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Perhaps it's no surprise that house sales have dropped, after all, high mortgage rates are deterring many from purchasing. Builders are really feeling the fall and unless there's a rate cut soon, the building industry could be heading for job losses.There's been a substantial drop in residential construction and the imminent rate cut by the RBA seems to be needed sooner rather than later.

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Spending seems to have slowed at least in the housing market where interest rate rises appear to have settled some of the eagerness to build and buy property. Builders are feeling the pinch and likewise the economy has started to feel it too. If the trend continues it’s good news for some with interest rates set to be cut by Christmas to help boost the economy.

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There’s speculation about the impact that one or two potential interest rate cuts will have on housing affordability. No one knows. Some say it will encourage investors back into the market, whilst others believe that housing will remain an out of reach dream for many. Maybe it’s time to adjust expectations?

The introduction of First Home Saver Accounts (FHSAs) is set to change the financial services industry, bringing with them a new, reformed Product Disclosure Statement (PDS) intended to be short, clear and concise – a giant step from many current superannuation PDS that are commonly over 100 pages.

As promised by the government, the new PDS could be as short as 4 pages, although it’s hard to believe how.  The First Home Saver PDS will be monitored before the idea spreads to the rest of the financial services industry.