Business
Big banks surge on plans to water down responsible lending laws – ABC News
Australia’s biggest banks have surged on on the ASX 200 amid plans by the Federal Government to loosen responsible lending laws and Premier Investments says there will be more store closures if rents don’t fall.
Big banks have led the gains on the Australian share market after the Federal Government said it planned to relax responsible lending laws to make it easier for Australians to get a home loan and boost the coronavirus stricken economy.
Key points:
- S&P 500 rises 0.3 per cent to 3,247 on Wall Street
- Wild swings after US jobless claims increase and US new home sales reach 14-year high
- US Treasury Secretary signals hope for deal with Democrats on new stimulus
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