Links 24 April 2018

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Unconventional Economist

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  1. CENTRAL BANK OF IRELAND GENERAL LOAN CAP 3.5 TIMES INCOMES …

    … Why over recent decades have the Australian and New Zealand banking and finance sectors failed to responsibly advocate for sound housing markets and associated responsible lending ? …

    … Dysfunctional housing markets and irresponsible lending go hand – in – hand …

    Mortgage Measures | Central Bank of Ireland
    … also … access background research …

    https://www.centralbank.ie/financial-system/financial-stability/macro-prudential-policy/mortgage-measures

    … Normal housing markets do not exceed 3.0 times annual household income (median multiple) … requiring sensible mortgage loads of 2.5 times annual household income … refer …

    Demographia International Housing Affordability Survey: All Editions

    http://www.demographia.com/db-dhi-index.htm

    … also …

    The Economic Implications Of Housing Supply – Edward Glaeser & Joseph Gyourko

    https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.32.1.3

    • The Effect of Zoning on Housing Prices … Reserve Bank of Australia Discussion Paper

      https://www.rba.gov.au/publications/rdp/2018/pdf/rdp2018-03.pdf

      The Urban Containment Effects (Zoning Effects) On Australian House Prices (RBA Report) … Wendell Cox … New Geography

      http://www.newgeography.com/content/005921-the-urban-containment-effect-zoning-effect-australian-house-prices

      … extract …

      • In Sydney, the urban containment effect adds $489,000 to the house price making the annual mortgage payments $29,000 higher. Figure 4 shows the components of the average house price in Sydney.

      • In Melbourne, the urban containment effect adds $324,000 to the house price, making the annual mortgage payments $19,000 higher.

      • In Brisbane, the urban containment effect adds $159,000 to the house price, making the annual mortgage payments $9,000 higher.

      • In Perth, the urban containment effect adds $206,000 to the house price, making the annual mortgage payments $12,000 higher.

      • No data is available for Adelaide, but the present median multiple (median house price divided by median household income) suggests that urban containment effect adds at least $13,000 to the mortgage. … read more via hyperlink above …

      … When do the authorities in Australia and New Zealand intend to restore normal housing markets … so normal banking and finance sectors can be restored as well ?…

      The royal commission changed this week — from awful and dumb to utterly shocking – ABC News (Australian Broadcasting Corporation)

      http://www.abc.net.au/news/2018-04-21/royal-commission-changed-this-week-awful-to-shocking/9681942

      • Keeping a roof over my kids’ heads is impossible … Rachel Miller OPINION … Fairfax / Stuff New Zealand

        http://www.stuff.co.nz/business/property/103316320/keeping-a-roof-over-my-kids-heads-is-impossible

        It’s not just mums with six kids to six different dads who are on the streets. It’s not just non-working parents who struggle.

        It’s not only addicts, or people with huge amounts of debt who find themselves with nowhere to live.

        I’m a mum of two. I work, I pay my rent, I clean the house and I don’t smoke, don’t party and don’t own pets.

        Yes, I do have two children, which I realise is my choice. I make sure they don’t miss out on the basics: I pay my bills, they’re fed and clothed. I’ll also point out that when I had them, housing was affordable and findable – I didn’t see a crisis looming. … read more via hyperlink above …
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        A generation of mortgage slaves: Auckland’s house prices leave home owners mired in debt … Helen King … Stuff / Fairfax New Zealand

        https://www.stuff.co.nz/business/103205338/a-generation-of-mortgage-slaves-aucklands-house-prices-leave-home-owners-crippled-in-debt

        Auckland first-time home buyers are being set up for a lifetime of debt and could struggle to save for retirement or raise a family, a housing expert says.

        Home affordability campaigner Hugh Pavletich believes the true definition of affordable housing is three times a household’s income. But in Auckland the price boom has seen that figure soar to 8.2 (HP correction 8.8 times … refer http://www.demographia.com ).

        Pavletich said this meant buyers were paying on average $552,300 more than was affordable, forcing them to pay higher deposits and mortgage … read more via hyperlink above …
        .
        .
        … Recent history … Bloomberg report … 30 August 2017 …

        Housing Affordability Fires Up New Zealand’s Voters – Bloomberg – 30 August 2017

        https://www.bloomberg.com/news/articles/2017-08-29/kiwis-defeated-by-crazy-house-prices-create-vote-battleground

      • Q&A: Is Australia still the land of the fair go when it comes to the banks? … Australian Broadcasting Corporation

        http://www.abc.net.au/news/2018-04-23/q&a:-is-australia-the-land-of-the-fair-go/9688632

        Has the idea of Australia as the land of the fair go simply become folk lore, or do we really live in an egalitarian society?

        That was the focus of a Q&A panel on Monday night, and a discussion of class in Australia took no time in addressing those on opposite sides of the royal banking commission. …

        … John Roskam, executive director of the Institute for Public Affairs, alluded that the banks’ misconduct was allowed to go on for so long because they were held above the law.

        Mr Roskam said the Australian Securities and Investments Commission (ASIC) — the banking watchdog — failed to enforce the law on the banks.

        “You can have all the laws you want against unlawful behaviour but if from the very top of the board there is not a culture of respect for customers and clients, we are going to get this sort of problem. … VIEW & READ more via hyperlink above …
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        In case you had not viewed this earlier ABC report … …

        Early March: ABC’s The Business does liar loans – MacroBusiness Australia

        https://www.macrobusiness.com.au/2018/03/abcs-business-irresponsible-mortgage-lending/
        .
        .
        I had touched on the matter of lending multiples earlier …

        Lessons from the 2007 Irish housing crash … the severe costs of multiple stretch …

        https://www.macrobusiness.com.au/2018/02/nab-tightens-loan-income-limits/#comment-3052010

      • Auckland MÄori Housing Summit to focus on development opportunities | Voxy.co.nz

        http://www.voxy.co.nz/national/5/309160

        … extract …

        … Hon Phil Twyford acknowledged the seriousness of the housing crisis for Auckland Māori with the home ownership rate among Māori now tracking below 30%. The Minister highlighted the impact this has on intergenerational wealth and resources, reducing opportunities to accumulate wealth to pass on to the next generation. This creates critical long-term impacts that must be addressed. … read more via hyperlink above …

        … NOT MENTIONED BY PHIL TWYFORD AT THE SUMMIT…

        … WHY ? …

        Housing – New Zealand Labour Party

        https://www.labour.org.nz/housing

        … extract …

        … Remove barriers that are stopping Auckland growing up and out

        Labour will remove the Auckland urban growth boundary and free up density controls. This will give Auckland more options to grow, as well as stopping landbankers profiteering and holding up development. New developments, both in Auckland and the rest of New Zealand, will be funded through innovative infrastructure bonds. … read more via hyperlink above …

        Keeping a roof over my kids’ heads is impossible … Rachel Miller … Fairfax / Stuff New Zealand

        http://www.stuff.co.nz/business/property/103316320/keeping-a-roof-over-my-kids-heads-is-impossible

      • Keeping a roof over my kids’ heads is impossible … Rachel Miller … Fairfax / Stuff New Zealand

        http://www.stuff.co.nz/business/property/103316320/keeping-a-roof-over-my-kids-heads-is-impossible

        A generation of mortgage slaves: Auckland’s house prices leave home owners mired in debt | Stuff.co.nz

        https://i.stuff.co.nz/business/103205338/a-generation-of-mortgage-slaves-aucklands-house-prices-leave-home-owners-crippled-in-debt

        Auckland first-time home buyers are being set up for a lifetime of debt and could struggle to save for retirement or raise a family, a housing expert says.

        Home affordability campaigner Hugh Pavletich believes the true definition of affordable housing is three times a household’s income. But in Auckland the price boom has seen that figure soar to 8.2 (HP correction … actually 8.8 … refer Demographia Survey Schedules … http://www.demographia.com/dhi.pdf ).

        Pavletich said this meant buyers were paying on average $552,300 more than was affordable, forcing them to pay higher deposits and mortgage. … read more via hyperlink above …

      • United Nations calls on NZ to adopt human rights-based national housing strategy | Stuff.co.nz

        https://i.stuff.co.nz/national/politics/102830739/united-nations-calls-on-nz-to-adopt-human-rightsbased-national-housing-strategy

        Housing Minister supports UN call for housing strategy | Māori Television

        http://www.maoritelevision.com/news/politics/housing-minister-supports-un-call-housing-strategy
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        Rodney Dickens says section prices are the key to solving the housing affordability problem, not higher density around transport hubs. He warns against force-feeding in areas that won’t deliver the intended outcome … Interest Co NZ

        https://www.interest.co.nz/opinion/92556/rodney-dickens-says-section-prices-are-key-solving-housing-affordability-problem-not

      • Demographia International Housing Affordability Survey: All Editions

        http://www.demographia.com/db-dhi-index.htm

        2018 14th Annual Demographia International Housing Affordability Survey

        http://www.demographia.com/dhi.pdf

        … INTRODUCTION SECTION … HUGH PAVLETICH MESSAGE …

        … POLITICAL PROGRESS IN NEW ZEALAND …

        ‘My home country New Zealand is the global leader in dealing with political impediments, so that the supply of new affordable housing is restored.

        The public conversation to restore affordable housing began in earnest early 2005, with the release of the 1st Annual Demographia International Housing Affordability Survey .

        Back in 2007, then Opposition Leader (now Sir) John Key made it clear within this interview that lack of land supply was the major problem.

        This has been a near 14 year process of evolutionary change, with the engagement of the public and responsible media.

        In turn this has pressured politicians to respond.

        Public opinion is the driver, as increasing numbers of New Zealanders better understand the true costs of unnecessary politically induced housing inflation to themselves and their wider families.

        The initial advocacy phase ran through to October 2012, with the major Government announcement to focus on land supply, infrastructure financing, process and construction costs.

        Over recent years broader consensus ( more , more ) has taken place.

        To illustrate further, just prior to Christmas 2017, Stephen Sellwood of Infrastructure New Zealand and Bill Evans of major builder Flatcher Living repeated again, that the focus must be on land supply and the appropriate debt financing of infrastructure.

        We are now moving to the implementation phase, with a recent change to a centre – left Labour led reformist government.

        Historically in New Zealand, Labour has been the political party of reform.

        More extensive information is available at my archival website Performance Urban Planning . Note in particular the Prime Minister Jacinda Ardern / Housing Minister Phil Twyford section near the top of the=is website, to better understand the new governments proposals to restore housing affordability.’

      • First time buyers prefer houses … not apartments … h/t GF …

        CoreLogic: First-time buyers prefer houses … OneRoof

        https://www.oneroof.co.nz/news/34082

        … extract …

        … However, it seems that houses and other forms of housing, like townhouses, still resonate more with first home buyers.

        CoreLogic Head of Research Nick Goodall says: “While we’ve seen first home buyers begin to modify their expectations in regards to sacrificing the quarter-acre dream, it’s mostly shifted to townhouses and other ‘shared wall’ properties rather than apartments.

        “The latest data shows roughly 10 per cent of apartment sales go to first home buyers, while for flats and houses it’s roughly 23 per cent of each.”

        Apartments also do not match houses when it comes to sales performance. The latest CoreLogic Pain and Gain Report provides an analysis of homes re-sold over the previous quarter. … read more via hyperlink above …

        EARLIER REPORT …

        The future Auckland market – who, what, when and where … Barfoot & Thompson

        https://www.barfoot.co.nz/news/2016/march/future-auckland-market

        The home ownership dreams of young Aucklanders bear a striking resemblance to those of previous generations, according to the second installment of a new survey looking at their future living plans. … read more via hyperlink above …

  2. Luxury homes to be exempt from foreign buyers law?

    Hallelujah! It’s raining men! Hallelujah!

    Seriously, rich immigrants do not come here to work in restaurants for $10/hour – if anything, they would hire a butler and go shopping at the local Gucci outlet. These are the kind of immigrants we should be welcoming – not the dirt poor ones who literally work here for $0/month in order to get an Aussie passport and then take government-funded jobs such as train station worker or NBN worker. Heck, they take these government-funded jobs even before getting an Aussie passport!

    • Rich buy in suburbs that gentrify and push buyers to other suburbs it just spreads the bubble. I’m not competing with immigrats on $10 an hour for houses. I’m competing with cashed up migrants buying in the suburbs I grew up in.

      • They mean houses costing over NZ$2.5 million. Are you buying in that price range?

        a purchase of a $2.5M property in the Queenstown Lakes District, would require a compulsory contribution of $62,500 to the Queenstown Lakes Community Housing Trust (or other nominated scheme).

        NSW has a 2% land tax on foreigners this year.

    • There was a good video discussing this in relation to NZ and Canada. The gist of it was that rich foreigners simply buy a property and gain residency as a backup plan, and then piss back off overseas. Effectively just removing housing stock and contributing zilch to the economy.

      I think it was this video. Worth watching the entire thing if you have time: https://www.youtube.com/watch?v=HzSAmOQuyjU

  3. With the approach of ANZAC Day much is being put about by the MSM to try to gloss over those military disasters. The Red Baron is getting plenty of coverage.
    These are his guidelines which made him the most famous of the pilots:
    Manfred von Richthofen (the Red Baron), wrote in his book “The Red Fighter Pilot”,
    “The great thing in air fighting is that the decisive factor does not lie in trick flying but solely in the personal ability and energy of the aviator.
    A flying man may be able to loop and do all the stunts imaginable and yet he may not succeed in shooting down a single enemy.
    In my opinion the aggressive spirit is everything and that spirit is very strong in us Germans.
    Hence we shall always retain the domination of the air.”
    Von Richtofen was tutored by Oswald Boelcke. (already an Ace)

    Dicta Boelcke (Boelcke’s tactics).. This list of 8 fundamental strategies of aerial combat formulated by the first German Ace of the WW1, Oswald Boelcke. (40+ shot down) (He broke of one of his own dicta,> never to close in on a single combatant when others are also pursuing it, and was shot down.
    1. Try to secure the upper hand before attacking. If possible, keep the sun behind you. Remember also :
    Speed: the pilot with the faster of two machines has control over the combat. He has the choice to break off combat and retire. The slower machine cannot catch him. The pilot of a slower machine must stay on the defense. He cannot run. A fast aircraft can perform maneuvers, giving its pilot many options. A machine flying close to its stall speed can do little beyond wallowing in a more or less straight line. Speed is critical.
    Altitude: From the advantage of flying above his opponent, a pilot has more control over how and where the fight takes place. He could dive upon his opponent, gaining a speed advantage for a hit and run attack. Or, if the enemy had too many advantages a pilot could escape.
    Surprise: getting the first shot before one’s opponent is prepared to return fire was the ‘safest’ and preferred method for attack. Most air victories were achieved in the first pass. A pilot could approach his foe stealthily, Use the sun, the clouds, haze or even the other aircraft’s wings or tail to conceal his approach.
    Performance: Knowing the strengths, weakness and capabilities of your own aircraft, and that of your foe, is also critical. Know who is faster, who can turn tighter, how many are there, etc.
    Don’t be a Hero>>>If you can not ‘secure advantages,’ do not attack.
    Manfred von Richthofen, was WW1’s top scoring ace.(80 confirmed and over 100 plausible aircraft shot down)
    2. Always continue with an attack you have begun. Some pilots would start a fight, but fear would convince them to break it off and run. This inevitably presented their rear to his opponent’s guns.
    Boelcke taught that it was better to stay and continue mixing it up — waiting for his opponent to make mistakes or flee — than to break and run.
    To turn tail and run was to surrender near all the advantages a pilot might have.
    When Manfred von Richthofen met British ace Lanoe Hawker VC in November 1916, each persisted in trying to get on the other’s tail. When their endless circling brought them down near the ground, behind German lines, Hawker had to choose between landing and capture or fleeing. He chose to flee. Richthofen then shot him.
    3. Open fire only at close range: and then only when the opponent is squarely in your sights.
    Shots made at ranges of 500 to 1000m have little chance of hitting their mark and the rattle of the machine gun would alert the intended target and give them time to react.
    Boelcke preferred to fly to within 100m or less before firing, to ensure hitting what he aimed at with his opening burst. Once his guns were heard, the advantage of surprise was gone. Shoot the observer first, then the pilot.
    4. Always keep your eye on your opponent, and never let yourself be deceived by ruses.
    In the hustle and bustle of a fight it was easy to lose sight of your adversary.
    A restatement of this rule might be: never assume you know where your opponent is or will be.
    If a pilot ‘lost’ his foe, the advantage shifted to the foe.
    A successful pilot did not allow himself to be distracted from his opponent.
    As for ruses, it was not an uncommon practice for a pilot to feign being hit, in order to exit a fight that was not going well. Boelcke recognized that too many enemies were being allowed to escape and return to fight another day. He taught his pupils to follow their opponent down, and make sure they were out of the fight.

    5. In any type of attack, it is essential to assail your opponent from behind
    Firing at a machine flying across one’s path required ‘leading’ the shot—aiming ahead of a moving target to compensate for its speed. While a few pilots were adept at the mental calculations necessary and good aerial marksmen, most were much less adept. In deflection firing, the target could cross the stream of fire whose bullets were 50m or more apart. Such crossing gave less exposure to the bullets.
    Head-on attacks or head-to-tail attacks required little or no calculated deflection in aim.
    A head-on attack, however, exposed one directly to the enemy’s guns. It was far safer and more effective to have one’s target and bullet stream all traveling in more or less the same direction. This exposed the target to a greater concentration of fire.

    6. If your opponent dives on you, do not try to get around his attack, but fly to meet it
    An instinctive reaction was to turn and flee from an approaching attacker—especially a diving one.
    This presented their tail to the attacker, with disastrous results. Boelcke taught to conquer that instinct. Turning to face the attack could force the attacker onto the defensive, or at least keep the situation unsettled, which was far better than presenting your tail.
    Even though climbing to meet an attack would reduce speed, it was better to try to bring one’s own guns to bear than to flee, and approaching the enemy still increases the relative velocity between the two fighters and thus reduces the time during which the enemy can fire.
    Furthermore, if both fighters miss, the diving attacker must now pull out of his dive, while the defender is now in position to circle around and counter-attack with his own dive.

    7. When over the enemy’s lines, always remember your own line of retreat
    If a pilot chose to flee a superior force, or was coming down with a damaged machine, it was critical to spend what little time left going in the safe direction. Many pilots came down behind enemy lines because they got confused and lost their way. Taking regular note of landmarks helped a pilot get his bearings quickly, perhaps making the difference between safety and captivity.

    8. Tip for Squadrons: In principle, it is better to attack in groups of four or six. Avoid two aircraft attacking the same opponent. Boelcke recognized that the days of the single pilot were over. Many young pilots, however, still came to the front expecting to dash valiantly into battle as a Knight, alone, but in reality they would be quickly overwhelmed by multiple enemies. Boelcke lectured his pupils on the need for teamwork—sometimes scolding them for acting too independently. Attacking in a group allowed the leader to concentrate his attention exclusively on his target, while his wingmen protected his tail.
    Doubling up also left an enemy machine somewhere unbothered and free to tail one of your side’s machines.

    Mannock’s Rules : Major Edward Corringham “Mick” Mannock VC DSO MC (24 May 1887 – 26 July 1918) was a British First World War flying ace. (61 shot down)
    Mannock went into combat on the Western Front on three combat tours.
    After two months back in England, he returned to France as a Flight Commander in the fledgling 74 Squadron. He returned as Officer Commanding of 85 Squadron in July 1918; just days after warning fellow ace George McElroy about the deadly hazards of flying low into ground fire, Mannock did that on 26 July 1918. He was one of the first theorists of aviation tactics, and was renowned for aggressive leadership in the air.
    Mannock won the Military Cross, twice, was one of the rare three-time winners of the Distinguished Service Order, and was awarded the VC, posthumously.

    Pilots must dive to attack with zest, and must hold their fire until they get within one hundred yards of their target.
    Achieve surprise by approaching from the East. (the German side of the front.)
    Utilize the sun’s glare and clouds to achieve surprise.
    Pilots must keep physically fit by exercise and the moderate use of stimulants.
    Pilots must sight their guns and practice as much as possible as targets are normally fleeting.
    Pilots must practice spotting machines in the air and recognizing them at long range, every aeroplane is to be treated as an enemy until it is certain it is not.
    Pilots must learn where the enemy’s blind spots are.
    Scouts must be attacked from above and two-seaters from beneath their tails.
    Pilots must practice quick turns, as this maneuver is more used than any other in a fight.
    Pilots must practice judging distances in the air as these are very deceptive.
    Decoys must be guarded against — a single enemy is often a decoy — therefore the air above should be searched before attacking.
    Machines should be turned with as little bank as possible, otherwise the sun glistening on the wings will give away their presence at a long range.
    Pilots must keep turning in a dog fight and never fly straight except when firing.
    Pilots must never, under any circumstances, dive away from an enemy, as he gives his opponent a non-deflection shot — bullets are faster than aeroplanes.
    Pilots must keep their eye on their watches during patrols, and on the direction and strength of the wind.
    WW2 Aces, such as Bader and Johnson, acknowledge that Mannock’s tactics served as inspiration to them.

    Sailor Malan’s 10 RULES. Adolph Gysbert Malan DSO & Bar DFC (24 March 1910 – 17 September 1963),
    “Sailor” Malan, was a South African WWarII pilot who led No.74 Squadron RAF during the height of the Battle of Britain. Malan’s simple rules for pilots, were eventually used by Fighter Command:
    Wait until you see the whites of his eyes. Fire short bursts of 1-2 seconds only, when your sights are definitely “ON”.
    Whilst shooting think of nothing else, brace the whole of your body: have both hands on the stick: concentrate on your ring sight.
    Always keep a sharp lookout. “Keep your finger out”.
    Height gives you the initiative.
    Always turn and face the attack.
    Make your decisions promptly. It is better to act quickly even though your tactics are not the best.
    Never fly straight and level for more than 30 seconds in the combat area.
    When diving to attack always leave a proportion of your formation above to act as a top guard.
    INITIATIVE, AGGRESSION, AIR DISCIPLINE, and TEAMWORK are words that MEAN something in Air Fighting.
    Go in quickly – Punch hard – Get out!

    WW.The WWI disasters should be exposed for all they can and the criminal behavior of our politicians and military leaders should be recognised for what it was and their incompetence called as such, for the unnecessary death of millions of men.
    ANZAC day should be the day we remember when we held to account those who mucked up the battles and wars, and the day we should send as a warning to the current govt and military commanders, that it wont happen again. Next time THEIR life depends on it.
    Any inquiry such as being conducted into the FIRE mob, of the military, will find “much room for improvement”

  4. If you are wondering why i am up this early its cos of the sirens: POLICE are warning locals to steer clear of poorly lit areas and avoid walking alone late at night due to a surging number of violent robberies on Gold Coast streets. Officers blame young people for the violence which has seen 84 armed robbery offences committed from September to March, up 52% ,

    • Amazing – I thought all those individuals previously disposed to committing violent robberies would be reveling in the post CG economic boom ( + vibrancy) and getting a good night’s sleep in order to be fresh for their jobs as innovative world leading ground breaking researchers at the new Gold Coast Health and Knowledge Discounted Council Fee Real Estate Development Precinct

      http://statements.qld.gov.au/Statement/2018/4/11/games-legacy-to-make-coast-a-global-hub-for-innovation

      Games legacy to make Coast a global hub for innovation

      From the moment the last athlete leaves the Commonwealth Games Village next week, work will begin on transforming the Gold Coast Health and Knowledge Precinct into one of the most advanced health and knowledge innovation hubs in the Asia-Pacific.

      Thanks to the $550 million Health and Knowledge legacy project, the Precinct would support thousands of jobs for Queenslanders and will generate $2.9 billion for the economy in the next decade.

      Oh dear, what can possibly have gone wrong??

      • Politicians and government officials are not business people and are totally clueless in matters relating to technology. Business people are held responsible when their businesses are run as public corporations. Politicians throw caution to the wind and go crazy with public money and, strangely and very depressingly, the public lets them get away with it.
        Today’s “green energy” corporations are unable to make money.
        These idiots look set to destroy thriving economies all over the world.
        WW bring back the Biff

      • Funny when things divert from plan isn’t it? A bit like when Mark Blyth said we will all just retrain as computer programmers. 😁

      • the strayan ran a story on the status of the island resorts a week or so ago, I had it, but it was lost when the internet failed out bush, their take was that $100 mill had to be spent on Dunk and similar amounts on the others to have them re open.
        About the first thing i learn on the coast is that profits from tourism are not similar to profits from mining or other hard core industries, but are extremely variable, before, chapelle and the Bali thing happened.
        So now mantra here is for sale, as well as most other resorts, unofficially, and the business case for the island resorts has evaporated.
        Big clive at coolum needs to be added to the list of failures and well as Byron. Noosa is holding on.
        Even joining the dots with a 12 inch wide paint roller, rolf harris style, the picture is failure.
        Tourism is a service industry and the failure of tourism will be huge, thus the emphasis on the comm games to give the gold cost its time in the sun. 2 billion wasted.
        The locals have really turned anti beattie, especially now he is involved with NRL

  5. Interesting take by Alan Finkel (Australia’s chief scientist) on that incomprehensible stupidity we call ATAR.
    https://www.smh.com.au/politics/federal/atar-should-be-simplified-or-even-abolished-says-chief-scientist-alan-finkel-20180423-p4zb74.html
    I agree naturally, but I’d go one step further to say that ANY system (ATAR adjustments) that lacks transparency is inherently corrupt., Corrupt in the sense that it can’t possibly achieve it’s “sorting hat” goal because everyone is trying to game the system.
    Whenever kids choose simpler subjects over the more difficult it must be clear to everyone that they’ll receive a lower ATAR. Beginners German must result in a lower weighted score than Advanced German and that weighting needs to be understood by everyone. otherwise you simply encourage kids to dumb down their education during this critical transition phase (High school to University). Logically in my mind we should be encouraging exactly the opposite behavior…If you did a really difficult subject (a real stretch goal) than maybe the raw exam score wasn’t fantastic however if we collectively want this behavior than ATAR must reward this behavior in an absolutely transparent unambiguous manner.
    If we want our kids choosing more technically difficult STEM based Tertiary courses than they need to keep their foot planted on that education accelerator right through years 10/11/12 because the truth is if you take your foot of the accelerator in Year 10 there’s no way that you’ll ever make up the difference post year 12. The decision to dumb down their education is being made by 14/15 year old’s, and this decision is shaping the rest of their lives by eliminating many possible careers …
    Kids ruining their lives to optimize a stupid number (ATAR) which absolutely no one really understands. in a weird way it’s a kind of reflection of Australia in general…stupidity rules.

    • Kids ruining their lives with drugs and tattoos
      No one is going to hire anyone on drugs or with visible tattoos.
      where are these kids getting their advice???
      For sure someone has said, no worries there will be the UBI waiting for U

      • Conservative Me agrees, Observant me, however sees a local restaurant (I guess you’d call it Edgy) where all the staff are covered in Ink yet it does a roaring trade….I’m not sure if this social change is restricted to coffee houses however I suspect it’s far more wide spread. In the last year I’ve met several Engineering entrepreneurs that didn’t make any attempts to hide their Tats, personally I find it distracting, the guy could be talking a great game but all I see is a stupid Tat and wonder if I’m suppose to ask about it or somehow ignore it.
        I move on because I don’t want my problem shaping either of our decisions.

      • No one is going to hire anyone on drugs or with visible tattoos.

        LOL.

        Pretty sure we’re at the point now where more people have tattoos than don’t, at least outside the baby boomers.

        I am not at the point where I am surprised someone doesn’t haven’t tattoo. But I am well past the point (by a decade or so) where I am surprised they do.

        Turning point for me was mid-2000s when some obviously high ranking lawyer lady was sitting down to lunch at a cafe on the Brisbane mall and took off her jacket to reveal a full sleeve up one arm and nobody else at the table even raised an eyebrow.

      • drsmithyMEMBER

        You’re hiring in the surfing industry and not touching anyone who likes a bit of ganja and has tatts ?

        Well, I guess at least it’d keep the number of interviews low.

        I get to see a fair number of workplaces and it’s pretty clear that you don’t do the hiring for most of them.

      • my current companies have nothing to do with surfing
        but you are correct about surfers
        and
        for the future surf company no one will be on drugs or have visible tats, and all will be expected to surf to demonstrate the product.
        so that rules out most punters,
        still atlassian interviewed 2000 for 12 or so hires,
        I figure my rejection rate will be similar.

    • Unlike when the opposition is firing live ammo at you, about the smartest thing to lean as a trader or business person it to know when to, hold, fold or run.
      It is fatal to keep making mistakes as is occurring here.
      But what the hell its public money

  6. Aah yes! Rewriting the narrative to suit the times eh?

    http://www.abc.net.au/news/2018-04-24/the-truth-about-being-single-after-30/9686840

    Of course – this one’s men’s fault too:
    “We’re seeing more professional women who sort of basically have impressive lifestyle resumes and we’re not really seeing men matching that.”

    Oh, and this one’s gold too:
    ” Women are more economically independent than ever before and yet the quality of male partners hadn’t necessarily improved.”

    Yep – it’s men’s fault allright! Stupid men! Well – I guess then, they should start looking on other planets – much more evolved ones, because they ain’t here by the looks of things!

    It obviously has got nothing to do with the fact that they were sold a pup… nothing whatsoever. Empowerment! How’s them torches of freedom feel right about now? Not so smooth – I dare presume…

    Oh well – I guess this is nature taking care of itself – when physical chlorination of the gene-pool doesn’t work, you can always rely on the good old reliable psychological chlorination.

    • there was an article on the amp, dead woman walking, which really fired up the local females
      how dare they say that
      when pointed out that men cop it all the time, well that is not fair???

    • Of course no mention of the woman-child who only realises they want children at an age when it becomes a high risk proposition for all involved.

    • drsmithyMEMBER

      It obviously has got nothing to do with the fact that they were sold a pup… nothing whatsoever. Empowerment! How’s them torches of freedom feel right about now? Not so smooth – I dare presume…

      So your point is… what ? Women should go back to being men’s accessories for entertainment and gene propagation and “everyone” can be happy again ?

      • No – that is not my point – but thank you for being obtuse, and by the way – nice straw man you’ve got there.

      • drsmithyMEMBER

        LOL. I don’t think you’re in any position to be criticising anyone about straw men.

      • Do you ask ‘women’ if they want you to fight their battles for them or do you just assume their consent?

      • drsmithyMEMBER

        Why would I need someone else’s consent to have an opinion ?

        Did you ask Ino’s consent before riding in on your mighty steed swinging your broadsword about ?

    • Ino,

      In my lifetime I’ve had a few relationships – not Reusa quantity of course, but had my run.One very painful (and expensive) lesson I took out of it is that Western women are not in tune with what it takes to make and keep a family. By Western I mean Western Europe, USA and, sadly, Australia.

      Old family values are gone. Old cadre of girls that have been with their blokes through hell or high water (cheers to all of you), are gone. Facebook and instant gratification took over.

      I have no idea about where to find a true partner. But I share your point of view.

      PS. drsmithy, baiting are we?

      • drsmithyMEMBER

        PS. drsmithy, baiting are we?

        LOL.

        And here you are actually explicitly laying all the blame for the “problem” on women, and none whatsoever on men.