Shares of oil and gas companies were salvaged on the Australian share market today. The ASX Energy Index plunged close to 8%. Oil and gas producer Santos has lost 13%. Woodside was down 7%, but Qantas (was) won beneficiary, up 7% by the close on hopes of lower fuel costs. The board Australian share market was not surprisingly weighed down by those energy stocks. By the close, the All Ords was off 83 points or 1.6%. And the ASX 200 Index also dropped 1.6%. The Australian dollar has fallen sharply against the greenback today and is now below 85 US cents.

 

Australian Banking Regulator is worried about the number of home owners taking out interest-only loans. Facing a parliamentary hearing, the Australian prudential regulation authority says it’s been urging some banks to reduce aggressive lending practices. / Chairman Wayne Buyers told the hearing that he and the reserve bank are considering new rules and interest-only loans to home owners may be something they’ll be looking at.