Abbott goes rogue, praises Labor on security

It appears a leadership spill is not far away: Tony Abbott has credited the Labor Opposition as being stronger on regional security that the Turnbull government in another speech which will further fuel the destabilisation of the federal Liberal Party. In an address to the Centre for Independent Studies, Mr Abbott has slammed the French submarines chosen

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Government welfare jobs mushroom

The bed pan economy is booming: The federal government’s largest department is to buck the trend of declining public service numbers and create up to 2000 new permanent jobs, the main public service union said on Wednesday The roles will mostly be in Centrelink, Medicare and Child Support Agency call centres around Australia, run by the


Creepy Pete begs One Nation voters to return

It’s getting pathetic now: Mr Dutton, considered a future leader of the Liberal Party, said he believed Mr Pyne had realised he had “made a mistake” and been “chastised” as a consequence after delivering the address to colleagues. “Tony’s right to point out that he feels that way (about Mr Pyne) and he would express that and


Alex Malley’s mess dogs CPA

What a mess the Naked CEO made: CPA Australia was warned two years ago that its new financial advice business would create a legal conflict of interest, leading the government’s regulator of professional standards to complain it still lacks “any clarity” over the basic governance of the nation’s biggest accounting body. CPA Australia Advice, which was


Employer groups lash Labor’s pledge to restore penalty rates

By Leith van Onselen Employer groups and the Coalition have slammed Labor’s pledge to restore penalty rates for retail and hospitality workers, claiming it will deter small businesses from hiring additional staff, thereby costing jobs. From The Australian: Bill Shorten’s pledge to overturn penalty rate cuts for retail and hospitality workers will generate uncertainty, harm job


China is still slowing

From Morgan Stanley: Impact of monetarytightening on growth to be manageable: Although the CBRC’s move will not affect domestic liquidity conditions directly, ithas affirmed policymakers’ continued monetary and regulatory tightening stance, which could lead to a continued decline in credit impulse in China. We expect growth will soften in 2H amid credit tightening and a


IMF backs NZ mortgage LVR restrictions

By Leith van Onselen The IMF has just come out and backed the Reserve Bank of New Zealand’s macroprudential policies. From Interest.co.nz: The Reserve Bank’s Loan to Valuation (LVR) mortgage lending limits appear to have put a cap on house price growth but haven’t reduced the risks borrowers face from rising mortgage interest rates, according


The rise and rise of group housing

By Leith van Onselen Eliza Owen, commercial research analyst at CoreLogic, has penned an interesting article in The Australian on the significant rise in group housing reported in the latest Census: The 2016 census data reveals how people are dealing with unaffordable housing in the capital cities: a rapid increase in group households. A group


Sustainable Australia fights back against population ponzi

By Leith van Onselen In the wake of the latest Census results, which reported a 1.9 million (+8.8%) surge in Australia’s population in the five years to 2016, driven by 1.3 million new migrants, Sustainable Australia’s president, William Bourke, hit the airwaves yesterday appearing on multiple radio shows to lobby for a cut to Australia’s


If you thought Dominfax was bad before…

Then prepare to gird your loins: Property classifieds business Domain is pushing into the home loan market with the launch of a mortgage broking service. The business, Domain Loan Finder, is a joint venture with online mortgage broker Lendi. Domain retains 60 per cent ownership of the joint venture and the amount invested has not been


David Uren mounts immigration sacred cow

By Leith van Onselen The Australian’s David Uren has penned an article in support of mass immigration and a ‘Big Australia’, claiming that it is central to Australia’s economic success and that “fertile, educated Asians are saving our economy”: Rising house prices and congestion on the roads could be blamed as readily on bureaucratic council planning


Australian dollar breaks out

Last night the Aussie battler ripped higher against the USD, breaking out, and firmed against EUR: It was strong as well against EMs: Given the weak USD, it was strange to see gold soft: Brent shorts are now puking: Base metals too: Big miners to the moon: EM stocks still stuck: And high yield: The


Pyne drowns in the Loon Pond

From The Australian: A clash over Liberal Party reform is about to give Tony Abbott a new platform from which to attack Malcolm Turnbull, amid growing concern over the former prime minister’s “frontal assault” on the government as it slumps in the opinion polls. Mr Abbott will join fellow conservatives this Saturday to debate giving


Three years to prevent climate change

Via The Guardian: Avoiding dangerous levels of climate change is still just about possible, but will require unprecedented effort and coordination from governments, businesses, citizens and scientists in the next three years, a group of prominent experts has warned. Warnings over global warming have picked up pace in recent months, even as the political environment


APRA about to tighten again?

A speech from Wayne Byers yesterday certainly sets such up (cut to the end for the money quote): WAYNE BYRES Chairman The American Chamber of Commerce in Australia Business Briefing, Sydney 28 June 2017 Thank you for the invitation to speak this afternoon. I intend to talk today about international standards and national interests.1 The intersection


Tim Gurner takes MB’s advice

Recall recently from property magnate Tim Gurner: “It’s an incredibly challenging time in the market, no question. We’ve got foreign buyer restrictions, lending restrictions and we’ve got a planning minister here [in Victoria] who is being difficult. And we’ve had 18 months of the press being negative about property.” “But I am pretty confident about the market.