“This is terrible,” Commbank tells customers Commonwealth Bank says almost all missed payments resulting from a computer system outage last Thursday will be completed and processed by the end of today. Commonwealth Bank’s social media team told Twitter users last night: “I know this is a terrible experience”. Commonwealth bank’s Netbank, mobile app, cardless cash and other services crashed last Thursday morning, leaving many customers without access to money. Services were restored on Friday morning but many missed payments have still not been received in customer accounts on Monday morning. Bank system outages trending up Reserve Bank data on the reliability of retail payment services shows “a significant jump in retail operational outages in the year to June 2019, following a few years of improved performance,” stated the RBA’s Payments System Board Annual Report last week. The RBA reported that there were more bank computer system outages affecting customers and the outages lasted longer, on average, than in previous years. Nearly all banks and financial institutions experienced an increase in outage time over the year to June 2019. The RBA warned banks and credit unions that: “If operational incidents continue to rise, then the Board could consider imposing operational resilience standards.” Tax debts included in credit reports New laws passed by the Morrison government last week mean the Australian Taxation Office can disclose business tax debt information to credit reporting agencies, just like other debts. The government says banks and lenders will get a more complete picture of the creditworthiness of a business. A debt of at least $100,000 owed for 90 days or more can now be reported by the ATO to credit agencies such as Equifax and illion. The debt can’t be disclosed if the taxpayer is on a repayment plan and managing the debt. Most first home buyers will miss out on government scheme Most aspiring first home buyers will miss out on the Morrison government’s First Home Loan Deposit Scheme. The scheme, which is now being debated in parliament, will provide a guarantee allowing eligible first-home buyers on low and middle incomes to purchase a home with a 5 per cent deposit. Fewer than one in 10 first-home buyers will be able to access the scheme. There are more than 100,000 first-home buyers per year but the government will only offer 10,000 guarantees said Domain economist Trent Wilkshire. The First Home Loan Deposit Scheme is due to begin on 1 January 2020 for 10,000 successful applicants only. Applicants must be individuals earning up to $125,000 or couples earning up to $200,000. Price caps may apply for First Home Buyer scheme The government’s new First Home Loan Deposit Scheme is limited to just 10,000 first home buyers per year. Home loan experts are expecting the scheme to feature price caps set according to where the applicant is buying. The price cap in Sydney is likely to be higher than the price limit in Brisbane. A regional price caps may also apply Mr Frydenberg said the property caps would vary by region and would be announced shortly. Banks and government tackle elder abuse The Federal Attorney General Christian Porter announced a plan to tackle the financial abuse of elders along with the CEO of the Australian Banking Association Anna Bligh. The campaign calls on governments across Australia to establish national power of attorney laws, a national Power of Attorney (POA) register somewhere to report abuse in each state. 57 per cent of Australians are worried about a loved one experiencing financial abuse and 87 per cent of Australians want their government to do more to tackle elder abuse, according to research by YouGov. Around 1 in 10 older Australians experience elder abuse in any given year. Auction Results for 19 October 2019 Auction clearance rates in Sydney and Melbourne held strong as volumes picked up and Spring selling season warms up. Sydney Auction Results for Saturday 19 October 2019 There were 614 residential property auctions held in Sydney on Saturday 19 October 2019. 82 per cent produced a sale for a median sale price of $1,198,000 in preliminary results reported by Domain. Melbourne Auction Results for Saturday 19 October 2019 There were 828 residential property auctions held in Melbourne on Saturday 19 October 2019. 72 per cent produced a sale for a median sale price of $855,000 in preliminary results reported by Domain. Adelaide Auction results for Saturday 19 October 2019 There were 51 residential property auctions held in Adelaide on Saturday 19 October 2019. 65 per cent produced a sale for a median sale price of $704,000 in preliminary results reported by Domain. Brisbane Auction results for Saturday 19 October 2019 There were 85 residential property auctions held in Brisbane on Saturday 19 October 2019. 48 per cent produced a sale for a median sale price of $787,000 in preliminary results reported by Domain. Canberra Auction Results for Saturday 19 October 2019 There were 58 residential property auctions held in Canberra on Saturday 19 October 2019. 67 per cent produced a sale for a median sale price of $765,000 in preliminary results reported by Domain.