Shanghai crash arrives in Australian property

From the AFR which clearly didn’t get the memo from Domain:

Andrew Fawell​, director of the Beller Group, a diversified property group with offices in Shanghai selling Australian property to Chinese investors, said there is anecdotal evidence some investments could be axed because buyers have suffered heavy losses on China’s bourses.

…Westpac, the largest lender to overseas investors, is clamping down on offshore investors wanting to buy residential property. Its broker distribution division is writing to mortgage brokers identified as having a “higher percentage” of property lending to people not resident in Australia and asking that future applicants have an Australian residential address.

Brokers claim it is targeting Chinese buyers, who have been spending billions on residential property, particularly in Melbourne and Sydney.

As I’ve said previously, I was at the coal face during the GFC when many committed foreign buyers of Australian realty suddenly evaporated and banks responded by tightening criteria for developers reliant upon this bid for their product.

While the Westpac move is mild, if the Shanghai bust is not arrested this will get much worse and because it can only be arrested via not letting anyone sell it’ll get worse anyway.

David Llewellyn-Smith
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Comments

  1. Leverage is awesome. Nice to see the other side of this double edged sword on Aussie RE!

    • There’s a part of me that shares your opinion about it being “nice to see ” however I also great it as you just never know where the axe will fall, most will loose a finger or two some a head despite not being on the housing gravy train

      • McPaddyMEMBER

        You’re right, Z. But for those locked out by the madness, I suspect they’d rather take their chances with a crash than with the certainty of the current slow asphyxiation.

  2. Colonel Andrew Wilson will not be happy. His left flank (Age, SMH) is holding and counterattacking strongly, but his right flank (AFR) is looking ropey and at risk of falling back… Hold the line, hold the line
    Huzzah! Forward for, life liberty and tax breaks! Viva la burbuja!

    • “Forward for, life liberty and tax breaks! Viva la burbuja!”

      Don’t forget rate cuts. All this pessimism pressures the RBA to overlook the bubble right?

    • Once more unto the breach, dear friends, once more;
      Or close the wall up with our English dead!
      In peace there’s nothing so becomes a man,
      As modest stillness and humility;
      But when the blast of war blows in our ears,
      Then imitate the action of the tiger:
      Stiffen the sinews, conjure up the blood,
      Disguise fair nature with hard-favoured rage:
      Then lend the eye a terrible aspect;
      Let it pry through the portage of the head,
      Like the brass cannon; let the brow o’erwhelm it
      As fearfully as doth a galled rock
      O’erhang and jutty his confounded base,
      Swill’d with the wild and wasteful ocean.
      Now set the teeth and stretch the nostril wide;
      Hold hard the breath and bend up every spirit
      To his full height. On, on, you noblest English,
      Whose blood is fet from fathers of war-proof!
      Fathers that, like so many Alexanders,
      Have in these parts from morn till even fought,
      And sheathed their swords for lack of argument.
      Dishonour not your mothers: now attest,
      That those whom you call’d fathers did beget you.
      Be copy now to men of grosser blood,
      And teach them how to war. And you, good yeoman,
      Whose limbs were made in England, show us here
      The mettle of your pasture: let us swear
      That you are worth your breeding; which I doubt not;
      For there is none of you so mean and base,
      That hath not noble lustre in your eyes.
      I see you stand like greyhounds in the slips,
      Straining upon the start. The game’s afoot:
      Follow your spirit; and upon this charge,
      Cry ‘God for Harry! England! and Saint George!’

  3. ErmingtonPlumbingMEMBER

    Wow ,Wastpac is requiring future aplicants have an Australian residential address, thatll stop em! They wont be abla to work around that one.

    I still think we are going to see more wealth imigration into OZ capital cities and esp from China as The popularity of the “still successful ” becomes dangerously low there.

    • The Patrician

      OMG! an Australian residential address? The horror
      Westpac “clamping down”
      MP oz style lol

      • The Patrician

        Hi David
        Why have you never responded to repeated requests from numerous long term subscribers to restore the recent comments box and reattach the reply box to the relevant comment ?

      • +1 to that! Comments is a bit of a pain to use, especially on my little “MAN SIZE” phone! And the ability to access your previous comments & see replies on the website without having to log into email

      • An Aussie address, no problem with my new sharing economy website huber.com now you can leverage you address, keep the bubble going and earn a share of the profits……..
        (sarc)

      • McPaddyMEMBER

        Expect the level of difficulty to be similar to setting up a foreign iTunes account.

        The answer is so blindingly obvious. Full AML style verification of residency status with similar penalty regime facing the banks if they don’t do it. The banks have these systems already. Couldn’t be simpler. For the other enablers (conveyancers and RE agents) a watered down version that recognizes they don’t have the resources to set up a financial crimes compliance dept.

      • Westpac is looking out for Westpac, not Aussie FHBs or anyone or anything else – the obvious goals are plausible deniability, and a reduction in the number of homes on the books that could get forcibly sold by the government for less than the mortgage amount.

        Why should they spend their time worrying about AML and the rest? That really is the job of the regulator.

        If this move is insufficient for the PTBs at Westpac to feel that their posteriors are protected, more will follow, otherwise not.

      • They could just use one of the multiple existing homes they have already purchased in Balwyn as their address

      • Ok HnH, it’s just when I see anything relating to China, I reflexively think of it as the greatest example of pure corruption in the world today. Countries like India are too, but they are an order of magnitude of less importance, power, sophistication and reach. The start of the downward acceleration then.

      • interested party

        HnH,
        “You guys have won”

        Shame that it is such a Pyrrhic victory…..
        and it will take time to clean up the froth and spittle of some.

      • Even StevenMEMBER

        Nope – I’m still bearish. But I take your point. A good portion of MB seem to have given up.

      • We’re on the right path now HnH. Victory will be when I go realestate.com and can buy something for half the nominal price of today, which is where affordability begins.

        BBQ speak about how much each specufestor has in negative equity with the OO’s being very happy to have no equity but an affordable place to pay off over the coming years will be icing on the cake.

      • Peeps have been calling tops on this site for about 5 years – it’s as bad as Zero Hedge in here sometimes. Meanwhile Syd prop mooned.

        Let’s just say that I’ll believe it when I see it.

      • Ernesto Che Guevara

        Nothing compares to the United States for corruption.

        Nothing even comes close.

        Nothing even in the same vague galaxy as the institutionalised corruption of the US.

        The US imposed restrictions on selling.

        Where China has artificially pumped in Billions into their stock market the US has pumped in Trillions upon trillions.

        Where China manipulates currency, the US is on an order of magnitude a hundred times larger.

        Where China props up state enterprises the US simply overshadows them with insane levels of cash.

        And if all else fails the US does something China never does – invades, bombs, overthrows, and slaughters people on a mass scale.

        Claiming China is corrupt when you have the US sitting at the table is trite, risible crap.

      • Ernesto, sorry, I forgot about US corruption, but I didn’t know I was supposed to take sides..It’s the champ and China is the challenger for global corruption supremacy, while our politicians are ready to have their hands greased by anyone with loads of money. You know I’m an absolute opponent of the TPP which threatens this nation’s very sovereignty and yet the MSM and our greasy politicians can only talk about sugar. lol

      • @Ernesto Che Guevara,

        Concur, the propaganda in the states make Pravda look like a high school new letter and at least the Russians knew it for what it was, self awarded exceptionalism is psychopathic.

    • Wastpac is requiring future aplicants have an Australian residential address, thatll stop em!

      It’s a strong euphemism if you can read between the lines.

    • Residential address, is that correct? It is, good. 156 Residential Rd, Nowhere, NSW 2015.
      Oh, btw my postal address is PO Box 8888 Shanghai PR of China.

      For a while I was worried they’d done something.

  4. If someone could clarify this for me I’d be very grateful.

    Comparisons with the Japanese bust of 1991 are being made. That had a strong affect upon Australia, but was focussed on the commercial market. This Chinese bust is expected to affect the residential sector. But we are hearing anecdotal evidence that the real-estate that the Chinese are buying is being bought with hot money. Will this act as a dampener to the potential blow to the Australian property market?

    • Many Chinese are hurting in the Chinese financial markest, stockmarket and of course housing. As that spreads and intensifies, they’ll be having trouble organising finance for buying any assets outside China, whether in Vancouver, Sydney or London. The flow will begin to slow and that will hit the property markets as the boom time prices are predicated on ever rising infestor demand, having left fundamentals like rents long, long ago. Given that the locals are pretty much tapped out and the mining sector is just at the very beginning of a major wind down, whose effects can already be seen in Perth, and the car industry winding down fast, we have a perfect storm brewing.

      • Thanks,

        A follow up question. Can we expect to see houses that have already been bought going onto the market?
        I always recall the story of the farmer up in Cairns who sold for 5 million and rebought for 3 million when the Japanese bubble popped.

      • Ernesto Che Guevara

        Thanks captain obvious.

        The Chinese hot money, and real money got out well before the crash.

      • As even Gunna has pointed out Equity is a form of money e.g. specufuculation is just another form of creating money ex nihio, trick is to realize that as some form of gain before a correction. Seems the weaponization of finance for ideological reasons does have some unintended consequences i.e. time and space factors wrt regional salvos.

    • ErmingtonPlumbingMEMBER

      The Japs have one tenth the population and no desire or tradition of leaveing their homeland and joining cultural outposts in the Anglo-sphere.

      Look at the percentage of economic output owned and controlled by the resident Chinese in the Philippines and other SE Asian countries, compared to their perchentage of the population. Thats our future

      Maybe not such a bad thing really…….. it might make white Australians more understanding and sympathetic to all this Reconciliation stuff with our Aboriginal brothers and sisters.

      • Ernesto Che Guevara

        The Gold Coast was built on the back of Japanese wanting to live here in the 80’s and 90’s

      • ErmingtonPlumbingMEMBER

        Some, but more just liked to holiday here.
        The Japanese were Tourists, not settlers.

      • You are a rare student of history, the Chinese asset accumulation is happening so fast here, and the whiteys are completely oblivious. Give it forty years, China will have captured the whole country. Nothing but rise and fall of cultures, to cite a SEA example, Chinese have been in Thailand for 800 years, they’ve had a long time to consolidate.

  5. Thanks for joining us. Tonight: Newsflash. Chinese Illegal foreign investment in Aussie Property is up, but who cares? We interview Tao Le (fictitious) who tells us just how easy it is to buy up local Aussie property. Yep, you guessed it. This Chinese real-estate mogel is buying existing established Aussie homes illegally, snapping them up like whales devouring plankton, and our Aussie government are letting it happen. At last count, he now has 32 properties in Aus and plans on telling all his Chinese mates to get on the gravy train. And guess what? Not one of them is rented to anyone. They lay vacant like a ghost house, as evident by their water rates. It seems like every second street across every suburb of every major Aussie city is suffering the same disease. Well, they keep telling us we need to grow grow grow (why FFS?). And we must surely ge generating comparable growth in jobs right? (hope?).So much for helping local Aussie stock/supply. For those of us that dont know, established residential homes are predominantly off-limits for non-residents to purchase, but try telling that to the Australian political elite. Youd never know the gravity of the issue, at least, thats how our politicians want it to remain. In with the interview.

    Key: TL (Tao Le), RM (Red Martin)

    RM: Tao Le. Good evening, thanks for joining us.
    TL: Thank you.

    RM: How do the Chinese people see Australia?
    TL: Nice. Fresh air. Good farm. Dumb. Different to China. Good property.

    RM: So, is China none of those things?
    TL: Ha ha. You mean fresh air? No no no. We have big pollution problem. I had my child in hospital many times due to porrution-induced asthmatic symptom.

    RM: How do you see the Australian people?
    TL: A weak people. We like this.

    RM: Why weak, and why do you like this?
    TL: They weak because they sell country. We like because they sell to us.

    RM: How hard do the Chinese find it to buy houses in Australia?
    TL: Hard? No hard. Easy. We get help.

    RM: You get help? Help from who?
    TL: We see Australia good and very easy target for us to dump money. We dont trust Chinese economy. We lever Aussie with money.

    RM: Do the Chinese care if this flow of money into Australan property is distorting the Aussie property market?
    TL: We know this. But, we take care of self first. We did feel guilty, but like Aussie real-estate agents, Aussie boomer property investors, Aussie property lawyers and developers, oh, and your Aussie politicians, when enough money exchanges hands to them, and enough dodgy deals, the guilt go away. You must understand that. If Aussie market suffer, we not concern. Why should we? Aussie politicians for that we leave it to what they want to do. Maybe they should start doing that too ha ha ha. We find this funny. We would not let white trash, I mean, you Aussies do to us what we do to you. No no no. But we thank you for being so dumb ha. And signing with us, how you say, one-way traffic agreement.

    RM: You mean FTA?
    TL: Thats the one. We call it “Fake Treasonous Agreement” or “Fucked Trainwreck Agreement”. We thank much Andrew Robb for this. We saw on TV your Prime Minister clap him with FTA signing. We laughed. We could not fathom why he clap when FTA fuck Aussie people. All in China’s way the FTA. Very good for us. But for Aussie kid starting out in life, very very bad. No future for Aussie kid in homeland. He Andrew Robb maybe get noosed here. How you say treason against people.

    RM: What does that mean for China?
    TL: Abuse. Smorgasboard Australia. For the taking. We how you say, cherry pick all goodies in Australia and ship home, and leave your Aussie kid with not much. Aussie kid can thank boomer class for selling property, jobs, farms to us and boomer for not helping Aussie kid future by abstain from investing money in house investments but rather should have kept out of property market and help Aussie kid future by invest in Aussie innovation, industry, local business. You see, we in China know this important. Thats why we wont let Aussies sap our country like we sap yours. We amazed that Australia once smart, now so stupid. You need new system. You think we build artificial islands for sake of it haaha, You still befriend us.

    RM: What do you mean?
    TL: Aussie homes. Take Aussie jobs, farms, food, wreck infrastructure, assist in greater pollution (to make Australia land like China – yes no good).

    RM: What do you think of Aussie politicians?
    TL: We LOVE them.

    RM: Why do you?
    TL: They let us buy illegally in Australia.

    RM: Sorry? How?
    TL: Errr. I thought this common known. How you say, common knowledge. Dont Aussie know this?

    RM: So, with all these investments in Australia, what long term aims do the Chinese have for Australa?
    TL: We need farm for food in China. We need jobs for Chinese. We bring worker from China to Australia, and Australa politicians open their legs and let us take Aussie young jobs and give to us. We love Aussie politician.

    RM: But I thought the agreement stipulated that workers must be sourced locally first, and if any shortage, then and only then can Chinese workers be used?
    TL: Ha ha ha. Err. Maybe you need to reread FTA. This put there to appease and shut up local Aussie public. It pissweak. Token. We Chinese together in bed with Aussie politicians have fooled local Aussie public. Aussie politicans know general public powerless and sheep. Not enough brave people who truly believe they can stand up and fight against tragedy staring them in the eyes. Not my problem mentality. We in China see Australia as a collection of silos, not as a nation of people looking out for fellow man. Even us know measure of a society’s compassion is how treat most vulnerable. We sorry but move on please and let us devour you. They so stupid they think Aussie workers get a say. No. You wait. You see. China bring worker since cheaper than your worker. We are use to low pay so not problem. You Aussie boomers and politicians keep telling your kids to get job, low paid bullshit job leading nowhere since all jobs come to us now since all meaningful jobs what you say, offshored and outsourced. No jobs left for Aussie kids. Aussie becomng a zoo with baristas ahaha. Aussie country not much left but property. We have that for us so dont know what left for Aussie kids. You regurgitate dated cliches to your kids saying hard work pays off when no matter how many under-employed jobs your kids get, they cant work enough hours in a week to save the monumental deposit they need for shoebox, or for any dreams they may aspire to. Must crush ambition and have effect on self-concept, self-esteem. I see Aussie kids have understandable mental health problems in future since have been left behind, homeless in own country, capability-deprived. Maybe buy caravan ahahah. Anyway, Aussie kids you call lazy so deserve third world coming their way thanks to selloff of Aus by inaction of their supposed advocates in the boomer generation and politicans.. You know. Australia very skilled workforce. Why then, would there ever be a need for Chinese company to bring Chinese worker if local Aussie kid already has skill? Answer simple. Money. Aussie politician know this. Will stave off Aussie public outrage by fooling them by saying written in FTA contract to use local. But how you say…bullshit…not happen.

    RM: If I was to bring a 10 year-old Aussie kid here, and allow them to ask you why China is buying Aussie property illegally, and helping drive property ownership for his young generation out of their reach, what would you say to him?
    TL: I would say to Aussie kid, get used to being slave to rent, to living in place of birth but feeling forgotten, left on the side of the road, advocacy-devoid at the expense of power-monger boomers/politicans, to not having chance like predecessors did, and tell him he should not blame us, but his Aussie politicians/boomer investors that care more for me Chinese than him. Very strange. We in China find this mazing, but we cannot think or advocate and fight for quality of future for Aussie kid…we think of ourself. Aussie kid should be thought of by Aussies. It sad that not happen. I feel sad for Aussie kid, but cant stop taking home from them, since my kid future more higher important than Aussie kid. Aussie kid have poor prospect due to INACTION BY THOSE CURRENTLY EMPOWERED TO MAKE A DIFFERENCE FOR THEIR KID’S FUTURE BUT REFUSING TO. INSTEAD, THEY LEAVE AUSSIE STATE WORSE THAN THEY WERE LEFT IT. THEY HAVE THE POLITICAL INFLUENCE, THEY HAVE THE ACCUMULATED WEALTH (POWER) THEY JUST DONT THINK OUTSIDE THE STENCH OF THEIR OWN SELVES.

    RM: So, what does Australia get out of this deal, ths FTA, and why do you think the Australian givernment are not doing much to stop illegal investment?
    TL: Ha ha ha. Easy to answer. No bomb dropped on Australia. We have the bomb, we can nuke pissy Australia. You let us in, we handsoff you guys with bomb. We know Australia fears us, they need what they can from us with their minerals, so we screw them hard. It feel good to screw white trash very hard with little dick. You see, reverse-racism we know. Aussies too busy finger point each other with what you say, political-correctness, so all Aussies cant tell truth without being called racist. How dumb are these skippy kangaroo? Sorry if offend you Red Martin. Aussies told by dumb politicians that ISIS and terror are coming to them, a ploy by Aussie politicians to breed fear and smokescreen, distraction from things actually changing power-base in Australia. Rise of red dragon. Lower living standards for Aussie kids as cost of living rise. We see poor Aussie paying international prices for their own gas, of which Aussie biggest producer in world and we feel sorry for Aussie little people.

    RM: Do you think you will be able to continue to buy up illegally, Aussie property, given the Australian government wants to clamp down on it?
    TL: Yes. Forever. As much as I can. All my friends doing it too. We get boomer investors on side by giving them high money for their home investments. They just care about money nothing else. They dont worry what ramification of their action in broader Australan society.

    RM: But the Australian government plans to make it tougher?
    TL: Hahahahahaha. Please forgive me. That is funny. You mean giving this board more power? And what Kelly O’Dwyer doing? See we know her name. We one step ahead. We have a lot of money. Hahahaha. Or increase penalty, tax, or interest rate? Hahahaha. Unless they make interest rate 80%, or hang us like they do in China, we keep buying. We have so much money. Little increase in % is very funny. It wont do nothing. See, we see this as weak country with weak power. Aussie politicians in bed with us. They do something to get local Aussie public off their back, but only a little pain for us so not hurt us.
    We love Aussie politician. They care about China more than their own place of birth and birthplace of their children and their children’s generation. Come to think of it…they are nasty piss of work.

    RM: What should Aussie mums and dads say to their kids who will never have the chance to buy property?
    TL: I would tell parents to say to their kids leave dumbum Aussie backward nation. Australia really run by us Chinese now. We will keep buying up property and our political influence in Aussie policy will grow to point where Aussie kids be on streets or not good life quality. Nearly point of no return now. How you say horse bolted! If parents want Chinese out, then all Aussies need new politicians and new constitution. Too many pig’s heads in trough. Broken busted dated system no longer work. Even ABS statistics all skewed and unauthentic in favored bias for political motives. Hard to know what truth is any more.

    RM: TL. Thanks for your time, and good luck.

    This is Red Martin, reporting from a once smart prosperous country, but now the arse-end of the world where its politicians think less of Aussie kids’ futures than vermin.

    ———————————————-

    RM: Well. There you have it. Like it or not. It’s happening. The once dream of buying a home is gone for your kid and mine. We just have to accept that our kids have a right to put a bullet in all of our heads for allowing this all to hapen and getting the politicians we all deserve.
    So what have we learnt?

    Your Australian politicians have proudly……………..
    Sold Australia off. Put Australan children last. Putting overseas interests before our own. Murdered our youth’s aspirations. Kicked the can of debt dien the road, past/bypasding boomers, onto your kids. Opening the floodgates to immigration. Clapping their hands together in their efforts to impoverish Australian kids futures. Made sure our kids work for shite $, have sweet FA chance of saving fr ANYTHING, no matter how fricking hard they work, since the cost of living now makes Australia THE MOST EXPENSIVE country on Earth. Will keep preaching to us that with hard work, things will pay off….an unfortunately dying dated cliche….. Made you feel like a RACIST just for questioning overpopulation. Advocate stronger for 457s than your children.

    IF POLITICIANS TRULY WANTED TO ADDRESS HOUSING AFFORDABILITY, THEY DAMN WELL COULD. HOW SHOULD THAT MAKE AVERAGE JOEBLOWS LIKE US FEEL? THOSE OF US THAT DONT WANT TO AMASS A PROERTY PORTFOLIO, JUST WANT EVEN A GLIMMER OF HOPE THAT MAYBE ONE DAY, THE LITTLE HARD-WORKING AUSSIE WORKER CAN PLAN TO BUY A MODEST PLACE SOMEWHERE.
    IF PEOPLE DINT KNOW, IT HAS NEVER EVER BEEN MORE OUT OF THE REACH OF MOST YOUNG PEOPLE – THAT OF PROPERTY OWNERHIP. JUST LOOK AT HOUSE-PRICE TO INCOME RATIO FOR FACT. IF AUSTRALIA BELIEVES IT IS NOT IN THE INTERESTS OF ITS YOUNG CITIZENS TO BUY PROPERTY, THEN SURELY, AS A RESPONSIBLE NATION, YOU WOULD HAVE PEOPLE ADVOCATING STRONGLY IN THE MEDIA TO NOT GET ON THE PROPERTY PONZI SCHEME. INSTEAD, WE ARE SUFFOCATED BY ADS SAYING INTEREST RATES HAVE NEVER BEEN CHEAPER, ITS NEVER BEEN A BETTER TIME TO BUY ETC…..
    NO……THE TRUTH S…IT HAS NEVER BEEN MORE EXPENSIVE EVER THAN NOW TO BUY…..SO KIDS…..MY ADVICE…EVEN IF YOU CAN……DONT….IT IS A RORT……. IT’S ABSOLUTELY SICKENING THE LACK OF TRUE ADVOCACY FOR OUR KIDS AND YOUNG PEOPLE.
    POLITICIANS ARE CHOOSING NOT TO ADDRESS THIS…WHICH MEANS THEY DISRESPECT THE GENERAL PUBLIC THAT MUCH, THEY BLATANTLY KNOW THEY CAN CONTINUE TO TURN A BLIND EYE TO ILLEGAL PROPERTY INVESTMENT, ALLOW RE MAGGOT C..TS TO CONTINUE THE RORT, ALLOW INVESTORS TO KEEP PLOUGHING THEIR $$ INTO IT. THEY ARE OPPORTUNISTICALLY EXPLOITING THE REAL ESTATE MARKET…..AND WHO DO TOU THINK S GOING TO BE THE WORSE OFF FOR THIS???OUR YOUNG.

    WE ALSO HAVE ANOTHER BABY BOOMER WHO FOR A FEE, WILL, SOME WOULD SAY, SELL HIS SOUL FOR A COMMERCIAL ABOUT THE INTERGENERATIONAL REPORT – SUPPOSEDLY ARGUING THAT OUR WAY FORWARD IS IN I.T………TAKE IT FROM SOMEONE WHO KNOWS…..THE IT INDUSTRY IN AUSTRALIA IS BEING D…E…C…I…M…A…T…E…D…….THINK OF BOOMER BUZZ WORDS AND YOU’LL COME CLOSE TO THE REASONS WHY……..COST INITIATIVES, BUSINESS IMPERATIVES, VENDOR MANAGEMENT, PROCESSES, HUMAN REMAINS (I MEAN LAWYERS FOR THE COMPANY, SORRY I MEAN BS HUMAN RESOURCES), PRODUCTIVITY, EFFICIENCIES, RATIONALIZATION, DE-DUPLICATION, SIMPLIFICATION, TCO, AUTOMATION, OUTSOURCING, OFFSHORING, AUTOMATION…….YES….ALL “INNOVATIVE” IDEAS THAT WILL SOON BELONG IN THE “C…L…O…U…D”….AND IN THE HANDS OF ECONOMIES THAT CAN STILL EXPLOIT BY LOW WAGES, WITH CHANGE FOR CHANGES SAKE BUILT ON PREDOMINANTLY BOOMER-LED INITIATIVES THAT MEAN SWEET FUCK-ALL OTHER THAN SELF-GELNERATED KPIs, A PAT ON THE BACK, MASSIVE BONUS, MASSIVE LAYOFFS, THEN THE BOOMER BRIGADE MOVES ON TO THE NEXT COMPANY AND DESTROYS THAT ONE WITH THE SAME PRECISION.

    4 songs come to mind:
    1.”TNT” by ACDC (funny how the next thought is politicians)
    2.”Kill it” by Fight
    3.”Damage Inc”. By Metallica
    4.”Angel of Death” By Slayer
    Give em a listen. Australians need to fill with rage about what us happening to our once lucky country.

    If you vote liberal, labour, greens, independent, in fact, any growingly irrelevant but damaging nonetheless pilitical part, THEN YOU ARE ALL PART OF THE PROBLEM. THEY ARE ALL F..cked! Vote NONE OF THEM…THEN SEE THE BACKLASH.

    Our current political shitheap bunch from all persuasions drive this TRAINWRECK THAT IS AUSTRALIA. But they have an out-clause ticket pass, unlike the rest of us which do not. When the shit really hits the fan, try finding any politician? They will have fled this now 3rd world disaster in the making.

    VOTE FOR NO CURRENT POLITICAL GROUP. THEY ARE ALL CONSPIRATORS IN A CONSTITUTION THAT IS FAILING US AND WILL FAIL OUR KIDS. THIS WAY IS DATED, IRRELEVANT, SUICIDAL. VOTE FOR A NEW WAY.

    FFS things like Isis is a distraction (Abbott “theyre coming” WTF???) Illegal foreign investment is HERE and thriving. Mental health and misery growing. Who gives a fuck right? As long as im ok. As long as my little insulated comfortable bubble is fine. NO. NOT OK. Not a society worth living in, nor raising kids in.

    Where do you think we honestly rate as a nation that helps our fellow Aussies?

    Silo she’ll be right egocentric cowards we have become, who love procrastination. We need a firecracker under our asses and a MASSIVE hit between the eyes. Lets hope its not a knockout blow, but a wakeup call.

    And our bastard politicians want us to hand over more f..king money for them to waste? How crazy are we that we would dutifully ENTRUST these imbeciles to START doing the right thing with the taxes we wilfully provide them? A serious discussion surely has to be first had on SPENDING rather than revenue raising, and instruments and measures implemented that truly give adequate holistic visibility to how these same fucks waste our $$.

    I say DON’T TRUST THEM. DONT VOTE FOR ANY POLITICAL SIDE. BRING ON A MASSIVE SHOCK SINCE NOTHING ELSE IS MAKING REAL CHANGE FOR THE PEOPLE THAT NEED IT MOST. DONT TRUST A BUSTED SYSTEM. WE NEED A NEW BREED OF POLITICIAN (Anti self-serving, anti vested-interest, truly advocating for and representative of us).

    OUR SYSTEM IS BROKEN.

    IT NEEDS OVERHAUL.

    Just my 2 cents. Maybe some elements of truth here in this spiel, maybe not. But what i do know s that the current trajectory for Australa aint where i want my adorable little family to be, nor other families doing it tough out there in the real world, not in bubbledom.

    But then…….WTF would I know?

    I’m just an average joeblow, that is a single-income family supporting a beautiful little family of 5 that rents and pays their way, trying to advocate notsomuch for myself, but for my children and their generation. I find the time to write this by sacrificing sleep because I want like-minded people to just do something, anything, if you believe that Australia is heading south like I do. I dont want my kids to have less opportunities than me, live in a lower standard of living society, nor live in a country that values their future as poorly as what our empowered lot do at present. If that means that for future gens welfare is considered, that a massive bust needs to happen, then let’s have it now and sort this crap out NOW.

    They all have a vested interest in allowing illegal foreign property investment. Ask Nick Xenophon how many investments he has, or all of them for that matter. The FIRB in reality stands for Fucking Idiotic Rort of Below-average public. These bastards have willingly allowed people to invest invest invest in a market that adds no long term fiscal/economic benefit to Australia. All it has done is price youth out of the market, make property investors wealthier, fuel the growing divide between haves and havenots, and kill a once-realistically achievable dream…they have murdered that.

    When my kids/your kids ask me/you……..
    “Did people used to be able to afford homes? Wow that’s amazing!”, or
    “Dad, I work so hard, I work 60 hours a week, and cant save a penny, let alone save for a housing deposit or holiday”, or
    “Dad, it would be really nice if I didnt have to stand and put my hand up in the middle of the train carriage to keep my balance while the train is moving”, because our train system is like sardines, or
    “Dad, did you ever have only one job you did full time in a week? That sounds easy”.
    I will feel like crying.

    Rotten bastards. A few culprits here.

    Australia – backward, visionless, serves one.

    ……………………………………………………………

    “The people do not know what is going on, neither should they be allowed to find out”
    “When things get tough, you have to lie”.

    …………………………………………………………….

    Yes I went on. No apologies. I’m not that clever. And nor afraid to state it. FFS. Anyone have a crack?

    Good health, luck. Take care all.

    S.

    • Steernorth,
      You are clearly racist and seem very stressed.
      I suggest you head down to your local Rub n Tug and your stressed will be relieved and you will see why the Chinese are good for this country.

    • I’m ethnic Chinese and I don’t find this racist at all. You are 100% correct on Chinese intentions and mentality here. The current generation of Australian’s have no one to blame but themselves.

      • Hi mahilbras.
        I have Chinese friends.
        I can assure you, I am nowhere near the term used there, no matter what other people may say.
        I totally expect a lot of shallow people to do what many do (choose the easy option of denoting me in that way).
        Whatever the people do to ignore the underlining message I am trying to convey by conveniently opting out of the true issues exemplified here, just suggests one’s preoccupation with dissection for its own sake, and the fact they probably have too much spare time in their hands.
        Take care of yourself.

    • Steernorth,

      Responding again as your post resonates with me, a day on. Your reply deserves its own blog post, but just some tips here: 99.99% of folks (this site, anywhere) look at the length of your post and immediately give up. I know you want to make an important point, but the approach must not challenge the patience of the target audience.

      Some personal background here: I work in IT, pay my fair share of tax, have an owner occupied mortgage, don’t negatively gear. The people I work with are all well educated, but “heads in the sand”, a well minted phrase in these kinds of forums comes to mind. They all view Chinese as the people who eat dogs and make iPhones. The boomer managers are preoccupied with their European tours and IP renos. The young ‘uns are preoccupied with planning their European tours. Whenever a Chinese business opportunity comes up, they’re dismissive “I don’t understand why we’re getting involved in this, they will just reverse engineer our software and take our IP”.

      If you haven’t done so already, do your kids a favour and expose them to the cultures on their doorstep. At least, they would gain an understanding of Australia’s probable future, which is certainly not our inclusion in the Euro(vision)zone. Regards.

      • Hi mahilbras,

        Thanks for taking your kind time to respond to me. You are right about my length – I go on too much…my little spout which won’t make a dent but I do it because I truly want a better Aus for our kids. The current inaction and vision (less) is worrying to me, but my wife keeps telling me you can’t change the world, so why bother. I bother because a lot of people share my wife’s view, and look where that is getting us. I’m not averse to immigration, but I am averse to opportunism and putting our kids last. I hear your point about exposing my kids to what is on our doorstep. I am doing things in that regard now, since I do accept a probable future re that. And to a point I embrace it, but fundamentally oppose other things that I feel are deliberately not being addressed.
        Anyway, whatever I say, it won’t make the slightest bit of difference it seems. Such is a decision that I have no doubt will come my family’s way in the not-too distant future, of leaving Aus. Thanks for your feedback and have a great weekend. BTW I’m not r.c.st :>)

        S

  6. Shouldn’t Westpac and it’s broker plant be made accountable for lending and knowingly facilitating illegal purchases?

    Perhaps I am too hopeful because we have agents and banks and all hangers on, who could be held to account.

    Problem too big.

    Pity the days of pitchforks are gone…

    • This will stop once those of Asian descent demand appropriate controls to remove all doubts of illegal behaviour AND a few thousand foreign crims are prosecuted and stripped of their proceeds of crime. This needs to be very public.

    • How much money launderers GDP you think there are in China. Only party officials cars about launder money. They are swamped by many times more retail investors who are expecting 10%-20% returns on their investments.

    • ErmingtonPlumbingMEMBER

      Like the irish in the 19th century the Chinese have a long history and tradition of fleeing their homeland and moving adroard, especially during the many periods in Chinese history, when rapacious central government’s in Peking/Bejing start stealing the populations wealth.

      I see this housing afordability issue in the capitals more entwined in our imigration policy than investment policies (though thats sill a big fact for sure)
      It’s large scale WEALTH IMIGRATION that is the main cause of this bubble and yet you dont here the media or politicians ever discuss this fact and instead have this meaningless de-facto imigration debate centred on Refugees.!!!!

      I was interested to here that along with copying Abbotts turn back the boats policies , Labor was going to double the Refugee intake (Good) but it had me wondering if Labor might cut back the wealth immigrant numbers at the same time if elected?

    • I want our new Chinese overlords to feel at home here in Melbourne, and that’s why I am rude to them at every opportunity.

  7. Who gives two hoots what this nobel prize winner thinks.
    Dr Wilson says its not a bubble.

  8. They’ll just be back to the races again once Chinese Gov pumps record-er stimulus into the ecomony and the hot money once again seeks it’s home.

  9. lol if I’m laying down a couple of mill I’m sure I could rent a place for 400 bucks a week somewhere for six months and leave that empty too!

  10. I don’t particularly care if the Chinese buy property here or not, but I’ll pleased to stop reading about it.

    • Ernesto Che Guevara

      I think its pretty obvious you don’t care about anything that doesn’t leave the metalic residue of gold dust in your pockets. There is a word for people who don’t care about anyone else or society at large outside of their own self interest – sociopath.

      Something I would not want to know about myself when spending time with my family or lying alone on my death bed. Sad way to live really.

      • ErmingtonPlumbingMEMBER

        Calling 3d a self interested, sociopath,…is a bit unfair, he is after all, just doing his job.

        However when ever i read his posts, i do here the voice of Andrew Bolt in my mind.

        Thats not to say I think 3d is a prick though.

  11. I’m a bit worried about Westpac’s move.. it’s funny that there’s a more stringent ID process when registering a prepaid mobile phone than buying existing residential properties

    I’m quite concerned about the share market impact on my ability to sell my home in the golden triangle of Melbourne for $3 million.. I mean there was an auction that actually passed in last weekend in Glen Waverley.. the crowd was confused, never seen anything like it

    • I’m in the Pacific for work – set up an account with a money transfer service. I can only transfer up to $1000aud before I have to verify my identity and address with a passport (due to money laundering legislation)
      Did make me chuckle – thinking of the money laundering in my good ol home town…

  12. Futile exercise to stop money from coming into the country. People especially rich are going to move from a developing or third world country to a developed country like Australia. Chinese might be the most in number but they will come from everywhere. Vietnam, India, Cambodia, Africa. Instead of worrying about demand side, start thinking about the supply side and how to make money from this.

    http://www.firstpost.com/business/61000-indian-millionaires-moved-abroad-last-14-years-reveals-report-2364452.html

  13. TailorTrashMEMBER

    “I do not agree that the dog in a
    manger has the final right to the manger even though he may have lain
    there for a very long time. I do not admit that right. I do not admit for
    instance, that a great wrong has been done to the Red Indians of America
    or the black people of Australia. I do not admit that a wrong has been
    done to these people by the fact that a stronger race, a higher-grade
    race, a more worldly wise race to put it that way, has come in and taken
    their place”
    Sir WinstonChurchill

    And while we are at it Perhaps we should change the name of this country from Australia to South Tibet ……..

  14. I would not be surprised that Australia Governments are very happy with property being bought illegally by foreigners (not necessarily laundering money). For example, stamp fees are being paid. Saying that I believe that the Australian Federal government is simply biding its time, waiting for the right time, probably after the next property crash or next Australian recession, to promptly determine which houses were bought illegally. One that is determined the Australian Federal government will share relevant data about the owners with the appropriate foreign governments culminating in the money coming from forced sales of the property in question to be appropriately shared between the Australian government and the appropriate foreign governments. My understanding is that the Australia Federal government has already made agreements with numerous other governments, including China, to allow this to happen. I would guess foreign governments will investigate the people mentioned very closely. Such investigations may of course lead to it being found that the money was being laundered.