KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
Australia's efforts to resolve its housing crisis are mired in political deadlock, as rental vacancies remain near record lows and home prices continue to rise. A key part of the Labor government’s housing program, designed to assist first-time homebuyers, was postponed for two months after opposition parties voted to delay the legislation on Wednesday. The bill is centered on a shared equity scheme to help Australians enter the housing market with a smaller deposit.
A second bill, which aims to provide tax incentives to developers to build rental housing, faces a similar challenge, with criticism from opposition parties. The center-right opposition, led by Senator Andrew Bragg, opposes the idea of corporations becoming landlords, saying it would "corporatise the housing market."
The housing market is under severe strain, with rental vacancies in August falling to 1.39%, close to the record low of 1.09% in February, as per PropTrack data. Rising home prices, even with interest rates at a 12-year high, further highlight the imbalance between demand and supply.
The Labor government is facing attacks from both the center-right Liberal-National opposition and the left-wing Greens Party. The Greens are advocating for a rent cap to assist lower-income families, while the Liberal Nationals are pushing for deep cuts to migration following a spike in the post-Covid era.
The Liberal-National coalition is also expected to revive its controversial policy of allowing first-homebuyers to use their superannuation (pension savings) to purchase homes. However, many in Australia’s A$3.9 trillion pension system have opposed this idea, with economist Saul Eslake warning that it would only drive house prices higher, benefitting those already capable of purchasing homes.
Meanwhile, a separate housing program supported by some of Australia’s largest pension funds is beginning to show progress, with 13,000 homes approved for construction under the plan. As the political debate continues, housing is shaping up to be a key issue in the upcoming election, which is due by May 2025.
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