed $20 billion-plus green hydrogen project in Queensland, paving the way for a flow of green energy exports between Australia and Korea by 2032 that would gradually replace trade currently dominated by coal and gas.
The Hanguk-Hoju consortium, meaning Korea-Australia, aims to establish a supply chain between the two countries using the partners’ expertise to set up a corridor for deliveries of green ammonia, used in power generation and industries such as fertiliser production.
Renewable energy generated from the operations of Korea Zinc’s Australian subsidiary Ark Energy in Queensland’s coal heartland in the Bowen Basin will be used to produce carbon-free hydrogen that will be converted to ammonia for shipping.
The venture aims to export more than 1 million tonnes of green ammonia a year to Korea by the 2032 target date. That will start to rebalance the $10 billion trade between Queensland and Korea, where coal and LNG are key exports, towards clean energy.
According to The Australian Financial Review, Suzuki Motors has taken a strategic stake in Melbourne-based vehicle maker Applied EV, paving the way for the Japanese automobile giant to use the Australian technology as part of Suzuki’s push into the global electric- and autonomous-vehicle markets.
Applied EV, which builds “software-defined vehicles” that can be used as a platform for human-driven or driverless cars, had been planning an initial public offering (IPO) this year, but pushed it back when Suzuki came on board as part of a $21 million funding round, said Applied EV co-founder and CEO, Julian Broadbent.
According to The Australian Financial Review, residential auction volumes jumped by 14.2 per cent over the week to 2190 nationwide to its highest level since late June, as vendors sought a faster way to sell, data from CoreLogic shows.
Preliminary clearance rates also rose slightly to 62.5 per cent, up from 61.7 per cent in the previous week, amid early signs the auction market may be stabilising.
Tim Lawless, CoreLogic research director, said more vendors were choosing to go to auction to ensure a faster sale and were now more willing to meet the market’s expectations.
According to The Australian Financial Review, Latitude’s Japanese shareholder, Shinsei Bank, which has been quietly inching up its register buying stock off stranded institutional investors.
Shinsei has been bidding for Latitude stock for the past few weeks via Credit Suisse, sources said, quietly going from 9.95 per cent of the company to 12.85 per cent.
According to The Nikkei Asia, the Japanese government is considering moves to jump-start demand for domestic tourism, along with plans to further open Japan's borders to international travelers, to boost the economy.
Plans are also underway to allow individual travelers from overseas to enter Japan by October and to ease border controls, such as by allowing short-term visa-free stays for visitors from the U.S. and other countries. The government hopes to boost the economy by stimulating both domestic and international tourism.
According to The Australian Financial Review, France’s Engie has pressed the button on construction of an $87 million green hydrogen project in Western Australia’s Pilbara region, representing the country’s first commitment to an industrial-scale plant in the fast-emerging industry for the carbon-free fuel.
The plant, which is backed by Japanese trading giant Mitsui, will be 10 times bigger than the largest renewable energy-powered electrolyser now in operation in Australia but still a fraction of what would be required to support an export-scale hydrogen operation.
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