At least four life-saving defibrillators were stolen in Napier in three weeks.
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Grant Robertson seeking ETS advice, as tumbling carbon price lowers cost of pollution
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Porter Davis customers may lose deposits, liquidators confirm
Some homeowners caught up in the collapse of Porter Davis may lose their deposit as the company didn't take out insurance on its new builds until building permits were obtained.
Liquidators Grant Thornton made the revelations in a webinar today, where they answered questions on the process and outlined the next steps forward for the thousands of people affected after the construction giant's collapse.
It comes as incomplete Porter Davis homes have been vandalised, including one home in Melbourne, which was suspiciously set on fire on Monday.
READ MORE: RBA pauses on rate hike cycle in temporary relief for borrowers
Said Jahani from Grant Thornton led the webinar, where he told homeowners there were a number of customers who found themselves uninsured.
Affected customers included those who signed their contracts and paid their deposit before the company had obtained planning permits.
"There was usually a timing lag or timing gap between the deposit being paid by the customer and the permit being gained," he said.
"A number of customers have fallen into that gap.
"We are in consultation with the VMIA (Victorian Managed Insurance Authority) about what the consequences for customers who fall into that gap may mean.
"At its extreme, it means you do not have insurance cover, and it means the deposit you have paid has been lost."
The Melbourne-based construction group, which boasts 470 employees and has more than 1500 homes in progress, appointed Grant Thornton Australia as liquidators on March 31.
Grant Thornton confirmed that about 50-60 staff had been kept on to help assist with the process, while the 400 others were let go last week.
The administrators for Porter Davis said there are 779 signed contracts with customers where building has yet to commence.
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RBA pauses on relentless rate hikes
The Reserve Bank of Australia (RBA) has pressed pause on its historic cycle of interest rate hikes, keeping the cash rate target on hold at 3.6 per cent.
Presented with softening inflation data and a largely flat unemployment rate, the RBA board decided to err on the side of caution and wait for the effects of 10 consecutive interest rate hikes to flow through to households.
Today's decision to hold the cash rate target will come as temporary relief to borrowers on variable mortgages, who have only seen increases for almost a year.
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In his monetary statement Governor Philip Lowe said it was appropriate for the central bank to pause its rate hike cycle as the Australian economy faced fresh challenges.
"The Board recognises that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt," Lowe said.
"The Board took the decision to hold interest rates steady this month to provide additional time to assess the impact of the increase in interest rates to date and the economic outlook."
Lowe said despite no change in the rate this month, more rate hikes may be coming ahead.
"The Board expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target," he said.
"The decision to hold interest rates steady this month provides the Board with more time to assess the state of the economy and the outlook, in an environment of considerable uncertainty.
"In assessing when and how much further interest rates need to increase, the Board will be paying close attention to developments in the global economy, trends in household spending and the outlook for inflation and the labour market."
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Chief Economist at CreditorWatch Anneke Thompson said today's reprieve for borrowers may only be temporary.
"Today's decision will buy the RBA one more month to assess incoming data before inflicting any more pain on Australian borrowers," she said.
"Overseas, European and US central banks continue to increase interest rates to fight inflation despite pressures in the banking sector in their jurisdictions.
"The Australian economy is particularly sensitive to interest rate rises, more so than the US or Europe, due to the volume of borrowers on or soon moving to variable interest rates."
PropTrack senior economist Eleanor Creagh said the RBA was now operating under the modus operandi of "policy of least regret".
"The Board has left headroom to further increase the cash rate next month if conditions deem necessary," Creagh said.
"The substantial tightening that has been pushed through to date saw conditions in the housing market rebalance quickly last year, with prices falling from peak levels in most parts of the country.
"Now the Reserve Bank has paused its tightening cycle, home prices will likely continue to stabilise as some of the uncertainty buyers have experienced with respect to borrowing capacities and mortgage servicing costs reduces. If stock levels remain constrained, the bounce is likely to continue to firm."
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RBA decision comes as national house prices rebound
Today's decision from the RBA comes as the Australian property market rebounds from the fastest cycle of rate hikes in local history.
New data from property firm CoreLogic showed that the median value of properties sold across Australia went up by 0.6 per cent in March, the first time the national median had registered an increase in 10 months.
Of note was Sydney's average property price, which has returned to above $1,000,000.
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Tim Lawless, CoreLogic's research director, said a recovery in the high end of the market was largely responsible for the Sydney recovery in prices.
"Although interest rates are high and there is an expectation the economy will slow through the year, it's clear other factors are now placing upwards pressure on home prices," Mr Lawless said.
"With rental markets this tight, it's likely we are seeing some spillover from renting into purchasing, although, with mortgage rates so high, not everyone who wants to buy will be able to qualify for a loan.
"Similarly, with net overseas migration at record levels and rising, there is a chance more permanent or long-term migrants who can afford to, will skip the rental phase and fast track a home purchase simply because they can't find rental accommodation."
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