The news you need to know: October 28 2019

Catch up on today’s headlines. Here’s the news you need to know on October 28, 2019.

New scheme will help first home buyers enter the market

First home owners could soon purchase a property with as little as a five per cent deposit thanks to a new federal government scheme. The scheme will offer loan guarantees for eligible low and middle income earners, but there’s a catch. Only 10,000 first home buyers will be eligible each year. The scheme is capped at a high of $700,000 for property in Sydney and a low of $375,000 in the northern territory.

Myer class action fails

The federal court justice Jonathan Beach has dismissed a class action against Myer after shareholders alleged they had been misled by the department store giant for overcasting its profits for the 2015 financial year. Nonetheless the ruling has seen to be favourable for future shareholder cases where companies don’t release market corrections.

Maurice Blackburn partner said: “The court’s reasoning will ensure that shareholder class actions continue to play a central role in enforcing proper standards of continuous disclosure by corporations and providing compensation to those affected by corporate misinformation,”