Weekend Links 23-24 June 2018

The Shooting of Wild Dogs, Clifton Pugh, 1958, National Gallery of Victoria

 

Macro &  Markets 

 

Asia

 

Europe

 

Americas

 

Terra Specufestorus

 

…and furthermore…

Comments

  1. Doesn’t take a Freudian to decipher the picture choice. One of those dogs is ginger, red even.

    • boomengineeringMEMBER

      How many dogs n the picture and Jake, whats your interpretation, house buyers frenzy maybe, continuing even after some going down or dog eat dog, or both.

      • boomengineeringMEMBER

        But if you want to include the title, banksters shooting the dogs after they took the bait.

      • When I first looked at it I thought it was a Kandinsky from his Blue Rider period, which I thought was weird. but I looked closer and thought the colors are all wrong., and thy’re not horses…like what’s up with this!
        Still it’s definitely Blue Rider influenced so it would seem appropriate to include a quote from the master himself.

        “The artist must train not only his eye but also his soul, so that it can weigh colors in its own scale and thus become a determinant in artistic creation.”

  2. haroldusMEMBER

    Despite the fact that time has no meaning anymore I was affected by Stagmal’s story last week.

    And it was suggested that someone might come in and cut staggy’s recycling grass

    So I thought what is stag’s objective? It is to be king of Dubbo!

    And woe betide any interloper. Staggy’s gonna fvck you up.

    So I wrote a song!

    And here it is

    https://soundcloud.com/the-harolds/ser-stagmal-2018-06-22-1

    Sounds good on big bass speakers,

    There is also more stagmal goodness (and barnaby joyce) at

    https://soundcloud.com/the-harolds/

    (Nothin suss, staggy. You are my muse)

    • haroldusMEMBER

      Verse 1
      On the streets of Dubbo
      A man walks alone.
      With the eyes of a jackal
      And a heart of stone.
      With the will of an ibis,
      An economy hatch.
      The man’s on a mission.
      With a plan to match.

      Verse 2
      In the cover of darkness
      Undeterred by rain.
      It’s a lonely old night
      But he knows no pain.
      Got the eye on the prize
      The payoff is near.
      A thousand dollars
      And a bottle of beer.

      Bridge
      As he drives around he sings this song
      He sings this little song

      Chorus
      Spendin my nights just driving round
      One day I’m gonna be king of the town.
      Gonna be Sheriff at the Dubbo Corral
      And you may address me
      as Ser Stagmal
      Ser Stagmal

      Verse 3
      Now he’s a strong man
      A man of many means
      A man possessed of treasure
      And gilded limousines.
      And money gets power
      And power gets girls.
      And girls bring eternity
      Until the end of the world.

      Verse 4
      Even though he’s the king now.
      He still heads out at night.
      A solitary chicken in a bin cvnt.
      But his purse is too tight.
      Staggy grew up the hard way
      The Dubbo Dynamite.
      Staggy don’t take no shizzle
      Cause he’s doin all right

      Bridge
      As he drives around he sings this song
      He sings this little song

      Chorus
      Spendin my nights just driving round
      One day I’m gonna be king of the town.
      Gonna be Sheriff at the Dubbo Corral
      And you may address me
      as Ser Stagmal
      Ser Stagmal

      Break
      Hard to get and harder to hold.
      Chasing the lolly corrupted his soul.
      No fvckin omelette without breaking some eggs.
      Can’t keep collecting without breaking some legs.

      Legs, legs, breaking the legs.
      Legs, just breaking the legs, he’s gonna fvck you up.

      Staggy’s gonna fvck you up, he’s gonna fvck you up.

    • boomengineeringMEMBER

      Harold, Staggies objective is to cut Richard Pratt’s grass, although he may have to quietly avoid those upright stone blocks.

      • boomengineeringMEMBER

        Harold, great song, met him not long ago in Dubbo, and yep he’s the real Mccoy. Didn’t see any ”Jack The Knife” side to him though.
        Artistic licence overreach possible but your crystal ball could run true.

    • Love it, just today I thought how funny would it be to meet the MB commentators. Some of the humour on here is just the best. I mean it’s a sub culture onto itself. I think with the creativity in here we could produce a show like The Chasers War on Everything that absolutely takes the Mickey out of Australian society and cultural norms.

      I personally think it would be a breathe of fresh air. FriendlyJordies does this to some extent but he’s a 1 man show.

      • Cyclone Ranger

        There is always the inevitable left or right debate it initiates, don’t forget.

      • Too true, what a dilemma for Ric especially… hates the right hand for what it does, hates the left more for letting it happen…

        Such self flagellation is no good. Better to get someone else involved…

      • I’d decline the invitation. It’s more fun to have the absurd caricatures of one and all than be disappointed by reality. What if skippy isn’t a marsupial? What if Mining Bogan shows up and he is revealed to be the world’s leading academic on the use of sound in the French wave of cinema? What if stagmal is real? What if Ric is Richard Di Natale? What if my feet are in pristine condition? What if Reusa was a renter? There are far too many mind melting possibilities to risk such an event. Plus, the current detachment from the other participants allows for a gruff civility that would be hard to maintain after meeting in real life.

      • Excellent point Footsore. I didn’t think of that, part of the beauty is in the possibilities your own mind allows. Once you meet in person reality sets in and it’s not possible to pretend anymore.

      • boomengineeringMEMBER

        Footsore & Gavin. Hate to inform you but Stag’s is the real thing so, Skip,Mining,Ric, Reus yet to be tested. Hopefully if Gav’s wishes came true the rest are as nice as Stag.

      • “What if Reusa was a renter?”

        I bet reusa is either a renter or has been an owner occupier for a long time, long before the inception of this site.

      • boomengineeringMEMBER

        Hey Ermo went to buy a Rothenberger crimping tool but because I wasn’t a plumber they wouldn’t sell it to me so I invented and made my own hydraulic one, twice the tonnage pressure and one third the size. When I went back to show him then all the plumbers there wanted one to fit under sinks etc.
        Made it over a year ago and it worked great. I’ll take a pic and post next week.
        btw Got taught pipefitting by Scottish guys from the North Sea oil rigs ( no pipefitting trade in Aust ).

      • ErmingtonPlumbingMEMBER

        I think a Macrobusiness.com.au Christmas party/Pi$$ up is a great idea!
        I’d go to to the Sydney, Melbourne and Brisbane functions just as long as they were no later than early December,…or maybe just one Pi$$ up,…Starting with Sydney and then a different capital very year after that.
        What venue but?,…I hear Harry’s got a spa at his place (boardies optional) I’m sure Reusa could give us all some pointers how to get the party going
        Gav, you could chuck few burnouts out the front in ya rotary.
        Mig can bring the drugs,
        Boomen can set up the stage and lighting for the band. (Harry might even have a go on stage)

        But if Harry’s isnt big enough, I believe 007 has access to that big Glass pyramid in the Botanical gardens,…that’d be a sick place to have the MB pi$$ up (not far from the Cross either boys 😉)
        We might have to watch skip doesn’t start smashing up the place though, using his special forces skills, throwing full stubbies of VB around, like lethal weapons, damaging the pyramid ,…all over some minor esoteric disagreement with 007 about money cranks or some other $hite.
        I am especially looking forward to seeing him and Smithy really on the Pi$$ though,…I’m going to be a little cheeky and wind them up,…Jacob fully on the pi$$ would be good value too I reckon.
        It could turn into a bit of a sausage fess though,…maybe Janet and Mild Colonial can russell up some friends to come along.

        I’m happy to cook the Barbie and deal with any “plumbing emergencies” (@ the ladies 😘)

        And Staggsie can clean up!

        So come on Leith and Dave,…you’ve got everyone’s email address, get to work, only 5 months to go.

    • Another great song, although at this stage “Ate Them” still remains my favourite.

      I hope you also draw inspiration from Stagmal’s recent “Trash boy” comment. Was thinking something along the lines of the Moving Pictures song, “What About Me?”

  3. CHRISTCHURCH CITY COUNCIL … THE BUREAUCRATICALLY BLOATED URBAN WRECKING MACHINE …

    Christchurch City Council debt to grow 75 per cent to $2.1 billion | Stuff.co.nz

    https://i.stuff.co.nz/the-press/news/104896675/christchurch-city-council-debt-to-grow-75-per-cent-to-21-billion

    Asset sales are again being mooted with the Christchurch City Council’s debt is set to skyrocket to $2.1 billion in six years.

    The council is due to sign off on a $10.6b, 10-year budget on Tuesday, confirming rates increases of 5.5 per cent for the next two years and 5 per cent for the following three years. Rates will be reduced to 2.9 per cent in 2028.

    The long-term plan (LTP) does not include plans to sell assets, but two councillors on Friday said the council needed to consider partially selling assets as its net debt was signalled to increase from $1.2b in 2019 to $2.1b in 2024, when it would start to track down again. … read more via hyperlink above …

    … February Christchurch The Press report …

    Christchurch cycleways to cost $252m as city council proposes delaying completion | Stuff.co.nz

    https://i.stuff.co.nz/the-press/news/101672430/christchurch-cycleways-to-cost-252m-as-city-council-proposes-delaying-completion
    .
    .
    … Fleeing political losers …

    Lincoln (South Christchurch): From mill town to boom town … John McCrone … The Press
    … h/t GF …

    https://www.stuff.co.nz/the-press/news/103331085/lincoln-from-mill-town-to-boom-town

  4. Stephen Morris

    From this morning’s “Letters Fairfax Didn’t Publish File:

    21 June 2018

    Unionism and bargaining power. Cause or effect?

    Peter Martin’s article on the worldwide stagnation in wages (“Time to pay the piper”, The Age, 20 June 2018) cites the conventional interpretation that declining unionism has reduced workers’ bargaining power.

    There is, however, another more chilling interpretation: the 20th Century was an aberration; it was workers’ bargaining power which allowed unionism, not the other way round; and bargaining power is now returning to its historic norm.

    For most of history workers have had almost no bargaining power at all. They were serfs. And unionism didn’t suddenly spring into existence out of nowhere. The wealthy and powerful didn’t wake up one morning and say, “Gosh! Is that the time? Is it Modern Era already? Quick. Pay all the workers more. Give them a vote. Let them buy their own houses. Let their kids go to school and university and enter the professions. Let’s have public ownership of strategic monopolies and essential services.”

    Owners of property fought brutally to prevent the rise of popular power, and they were supported by government. Savage Combination Laws imposed imprisonment with hard labour for breach of employment contracts. In the United States, the conservative Supreme Court – invoking the Bill of Rights no less – overturned “populist” State labour laws (for example Lochner v New York, 1905 on working hours or Coppage v Kansas, 1915 on State legislation protecting union membership) on the grounds that they infringed the “liberty” of workers to contract with their employers.

    Unionism flourished nonetheless because the conditions of industrial production made it impossible to resist. The industrial era saw human physical power and human physical dexterity replaced by machinery while humans themselves retained cognitive superiority. In fact, industrialisation made workers’ cognitive superiority relatively more valuable because a properly trained human being could control a much greater value of production. A trained human being was a valuable asset. By going on strike and idling expensive capital equipment it could quickly impose upon its rulers greater costs than it incurred itself.

    Under this interpretation, worker’s bargaining power improved – at least for a time – because it was easier for “Rulers” to make economic and political concessions rather than continue fighting their “Subjects”. That was especially so when the cooperation of vast numbers of Subjects was needed to fight two world wars.

    Such anomalies have arisen before. The Peasants’ Revolts of 14th century Europe arose from the acute labour shortage which followed the Black Death. But just as the 14th Century Peasants’ Revolts were suppressed as soon as conditions permitted, so the 20th Century Peasants’ Revolt is being relentlessly would back now that the Elite are in a position to reclaim what they regard as being rightfully their own.

    With the return of peace and the transition from industrial economy to services economy the owners of property no longer needed to make concessions. And for the past 40 years they’ve been doing exactly what one would expect a self-serving Elite to do.

    Wages are being steadily crushed. Elected government has been subverted by moneyed interests, politicians more concerned with the million-dollar-a-year directorship they can expect to receive if they do the bidding of the lobbyists. Home ownership is in decline as we return to a society of landlords and tenants. Swingeing university fees force children of poorer families to choose between life-long debt and going without higher education. A generation of effectively indentured professionals is kept obedient by the threat of bankruptcy. Feudal magnates are buying up land, strategic monopolies, essential services and critical databases.

    In Australia even the union leaders have been bought off by giving them positions on “industry funds” and aligning their interests with those of the Elite!

    With the advent of AI and robotics there is absolutely no reason to imagine that this trend will reverse. The narcissistic politicians have shown where their real loyalties lie, as they have throughout most of history.

    The Modern Era was an anomaly.

    We are being steadily refeudalised.

    Stephen Morris

    • “At some stage”, I think, “there’ll be another French or Russian Revolution” to reverse the inevitable that you write of. But then I see the squalor of the oppressed nations on TV and realize that we in the Developed World have a long, long way to go before people have that ‘nothing left to lose’ and decide to do something about it.

    • BoethiusMEMBER

      “The Population Reference Bureau predicts that the world’s total population will double to 7,000,000,000 before the year 2000.

      I suppose they will all want dignity, I said.”

      Kurt Vonnegut, Slaughterhouse-Five, 1969

    • Natural forces. Owners and managers of capital strive to break work down into simple, standardised, easily repeatable steps. Most workers prefer to turn up, follow the instructions, and go home. No thought or creativity required. That makes people cheap to replace and miserable. It’s a theory.

    • Morris…

      Some opine that capital in the traditional sense decided to share a bit more due to the cold war and once that little episode [threat] was over decided it was time to recover its lent out wealth.

    • haroldusMEMBER

      You can always rely on Mr Morris to make you want to sit in the Commodore with the hosepipe in the window.

      • ErmingtonPlumbingMEMBER

        Your on fire this weekend Harry!
        Lol
        But Steve is on the Money.
        The Good news is we could reverse what he is describing,…through real participatory democracy.

        Sigh,….we’re probably Fked

    • A services economy and robotics don’t fundamentally change anything. There was nothing automatic about the improvement in workers bargaining power under industrial capitalism v today. The ruling class has always tried to de unionise the workforce.
      Missing element as Skippy notes is the lack of a revolutionary threat which was really in place from the start of the first international all the way to the mid 60’s/70’s. The threat became real with the Paris Commune and with that threat concessions exacted in return for a zero tolerance policy on revolutionary socialism. eg. Bismarck’s Anti-Socialist Laws coupled with the formation of the welfare state to build a social wage. The Bismarckian blueprint was widely adopted following the Bolshevik revolution and the radicalisation which occured during the slump.
      what changed in the mid 60’s and 70’s was the ascendancy of the new left – carried forward by a bunch of anti politics hippies and cold war plants – and their stupid doctrine that the working class had been successfully bought off and integrated and the left could now retire from the less glamourous job of criticising capitalism. As soon as the garbage hit the shelves the wage share of GDP commenced it’s plummet. The revolutionary threat was now eliminated. Concessions no longer had to be made. Those elected to represent workers could now become turncoats without fear of retribution, privatize the proles savings and appoint yourself as head trustee/fee gouger.

      • History.
        You should try it if ever you tire of comic books and pop fantasy science fiction.

      • DM….

        I remember you once promoting ‘The Maths Party’. Since then I’ve proffered Cathy’s book ‘Weapons of Maths Destruction, and you seemed genuinely interested in the video with Mirowski, but don’t think your well informed about his other works. He probably is the best singular author and thinker on neoliberalism IMO.

        Point being is if you don’t have a strong heterodox back ground, on any of this, your going to end up applying wonky econmetrics whilst leaving out what humans have been doing. Hence Sweepers jibe about sci fi.

      • DarkMatterMEMBER

        Skippy, you really need to do something about your memory. I have never had anything to do with the maths party, and don’t know anything about it. I seem to recall there was a poster here a few years ago that was involved in the maths party — “Young One” maybe? I have pointed this out to you before.

        I can’t really see the point of the Maths Party – and it looks like it pretty much disappeared anyway. The average Australian can hardly add up, so why would they think that a political party based on maths (which they probably remember as a torment as a child) be the answer to anything? Mathematics and Australian politics don’t mix.

    • DarkMatterMEMBER

      This is a good summary of the 20th century. A while back there was a company in our building that fixed Apple computers. When they eventually packed up they needed about 2 skips (non marsupial kind) for all the old computer parts. There were hundreds of designed and manufactured parts which would have employed armies of engineers, draughtsmen and white collar workers. That would be the tip of the iceberg, so back in the 20th, skilled and content workers were very important and needed taking care of. Most of that has gone now. Computers and gadgets are mostly mass produced little sticks of plastic made in a factory in Shenzen. As you say, the balance has swung back towards feudalism.

      However, feudalism was still based on limited resources. The elites had plenty because there was only a limited amount of the good stuff to go around. On top of that, you still needed all the serfs and peons to work hard in the fields to support the whole edifice. Being an elite of a collapsed society is not a good option. The situation we have now is that the peons have lost their bargaining power (as noted), but now it doesn’t matter if they are not productive. We know this because most people do nothing useful. A true feudal society would fall flat on its face if most peons sold each other coffee and set themselves up as personal trainers.

      When the value of human labour declines and manufactured goods become simple to replicate, a lot of the fundamentals of elitism will falter. Elitism ultimately rests on human nature and resource management. Human nature may not change, but when the rules change you will see something different. One of the big questions will be how to allocate land once people have not useful work to sell. That will be fireworks for sure.

      The other manifestation of feudalism is one we are seeing now. The building of big cities, which are effectively feudal, but use media and propaganda to maintain the illusion of wealth for everyone. Our cities are already simulacra of the clockwork economies of last century. Endless growth that makes everything better, mortgages that can never be paid off, and fake jobs taking in each other’s washing.

      The return to feudalism is the dream of yesterdays elites. It is very unlikely that fake feudalism made of cardboard cutouts and tinsel can form a stable system. What we will get is something different – maybe better, maybe worse.

      • As luck would have it….

        The paper includes an extensive discussion of the impact of automation on the incomes of working people and their political responses during the Industrial Revolution, and find it has strong parallels to the period that started in 1980. I’ve pointed out from time to time that in the first generation of the Industrial Revolution, workers’ standard of living fell. While the authors stress that the topic of the economic impact of the Industrial Revolution is hotly debated, it is extremely difficult to argue that workers wound up better off. As they explain, the automation of textile production ended well paid, skilled trades like hand-loom weaving. Older workers were allegedly unable to adapt to factory life. The result was displaced laborers piled into agricultural work, lowering pay levels there, and with many winding up unemployed

        From the article:

        As forcefully argued by Mokyr (1998):

        Any change in technology leads almost inevitably to an improvement in the wel- fare of some and a deterioration in that of others. To be sure, it is possible to think of changes in production technology that are Pareto superior, but in prac- tice such occurrences are extremely rare. Unless all individuals accept the verdict of the market outcome, the decision whether to adopt an innovation is likely to be resisted by losers through non-market mechanism and political activism…

        https://www.nakedcapitalism.com/2018/06/trump-win-robots-blame.html

      • boomengineeringMEMBER

        Skip, bit of trivia, the industrial revolution started with the European invention of the crankshaft for labour saving in The Netherlands ( crank shaft design had already been invented in the middle east and China ) The first labour saver was to lift water to a higher level but soon developed to saw wood and indexed as well. The industrial revolution seemed to take place in Britain because the Dutch had little access to iron or coal which accelerated it dramatically.

    • Do they not understand that the word/s vibrant (and diverse) now have subversive uses? I can’t use either word these days without being aware of a new unspoken meaning for those words that it seems many are ignorant of.

      • Wait till you realise this is exactly what the last days of the Soviet Union looked like – except they has glasnost, perestroika, and ‘wreckers’. What happened to the production quotas? Oh you know, wreckers.

        They are called deplorables, sexists, racists etc now. Oh yeah, and for religious catechisms, we have diversity, equality and vibrancy. This mimics their origin, where father, son and holy spirit formed the catechism of the source material.

      • Do they not understand that the word/s vibrant (and diverse) now have subversive uses? I can’t use either word these days without being aware of a new unspoken meaning for those words that it seems many are ignorant of.

        Reminds me a bit of the irony in what happens in big organisations when management come up with self flagellation phrases in order to make it sounds impressive when trying to impose a new initiative and soon the peasants start to repeat managements same words back to them unbeknown that it’s being used with a sense or irony or in a context of sarcasm.

        This is what diversity and vibrancy has become for me, when used to discuss mass immigration and multiculturalism. It’s more of the same top down rubbish, be more tolerant while we destroy your quality of life!

        It’s exactly why conservative commentators are more fun to watch, there is an underlying sarcasm. Where as for the liberal types they don’t have a sense of humour for anything because they constantly look for the hidden meaning or the underlying sexism, racism etc.. take themselves way too seriously.

      • haroldusMEMBER

        To my shame I am not very nice to our 457 BA’s.

        But in my defence I am not very nice to anyone.

  5. For information. Went for my citizenship interview amd test yesterday. There was a running theme of applicants struggling with their English levels. One lady struggled to communicate with the assistant that she only wanted information about the process, she wasn’t there for a test. A second lady was shouting down her phone in a foreign language – this was in the waiting room with the ‘silence’ posters. Another lady in the booth next to me was asking questions about changes to the English language requirements – she confessed to the assistant that her husband was ‘very worried’ about needing to have a good level of English. Then there was another woman who was clearly struggling with the test itself. So it seemed to me that there was a rush of applicants with poor English language skills trying to get citizenship before any English requirements are brought in. Good/bad? I don’t know. Do we need citizens to be adept English speakers?

    • boomengineeringMEMBER

      A lot migrants came in the 50’s with no English skills whatsoever, contributed greatly, but too many of any race is detrimental.
      Imagine if the 1642 claim was enforced and we all had to pass a Dutch language test or get sent back to our ancestral homeland.
      Or that we had to pass an Aboriginal language test of the area we reside.

      • The aboriginals were conquered, so no need to learn aboriginal language.

        People may learn any second language they wish,what irks me is when elites make fawning statements, such as, we must teach Indonesian or other Asian languages in schools because we’re on the Asian side of the planet.
        Bit like forcing African languages in European schools – cringing nonsense

      • My parents fit into that first category you speak of. I suggest there was a much greater proportion of jobs suited to non-English speaking migrants back then.

        IMO the family reunion legislation was the final straw for our welfare system. We are already at the point where welfare is insufficient to pay rent, and we no longer have the tax revenue to do anything about it.

    • BoethiusMEMBER

      Thank you for sharing this.

      High level English functioning is important for economic and social integration.

      Your anecdote paints a gloomy picture in this regard.

      • Since when?
        Integration is only conditioned by the desire, functional communication and eceonomic prosper is function of competence and skills.

    • Mining BoganMEMBER

      I’m torn. Back when I was doing my apprenticeship there were old timer immigrants who would hand us letters and forms and ask for help. Couldn’t read or write but could communicate clearly enough. Not a problem but they’d never pass a test.

      Last couple of years though I’ve been annoyed at shops where I’d just have to point and gesture or wait until the english speaker came back. I’ve been wondering if that’s the family reunion visa at play. What restrictions are on it?

      • Anecdotally from the Emergency Department coalface in south western Sydney where I occasionally do VMO shifts: we ask about health background, where the patient has come from and when and it seems that there are large pockets of family reunion migrants who have come 10-15 years ago and are well entrenched in the free medical system but don’t speak a word of english.

        Others who have come recently seem to be visiting their working age children from India on some form of extended visa e.g. coming for 12 months for birth of grandchild etc. They are using BUPA insurance policies. I don’t know what BUPA charges, but they would be taking an absolute caning on these things because the patients go straight to the cardaic cath lab and then high dependency for a week if not ICU. These patients also do not speak a word of english. I am yet to encounter one who has in the last 5 years actually scored one of the family renunion deals. I think they are much harder to get now.

        Anyhoo, the point of the above is don’t expect that someone being in the country 10+ years will lead to them learning any english.

      • My concern is not about being able to speak English. Lord knows I’d struggle to speak Mandarin. My concern is purely economical. If these folks can’t get work here due to language issues or are not intending to get work (due to being old) then I don’t think we should take them in. It’s like bringing in some bludgers. I’d rather they money spent on the locally disadvantaged.

        A Chinese guy I worked with (he was based in the US) could hardly speak a word of English. But was a brilliant programmer. Over time his English skills improved dramatically.

        My partner’s parents can speak English but her mum in particular prefers to speak Greek. They have both always done low skilled jobs. The problem is we face a future of automation and I’m not sure what jobs people like this of today will do for the next 20 years.

      • drsmithyMEMBER

        From a couple of people I know who have done it, family reunion visas have had substantial wait times (5-10 years) for a very long time.

      • @Gavin: Language becomes an issue when one considers not only the high cost of interpreting services but also the additional time requirement that could be better spent seeing other patients, which adds additional pressure to any already overburdened public health system.

        WRT family reunion visas, the waiting is something like 30 years unless one can pay a large fee. A 173 Visa is for 2 years, roughly 30k per parent, and they must meet a family balance test by having a majority of children living in Australia. Easy for the Chinese from the One Child Policy era, but much harder for larger families.

        https://www.homeaffairs.gov.au/trav/visa-1/173-

    • Citizenship test? Can’t speak English? Has anyone tried ringing Telstra customer service? Or any other big corporation lately. I can hardly understand the customer service with any of them! They should learn to speak English properly! The northern NSW Facebook for sale groups…forget it….all the local whites can’t spell either with, “please delete if not aloud” and many other favourites.

    • But some English accents, of a certain nationality, are like using cheese graters on your ears listening to them.
      Some female voices are grating enough without tin clangling the eardrums.
      And I am grumpier by the high pitched whiny syllable.

      Can’t there be a bogan assimilation test to help them to be effluent in the local lingo.

    • She is well qualified to be a senator:
      – sense of entitlement, tick
      – not responsible for her own actions, tick
      – family holidays paid for by tax payer, tick
      – will vote as instructed, no conviction about anything, tick

      • The price that is paid to take that seat is too high.
        If the should exist then the damage done to it through contact with the major parties of Australian politics is irreparable and Dante would need to add a few more circles to hell to find a spot for you to reside in.

        Now, being a back-bencher in Gunna’s new MB party is something completely different.
        Though, I got to thinking, is the world ready for it’s most boganised Banana Republic to be ruled by a bunch of self congratulating know it alls that qualified because they happened to linger around a comments section for long enough to perhaps sound less clueless than the current mob in power? Probably not. But as long as some sort of ICAC/Royal Commission into everything was instigated with enough power to make Tony Fitzgerald cower behind the couch in fear; necessities ended up being affordable; and, rentseekers had to go and do something productive to earn a living I’d say it’d be an experiment worth pursuing.

    • Another property investor on the public purse.

      The backbencher, who owns six houses in South Australia with her husband William, had failed to pay $8,359 worth council rates and $1,372 in water bills.In her maiden speech to the Senate last year, she admitted she struggled to resist the lure of mortgages. ‘We were not able to resist the offers of multiple loans – a home loan, personal loans, car loans and credit cards,’ she said.

      • You would think she would have the requisite skills and experience to know better.
        Those accounting and law degrees really helped.

    • Lucy is a good example of aspirational christianity in Africa. $$ focused and rightwing.

      Politicians in Kenya are amongst the highest paid in the world relative to average earnings – 130 X Av.E. She certainly is trying to achieve the same targets here.

      I will avoid Kenya on my road trip thru Rwanda and Uganda in Sept.

      • mild colonialMEMBER

        I had grave concerns for her integrity the day she joined the Liberal Party. And that’s being polite.

    • With all her loss making investment properties, I’m sure she’ll fairly and neutrally consider the issues of negative gearing and the CGT.

  6. Mining BoganMEMBER

    Why do South and Central American soccer coaches look like the cast of Miami Vice?

    All of this diving crap kinda killed the end of the Brazil/Costa Rica game too. Send ’em off.

    • Biggest issue is rents. Landlord gets greedy and then the whole place dies. Subi and Freo are classic examples. Half of Hay street is for lease and quite a few in rockerby rd. In both suburbs there seems to be a cabal of people that own a lot of the shops and obviously have them paid off many years ago. Seems they would rather leave them empty than lower the rent. Problem is that it kills the whole area. Not that they give a toss obviously.

      • I don’t know what is going on. Discretionary retail has hit a very solid wall. Yet in the last month we have had three retailers disappear because the landlord doubled the rent. Another one shifting locations to an entirely new area because of increased rent. It’s really weird. Seems like anyone holding any sort of property has totally lost touch with reality.
        There is a problem developing. Landlords can’t drop rents because that decreases the value of the property and, I guess, that breaks banking covenants.

      • There was a restaurant in subiaco that had been there 20 odd years. Landlord decided to triple his rent. 150k a year iirc. He just shut the place. Its insane.

      • I must join the queue of the puzzled. The office and shop space near my current major client is largely empty. The last restaurant in that section of buildings is closing because the landlord has just raised the rent, and the one coffee shop is moving for the same reason. They’re all subsidised by the taxpayer to remain empty through negative gearing, I guess, and forced to maintain an artificial valuation by the mortgage. It just seems an unintended consequence of how our system works.

      • In NSW land tax has increased given the increase in commercial property values. As existing leases roll over rents will jump to reflect the increases in property taxes. Not sure about WA though…

    • This is a huge deal, first of all privatisation of land records in this country and second of all the potential for those records to be ‘hacked’ and therefore people to lose ownership or deposits.

      • “electronic conveyancing platform operated by PEXA, a private company owned by state governments, the ANZ, CBA, NAB, Westpac, Macquarie Bank, private equity and property developer Paul Little”

        An IT platform run by governments, the banks and a property developer. What could possibly go wrong?

        They have less security for property transactions than eBay does for buying a $2 widget from China, not even needing two-factor (2FA) authentication.

    • sydboy007MEMBER

      Frack me. I’ll be taking the bank cheque and flying interstate if needed after reading that.

    • CBA ‘lost $45k of our money for three months(trying to send us under) and that was 20 years ago. This was just a part of a chain of misdemeanours by CBA at the time. CBA is totally corrupt. There is a culture, long instilled, that can’t be changed. It should be closed down all staff, apart from those gaoled, sacked and every branch and building hit with the wrecking ball. The Martin Place bank can be turned into a museum.
      I’m not bitter or anything

      • reynmonMEMBER

        Flawse, when a decent dude like yourself who has been around the traps sees the current situation in Australia for what it is, then I for one know that this cuntry has been and is being ravaged by a sick cancer from its own “elite class” where total greed,stupidity and blindness are in full out or control tyranny.

      • Thank you reynmon
        I can get ruffled if I fall out of my tree 🙂 I really appreciate what you said.
        P.S. Yes we are really screwed – big time. We are sick economically and socially. The fact that a bank Johnny gets $10M a year doing something that produces precisely nothing, in an economy where productive people go broke or lose jobs day after day, tells you all you need to know.

    • That’s f*cking outrageous treatment for Elton the Bull. Let him live out his life in a nice grass filled paddock. “He’ll just get old and die”, so he’s better off dead!? What jerks.

      • Mining BoganMEMBER

        I must admit when reading it I was all onya Elton until the last bit. Very much a Crying Game moment.

    • “Most people looking to buy their first home have low levels of financial literacy despite 70 per cent reporting they feel confident making financial decisions”

      LOL

    • Not surprised either. I participated in a focus group for first home buyers. I was the only one, of 8, with substantial savings and who knew the interest rate I was getting on those savings. The others were seriously financially illiterate.

      It was shocking. All the stereotypes held true. Their priorities were spending to ‘enjoy their life’ and taking overseas holidays.

  7. As Housing Prices Soar, New Zealand Tackles a Surge in Homelessness – The New York Times

    https://www.nytimes.com/2018/06/22/world/australia/new-zealand-homeless.html

    AUCKLAND, New Zealand — New Zealand is known to many outsiders as a beautiful, affluent country, the place where the “Lord of the Rings” movies were made. But Joseph Takairangi and thousands of others know it better for the expensive housing that lies far out of their reach.

    On a recent cool night in a misty rain, Mr. Takairangi and some of his friends were looking for somewhere to spend the night. They had decamped to a parking lot after being ejected from a stretch of takeaway food shops in Henderson, an Auckland suburb.

    Soon, a speaker mounted on a wall above them crackled: “Move along, please, guys.”

    New Zealand has the highest homelessness rate among the wealthy nations that make up the Organization for Economic Cooperation and Development, a Yale University study found last year, though it noted that definitions of homelessness vary by country. Social workers here say the country’s homeless — 1 percent of the population, according to a comprehensive study from a New Zealand university — increasingly include people with jobs. …

    … Auckland, the country’s largest city, consistently ranks among the 10 least affordable housing markets in Demographia International’s annual global survey, which measures house prices against income. … read more via hyperlink above …

    Don’t be put off by the HAM – I believe you can still buy a house | Stuff.co.nz
    … note readers’ poll …

    https://i.stuff.co.nz/business/money/104817263/Don-t-touch-the-HAM-its-off

    Queenstown pod like a ‘big coffin’ | Otago Daily Times Online News

    https://www.odt.co.nz/regions/queenstown/queenstown-pod-big-coffin

  8. Fabian AlderseyMEMBER

    I love that line in the “inside the bunkers and war rooms…” ABC article where the cyber security expert says they need to get the banks’ employees to “think like criminals”.

    Hmm, nah, I think they’re already doing just fine.

    • haha, I would think they need training to behave themselves and not break the law :).

    • sydboy007MEMBER

      Prob is they think like old school crims. A few hundred thou here. Few hundred thou there.

      Modern crims are talking millions in bitcoin or hundreds of mills with more sophisticated schemes.

  9. Anyone else believe we shouldn’t allow permanent residency to be obtained offshore?

    The only pathway to PR should be from temporary working visas, where people’s skills and employability have been tested.

    • Do yiu really think that skilled folks, those that get the PR ofshore will want to fcuk with something temporary being locked to a single employer for a 》maybe PR in a few years《 ?¿?
      If you knew the way to the PR permit ofshore grant youd have a better understanding. This country is honeytrap for low skilled, not the same for sage migrants (wrt economic perspectives)

    • GunnamattaMEMBER

      definitely it is the low skilled which is Australia’s issue. For a few different reasons

      We provide an easy pathway for the low skilled with our student visas for the meaningless courses our education sector sprouts like weeds……

      There is actually very very very little need for high skilled anything in Australia because the only thing Australia actually does (at a meaningful level) is dig things out of the ground or grow things on top of it (and both these tend ultimately to be low skilled). What needs are filled by high skilled – doctors, IT guys, scientists, technicians etc – tend to be only ‘in demand’ because the revenue transfer process (ie the take from the mining and growing redistributed back into Australian society) is done within a paradigm of needing to sustain the view amongst average Australians that Australia is an economically and intellectually vibrant and diverse member of the ‘developed world’ – and these require skilled doctors, IT guys, technicians etc. So Australia’s demand for them, reflects not so much an economic paradigm but a socio political illusion.

      Following on from that (and bringing us back the full circle) is that if Australia genuinely did need the doctors, technicians IT guys and the like, then Australia’s educational institutions would be pumping them out like billyo, and the organisations which oversee such occupations (their unions – although they are all too nice to be associated with unions) – such as the various medical professions which are part of the AMA, the engineering institute, various accounting bodies and so on – would be full throttle on encouraging foreign trained counterparts into their world. But we sure as hell dont do that in Australia with the accreditation process for virtually any occupation amongst the most expensive and laxative on offer anywhere in the world, and the number of courses available providing access to them invariably fairly restricted. And this brings us back to why our teriary education sector (in particular) is not really about education, but (with a focus on profitability) is really about citizenship exports running long on low skilled being suckered into doing advanced toenail clipping or internet marketing courses which are invariably amongst the most expensive in the world.

      Ultimately we come back to the general idea (as Djenka works towards) that the high skilled may not in fact be coming to Australia to be high skilled at anything, but rather for a quality of life, and if we ransom that sentiment to include a few years of serfdom for one of Australia legendarily Neanderthal managerial/employer types then the quality on offer slides back into the morass – so we seem to be left where we are. We can offer quality of life provided we run a ponzi of cheap serfs festooning any given service, certainly sufficient to appeal to those who have worked hard to attain skills offshore, but we need them to set aside any notion of doing anything meaningful with those skills which we value so highly (so that we can tell ourselves we are part of a vibrant and diverse socio economy – and not feel discomfited by seeing such in movies).

      My personal thoughts are that it is for these reasons that so many of the Chinese and Indian (in particular but not solely) types who mosey in, like to tough it out here while setting families up, but ultimately head back to wherever they came from (once they have scored the Australian passport and bedded down friends and families with entitlement to free medical treatment, schools and the like) to do something meaningful (or make more money).

      But its all good

      • “dig things out of the ground or grow things on top of it (and both these tend ultimately to be low skilled).”
        ummm no Gunna. That is definitely not true. (Not arguing with your post – I just think that is dangerous BS thrown around by cityites to justify the rape and pillage, by the cities, of the regions and rural areas.
        I need to take you on a journey to meet my farming mates. I reckon there MIGHT still be someone from the mining industry to give you a tour of what they do but I doubt there are any left here.

      • GunnamattaMEMBER

        Sorry mate, I may not have made myself all that clear there (it was written quickly, and with a view to getting around needing to explain – although I do not think Australia importing educated farmers from elsewhere would drive much of a productivity surge in Australian agriculture) .

        I should have said something like (with regard to ag at least)

        ‘and these are not skills which Australia is importing, or skills which reflect tuition, but which are rather skills picked up and applied on the job, often passed from generation to generation, and tend to be more reflective of perseverance and a longer corporate memory span than any syllabus.’

        With agriculture, I grew up on and know plenty of highly intelligent farming types (including many learned in other fields who have returned to farming). Ultimately it is a mindset and outlook on life (sadly best indicated in the number of farmers who just stroll out behind the shed with a rifle one day).

        You could take Einstein out onto the Hay Plains (for Example) and he’d never make it work, and tell you you were an idiot for being there. I’ve seen a lot of dullard sons shoehorned through Marcus Oldham (here in Geelong) or other agricultural colleges, who would never cut it in academe, but who have a certain je ne sais quoi which has seen them endure and do quite well out of the land. And good on them I say (although many do seem to vote National)

      • G’day Gunna
        I didn’t mean to put you in a tangle over it. I understand your constraints of time etc. II’m sure I wouldn’t survive a forensic examination of everything I ripped off here.
        I guess I just get out of my tree (perhaps too much) about that stuff where anyone who lives outside the Sydney/Melbourne/Canberra/ Central Brisbane axis is just an ignorant uneducated deplorable. It’s a bit too widespread of a promoted idea. In this matter I’m a bit of a lone voice.

      • Gunna
        I thought I replied earlier…however…]
        Sorry I did not mean to take you to task on the issue. I am aware of how much you contribute and that, like us, you write stuff off the cuff- but with a lot more class!!! The fact is I am just a bit (over-sensitive) on the issue. I reckon I’m probably the only (ex) farmer around this site. City types, particularly academics, sprout the dumb farmer stuff all the time and it is reasonably widespread in here in various forms.
        So again sorry I caused you a bit of angst and extra work.
        Cheers

    • So why do we kid ourselves by calling it ‘skilled migration’? Why waste our time with a points system, let’s just let anyone in, to get to the magical number set by our government, if the true intention is just to have bums on seats, willing to do lower paid, lower skill work?

      • Because by lying about it the government can pull the bait and switch telling the population of incumbents that it’s great for our country, when in reality it’s great for their business mates.

      • mild colonialMEMBER

        And to con the applicants into thinking their skills are needed. Good grief, the tragedy of our system is that immigrants are as exploited as the majority of people here.

    • sydboy007MEMBER

      Should be a minimum 10 years to apply for PR and then those in your community get a say. Would force people to integrate more within Australian society.

      I like the Swiss model for citizenship, really like their referendum system too.

    • Hunter – no, in my experience it just does not work that way.

      Back before Howard blew up the immigration system pretty much the only way to get permanent residence was if you were outside the country. Your claims could be verified and a decision could be made one way or the other, or even not (processing of visa applications could be held back if deemed appropriate) whilst the applicant and their family remained in their home country.

      If you want to regain control of our immigration system a key measure that needs to be re-introduced is to stop the ones that do not meet the requirements before they get here. Once they’re here, the game is as good as over.

    • Bugger? Voyager? Bigger? Auger? Trigger? Digger?

      Figgers… so many words can get you fired!

      Reminds me of the time I signed out with

      [….]
      Retards,
      •Name•

      Bloody ‘g’ is too close to ‘t’ on the keyboard!

      • hah! pity you didn’t accidentally slip in an exclamation mark at the end of the word.

  10. Ahh a 0.09% daily fall for Sydney today. Feels gooooood. 364 more of those and we’ll have a healthy 33% yearly negative sideways movement.

  11. Super Phoenix

    “‘It sounds like a bribe to me’: 7-Eleven accused of buying witnesses”

    What is the difference between bribing and lobbying?

  12. reusachtigeMEMBER

    Taking a break from day party relations and thought I’d take a look in here. Quickly going back to it.

    • Though clearly Senator John Williams is an idiot.

      The senator said that: “[The boss of Comm Bank] did make the point that there were some 45,000 employees in the Commonwealth Bank and you can’t look over the shoulder of each and every one of them. But we had a good general discussion about many issues.”

      It is patently obvious that the bank is required to be able to look over the shoulder of each and every one of its employees, any organisation that does not have systems and processes in place to do this is derelict. I can’t believe the banker had the chutzpah to use that line as an excuse and I can’t believe the polly is so clueless as to have bought it.

      • proofreadersMEMBER

        Totally plausible on both counts as this is Straya, where neither bankers nor pollies are accountable for anything?

    • These silly senators need to be educated. It is impossible to transact “below the market” because whatever price a property fetches becomes the new market price!!! After all, that is how house prices have gone up in the first place.

      • bolstroodMEMBER

        Heard our revered Finance Minister Senator Mathias Cormann on Insiders this morning gibbering, justifying the tax cuts by flapping his gums and emitting a wall of sound from which I was able to pick out that controlling Runaway Wages was among the things that made the tax cuts necessary… and they expect to be taken seriously????????

      • Super Phoenix

        I sometimes wonder if the no.1 requirement for Strayan pollies is the ability to publicly make fools of themselves.

    • If you remove all the stuff about the pair of wreckers (Keating and Hawke) then it is quite a good speech.

  13. StomperMEMBER

    Auction 6/33-35 Battersea Street, Abbotsford, NSW 2046

    Passed in on the sole vendor bid of $1.8m

    Agents reeked of desperation…..

    • Autonomous vehicles ain’t going to happen. As I discussed with drsmithy a few weeks ago it’s way too easy to jam a gps signal or some idiot paints over the white lines. We need data system embedded in the road – an ISO standard and government legislated – then there’s a chance this could work.

      • Which means we are centuries away.

        Even longer in countries that slow down traffic to address problems caused by ill manored velocipedestrians..

  14. some kid came up to me today when i was going through a trash bin and tried to put his hand in there with me

    then he asked me whether he could be a “trash boy” too

    you can kid (but i dont know if u want to be)

    • GunnamattaMEMBER

      sounds to me like there is scope for some franchising your operations….

      Just imagine

      You capitalise on your ‘Brand’

      You set up newcomers with their own patch

      You structure the contract towards ongoing stream or one off capital gain

      You dress up in a nice suit and lobby politicians to ensure you dont face too much competition.

      ‘This locality is scrounged by Stagmal!’

      A reality TV show, some good signage. Its all ahead of you

      • Took the words… Then stagmal is exposed by Adele Ferguson as exploitative franchise; then HnH runs awful headline with terrible picture on blog post trashing him; UE follows up with heavy data post of lost entitlements and wages over time to stagmal’s franchise. It’s not worth it. The crisis PR will take all the profits.

      • GunnamattaMEMBER

        Then one day we all hear what we know is coming…….

        ‘Mr Turnbull, how do you respond to those calling for a royal Commission into scrounging?’

        ‘Let me state quite categorically that Australia has one of the worlds strongest scrounging sectors, and that has come through the GFC and is the envy of most of the world, and one I have been asked about when chatting with other global leaders. Stagmal is rightfully an Australian icon, who is the sort of doer this nation needs more of. Those calling for a Royal Commission are doing so for petty political purposes, and all it is doing is undermining sentiment about how good our economy is. Let me state categorically there will be no Royal Commission, and that there is absolutely no need for a Royal Commission into Scrounging…….’

      • GunnamattaMEMBER

        But Mr Turnbull, what about the revelations this week that the scrounging sector has sponsored 422 thousand granted temporary visa applications over the last decade?

        ‘Well it is obviously a very successful model and like many successful models during a boom period it is often difficult to source skilled employees with the right attributes. Where this occurs i am proud t say that my government, a Liberal government, is more than happy to help growing expanding businesses get the employees they need. It is all for Australia’s future and prosperity, and is reflected in the fact that just last week we celebrated having created more than a million new jobs since the start of this government. This is what we do and will continue to do, and we make no apology for it. This government is about job, jobs and more jobs, and having the people in position to take them is a key part of that strategy. If Australia is not able to produce scroungers in the numbers we need then I have no problem with bringing in suitable skilled scroungers from offshore and welcoming their contribution to Australia.

      • TailorTrashMEMBER

        Can we set up an operation to mine coke cans …got to be ship loads of them sitting in the strata ……Stagmal Mining (NL) Pty Ltd ……..a sure thing .
        Put your real estate equity on it …..a guaranteed winner …………garn Straya !…….the bubble that knows no end ……..

      • ErmingtonPlumbingMEMBER

        If Staggsie wants success, he needs to sell it to the Sub Continentals.

        “But in her testimony, Devanshi Panchal, a former Domino’s franchisee who sold her Bathurst store in November 2016, was adamant that racial targeting by head office went on. She said after the 7-Eleven wage fraud scandal broke in August 2015, franchisees from the subcontinent were hit with random employment audits.

        “Standing in a room full of franchisees, it was clearly evident who was being targeted… and the five white people there who weren’t getting audited,” she said.

        https://www.smh.com.au/business/companies/five-white-people-not-getting-audited-alleged-racial-targeting-at-domino-s-20180622-p4zn7i.html

        The parliamentary inquiry is trying to grapple with the many and varied allegations being raised by a cross section of franchisees across franchise networks but a recurring theme is the power imbalance between franchisees and franchisors and the abuse that can then cause.”

      • Note how the franchisor’s rally against regulation of this market sector and this has the full support of the current regime, The current regime is hellbent on full scale jihad against its natural constituency, small businesses.

        I can see a day in the future where free market fundamentalism has a much relevance and respect as the church has today.

  15. Mining BoganMEMBER

    First house I checked that was ‘sold’ at auction today was actually sold three weeks ago. Was never scheduled for auction.

    They’re getting worse. Five houses listed. Two passed in. Three sold, one three weeks ago, none of them due to go to auction. Criminal.

    • Definitely fraud in these numbers. People have cottoned onto their selective reporting scam so they are now padding with non-auction/old sales.

      RE Agent scum deserve to burn in hell

      • Its really close… the turning point will be when all the stories of people who ‘left’ the RE industry will come out.

        It’ll be some also-ran-into-the-wall-hard blonde talking about the entrenched ‘sexism’ which means people are paying less commissions and b!tching how she is no longer the side piece of the head agent. The horror. If we get really lucky, some enterprising pollie (michaelia cash) will bring in anti-harrasment law, which should gut female hiring, and the entire economy grinds to a halt.

        Once RE agents start publicly airing the dirty laundry, having ‘done the right thing’ and left the business, the class actions start, and the whole business collapses into a cesspool of malfeasance and stupidity. Ideally we can find some business owner to front on TV and say how he does not hire ex-FIRE because useless and sh!t culture.

        Your fund remains long popcorn futures.

  16. From Louis Christopher
    Sydney auction results today: 54.5% preliminary clearance rate. Unreported rate was 23.8.% (516 listed, 393 reported). Est final clearance rate is 48% to 51%. Clearance rate revised down last week to 47.5%. This week in 2017 CL = 64.7% 2016 = 67.7%.

    Melbourne auction results today: 62.3% preliminary clearance rate. Unreported rate was 16.1% (829 listed, 689 reported). Est final clearance rate is 57% to 59%. Clearance rate revised down last week to 52.5%. This wk in 2017 CL = 68.4% 2016 = 66.9%.

    Brisbane auction results today: preliminary clearance rate was 41.7%. Unreported rate was 30.4% (69 listed, 48 reported). Estimated final clearance rate is 33% to 38%.

    Note last week Sydney results revised down to 47.5%. Last weekend for Sydney was still very weak. Seven days later and there is still 10% of auctions unreported. If you assume 90% of that 10% are failed campaigns, then the actual final clearance rate for Sydney last week was about 44%.

    • Cheers for that. 47% is low as hell and that’s with fraud improving the figures.

      • Mining BoganMEMBER

        Exactly. If they only included auctions and sold priors we’d be looking at 30%. Farcial.

      • I suppose it means people using the auction clearances to measure something will keep underestimating the actual coming price drops.

        Maybe that isn’t bad.

        Less regulatory intervention. More panic when the actual prices come through. Or something. Hooray!

      • Slow melt… Once the consensus opinion thinks consensus has changed, no one will be able to stop the carnage, as mark-to-fantasy gets marked-to-book.

        Pretty much every politician of this generation is going to get destroyed. Either in arrests/national reconciliation, or by far more ruthless successors. Same lesson I suppose, outflank your opponent on the left will become outflank your opponent on the right.

  17. Borrowers face $18,000 hike amid growing rate rise fears

    https://www.afr.com/business/banking-and-finance/hedge-funds/borrowers-face-18000-hike-amid-growing-rate-rise-fears-20180621-h11pno

    Mortgage debts for an Australian household with a $1 million mortgage could rise by up to $18,000 a year amid warnings that rising funding costs will drive rates higher. Pressure is increasing on over-stretched household budgets from a huge switch to principal and interest loans and a sharp spike in funding costs for financing mortgages, particularly for lenders relying on securitisations rather than deposits to fund their loan book.

    Bill Schafer, chief financial officer for ASX-listed AusWide, which is increasing owner occupier loans by 5 basis points and investor loans by 13 basis points, said: “We had been holding our rates back for as long as we could. But it was becoming a major impost on our net interest margins. Other lenders are under exactly the same pressure and are likely to follow.”
    A sharp spike in funding costs of up to 35 basis points is being attributed to rate increases by overseas’ central banks, particularly the US Federal Reserve, and rising competition for funds as the world economic growth increases. Mr Schafer said lenders have been under pressure for about four months and are closely watching competitors in the cutthroat market that remains the major contributor to profits.

    Major banks are under additional pressure not to make unpopular out-of-cycle rate increases during the banking royal commission. Borrowers switching from interest-only to principal and interest loans is adding up to $18,000 a year to a borrower with a $1 million mortgage, according to analysis by RateCity, which monitors rates and fees. Analysis is based on average rates and assumes a switch five years into a 30 year loan. Increased monthly repayments for both owner occupiers and investors making the switch is about $1500, despite the cash rate being at record low rates.

    • 18k is not trivial money. I think a lot of specuvestors would be pushed over the edge by that.

      • It is funny that they start warning about the iceberg only after the gushing water through the gaping hole is flooding the ship and all the lifeboats have been washed away.

        But then again that’s the Strayan way.

      • Leftist infestation – hence, sh!thole. We need a government program that offers free one-way first class tickets to every progressive, direct to a ‘socialist-paradise’ of their choice. No returns.

      • T,

        We too are a leftist sh1thole, we’re just more particular about who gets the money.

        https://percapita.org.au/our_work/the-cost-of-privilege/

        “In a landmark report released on Monday 26 March, undertaken by Per Capita for Anglicare Australia, we revealed that the wealthiest Australians cost the rest of us a staggering $68 billion a year.

        This report quantifies the annual cost to the federal budget of various measures that allow Australians in our wealthiest quintile to minimise their taxable income, thereby reducing government revenue that pays for services for all citizens.

        These measures include superannuation tax concessions, negative gearing, capital gains tax concessions, the use of discretionary trusts, subsidies for private health insurance, the exemption from the Goods and Services Tax (GST) of private health insurance and education (both of which disproportionately advantage high income earners with private health insurance and who send their children to private schools and the exemption from Capital Gains Tax (CGT) of the principle place of residence (IE: the family home), which provides disproportionate benefits to wealthy home owners.

        Our analysis shows that, in combination, these measures impose a cost on the federal budget that easily outstrips that of any single welfare recipient group.”

      • I know – why do you think everything is going into the crapper? And what exactly do you think the coming populist revolt aims to fix.

        The world has had enough of progressives, and their modern day puritan-esque moral panics, which mysteriously always result in more leftists telling us all what to do and how to spend our money.

        Happily, we are winning, and the leftist losers are, well losing.

        Edit: Every time a leftist ideology comes to the fore, it ends up with the top 2 % owning everything. The problem is it rewards the useless and virtue signalling experts, as opposed to being productive and making stuff other people want to buy.

      • drsmithyMEMBER

        Every time a leftist ideology comes to the fore, it ends up with the top 2 % owning everything. The problem is it rewards the useless and virtue signalling experts, as opposed to being productive and making stuff other people want to buy.

        Last time the lefties had any influence was the decades post-WW2 until the righties took over again in the 70s.

        You may remember it as a period where wealth and income inequality was low, class mobility was high, jobs were plentiful and most of the public infrastructure – at least what remains of it that hasn’t been sold off – we rely on today was built.

        When the righties take over is when we head towards oppression and war. Because that’s where naked selfishness, insatiable greed, an amoral disregard for human life and an unshakeable belief in the right to rule take you.

  18. haroldusMEMBER

    Listening to Free.

    Think Angus and Malcolm did too.

    Seems Kossoff used an LP, it sounds that way, although wikipedia throws up this interesting snippet:

    One of Kossoff’s guitars, a 1957 Fender Stratocaster, was bought after his death by Dave Murray of the band Iron Maiden and was used by Murray from 1978 to 1990.[7]

    It’s funny, you don’t really think of Maiden as a strat band, but he’s put mini hummies in it, so it’s not as if he’s trying to sound like stevie ray/jimi.

    https://shop.fender.com/en-AU/electric-guitars/stratocaster/dave-murray-stratocaster/0141010303.html?rl=en_US

  19. NEW ZEALAND: If New Zealand is to crack the problems of unaffordable housing, government here must look seriously at how the better parts of America finance infrastructure, Eric Crampton argues | interest.co.nz

    https://www.interest.co.nz/opinion/94430/if-new-zealand-crack-problems-unaffordable-housing-government-here-must-look-seriously

    By Eric Crampton*

    This seems about the worst possible month to be suggesting that anybody should try to emulate anything going on in America. The place seems to be going mad in ways no longer funny to laugh at from very far away.

    So it’s a bit of a shame that the best lessons on infrastructure financing and affordable housing come from a few places in the United States that have really figured things out. If the exact same lessons had come from Canada, or the UK, or Estonia, Infrastructure New Zealand would have an easier time marketing its latest report.

    If New Zealand is going to crack the problems of unaffordable housing, government here is going to have to look seriously at how the better parts of America finance infrastructure. Within the same country, you can find major urban areas like San Francisco that are as unaffordable as Auckland, others like Atlanta, or Houston, where housing remains very affordable – and plenty in-between.

    In April, an Infrastructure New Zealand delegation visited Portland, Denver, Dallas-Fort Worth, Houston and San Francisco. Their report, “Enabling City Growth: Lessons from the USA”, was released last week. … read more via hyperlink above …

    Enabling City Growth: Lessons from the USA (pdf) … Infrastructure New Zealand

    https://infrastructure.org.nz/resources/Documents/Reports/Infrastructure%20NZ%20USA%20Report.pdf

    … Wellington Presentation Event … WED 27 JUNE 2018

    Infrastructure New Zealand – WELLINGTON – WED 27 JUNE 2018 EVENT: Lessons from the USA – Planning, Funding and Enabling City Growth

    https://infrastructure.org.nz/event-2932846

    • As Housing Prices Soar, New Zealand Tackles a Surge in Homelessness – The New York Times

      https://www.nytimes.com/2018/06/22/world/australia/new-zealand-homeless.html

      AUCKLAND, New Zealand — New Zealand is known to many outsiders as a beautiful, affluent country, the place where the “Lord of the Rings” movies were made. But Joseph Takairangi and thousands of others know it better for the expensive housing that lies far out of their reach.

      On a recent cool night in a misty rain, Mr. Takairangi and some of his friends were looking for somewhere to spend the night. They had decamped to a parking lot after being ejected from a stretch of takeaway food shops in Henderson, an Auckland suburb.

      Soon, a speaker mounted on a wall above them crackled: “Move along, please, guys.”

      New Zealand has the highest homelessness rate among the wealthy nations that make up the Organization for Economic Cooperation and Development, a Yale University study found last year, though it noted that definitions of homelessness vary by country. Social workers here say the country’s homeless — 1 percent of the population, according to a comprehensive study from a New Zealand university — increasingly include people with jobs. …

      … Auckland, the country’s largest city, consistently ranks among the 10 least affordable housing markets in Demographia International’s annual global survey, which measures house prices against income. … read more via hyperlink above …

      Don’t be put off by the HAM – I believe you can still buy a house | Stuff.co.nz
      … note readers’ poll …

      https://i.stuff.co.nz/business/money/104817263/Don-t-touch-the-HAM-its-off

      Queenstown pod like a ‘big coffin’ | Otago Daily Times Online News

      https://www.odt.co.nz/regions/queenstown/queenstown-pod-big-coffin

    • From the report:
      First, taxing authorities receive more income as properties increase in value, providing a revenue stream to invest in new services. Authorities in Dallas and Houston appeared to have fewer financial concerns than authorities in Denver, and especially Portland.
      Second, property owners pay more if property values increase. Higher tax bills reduce the benefit of increasing property values to property owners. Public feedback over increasing taxes to elected representatives provides a strong political incentive to manage costs down or facilitate supply.
      Finally, annual reassessment of property value and re-estimation of tax paid provides a relatively dynamic price signal to property owners about the best use of their land. Land banking is discouraged as property value increases are met with proportionate increases in annual tax. Developers are incentivised to deliver homes faster and land benefiting from new accessibility or other amenity becomes more attractive for urban redevelopment.

      We seem to be doing the exact opposite here..

  20. Mining BoganMEMBER

    So anyhow, Russia. It would appear everyone is having a fabulous time. In fact, the only bad press I’ve heard, apart from an errant taxi driver, is that Putin had the temerity to sit down with a Saudi sheikh and the FIFA boss and watch a game. ‘”Corruption” they cried. Meh.

    Has our media been misleading us about those nice Russians…

    I’m enjoying the Optus failure too. Would never have paid to watch it but man, this has been great. Except for the diving. Shoot them.

    Latest scores.

    SBS 1 OPTUS 0
    RUSSIA 4 MSM -1

    • I know that, in normal times, the US should ‘win’ the trade war… defining ‘win’ as loses least. However, I notice the steady devaluation of the Yuan. An option not easily open to the US. This partially offsets the imposition of tariffs. Not for Australia, of course, we sell to the Yuan-priced economy. If China had not devalued, it would still take some time for the US manufacturing base to respond. Therefore the expected benefits to the US are hard to see as yet. China is also a (somewhat) more unified society, and may be able to spread the pain and absorb it more than the US. Putin has been very successful in achieving increased polarisation in the US, straining the resilience of that society. And … USD keeps rising against the whole basket of currencies placing further strain on their exports. I’m not certain that US will win. I don’t see any good outcome of this, especially for Australia.

      • If the USD keeps rising, that is only a good thing for the US

        If exports fall but the USD is rising, it means that foreigners are still buying US bonds and treasuries thereby “funding” US deficits
        This allows the US government to “spend” as much as it likes on infrastructure, social programs, military etc etc

        And trump has shown resolute willingness to do exactly that

        For the working, poor and government it has the potential to be a very good thing if Trump can deliver

      • …very successful in achieving increased polarisation in the US, straining the resilience of that society.

        I love the euphemisms of the MSM for making people think for them selves and not trusting the MSM peddled ‘pile that comes a back of cow in large quantities’.
        When half the nation clutches to the blue pill… polarisation is natural phenomenon

  21. A sea of red across the Corelogic major markets today after some nice drops yesterday.

    I sense a disturbance in The Farce! 🙂

  22. ErmingtonPlumbingMEMBER

    @Boomen

    This is the press took I’ve got, smaller than the Rothenburger, more torque and cheaper.
    Got it from Plumbers CoOp,…they now sell them as a Novo Press tool (Tradlinke do Kembla copper now)
    It’s exactly the same took as the Milwaukee press tool.

    http://www.kembla.com.au/kempress/kempress-copper-tools/

    Along with being price gouged on most non “Priced” items, the reason I left my supplier of 12 years, Reece, was because they (a Milwaukee stockist) wouldn’t supply this press tool.
    Their “B press” (Conex Banninger) fittings must be pressed with the Rothenberger tool, or the warranty is voided.
    The other suppliers play similar games, but CoOp and Cooks sell cheaper press fittings and my tool works on press fittings from all 4 main suppliers in Sydney (all the above +Tradelink)
    The remis press took is sold for use on all systems.

    What Shits me is that these tools all clearly press exactly the same dimensions and the fittings are clearly universal,…the regulator needs to step in mandate one single standard and the suppliers warranty their products pressed with any took.
    The current system is dictated by marketing departments trying to lock in small business to single suppliers ,…not very pro inovative or pro Competative.
    The situation with Cross link polyethylene water pipe PEX is even more ridiculous, with a dozen or more of incompatible pipe sizes, fittings and crimp tools on the market (not counting the types that have disapeared/failed)
    We managed standardisation pf copper capillary fittings and pipe a century ago,…PVC as soon as it was marketed,…WTF is the story with pex piping,….the costs this ridiculous differentiation makes to end consumers is staggering in the long run,…I have many horror stories.

    • Here here EP. Having run two big farms with very large poly pipe systems, there is nothing more infuriating than having 3-4 different types of poly pipe fittings and workers who did not have the brains to only buy from one supplier. At the last clearing sale we sold four big buckets of poly fittings worth $300-400 for $30 each 🙁

  23. GunnamattaMEMBER

    Radioactive water reignites concerns over fracking for gas
    https://www.theage.com.au/politics/federal/radioactive-water-reignites-concerns-over-fracking-for-gas-20180622-p4zn4r.html

    High levels of a radioactive material and other contaminants have been found in water from a West Australian fracking site but operators say it could be diluted and fed to beef cattle.

    The revelations illustrate the potential risks associated with the contentious gas extraction process known as fracking, or hydraulic fracturing, as the Turnbull government pressures states to ease restrictions on the industry and develop their gas reserves.

      • bolstroodMEMBER

        No , No not madness, standard operating procedures for this Parasitic Industry.

    • ErmingtonPlumbingMEMBER

      Speaking of polluted water,…Cross link Polyethylene water pipe, Pex, isn’t just used in houses and buildings, but in ground and for new water mains as well. This pipe material in not impermeable to Petroleum products and is actually banned for use under Fuel supplying service stations.
      If your Glass of water smells like its got petrol or diesel in it,…it probably has.
      This is why PEX pipe for gas has an aluminum layer also.
      My prefered system,
      https://www.rehau.com/au-en/construction/plumbing/rautitan-one

    • Radon gas itself is anywhere there is a water flow, it is just the level that matters. You don’t have to go deep to find some weird stuff though….I once drilled into an earthquake fault in quartzite ( where shall remain nameless ) at 120 feet and a flow of water came out to a couple of feet high and warm. After using it as a shower for weeks the tests came back that it was heated by thorium deep down. We are all still alive after sealing the flow.

    • Heh. In a few years time you’ll be able to buy a house there for a knob of goat shit and two squirts of piss.

      Well….I exaggerate, I know. But my landlord wants $939K for the the place I’m renting, and he won’t get it. I’m pretty sure of this because a very similar place about 100 m down the road is now on the market for $825K, and they were selling for $875 over summer.

      The times? They are a changin’. The hard rain? It’s just starting to fall.

      • I love the smell of negative equity in the mornings!

        PS: What area are you in?

        I’m seeing quite a few for lease signs around the Inner West now. Five Dock / Concord etc.. and many for sale stickers but no sold ones.

      • I follow a few Hills suburbs… don;t look for street signs but unRealEstate.com.au shows 60+ percents more advertised places

    • That piece really puts the “ramble” into “rambling”, as it were. It seems to me there are two possible explanations for the ANU mess; the first is that the Ramsay people overreached with demand for control; the second is that things got hot and controversial and the ANU VC dropped it. In the first possibility, ANU is right to tell them to get fukt, in the second, everyone else is right to tell the ANU hierarchy where to get off. How you separate these scenarios is probably not possible given the political bullsh!t and a he-said-she-said nature of the discourse (irony intended).
      Having seen the proposed curriculum for the Ramsay Centre it is also possible that it didn’t survive the ANU marketing dept, seemed boring stodgy and backward looking to me. The latter discussion on philosophy v science in the article is apropos.
      There was some old bore in the US, maybe Harold Bloom, who was always banging on about the Great Books of the Western Cannon, but my opinion is that you can take a free market or evolutionary view and say that if they are that bloody great then people would still read them.
      ps no offense intended footsie.

      • Canon. Bloom’s argument was a thread of works formed western culture, not that they needed advocacy in order to be read. His thesis dovetails with Neil Postman’s in ‘Amusing Ourselves to Death’, especially in a historical perspective of literacy and media consumption.

      • Points taken. Actually I have a friend who is an American Conservative and he ascribes much of (US) society’s ills, particularly the political ones, to the advent of TV. I think it’s hard to separate symptom and cause though.

    • I don’t really get the big deal about this ‘Western Civ’ bizo. The way it’s taught in the States, it’s basically a book club where everyone agrees to read old books in vaguely chronological order. If Mr Ramsay, or anyone else, wants to do that, why don’t they just download the booklists from a US college that does it, and get together a group to talk through the books via meetup.com?

      Here’s the home page for the subject taught at Notre Dame:

      https://pls.nd.edu/requirements-and-courses/great-books-seminars/

      • drsmithyMEMBER

        I don’t really get the big deal about this ‘Western Civ’ bizo.

        There are a bunch of people like Tony Abbot who think “western civilisation” is under attack.

        What they fail to understand is that they are the ones attacking it.

      • Oh, I see the people least likely to have appreciated people like Freud, Tolstoy Woolf etc had they been contemporaries.

      • Oh, I see the people least likely to have appreciated people like Freud, Tolstoy Woolf etc had they been their contemporaries.

      • Look at the Notre Dame reading list or any other Skip – they are lists of people bagged by the Tony Abbots of the day for being too new, right from the beginning.
        Let’s face it, if TA had been in Athens at the right time, he would brought the charges that lead to Socrates’ trial (‘corrupting youth’ is a very TA/ Bernardi concept), he would have probably tried to stop city funds from being given away in the dramatic competitions Aristophanes likely wrote for and if he’d been on hand in the right place and time, he would have joined with the Pharisees in condemning Jesus.
        Indeed, his conservative instinct would probably have meant that if he’d seen someone begin to write down the epic story of fall of Troy, he’d have told them to cut it out and stick to passing it along orally, and use writing for its intended purpose of cheeky inscriptions on drinking cups or dedications on great monuments.

    • How so increasingly? Mr Kyrgios has been a world class and world famous drongo for a few years now.

      Although, I guess it does show the dangers of being born and raised in such close proximity to our national Parliament. PJK was still gracing its benches when Kyrgios was born, perhaps a touch of Placido Domingo rubbed off? Certainly his sense of entitlement is on a par with many of the greats – Hockey, Bishop, Bishop, Joyce, Slipper etc etc ad inf, ad naus,

    • “It’s a lot harder for us as agents, having to work lie to the buyers very hard,” Ms Kemp said

  24. rj2k000MEMBER

    This is the final nail in the Bitcoin coffin
    https://www.afr.com/technology/this-is-the-final-nail-in-the-bitcoin-coffin-20180622-h11ps4
    [Cryptocurrencies have no intrinsic worth and are useless as a form of exchange. They entail exorbitant transaction costs. They are very slow. Together they have turned into an ecological fiasco.

    They are not backed by the assets and revenue streams of an established state. Most can be rendered worthless by fraud or digital manipulation.

    They are essentially Ponzi schemes that masquerade as citizen currencies beyond government control.

    Such are the broad findings of the Bank for International Settlements, the Swiss-based “bank of central bankers” and the leading global authority on the crypto-craze.

    The report said Bitcoin alone uses as much electricity as Switzerland. This is needed to run the vast network of computers used by “miners” to verify transactions for the distributed ledger.

    “Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster,” it said.

    Cryptos are not in fact safe. They are vulnerable to a breakdown in -confidence or an attack by those with computing firepower.

    “Trust can evaporate at any time because of the fragility of the decentralised consensus through which transactions are recorded.
    A cryptocurrency can simply stop functioning, resulting in a complete loss of value,” said the report, a chapter in the BIS’s forthcoming annual report.

    The BIS says all currency systems face an inherent problem. If they are “scalable” and can expand easily to foster commerce and trade, they can also be debased easily.

    This is the trade-off that has bedevilled currencies since they began in modern form in China, India, and Asia Minor around 600BC.
    Sustained episodes of stable money are rare. “Trust has failed so frequently that history is a graveyard of currencies,” it said.]

    • yeborskyMEMBER

      I spent considerable years in the casino business. Trained and worked in London clubs in the 70s. At an upmarket joint, just off Oxford St (gone now), we were privileged to entertain Prince Fahd ( later King Fahd, somewhat later dead ) and his delightful henchmen, for about six months of each year. I particularly recall Abdullah who was living proof of how long our genetic strain goes back. His skills as a driver were to be admired – if there was a way he could hit a light pole or a rubbish bin on the footpath outside the club, he would find it with the Cadillac. Yes, the Cadillac. Tasty. In fact, the story went round that the crew went to the Earls Court Motor Show, stepped up to the Rolls Royce stand and bought twenty of the bastards. Can’t vouch for that, obviously.
      None of these blokes really knew the front of the car from the rear. As it happened, in Pommie casinos, which, then, were all clubs – no just walk in – alcohol was banned at the tables yet these charmers drank Scotch out of tea and coffee cups tastefully served at the table. (One of the waitresses, a stunning Hungarian girl, and as hot as I had ever seen at the time, would have earned more in tips than the casino manager’s salary.) The animals could barely contain themselves.
      So the women can now drive. Good luck, most sincerely.

      ps Prince Fahd really did have punter’s eyes – one each way.

      • Cyclone Ranger

        So many questions… So many laws with no statute of limitations; especially in the UK.

        Sigh… So no chance of finding out who the ultimate club owner was, or which police station he made the most Widows and Orphans fund donations to?

        So, just the basics then:
        – Your regular deal was 21? Poker?
        – How long did you work in the clubs?
        – Still got all your fingers?
        – There must have been a ton of English movie actors coming through the doors, especially then. Any other stories of the stars?

        And what did you think of the TV series Ashes to Ashes?

        Edit: and Life on Mars?

      • yeborskyMEMBER

        About 14 years in the game in London and here. Trained on American Roulette, then Blackjack. Sat chef on French Roulette a couple of times but never dealt it – it takes a long time to become proficient and an accomplished FR croupier is something to behold. In the UK and Oz, the American Roulette tables actually use French wheels. Became proficient at card counting – it’s a case of “know your enemy”. Used to see a few famous faces, mostly sportsmen rather than movie stars. I’ve never seen those TV shows – I don’t watch the idiot box all that much. Still have the full quota of fingers. Cheers.

  25. TailorTrashMEMBER

    Just spent four days on a mates farm ….clearing some new fence lines …..now that is hard yakka …(and what a mervel the chain saw is …………one finds it hard to comprehend how those early strayans cleared the same land with axes and hand saws ) ………then I come back and flip on the telly and see 4 or 5 generations later preening on “House Rules “ and their designs all “have an elegant country vibe to them “ …………Oh Dear !

    • +10000

      I do that kind of work for a very good friend of mine. I don’t charge because well, we all have to pay for our sins (real or imagined)… never mind that. I enjoy it!

      People have no frigging idea how much work goes in the simplest of things. Suddenly all this bull crap pales into insignificance as soon as you realize that if you’re not doing it, there’s no one else to do it for you or take the blame for it.

      When that asteroid hits us, most won’t be missed!

    • Lol I just spent the weekend building shelves, working on the car, walking the dog, re-organising the place etc.. I like manual labour and hard work. Makes me feel alive. That’s why I’m thinking of getting a couple of acres out of Melbourne. I don’t mind spending my time working on the land. Working on my cars and fixing things, building things etc.. you gotta move it or lose it.

      I once called my managers lazy in an anonymous survey. It struck a nerve with them. But how could I not say it? They are all lazy, sitting in meetings all day, over weight, doing nothing of productive value but judging the actual workers by their actual output using some dashboards that use metrics which only tell some of the story.

      • Ha! Tried to move some 3mm checkered steel plate today (2500 x1500)… damn that was heavy. Wind blowing didn’t make my job easier either. Had to resort to the ole’ MF35 to move it safely.

      • 3″ steel would be heavy! What is amazing when working on cars and stripping panels down is high light a door frame can be, then add the outer skin, glass, hardware etc.. and it weigh a ton. Can see where a lot of weight savings can be made. Proper dry carbon is amazing stuff too! Tough as but light as. Just bloody expensive.

      • Not 3”, but 3mm … 3” is tank armor! 😁

        All I’m trying to do is replace the rusted bottom of a trailer, not make a mobile bunker. 😂

  26. The pole.
    The wall.
    The pride.
    The fall.

    Australia is 181/8 as I type. Barring a performance for the ages, the Poms will get their five-zip whitewash.

  27. •glowing with pride•
    My forecast turned out spot on, and now, to top it all off, my curse is starting to work!

    • How do they go belly up? Slowly at first, then all of a sudden!

      What people don’t understand is a couple of things: a). all this fluff is discretionary expenditure, and b). Anything reaching saturation is bound to behave in a non-linear and historically unpredictable manner!

      Sooooo, surprise-motherf•cker.gif

      On the other hoof: $25k or $2.5k?

      • Fair enough but a venue in St Kilda? Geez.. I didn’t want a big wedding but the parents are paying for most of it. So I said whatever the missus and they want.

        Kind of wish we were doing it after the housing market collapses and everyone is broke. Would be a bargain then. 😁Just hope our venue doesn’t go bust before.

        I very nearly bought a Warehouse in Melbourne and was going to have the wedding in the warehouse. So if this venue goes broke before we tie the knot maybe I’ll just do something like that instead? All you need is good friends and family there. People over cook these wedding days in my humble opinion.

        Yes $25k probably more by the time the band is paid. 😁

    • Yes, a venue in St Kilda. They’re just as prone to fashion and fads as everyone else at saturation point.

      Then there’s mismanagement and good old sheer incompetence to throw in the mix. Remember the ‘all you can eat’ guy from the other day?