Neither the current Liberal-National coalition nor the Australian Labor Party have shown any inclination to level with the Australian people about the economic predicament we find ourselves in – massive private debt, an economy which has been stripped back by government policy (both sides of politics) to doing nothing more than exporting dirt, or growing things on top of it, to earn national income.
That earning capacity is largely in the hands of international capital (of the kind marketing through Singapore or Panama to minimise taxes and maximise returns for shareholders somewhere other than Australia) when it is involved in digging things out of the ground. When it comes to growing things on the ground much of the growing is still done by local but the choke points through which it is exported or processed are largely controlled by foreign interests.
We have dealt ourselves out of the game of generating income through applying our brains – of being a price maker in any field whatsoever. We offer only overpriced services of interest only to those in Australia or those who want to be in Australia (for whatever reason) – and the world’s most expensive real estate, serviced by the world’s most indebted population, employed in the world’s most uncompetitive economy. It’s almost comic. Continue reading
Government proposals requiring real estate agents to look at the passports of buyers in order to prove their identity and basis for buying Australian real estate have been likened to requiring yellow stars on their clothing by the Property Council of Australia, who have also warned about the health impact on ‘honest Australian property speculators’
‘University tests have shown conclusively that imposing buyer identification requirements increases the risk of tinea cruris, thrush and ringworm on potential families looking to purchase their first home in Australia’ said Andrew Mihno – Executive Director International Capital Markets – of the PCA before adding ‘and it is common knowledge that requiring anyone in the real estate industry to look at who is buying houses is highly carcinogenic and related to higher incidences of testicular cancer, lung cancer, spleen tumours and polyp formations on the forehead of those required make enquiries. This proposal entails risks which would need to be factored in, and would lead to higher transaction costs for vendors.’ Continue reading
Australia’s mainstream media specialises in precisely this type of piece which I often refer to as ‘good news pap’ and have written for a number of corporate clients in markets other than Australia. The below is an interesting piece as although there is nothing particularly controversial (or an outright lie) in it, the entire tenor of the piece is incoherently presented to the reader in such a way as to give rise to a number of essentially false assumptions. Continue reading
Headline could easily read
Treasurer: ‘Truth is a Weapon of Mass Destruction’ for Australian banks
But the AFR in its reportage of Scott Morrison’s comments came in with a more sedate
Scott Morrison says bank royal commission a ‘whinge’ that undermines confidence
Treasurer Scott Morrison has accused Labor’s Bill Shorten of undermining confidence by continuing to call for a royal commission into the banking sector, saying it was a “populist whinge” that would “start a fire”.
Treasurer Scott Morrison has accused Australia’s banking system of being so feeble and averse to examination that the slightest thought of looking at what it does could bring the lot crashing down, and the ancient trick of screaming ‘fire’ to try and get everyone looking somewhere else. Continue reading
Normally I wouldn’t recommend anybody peruse the pages of the Rupertarian – because it simply isn’t good for you. The below isn’t good for you either, but maybe by looking through the sort of ideological bilge served up by one of Uncle’s gargoyles you will get a clearer sense of why you should stay clear – it is unsubstantiated one-dimensional ranting from the loony toon right wing at its best.
So be careful, and feel free to turn away whenever the grotesqueness of it all gets too much. Let’s take a look at something by Judith Sloan. In this ripper of a piece she spews venom on the potential for Malcolm, who has won an election for her side of politics, to not see eye to eye with her thoughts on Australian Industrial Relations. Continue reading
All eyes on inflation next week, but not everything is as it seems…
July 23 2016 – 12:15AM
Not everything is as it seems about Jess Irvine. She does reasonably regularly write quite informed and perceptive articles about a range of socio economic phenomena – notably housing. She also, however, regularly gets put in the role (often, as here, in the guise of filling in for the more overtly parallel universalism of Gitto) when she simply does not put what one assumes is a decent mind into gear, and serves up a plate full of exhortation and schlock. Continue reading
Another day and another serve of property spruiking bilge – once again on Chinese buyers, this time on reputation damage if the China buyer phenomena is questioned much at all.
Caution urged as foreign property investment faces political change
Jul 9, 2016 Emily Power
Real estate experts are cautious about the future of Australian foreign investment after the chaos of Brexit, the rise of Pauline Hanson and new tax hikes.
International property experts are cautiously watching the future of Australian foreign investment following the chaos of Brexit, the rise of Pauline Hanson and new tax hikes for overseas buyers.
Hanson and One Nation’s parliamentary allies could threaten international confidence in Aussie bricks and mortar and harm its reputation if their influence was to grow — under any Senate voting bloc with likeminded parties — real estate commentators believe.
A couple of days after an election which has produced a very tight result we now have Prime Minister Turnbull acknowledging some responsibility for not winning an election he was elevated to the Liberal leadership to deliver. Key amongst his ideas in an address on Tuesday afternoon was that there had been a ‘cynical abuse of trust’ by the ALP in claiming that the LNP coalition was looking to privatise some or all of Medicare, and that politicians and the media now had to consider the implications of this.
In part he is right. If the LNP was not planning to privatise anything with Medicare then it could be argued the ALP has ‘cynically abused trust’. But is he really suggesting that if he went back to his partyroom with an unquestionable parliamentary and senate majority there wouldn’t be any changes to Medicare which would amount to a reduction of it for many Australians? So how cynical was it? Was he not ‘cynically abusing trust’ in suggesting the ALP was trying to crash real estate prices by reforming Negative Gearing? For every Torynuff thinking ‘well the ALP was trying to crash real estate prices’ there would be an ALParatchik quite sure that the Torynuffs really do want to do Medicare in. How about the repeated use of the word ‘war’ by the Treasurer in describing the ALP’s position on jobs? Cynical? Abuse of trust? Or just errant bullshit? Neither Turnbull nor the Liberal party could honestly claim it was something arising out of only one side of politics.
A refresh session on the Bullshido of the Real estate lobby never goes astray, and is always informative. This hot serving came out of the Rupertarian.
Federal election 2016: property chiefs fight negative gearing change
12:00AM JULY 5, 2016
The nation’s top property executives will meet this week to consider their next moves in a battle against cuts to negative gearing, including whether to raise more cash for a fighting fund aimed at quashing support for Labor’s controversial plan.
A group of 19 real estate agencies, including Ray White, McGrath, LJ Hooker and Raine & Horne, spent hundreds of thousands of dollars on the campaign called Negative Gearing Affects Everyone in a bid to fight Bill Shorten’s plan to limit gearing to new housing.
You could imagine the mood in that meeting. Here is a load of mainly men who have spent large sums of money cluttering your letterbox, filling in your radio time with their message, paying the finest shills in the lend to exhort forth from the pages of the Rupertarian and Domainfax about the evils of limiting Negative Gearing to new construction only from mid 2017 – running long on the rising rents or collapsing prices – only to find……
A hung parliament (with half the hang having an openly stated policy of removing Negative Gearing from existing housing from mid 2017). Continue reading
I would love to get some of whatever the Pascoemeter has been on these last few weeks …..
Keep perspective – with our even voting, we are champions!
Read more: http://www.theage.com.au/business/insight/election-2016-keep-perspective–with-our-even-voting-we-are-champions-20160703-gpxsdn.html#ixzz4DQIJ3jzc
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July 4, 2016 – 1:11PM
BusinessDay contributing editor
Hold the political panic.
Weird as it may seem I haven’t actually detected panic stemming from the Federal Election yet, maybe a whiff from business types and bankers (scions of adapatable, brutal competition, reflexive capitalism generally) looking for ‘stability’ (good read on this here over at the Failed Estate – The Certainty Myth , but the general emotion I am coming across seems to be one of ‘about time’ or ‘serves them all right’
Here’s a surprising and rather comforting statistic: if you consider Australia’s modern era started in 1972, we’ve had roughly 22 years of Labor and 22 years of coalition governments.
Note to self, does Pascoemeter think history started when he lost virginity? Or the dawn of the Boomerocracy? If you go back 22 years from 1972 to 1950 we could say Australia’s had 44 years of Liberal/National and 22 of Labor. If you come forward 22 years to 1994 we could say we’ve had 8 ALP & 15 LNP – all interesting but what is he trying to say? Is Pascoemeter pinging a dart at a number which makes a point or filling another of his pieces with bullshit?