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Buyer Beware: Margin lending is back in vogue

Blog post by Bernie Ripoll
posted: Wednesday Feb 10, 2010, 9:42pm

Before the Global Financial Crisis, margin lending had well and truly become the new wealth creation vehicle of choice. It was widely regarded as an infallible tool of leverage using someone else’s money, multiplying the upside of share trading and setting out to get more from investing less.

Sounds pretty good. It seemed to the converted and their advisors that this system of leveraged borrowing against a share portfolio was the new secret weapon of the masses, wrested from the rich under a new economic era of growth. 

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Libs' $1.1 billion unfunded Youth Allowance (News)

Mr Abbott must explain how he will fund changes to the Youth Allowance that would offer new scholarships but would leave in place arrangements where kids from Australia’s richest families continue to get full support.

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The Minister for Education, Julia Gillard, today said that Mr Abbott needs to explain how he will fund changes to the Youth Allowance system that would offer new scholarships but would leave in place arrangements where kids from Australia’s richest families continue to get full support.

In yet another unfunded proposal, the Coalition has said the Government should split the bill and pay scholarships without making the necessary changes to stop the rorts.

Bill to transfer responsibility for consumer credit (News)

The bill is the result of the strong commitment by the commonwealth, state and territory governments working in a spirit of cooperation to build the COAG reform vision for a single, uniform national credit law.

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Tomorrow the Government will introduce legislation into the parliament that will give effect to the referral of responsibility for consumer credit to the Commonwealth. 

Passage of the National Consumer Credit Protection Amendment Bill is the final step for the Commonwealth in creating a single, standard, national regime for the regulation of consumer credit.  

Action on predatory share offers (News)

The Government is moving to stamp out the practice of scam artists using information obtained from share registers to target and rip-off unsuspecting shareholders.

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The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has today released proposals designed to prevent predatory share offers to vulnerable and unsuspecting shareholders.

These reforms will also reduce the compliance costs for business by reducing the amount of resources needed to respond to requests for copies of member registers.

Taxation of financial arrangements (News)

The Government is acting to provide certainty about the intent of the TOFA transitional balancing adjustment provisions for taxpayers ahead of the January 15 deadline.

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The Assistant Treasurer, Senator Nick Sherry, today has moved to confirm the intention of the Taxation of Financial Arrangements (TOFA) transitional balancing adjustment provisions, as the January 15 deadline approaches for many taxpayers to decide whether to apply the TOFA Stages 3 and 4 rules to their pre‑existing financial arrangements.

"I'm acting to provide certainty about the intent of the TOFA transitional balancing adjustment provisions for taxpayers ahead of the January 15 deadline," the Assistant Treasurer said.

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