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Business news and updates: Australians are saving more during the pandemic

Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for September 13:

Australians are saving more during the pandemic: Research

Heightened economic uncertainty sparked by ongoing virus lockdowns has prompted a savings spree among younger Australians. 

According to a new survey conducted by National Australia Bank’s digital subsidiary UBank, 37% of Australians believe the newest round of stay-at-home orders has improved their savings potential. 

More than one-third of those who believed the epidemic had favourably affected their savings habits were millennials, with generation X coming in second and baby boomers coming in third.

Australian home prices surge lead to rise in ‘Liar loans’ 

Australian property prices have risen by about 20% in the last year, and investment bank UBS has warned that a record volume of “liar loans” as buyers “chasing the market” could be one cause. 

According to the bank’s annual study of over 900 persons who took out a mortgage in the previous year, 41% submitted loan applications that were not totally factually accurate — so-called “liar loans.” 

This is a record high in the seven years UBS has collected this data, up from 38% last year and 27% when the study began in 2015.

Ryanair warns of a sharp rise in holiday prices

Ryanair’s CEO has warned that vacation costs will likely rise dramatically next year as consumer demand for travel recovers. Ryanair is to open a new base at Newcastle International Airport next year, resulting in the creation of at least 60 aviation jobs. 

Virgin Galactic flags delay to space mission

Due to a suspected manufacturing issue, Virgin Galactic Holdings has delayed its first commercial research mission with the Italian Air Force until mid-October.

India to get 3rd set of Swiss bank details; info on real estate assets included 

According to officials, India will receive the third set of Swiss bank account details of its nationals this month as part of an automatic exchange of information arrangement with Switzerland, which would include data about real estate properties owned by Indians in Switzerland for the first time. 

In a significant step forward in the Indian government’s fight against alleged black money stashed abroad, India will receive complete information on flats, apartments, and condominiums owned by Indians in Switzerland, as well as earnings from such properties, to assist it in investigating tax liabilities associated with those assets.

Indian govt wants Tesla to first start production in India: Sources 

According to government sources, the heavy industries ministry has requested that Tesla, located in California, begin manufacturing its iconic electric automobiles in India before considering any tax breaks. 

They argued that the government does not make such concessions to any automaker and that offering Tesla duty breaks would not send a good signal to other companies who have spent billions of dollars in India. Tesla has requested that import duties on electric cars (EVs) be reduced in India.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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