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Donald trumps wealth revealed in new forbes magazine investigation


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DONALD Trump has steadfastly refused to publicly release his tax returns, but now his estimated fortune has been revealed.

The Republican presidential nominees estimated net worth is $US3.7 billion ($4.83 billion), $US800 million less than a year ago, Forbes magazine reports, attributing the loss largely to New Yorks softening real estate market.

The magazine probed 28 assets or asset classes owned by the New York businessman and found 18 had declined in value, including Trump Tower in Manhattan and his Mar-a-Lago club in Palm Beach, Florida.

The value of his 40 Wall Street property in downtown New York had also declined, according to Forbes, which said it has been tracking Trumps wealth for 34 years.

At the same time, one asset remained steady while seven others including 555 California Street, the second tallest building in San Francisco saw their value increase, it reported on Wednesday.

Representatives for the Trump campaign could not be immediately reached for comment.

The report comes as Trump, known as a reality television star as well as for his real estate business, heads into the final stretch of campaigning for the November 8 election.

Trump, seeking elected office for the first time, has touted his business acumen in pressing for change in Washington. He has vowed to rip up trade deals, negotiate with allies to make them pay more for their US defence protection, and have Mexico pay for a wall he has proposed along the southern US border.

If elected, he would be the first billionaire to serve as president, according to Forbes.

Details of Trumps wealth are not publicly known because, bucking a decades-old tradition of US presidential candidates, he has refused to release his tax returns.

His Democratic rival, former Secretary of State Hillary Clinton, earned $US10.75 million in 2015 alongside her husband, former US President Bill Clinton, their tax filing showed.

Clinton and others, including some prominent Republicans, have pressed Trump to release his returns.

They have also raised questions about his net worth as well as his charitable contributions and business ties.

Forbes said its analysis did not place any value on Trumps brand. It also disputed Trumps assertion in Monday nights presidential debate that he reported $US694 million in income from last year to the Federal Election Commission. Forbes said Trump mixed revenue and income in the document.

Trump has so far given $US54 million to his presidential campaign. His campaign has also paid his companies for office space in Trump Tower and use of his private airline, among other expenses, federal election filings have shown.

Politico reported separately on Wednesday that Trump is considering giving more money to his campaign to fund an advertising blitz, citing three sources close to him.

Amid the campaign, Trump made just one real estate deal in the past year: purchasing a Charleston, South Carolina, warehouse that was in foreclosure, Forbes said.

Westpac is the slowest bank of the big four to pass on interest rate cuts


´╗┐WESTPAC is the slowest of the big four banks to pass on interest rate cuts to home loan customers leaving them to miss out on significant savings.

Exclusive analysis crunched by financial comparison website RateCity found since the Reserve Bank of Australias downward cash rate spiral began in 2011, Westpac has taken an average 14 days to pass on the cuts to borrowers.

The banks customers are missing out on an average $2.1 million in savings each day they have to wait for the cut to be passed on, the site estimated.

Rival lender ANZ comes in the second worst taking 11 days to pass on a cut after an RBA announcement, while the Commonwealth Bank and National Australia Bank take eight days.

But Bendigo Bank appears to be the worst this rate cut, they are not passing on the 25 basis point cut to customers until May 30.

This is 27 days after the RBA rate announced the cash rate was being lowered to 1.75 per cent.

RateCity spokeswoman Sally Tindall said it was unacceptable lenders were being tight and taking weeks to pass on the cuts to customers.

The big four banks make a combined $6.9 million a day after the latest rate cut for each day they dont pass on the cut.

Borrowers are missing out the longer banks take to pass on a rate cut, Westpac customers are missing out on $2.1 million a day every time they delay pass on the cut, she said.

Historically we have seen major banks pass rate cuts on within as few as three days.

At least two of the big four banks have also been slow to pass on the rate cut to mortgage holders but extremely quick to pass on cuts to savings holders.

A Westpac spokeswoman defended the delays this latest rate cut will take 20 days to be passed on to Westpac customers in full.

We are pleased to pass on the full rate cut of 0.25 per cent (this month), the timing to implement this change is consistent with most of our rate cuts over a number of years, she said.

All of the big four banks except ANZ announced they would pass on the 25 basis point cut in full but ANZ would only pass on a 19 basis point drop.

Lender ME is the stingiest bank so far and will pass on a measly five basis point fall.

Mortgage Choice spokeswoman Jessica Darnbrough said cuts will often take several weeks to filter through to borrowers and said if they werent pleased with the result to shop around.

If, once all rate changes have been announced, a borrower is unhappy with their mortgage, they should take the time to review their options and see if there is a better lender and product on the market, she said.

Economists are predicting another cash rate cut after the Federal election and for it to most likely be in August.