Links 13 September 2017

Global Macro / Markets / Investing:








  1. Mortgage fraud? There must be visa fraud too:

    “Ms Shao was on a tourist visa and not qualified to carry out cosmetic work in Australia”

    Wonderful! And now the patient is dead.

    “degree at Guangdong Medical University”

    So if 3rd world degrees are better than British degrees, why do they come here to “study”? Why give them a bloody PR visa for doing a dumbed down Aussie “degree”?

    So we have “tourists” working illegally. We have “students” working illegally and their wives working legally. And we have “skilled” 457 visa staff working for illegal wages along with their wives and kids. No wonder wages and job opportunities have been totally shot.

  2. Gold Coast update.:FED.Steve Ciobo says he has lost confidence in G C Tourism CEO Winter after significant drops in visitor bed nights and spend on the Gold Coast. Seems bed nights are down 2% and spend down 4%, They say its cos punters can no longer afford a traditional holiday.
    Not surprising as house hold income is strangled and household savings are shrinking and it now takes 2 to pay a mortgage.
    Note: consumer spending underwrites around 60% plus of the economy. And many families can no longer find $200 for ready cash.
    The numbers show a $300 million decrease in visitor expenditure between 2006 and 2016.
    That is a 30% drop, and $30million a year decrease in visitor spending, year on year.
    So if the repetitive loss in visitor expenditure in the last 10 years was average of 30 mill per year, during the greatest boom and debt fuelled binge this nation has ever seen: my forecast for the recession now occurring, and due to deepen in 2018, the loss of visitor expenditure could go from 50 to 100 million per year. The coast wont be able to handle that magnitude of a pull back

    But the joint is to be saved by the Logies. The Logies and the Gold Coast are a match made in tacky heaven. If there was a Tinder for television, the Gold Coast and the Logies would create the most beautiful match imaginable. TV’s “night of nights” on on the “glitter strip”.
    Tom Tate, said he would embrace Australia’s “tacky industry” coming to his “tacky city”.
    But at least QLD lad Karl Stefanovic is staying away, he probably has already seen the ugly, rusty, tower blocks casting shadows on the beach and mostly everything gross the Gold Coast has.
    KS probably knows most of the people who win a Logie will, at some point in their career, end up performing at Twin Towns, a pensioner’s hovel where the careers of once-remarkable performers or their tribute acts, go to die. It only seems right that the Logie set takes the bus trip up the Pacific Motorway and checks out their retirement options.
    But G C Tourism CEO Winter says a new marketing campaign, wait for it, focused around the city’s coffee culture, dining scene and lifestyle offering is underway. Inspired, me, not.
    When the AUD goes to parity with the USD, the joint will look like Nevil Shute’s “On the Beach” as the punters desert in droves.

    BUST retailer Bubs Baby Shops has now closed with creditors owed $3.2 million.
    Hundreds of customers, expectant parents, with lay-by orders were given the option of paying extra cash to secure their goods or forfeit the deposits following the announcement. Owned by GC businessman Guy Hinze — the brother of GC supermodel Kristy Hinze and grandson of former Queensland and GC politician Russ Hinze — had been operating for 17 years.

  3. CEOs concerned about cost of housing in Auckland – NZ Herald

    By Tim McCready

    Housing affordability featured highly the Herald CEO survey, rating as the fourth greatest domestic factor impacting business confidence.

    CEOs scored the issue at 7.1/10 (where 1= no concern and 10 = extremely concerned).

    This year the annual Demographia International Housing Affordability Survey rated Auckland as the world’s fourth least affordable city for housing, behind Hong Kong, Sydney and Vancouver. … VIEW & READ more via hyperlink above …

    NZ PM spins housing failure. Promises first home buyer bribe – Leith van Onselen – MacroBusiness

    Ardern v English: Leaders’ house price claims face credibility claims | Rob Stock |

    Waipa mayor: Affordable housing problem remains unless attitudes change |

    • Rather interesting read out of the United States …

      Zoning for Failure | Builder Magazine | Affordable Housing, Development, Zoning, Legal Issues, Policy and Regulation, Robert Dietz, NAHB

      … concluding …

      … The question is what can be done? State governments could play a helpful role by requiring new local zoning rules to undergo cost-benefit analyses that are common for other regulatory policies. State-level policy review is appropriate because local land use rules ultimately determine development activities in nearby areas. And such review would certainly conclude that most land use regulations are terribly inefficient. If only affordable housing advocates and voices in support of property rights and growth could come together with trade associations, like local home builder and building industry associations, and push for reform. … read more via hyperlink above …

  4. Apple obviously think the AUD is headed downwards…

    New iPhone X USD price: $999 = AUD1245 (currently).
    Actual AU RRP: $1579. (= AUDUSD @ approximately $0.63)

    • The Traveling Wilbur

      Or it could be that the toe-munching ballsnaggers who make product pricing decisions in Apple for overseas markets are screwing this country yet again because they believe it’s full of feckless, herd-following dumbasses who’ll continue to buy blatantly overpriced shit that’s almost indistinguishable from the recently purchased overpriced polished turds they just sold them 9 months ago.

      Well: they’re probably right about that now that I think about it. And yes I got what you meant, but sometimes subtly just won’t do.

      MB: where a subscription is cheaper than therapy. But not beer.

  5. Good presos and panels last night in Brisvegas as well, gents, enjoyed it a lot.

    Picked up a copy of Game of Mates to read this weekend as well. Though I don’t know how identifiable Cam’s signature is. 😉