A report from News.com.au on Australia. "When Andy Neverly put his life savings into unit 2208 in Sydney’s Opal Tower, he thought he’d snapped up a 'dream home.' But that dream turned into a nightmare on Christmas Eve when residents of the newly-built, 36-storey building were forced to evacuate due to safety fears following significant cracking. Many residents are still so worried they have refused to return — including Mr Neverly’s own tenants."

"In an explosive interview with 60 Minutes which aired tonight, the Sydney man said he was facing financial ruin after forking out $840,000 for the doomed flat. When asked what the situation meant for Mr Neverly’s life savings, his reply was blunt. 'I don’t think it’s worth anything … it’s lost. It’s gone. It’s evaporated. We’re up sh*t creek,' he said."

"Mr Neverly said each owner of Opal’s 392 apartments had their own 'heartbreaking' story, with hundreds of thousands of dollars wiped off the values of their homes. Fellow Opal Tower owner Shady Eskander said he knew of one resident selling their apartment for around $800,000 just before the crisis occurred — only to receive a paltry offer of just $400,000 days later."

"'The same person then said, ‘You know what?’ as the story continued to unfold, ‘Mate, I’m not even going to offer you a dollar,' Mr Eskander said."

"Former NSW treasury secretary Michael Lambert told Mr Greenwood 'thousands' of buildings across the state could be hiding serious defects like the Opal Tower. He said he was concerned Australia’s 'construction boom' had caused people to try and get buildings on the market as quickly as possible — and that there was a 'high risk' many had been 'cutting corners' as a result."

From Domain News. "This Chinese New Year is expected to pass with a fizz rather than a bang for Australian property, with experts warning that 'rivers of gold' have all but dried up."

"'The trend we’ve noticed is there are no longer speculative Chinese buyers coming in, said investment portal Investorist founder Jon Ellis. 'There are still Chinese people buying property if they have migration plans, if they have education plans. The straight investor is gone.'"

The Sydney Morning Herald. "Scott Morrison and Josh Frydenberg are poised to accept almost all the recommendations of the Hayne royal commission that is set to demand an overhaul of the nation's banking, superannuation and financial advice industries."

"In what is expected to the biggest shake-up to the finance sector and its regulation since the HIH royal commission, Commissioner Hayne's year-long report will be released on Monday afternoon with the government to immediately deliver an interim response."

"Mr Morrison, who as treasurer was critical of a royal commission into the banking sector, has signalled the government will focus on restoring community trust in the sector with its response. He has also warned of the dangers of a credit crunch if the commission's findings go too far."

"Labor leader Bill Shorten said it appeared the government was already 'back pedalling' on holding the banking sector accountable. 'The reality is this is a government that can always find an excuse not to do something to bring the banks in to heel,' he told ABC TV on Sunday. 'I mean is really what Mr Morrison saying is that the only way that we can have a solid banking sector is an unethical banking sector?'"