Weekend Links 12-13 January 2019

Digital art by Joon Ahn

Global Macro/Markets


Europe/Middle East


Australia/New Zealand


Latest posts by Chris Becker (see all)


  1. So Apple has inveigled me into subscribing to Apple Music.

    Tonight for a break from Steel Panther I thought I would investigate TISM on Apple Music, and they are all there!

    I’ve got pretty much all TISM’s CDs in a cupboard somewhere. But can’t be @rsed getting up and finding them, and finding a CD reader to plug into the USB.

    I rediscovered this gem, and I have spent a couple of iterations bowdlerising it in obscure older MB posts to get it through. Enjoy spambot!

    Harry endorsing Apple Music. A new and shameful (and lazy) FIRST.


    I Might Be A Cvnt, But I’m Not A Fvcking Cvnt

    I might be a rock star, but I’ll never be a critic
    I might like p0rno, but Baywatch is fvcking sick
    I might have screwed your sister, but I’ll never screw your mum
    I might have gone to uni, but at least I know I’m dumb

    [Verse 2]
    I might hide my small p3nis, but at least not by owning a gun
    I might not be homosexual, but I’ve slept with a guy who’s one
    I might agree with Jeebus, but I’ve got no religious belief
    At least I clean the drops up when I piss on the toilet seat

    I might be a cvnt
    I might be a cvnt
    But I’m not a fvcking cvnt

    [Verse 3]
    I might barrack for Port Power, but never for the Crows
    I might watch A Current Affair, but I watch Frontline also
    I might like Tarantino, but sometimes you gotta wonder
    I mightn’t tell the truth all the time, hey, what’s your mum’s number?

    I might be a cvnt
    I might be a cvnt
    But I’m not a fvcking cvnt
    But I’m not a fvcking cvnt
    But I’m not a fvcking cvnt

    • Yes, good video. I didn’t thank the median wage in the cities was quite so far out of whack with house prices, though we shouldn’t draw direct comparisons as their savings & investment options are very different. But it still has to be a house of cards, I’d think.

    • Fuck he can be hard going, even for economists. Still the MMT crowd have some real traction with the MSM often getting Kelton, Keen and others to talk about it. China’s been spending without borrowing for years, it’s why they own a lot of overseas resources. We’re the stupid ones, never properly spending what we could into the economy to lift all lives

    • Ah Good old Billy reminds me of a conversation between an Idealist and a Realist that began with the argument.
      In an Ideal world there’d be no need for a Realist!
      I wonder if the reverse also holds true.
      In the Real world do we have any need for an Idealist.
      Hmmm what is MMT without its idealistic goals?
      -Recycled Socialism…not even
      -Poorly formulated Utopianism…hardly the Utopians were at least consequent (action -reaction always equal and opposite…

      • MMT can be equally used to create a fascist war machine as it can a socialist utopia.

        (Well, in reality the former is probably easier, but you know what I mean.)

      • Bill has had a big look over the field here and decided to place a bet on every horse. Fisho about sums it up. When it comes to real policy MMTers ALWAYS choose the routhe that CAD’s don’t matter….ALWAYS. There is a total refusal to debtate the policy response in terms of its effect on the external account, foreign borrowings and asset sales.
        This doesn’t only apply to Barnacle. Mosler et al all follow the same line.
        The Black Hole at the centre of MMT was supposed to be fixed about a decade ago with the introduction of MMRT. However MMRTfollowed exactly the same route.

        There is NOTHING new about MMT except the idea that Govt can pretty much spend as much as it likes because it creates all the money. Sectoral analysis was supposedly at the core of MMT but MMT proponents ignore the external sector as a sector because it gets a bit inconvenient to their social programne desires.
        Question- Has Bill Mitchell EVER questioned Australia’s chronic and severe CAD? EVER? Has Bill Mitchell EVER expressed concern over the foreign ownership of Australia’s key industries and resaources that has been driven by and resulted from the chronic CAD?
        Has Bill Mitchell EVER recommended POLICY that would direct Government and private investment way from capital cities into the regions resulting in productive enterprises in those regions based on the resources available rather than the coffee shop idiocy of said capital cities?

        Has Bill Mitchell EVER recommended positive RAT interset rates to ensure that if someone wants to consume, over-spend or invest, that someone else has to save to provide the necessary resources – thus resulting in the conservation of the planet as compared to the free for all on the planet’s resources that results fromj unlimited spending by government or the private sector?

      • Flawse …. I think your physiocrat tendencies w/ a side of goat are making an appearance.

        Again MMT is not an ideological or philosophical agenda, it only describes the monetary and financial system and what potential that has to offer – the core being full employment. Something that proceeds your complaints about RAT rates and CAD.

    • Technical debt is a wonderful thing. Sure the game makes a shed tonne of money, but no amount of money is worth that stress in my opinion. It really makes me appreciate the work some of our engineers do at work.

    • Disproportionate representation of IT people in our membership, I am beginning to notice.
      Yep, me too.
      What does that mean? Are IT people disproportionately more realistic and logical? Or do they simply have disproportionately more freedom to lurk on the interweb during work hours?
      By the way:
      Q: How do you debug an SQL statement?
      A: You stare at it for hours until you see the bug
      (if you don’t use SQL, you won’t get it)

      • It’s because IT people are autism-spectrum misanthropes, but I had assumed that was MB’s target market.

        On a lighter note, I have recently really been getting into Common Table Expressions (CTEs) in my SQL. Those are the ones you define as WITH up the top. They are awesome and save much time creating and dropping temp tables.

      • BoomToBustMEMBER

        Add me to the list of IT persons on this site that are on the spectrum, makes us good at our jobs.

    • Around 30 years ago I was employed as a programmer. The least offensive description of me I heard was “unable to write two lines of code without three bugs”. So I went into infrastructure and made a pretty good living for a few decades.
      These days I’m a pig farmer. I have no idea what the pigs think of my abilities, though they seem happy to see me at feeding time…

      • The Traveling Wilbur

        So you swapped hash for mash and writing lines for breeding them? #winning #bacontastesbetterthanbytes

    • I’ve never bothered with shares, especially for the reason that i’ve never been able to find guarantees by the ASX if you will get your money/shares back if a stock broker goes bust or steals it.

      Pretty useless hedging risk across shares in a portfolio if they go through one stock broker. Can shares be traded without a stock broker?

      • Not to mention the fee gouging. The cost of a trade out to fractions of a cent. Ditto with options.

    • This kinda news keeps rolling out. In response to your comment about the london guys, just wondering if you know. Do they actually follow local news and commentary or are they all just staring at bloomberg terminals and working off economic reports? I’m guessing they don’t have a clue about the sh1tstorm that we are running full tilt into. (like most economists that just look at charts and declare a country or company healthy only to be completely blindsided 6 months down the track)

      • The guys i deal with in London (i edit research for them in particular circumstances involving Russia and Eastern Europe/Central Asia) have their own quite large Australia operation (which i have nothing to do with although i often get their research) which provides very good detailed assessments and observations on Australia.

        They are completely on top of Australian data – and this informs decisions made by their operations elsewhere. Same as most large investment banks.

      • Thanks. But like you said, they look at data. Economists never seem to look at the psychology which let’s face it, economics, when you are talking about a lot of it is not about data but about psychology. It’s why they call it the dismal science and time after time these very smart boffins get completely obliterated in their calls because they are looking at charts and not the way the sheep are looking.

      • Timmeh, behavioral economics applies psychological insights into human behaviour to explain economic decision-making (Wiki). Unfortunately, this form of economics is often snubbed by the mathematical economists who inhabit the RBA, academia, banks etc as they try to prove, and fail often, how the economy works through mathematical modelling. Paul Ormrods ‘Death of economics’ is a good book on this topic on the failure of mathematical economics.

    • Fair enough Timmeh. Still, the London guys’ point that Australia (and thus the AUD) is a pretty fair option when everywhere is turning to sh!t, is understandable given the last few decades. It runs counter to the MB view that as EUR goes down so does the AUD.

      I tend to think the London view is persuasive until housing has genuinely crashed here and things really turn to custard in China (smashing commodities, rural exports and the AUD), the timing of which is a huge unknown. AUD could still hold up for bloody ages.

      • my reading of Gunna’s excellent post suggested to me that they were taking a somewhat simplistic view of Trump, particularly vis a vis Mueller ‘investigation’. I do see the point that AUD looks better when pretty much everything else looks shyte ….. but to think the AUD is a better bet than USD just isn’t, IMO, supported by the relative economic fundamentals. The Oz economy is in the process of going down the toilet (even if more slowly than one would think it should) vs US where, despite the political wankery, you still have breath and depth combined with regional strengths the likes of which exist no-where else ……

        while their local boys might have all sorts of good technical research, the unknown psychological factors are the issues that will ultimately determine how bad it gets …..

    • I had some futures options positions in Halifax on the AUD. The article says clients were allowed to close them out. Not so. Which for an option is a very sad thing. Fortunately not a big loss – except for the lost profits, but I am intrigued there has been no action to separate client funds. I remember when Gold collapsed in the 80’s it took the broker downstairs out, but their clients lost too. No protection for clients all these decades later. Thank heavens we have such world class regulators.

      • The PTB have been “looking into it” for well over a decade. ASIC Weasel Medcraft had the temerity to blame MF Globals collapse on CFD’s when it was the ‘highly regulated’ futures side that used clients money it shouldn’t have – so even the regulated establishments can’t be trusted(!) & clearly there’s some interest in keeping things as they are……….
        There may be others outside ‘officially regulated futures’ exchanges that voluntarily keep theirs segregated, these are the ones I’m aware of – IG, City Index, CMC & GFT. Whether it’s a marketing edge or for real when any chips are down, who knows….. being voluntary. Only leave with them what you intend to play with…… & pray.

      • I got burnt, not this time but more than ten years ago with Sonray, which had been recommended to us through Money Morning. We weren’t buying options; just shares, and had no idea our money was pooled with others. Why the Aus govt allows this is beyond comprehension as it has proved many times to be an irresistible temptation for directors to take from the pot. I thought I had learned my lesson, but a couple of years ago discovered that shares we had bought long ago through BBY had also pooled their clients’ funds. When directors steal your money you have absolutely no rights, and you might be lucky enough to be sent a few scraps years later once the receivers have gone through everything at a very highly paid rate, of course. A lot of people lost a lot more than I did.

      • “Someone else’s mistake” is bad enough, but when it is someone else’s deliberate action the client is still put last. I don’t know what happened with this latest Halifax case, but human nature being what it is; the directors have some knowledge of what’s about to happen, have access to other people’s money and have already arranged for their families to own everything. Not so for the clients who usually first hear about any trouble when their funds are frozen. The directors might get a few years in jail but they have a cushy life awaiting them. Meanwhile, by the time Ferrier Hodgson take their cut there isn’t much left for the plebs.

        I’d be interested to know whether other countries take a harder line on this type of thing.

      • MF’s Corzine never went to jail, very few do. They make noises about cleaning it up when it happens then do nothing – same as it ever was. Meanwhile you’re frozen for a couple of years minimum, with an unknowable haircut to come when you get it back. It’s not ok, but it’s just plebs who get stung so it doesn’t matter……

    • You gotta wonder how a 34yo has that much money to give away to a scammer. The ultimate irony would be if she made it as a sugarbaby 😀

      • “Well educated” = Intellectual yet idiot. Think of a lawyer, doctor or psychologist type. Not unreasonable at all for 34. Especially if they got on the neg-gear ponz ladder in the past 10 years.

      • Tell me about it. I’ve worked with very smart geologists who just dumbfounded me at their lack of common sense.

      • You would be surprised at the number of lonely female Drs who would fall for something like this, they are so desperate to find a bloke and more likely to do it online, since their job has sucked out of them every last bit of their capacity to interact normally face to face. I know it is well paid and this sounds like a whinge, but this profession just eats your soul.

      • boomengineeringMEMBER

        Sydney has always had more females than males but the amount of imported Asian wives is exacerbating this and must be making these Aussie women desperate. A flow on to Brisbane I presume.

      • I know someone who spends a lot of time on Tinder. His strike rate with young women was low. He’s my age 36 odd. Anyway he recently “lowered” his standards and started going after older women (those approaching 40+) and has been getting laid semi regularly (twice a week often enough) with different women. I think older women just get more desperate (if not already in a stable long term relationship).

        I however do not want his life. Not 1 iota. Despite all his bragging about it. He freely admits it’s not nearly as fun as it sounds.

        I know a lot of intelligent people who get into the worst relationships with the worst kind of people.

        These older women he meets are single often for a very good reason. No guy is willing to put up with their shyte. Same of course applies to many men. Tinder is a cesspit.

      • @Gavin

        Ah yes, “Tinder – hop on the c•ck-carousel!”

        As to the rest: well? Wasn’t the idea to turn everything into a ‘market’? Welcome to the second-hand, damaged-goods market.

        That being said, it’s rather hard to ‘re-center’ yourself when the world around you is upside down and back to front.

        Don’t know what the answer is, but certainly more of the same isn’t.

  2. Russia Buys Quarter of World Yuan Reserves in Shift From Dollar

    France’s Yellow Vest Protesters: Unleash Chaos by Withdrawing All Money From Banks

    Same applies to banks here.
    Banks enabled mass immigrants to get easy loans and bid up house prices against you, using *your* money leveraged x20.

    A few useless votes will hardly dent the immigration ponzi.

    However, you don’t need to wait for an election to have your say on immigration.

    Simply pull your money out the banks and buy assets safe from a bank bail-in. Choke off the mass immigration enabler at its source.

    It is in the national interest to kill off the banks any way you can.

      • Hookers and blow?

        Edit: have some shiny. Bought back in 2008 and it’s done not too bad. Not buying more now though. Waiting for the right moment to sell.

      • Rj2k000 I can’t get past the thought that if you withdraw your cash and buy gold with it, the seller of the gold then takes that cash and puts it back in a bank. It’s zero sum.

      • Atleast you no longer have cash. Gold is a hedge against loss of buying power in both AU$ *and* US$.
        However, timing to buy at its lower dips is a good idea.
        AU$ gold has doubled in 10 years (average 7%/yr), which reflects real inflation, not the made up 2% inflation on MSM.

      • Arrow2 You are correct. Generally only three things take money out of the economy
        1. Govt taxes ( and yes they generally re-spend it and then some!)
        2. RBA pulls it out to create higher IR’s
        3. Purchase of imports.
        4. Burying cash in the garden – be it foreign cash or A$

    • Can relate to the first link at times…too bad they pay me over $200k a year lol.. at this stage I may apply for another role in the company or wait until they finally fire me, then use that as the opportunity for a career change. Haha.

      • I stick with a job that can be quite repetitive and is pretty easy (for me), because it’s easy money and i can concentrate on my own mentally challenging projects at home.
        I’ve had a mentally challenging day job in electronics design and it can take a lot out of your motivation away from work, and the salary hardly compensates for that.
        “Fast paced”, “agile” design houses are a good job experience when young, but gets to be a grind after a few years.
        One needs a slower self-paced rate to figure out the harder problems and have a decent rest between tasks.

      • I’ve had a mentally challenging day job in electronics design and it can take a lot out of your motivation away from work, and the salary hardly compensates for that.

        I’m with you on this, not only does it drain you, but I’ve found it’s all but nuked the creative side of my brain. I am looking at a career change into classic vehicle restoration, I may not get paid much but I think for me job satisfaction would be high and like anything if you become well known for quality work you can charge appropriately.

        Not only that, but since I’m in an IT / Tech role now, I actually think I’ll enjoy that kind of work more as a hobby, where I get to explore what interests me, rather than what “I have to do or know” for the role. Not only that, but I can’t easily take home my work with me as a vehicle restorer the way I can with IT (always connected). So work remains at work during work hours.

        I’ve built up enough of a honey pot now, to pay for a house outright or take out a small loan for the kind of house I want to live in and therefore can pivot away from a high pressure / high pay job without too much of a hit to my lifestyle – in fact I think earning less, but spending less I’ll actually be in a better position.

        There are certainly things I will miss about my current job/company and the people there. It’s always moving, always something new, but after a while it weighs you down just trying to keep pace.

        I’ve noticed when I’m on holiday (like over Christmas) suddenly the creative side of my brain returns, my motivation shoots up and energy levels and my overall wellbeing is improved. So it’s definitely getting close to calling time. Just need to find a home I like so I can move from Sydney -> Melbourne and not have to rent inbetween and deal with moving twice etc.. I’ve set my goal for the end of this year the latest.

      • You just have to look at the revival of things like ceramics. I recently did a TAFE night course and you had to register in the 1st 10 mins or it was sold out. Loads of Architects and Engineers who have paid for their house are cashing out.

      • Glassblowing has taken my eye a few times, but they reckon it takes 10 years to become proficient….

      • RE: Glassblowing, I’ve been doing panel beating and fabrication for 4 years part time now. I’m still not that great. Takes a lifetime to be really good at it. But I guess like my guitar playing takes years to become any good. Doesn’t mean you shouldn’t start.

      • @Colin .. that sounds like glass blowing is not your thing. Do you wear a patch or did you make yourself one ?

      • LOL. Patched & hoping that by the time I’m proficient my eye might’ve grown back…… Never been good with hot things, guaranteed to sizzle my hands every time I pick up a welder.

  3. Fraser Anning’s new party name to face challenge from the Nationals
    [According to its constitution, the Conservative Nationals endorse immigration “that gives preference to those best able to integrate”, “traditional family values”, “the right to own firearms”, “citizens initiated referenda” and an “Australia first” foreign policy.]

    Eeeexelent, another hand grenade for me to lob at the election 🙂

    • Two out of every five people.


      If you travel a bit up north, they LOVE Katter.

      When my wife was FIFOing into Mt Isa for a couple of years (and going back further, living in Townsville) she’d end up on a plane next to him or his son semi regularly. Her comments were that while Bob is as mad as a cut snake, he’s at least got a bit of old-school gentleman about him. His son, on the other hand, is a creepy, utterly self-absorbed c0ck who treats people around him like dirt and would be nothing without his dad’s notoriety.

      • Thank you Smithy. That’s the dissappointing bit. I am up north and you are right. Not many social justice warriors up here, I can tell you.

        Still, he’s crazy as…

      • Bob is ok. I loathe some of his policies but he is generally a damned good representative for his electorate. His father too, Bob Snr, was a federal rep and (reportedly, I was told by a labor left stalwart) was a much loved rep for constituents especially in Mt Isa where he was a tireless and selfless advocate.

    • Well if you’re squirmish on slug guns, maybe they could use a mini self loading retained nail gun instead, like in the abattoirs…… hold it against the toads forehead & Bam! Gotta be much more efficient. But now they’ve invented the freezer, it’d have to top the old ways for productivity. Just shove them all in together slam the door & go collect more, ready for the grave by the time you get back with the next batch. They could make good money out of this…….

      • Sorry @Colin, but you want the distance the slug gun offers. Cane toads splatter toxic gunk that you do not want anywhere near the skin, mouth or eyes. Even half a metre is enough to help. Direct contact devices are not advised. Freezer is good and relatively humane though. Provided you never want to use it again.

      • Why do you think so many world class golfers have come out of Qld? Also, that they pop is a great help when learning to drive, better than cats eyes.

      • They could feed the homeless Aussies with them. Can they be eaten? Export to France, now Macron deep state is leader poorer they seem.

    • @ Chris J , Who do you vote for? And what’s a matter with slug guns? And what would YOU do about Cane Toads? 😲

      • I hardly know you, T, so all I can say is not the mad cant. Against all guns, bro, unless you a farmer. And what do i care about cane toads? They get in my pond and, if you don’t get all the ‘lace’ pronto when she lays her eggs… well there’ll be hours spent getting the taddies out. Weedy animal…

      • interested party

        I know your issues with the eggs……I have fish in the pool. Two species, one small breed for mozzie control and the larger for tucker. The small fish will eat the toad eggs if i don’t beat the toads, the small fish end up floaters. Sometimes the larger fish eat the dying smaller fish. The larger fish ends up a floater as well.
        Bloody toxic things, those eggs…….they will jump the food chain at least one step.

    • Oooh i could easily vote 1 for them.
      More commonsense policies like putting bounties on feral pigs/cats/rabbits/foxes for every kid and their dog to be a weekend warrior and shoot the crap out of would be great.

    • City folk might not realise that living in the countryside is messy. A few cane toads less might be a lovely thing.

    • Katters suggestion is good and a far sight more than what any state government has done about the problem of invasive species.

      I’m in agribusiness, namely vertebrate pest control, and the nonsense from this thread about firearms is ridiculous. The pest situation is out of control because we can no longer meaningfully control the numbers. Anyone who wants to champion John Howard and his disarmament shtick can come up here to the FNQ and see how bad the pigs are. Or over to NT and the water buffalo problem. Or foxes, dogs and cats in just about every state. This is one of the major side effects of the 1996 laws.

      Enjoy your lattes, some of us are out here getting dirty trying to keep your food prices down, farmers from killing themselves and your native species alive.

      • Know IdeaMEMBER

        Thanks Stephen, I hear you. Down here in southern NSW the pigs are not such an issue (any sightings and the locals go crazy to track it down), but the bloody deer are out of control. Next on the list are foxes and the rabbits. I am hoping a couple of new dogs will help deter the ‘roos because the amount you can cull does not really seem to put much of a dent in the overall numbers.

        In any event, the competition for pasture is intense given that last year we had about half the average annual rainfall.

        Enjoy that cheap steak while you can.

      • Wasn’t it more about the haves (Moneyed London) Vs the have nots (the rest of UK) & it’s been perverted to race issues by the usual suspects as everything does that doesn’t go their way?

        Happy to be corrected.

      • Brexit is an infidel problem. The Islamic delusion that the future European Caliphate will encompass all of Europe, makes Brexit irrelevant.

    • Good to see a bit of lively discussion from the yoof.

      Couldn’t get all the way through it before children intervened, but there’s a very fair point made early on, that the people who claim the most important thing is “DEMOCRACY!” haven’t any grounds to stand on opposing another referendum.

      • So if it is 1-1 after a second referendum do you go for best of 3?
        Or if it is 2-0 do you go for best of 5?
        After all you can never have enough democracy. Or so the adults say.

      • In a perfect world you would be able to determine what the public’s preference was at any given moment and act appropriately.

        More practically, any revisiting of the topic would need to be done within the rules and norms of the system. The UK doesn’t have any mechanism for a citizen-initiated referendum, so it would need to be done from within the Government which, of course, isnt going to happen.

        Plus, there’s not enough time between now and when it occurs to even run a referendum, as I understand it.

        So the only way I could see another referendum being fair at this point, is if it were to be seen as “the reason” the next Government was elected – but that’s obviously not going to happen until after the deal is done, so…

        I’m actually a bit surprised that the terms of the referendum didn’t require a super-majority for “leave”. Both a) so the powers that be were more assured of the “right” outcome and b) due to the gravity of the decision.

        However, the fundamental point here is that a lot of people are summarily dismissing anyone who thinks Brexit is a bad idea by saying “democracy” is being served, but make any suggestion of another episode of “democracy” they’re not interested. So clearly “democracy” is not the thing they actually care about.

      • Drsmithy,

        The surprising thing was the number of them that reckoned another vote was a bad idea…even those that claimed to support remaining. Their reasoning was mostly that having another vote would just make the idea of having a vote a farce. I.e. just keep voting till you get the right result.

        Which is what happened with Maastricht 20 years ago when some countries had to vote a few times to get the right democratic result.

        When it comes to “democracy” the remainers seem to be ones struggling with the notion but that is not entirely surprising considering the nature of EU administration.

      • Hay smithy….

        What the wing nuts really can’t wrap their heads around is the law and procedures that have to be satisfied to do anything at the moment. E.g. Cameron went on a game theory lark to thwart labour and got the opposite thing he [they] expected aka a vote to leave after all the hot ID button propaganda to stir up right wing populists – went a bridge too far … and now they need to spew even more ID propaganda to cover up the huge mistake of their own making.

      • Their reasoning was mostly that having another vote would just make the idea of having a vote a farce. I.e. just keep voting till you get the right result.

        I don’t disagree, though I wasn’t really surprised – they, like us, have a system that doesn’t encourage things like referendums / plebiscites.

        It’s interesting to consider whether they’d think the same way if the UK had some system for citizen-initiated referendums and one of those had been used triggered a “re-vote”.

        When it comes to “democracy” the remainers seem to be ones struggling with the notion but that is not entirely surprising considering the nature of EU administration.

        I don’t see them doing anything different than people like Farage have been doing ever since the UK joined the EU. Voicing their disagreement.

        The biggest underlying issue is what a complete balls-up the “leave” process has been. If it had been handled better, I think the “we need to have another vote” people would have a lot less credibility.

    • The Stay campaign thought if they got all the musicians and arty types to say ‘Stay’ then the young people would blindly follow. Of course the musicians and arty types never disclosed their vested interests in staying, all the lovely EU grants they get. The young aren’t the blind ‘sheep’ the Left likes to think of them as.

    • The posh young kids ail seem to support leaving, seem to think they are going to make Britain great again. LOL

      • Your knowledge of English accents needs some work.

        Most of the leavers were not RP accents or even Thames estuary.

  4. Mining BoganMEMBER

    People are getting antsy.


    Hey, did Premier Li just tell us to get stuffed?

    “The new laws that went into effect on January 1 include a section targeting daigou, who have to register as ‘e-commerce operators’ and acquire licences in their country and China.
    However last month, China’s Premier Li Keqiang announced that the specific policy governing daigou will be delayed indefinitely but did not elaborate on the reason.”

    Anyhow, that’s not the bit that interested me, it was the journo saying this daigou caper isn’t a new thing. Why, it’s been going on since 2008! That is kinda new but it’s something you see everywhere. Once a trend is around a few years the media want us to think it’s been around forever and is the done thing. House prices, immigration levels, Melbourne Demons, etc. What has happened the last couple of years is the new normal and history is forgotten.

    Hey, the MSM aren’t bandwagon types are they?

      • boomengineeringMEMBER

        IP yep Napoleon said history goes to the victor. Just look at Aussie history just a book of fiction.

    • That is a disgraceful article. No doubt written to serve the parasitic business interests who have captured our political system.

    • There are 400,000 diagou in Australia! A big slice of them might go home if their business dries up because China’s economy pops. 400,000!

    • Ms Zou said stronger Australian Government regulations on daigou — by ensuring they paid sufficient taxes — could help to address public concerns about the industry.

      “Some daigou have made relatively little contribution to Australia’s tax [system and] they don’t pay taxes in either China or Australia,” she said, adding that China’s recently introduced e-commerce laws could set an example for Australian regulators.

      She sold $5m worth of product. If we had some kind of journalistic integrity in this country, they would have asked her how much tax she paid last financial year.

      In 2016, their were supposedly only 40,000 daigou, and the tax hole was estimated to be $1b. Suppose that would now be 10b now! https://www.smh.com.au/business/the-economy/chinese-hunger-for-australia-food-as-daigou-leave-1-billion-tax-hole-20160927-grpfqs.html

    • And on a related note:

      A man has captured footage showing boxes of baby formula being shipped overseas from an industrial warehouse.

      ‘More baby formula being shipped to China,’ the man wrote on Facebook, along with a video showing a woman packaging boxes of the Aptamil-branded formula.

      The footage showed boxes of baby formula being packed from what the man claims to be a warehouse from Punchbowl, located in Sydney’s south-west.

      ‘There is at least 150 pallets leaving Australia a day,’ he wrote, claiming that upwards of 10 trucks made trips to the airport from the building every day.

      • F these cants and this country. Try finding A2 0-6months formula it’s impossible in the shops unless you order from their website and wait…

    • Melbourne demons are the oldest football club in the world, so yes in relative terms they have been around forever…..

    • I’m pleased Australia is exporting a value-added product like baby formula to China. It’s better than just selling them raw materials. But for goodness sake why don’t these daigou establish a relationship with a wholesaler, instead of cleaning the shelves of small retailers? Not only would they cop less abuse, they’d avoid the retail mark-up.

  5. boomengineeringMEMBER

    Racing up Mt Buffalo with Afund as a bucket list seems to be getting further away.
    Had a terrible ride this morn. Was overtaken by a 68 yo woman with a chest infection half way up. Could have been worse at least she was just a whipper snapper.
    Maybe it was due to going up and down a ladder with 6M X 700mm clip-lok all day yesterday in high humidity.
    Maybe it was high humidity this morn.
    Maybe Maybe Maybe?
    Told my mate to go up without me,.He reached the top 1 1/2 Klms ahead of me.

    • Ha ..you’ll come back BE. Just keep at it. However, I found I’m a weakling training with a guy who’s mixed it with the pro’s up here. He let me hang on his wheel and I did a few sprints in the Tweed hinterland that caught up with me. Still feeling really good away from work though and sleeping 9hr a night which I never do in Melbourne. I notice up here they are spruking RE going up, but I wonder for how much longer. I did look and confirmed some of the places I was looking at are out of my reach now. Also, bloody big bluebottles that I never seen before surfing up here. Better go out now as I’ve had a lay in this morning for the first time in ages.

      • boomengineeringMEMBER

        Blue Bottles like a North Eastly wind so be e extra careful then.
        Spearfishing once got stung by what looked like iriicangy (excuse the spelling) box shape with four tendicles . Extreme pain behind knee big blister which poped. Must jave been a relative as too far South for them.

      • Been watching the housing market in the Northern rivers for a few years now, yes it went up but now it’s getting hit. Houses sitting for years. Major discounting from Murwillumbah up especially Tweed and not much moving.

      • @AI

        You’ll be happy to know that the insanity is all safe and well around Maclean/Yamba area… 4 acres in a tinderbox (woods which have not been back burned in 50+years), darkish 5 bedder 500-550k … In an area where if you’re pulling 60,000/year you’d think you’re the king of the world!

        The bright side is that a few others around here are still for sale for the last uh… 4 months now.


    • That’s it BE, three weeks of E/NE winds. One surfer got one in his mouth. They interviewed him on the radio here. The stinger was still in his mouth when the ambo’s came. He said the pain was horrible.

      • boomengineeringMEMBER

        OK the spelling should have been Irukandji. Bit hard at the mall with sun on the phone screen. What stung me seemed to be a cross between Carybdea Rastoni (sea wasp) and Morbakka Fenneri. In any case symptoms were a blister that kept inflating until it burst, severe, muscle and local skin pain accompanied by shock.
        As far as bluebottles go, most of the surfers I know and I have been stung all over but as you say the mouth seems to react more adversely.

    • And cyclists, too??
      (see comment above about IT people in MB)
      This is incestuous. Yes, me too (previous century Grafton to Inverell, Goulburn to Liverpool, Warnambool etc)

  6. Mining BoganMEMBER

    Jack just pointed something out to me while we’re having our saturday morning coffee, scratch and internet readings. There is something called a ‘Cis Male’. A Cis Male is, apparently, a male who is born male and identifies as a male. Essentially a male but apparently males need a brand.

    Then I find out that females who are born female and idetify as female are ‘Cis Female’. They need a brand too! It’s all wrapped up as Cisgender.

    I called Jack a Cisdog but he thought I said Cisco and went and put his cowboy outfit on. Still, he’s smarter than anyone who uses cisgender in everyday conversation.

    • I think the cis thing is a really bad/tasteless word play on the chemistry’s cis–trans isomerism (geometric isomerism)

    • boomengineeringMEMBER

      Wish Jack our black lab was here atm sharing the weekly coffee but W Mall doesn’t let our dog’s in

      • Mining BoganMEMBER

        We use the backyard coffee place. That way Jack doesn’t get embarrassed when I take a slash in the ornamental garden.

    • interested party

      Strewth….these new-fangled words these buggers use…..
      Look…… there’s ‘blokes’ and there’s ‘sheilas’…..ok?

      Please pass on to jack …..he must be confused, poor bastard.

      • Mining BoganMEMBER

        Can we still use sheila? I think they knocked that one on the head…oh, and I’m not promoting violence against women.

        Jack calls sheilas bitches. He’s a man’s man.

      • interested party

        I like jack…he’s right too.
        Some sheila’s are bitches.

        I need to add this…..my wife is a sheila….but I call her the cook. She is most definitely a sheila….but she’s not a bitch, she’s the cook…..i just need to clarify this.

        Probably muddied the bloody water with that…cause now all cooks will be up in arms thinking they are bitches or sheilas…..sh!t….sorry.

      • ErmingtonPlumbingMEMBER

        Apparently “Wench” is a more politically correct term than “Sheila”,…I think?

        Could be the other way around.

      • interested party

        “Apparently “Wench” is a more politically correct term than “Sheila”,…I think?”

        We should ask jack….he knows stuff.

      • MB – is Jack into leather or bling? Sounds more Snoop Dogg than Jack Russell.

        I heard a JJJ dj have a go at Paul McCartney when he explained that the civil rights song, Blackbird, was also a play on the fact that back in the 60’s young women were referred to as “birds”. This from a station that heavily features rap music.

      • interested party

        “Shiela’s rule IP
        You should know that by now.”

        Damn right I do…..called my sheila a wench……once
        Content to get away with cook these days.

    • Since I cannot watch the ODI’s I have no f#ckin’ interest.
      CA are only interested in 20/20 B/S and are culling Test and ODI from the menu.

  7. Watching the Indian Pacific on Viceland.

    What a beautiful country. Happy to say I have seen large parts of the more remote areas, as I believe a few MBers have also. Bloody good fortune.

    Feeling homesick for the > 45 degree heat and population density of 0 vs this hellhole that is rapidly being converted into an Indian slum.

      • Hah, NSW born and bred. Just a few too many rural stints in WA and SA for my own good – it has set my mood about living in Sh!tney to ‘permanent whinge’.

    • I’ve been dreaming to do 4×4 trip Syd – Darwin, Syd to Perth and Syd – Cooktown but I think it will never happen. Have driven almost to Cooktown once.. all the way to Port Douglas so I think this counts but the other two legs hmm.. Will continue to dream.
      That trip was the best experience in my life. The vastness of the land is staggering. The size of the agri business up north.. I had few encounters to what appears to be eternity passing trains (traveling in opposite direction) full of Coal and who know what other ore.
      And that spooky feeling when you start to see the first sings of “Be Ware Estuarine Croc Ihabit This Area” on every bridge that crosses even the smallest of creeks.

      But I am dying to see the deserts.. One day who knows..

      • Don’t just drive through the deserts. Most of the wildlife lives under the surface and comes out at night. I once camped out at Lake Frome for 3 months with work, just four of us……really opened my eyes and I have been around the Australian remote areas a bit.

      • I have travelled around Aus for 5 years now and yes it’s beautiful. But I have seen much better things in Asia and had better tourist experiences.

      • I’ve pretty much circumnavigated the whole country. Only bit left to do is between Exmouth and Broome. There some beutiful spots around the country, but damn, there is a whole lot of nothing inbetween them! One road I want to do is the great central road into Uluru, but i’m a bit hesitant to do it in a 2 wheel drive towing a tiny camper.

      • Iron HorseMEMBER

        Like Gavin I am into older cars and my weakness is air cooled Volkswagens. At least once a year my wife and I get into our 1967 split screen kombi and head off into remote areas with our well resourced group of like minded VW friends and at least one support vehicle. We have been through the back blocks of The Flinders Ranges, Eyre and Yorke Peninsulas, to Maralinga, Dalhousie Springs and Birdsville to name a few. This year is a more leisurely trek to the Victorian High Country, pre ski season, however we are currently in planning for Uluru in 2020 and will be going back via Dalhousie Springs and Finke. I just love driving these old cars along the Strzelecki, Birdsville and Oodnandatta Tracks and the vastness of these areas – open country, big skies and sporadic wildlife. My youngest daughter, after being passenger during her childhood years has now done the last two trips under her own steam in a Type 3 Fastback and a 1966 beetle. Great times and great memories…

      • Know IdeaMEMBER

        I have heard that those early model Porsches are yet to be surpassed by the subsequently released models.

      • @Iron Horse – thank you, that sounds like a great way to see the country. No aircon though, just like the old days…

    • I though the “population distribution by city type” graph was particularly interesting, to see that the distribution of population from capitals down to “small regional cities” is relatively unchanged, but it seems people who live “everywhere else”, are leaving there.

      I thought the proportionate increase of people living in capitals would be much larger.

    • You gotta wonder what’s wrong inside peoples heads when they do that for seemingly just fun. Maybe we need to start castrating these types. Same with the cowards punch w4nkers. Off with their balls and maybe they wouldn’t feel the need to do such idiocy with no testosterone.

  8. eating some steamed brocolli, carrots, green beans and a big old glass of refrigerator chilled tap water

    waiting for papa skip to get me a bowl ‘o strawberry ice cream like he used to eat in 1947

  9. Here are two German academics talking about globalization and its effects on Germany, and the rest of the world. As a bonus, there’a a Mark Blyth thrown in for free. It covers the effects of immigration, both perceived and real, and the role of dunderheads like Frank Magnitz in exploiting the frustrations within society. It also looks at how the establishment have their heads where the suns don’t shine, how people are all off in their own little worlds, and other things of that ilk.

    It’s an hour and a half long and I think it’s worth it. If you just want to get a dose of Blyth he sums up his views at the very beginning.


    (I’ve time tagged it to skip the introduction)

    • Relevant StakeholderMEMBER

      Labour cartel
      Manufacturing cartel
      Government cartel
      You missed a cartel Mark!

      Also the rampant nihilism of liberals on display once again, nothing matters but economics! If you think otherwise you’re in need of education!

    • thanks footsore ,,,, good clip… Blythe is always great value in the way he summarises the historical trends.

    • It is not clear where the funding comes from. So who knows?

      It is the old Bill Clinton line of “Its the economy stupid”. Culture (our’s, not others), community, society and anything else that cannot be monetised can be sacrificed, without concern, at the alter of the gods of the economy.

  10. We could be back tp the races in Melbourne. Looking at an ordinary house in Carnegie and there’s a massive queue of people taking a look at it. Literally dozens of people.

    • Weird… I wonder if everyone thinks they are getting a bargain? Or if it’s just a 1 off or neighbours having a sticky beak?

      • More than just the neighbours. Lots of cars parked clogging up the whole street. I noted a lot of young couples. I guess they probably feel like it’s their once in a lifetime chance, and if the govt had their way it would be.

    • Seems the opposite here in Newcastle. Happened to pass several open homes (incidentally.. was not out looking for them).. dead quiet, with bored agents out the front

    • standard view among many is that this is same as 2015/2016 (and they could be right if China throws the kitchen sink and loses control of money going out) so there will be lot of people try to pick a “bargain”. Time will tell who is right on this occasion. “property may go down a bit but will always go up long term, always”.
      One of my mates daughters just bought one and the other is about to.

      • According to a contact of mine China has started prosecuting people who lied about the use of their exiting capital, including for RE purchases

      • I am now at a point where I could pay cash for a place that I reckon would be good enough forever (I have somewhat modest tastes).

        But here’s the thing: even without a mortgage, you are locking yourself into an area that is at unknown risk of :
        – having a 30 level dogbox tower go up round the corner
        – turning into a slum when buildings nearby fall into disrepair and the owners cant afford to fix them
        – having a tunnel or light rail built within 500m and / or getting acquiring by the Government for 60% of the price you paid
        – getting a South Sudanese vibrancy injection

        I am going to rent until the scheme collapses, and prices and incomes are recoupled, if that ever happens. If it never does I will move out bush. This game is f$cked.

      • My plan is to also go Bush or buy outside of the urban growth boundaries. These city/town planners only know how to further f*CK it all up.

      • @d672c804897d Similar sentiment here, also cash buyer. I am thinking of just dumping the money into investments instead. I sold my last house in Melbourne due to towering blocks of cement being build on both sides of my fenceline, rapidly robbing myself of natural light. Now most areas can build a three level house without even needing a special approval.

        Everywhere is building ON the fenceline and the law is that you can’t so much as touch the wall. I bet they will come knocking begging to dig up my backyard when theit foundations need work!

    • Sydney is dead, walked past a few open homes and nobody around. Just a flag waving in dispair. I’m not convinced there is any revival on.

    • I’m told it’s been holding up on the Far South Coast with only a couple of small droppings. It’s slowed a bit but they’re still currently moving. Guessing it’ll stay like that till Boomers can’t boom, but the rush is over………

    • Wasabi I went to a few like that in Canberra late last year. 50 people at one auction, I had to park 2 streets away. But still only two bidders and passed in, low 😁

      I reckon they’re all turning up to find out if the crash is true.

    • looked at a rental in newtown syd – 3 bedroom, $650/w. probably 20 groups of people. it’s around $100 cheaper than usual for 3 bedroom. it had painted over mould and the gap between the floorboards and the skirting boards where the carpet was removed but the gap isn’t fixed. in winter its would be like living in an icebox.

    • Low numbers of open houses this weekend along with a lot of people still on holiday and thinking about it???
      Hard to judge the strength of the market at this time of year.

      • Please tell me what is toxic about what was discussed here? I tend to agree with a lot of what was said, but of course not all. I’ve not really followed the black lady before and what she is about, but I’ve listened to Sargon’s channel quite a bit. He is often the voice of reason as far as I can tell.

      • The most obvious one that jumped out flicking through the youtube video was “all left!sts are ignorant or evil” (and based on comments you’ve made in the past about agreeing with SAP, I guarantee she’d consider you to be a fairly radical one). Claiming that “l!berals” and femin!sts” are wh1te supremac!sts because they want welfare is textbook Dixiecrat fallacy.

        The link I posted earlier has a wide selection of stupidity, fallacies and vitriol from Candace.

        Sargon is just a troll. He preaches loudly to the choir, but his sermons are built upon layer and layer of fallacy and usually laced with factual errors, disingenuity and consp!racy theories. Which is why he loves people like Candace (or Trump) who do exactly the same thing.

        Both of them are toxic because neither of them – albeit in different ways – are interested in constructive discussion, productive outcomes or compromise, just trolling up more conflict and outrage to feed on like vampires. If there’s not a liberal around for them to complain about, they don’t really have anything to say (other than about something a liberal said some other time), which is why the likelihood of either of them adding value to a discussion is roughly zero.

      • ErmingtonPlumbingMEMBER

        “Both of them are toxic because neither of them – albeit in different ways – are interested in constructive discussion, productive outcomes or compromise, just trolling up more conflict and outrage to feed on like vampires.”

        You can say exactly the Same think about the Identity politics brigade with their constant denigrating of ALL wh1te males, who are ALL in on some mythical Wh1te Patriarchal Conspiracy

      • You can say exactly the Same think about the Identity politics brigade with their constant denigrating of ALL wh1te males, who are ALL in on some mythical Wh1te Patriarchal Conspiracy

        Is that the brigade that exists mostly in your head or the one that hardly ever (I’d say “never”, but there’s probably at least one example) gets linked to from MB to try and support someone’s opinion ?

      • Your reply to EP is pretty much QED. Anyone who thinks differently to you is either brainless or evil. No room for discussion.

      • Plenty of room for discussion, but partisan nitwits like you aren’t interested in discussion, so ignore and refuse to engage all the previous points made so you can roll out the conservative boilerplate ‘anyone who disagrees with your opinion is wrong’ to stop any possibility of it.

        As usual, you berate everyone else for the behaviour you predictably and enthusiastically engage in every day.

        I mean, you could take Ermo to task for his whataboutism, rather than my flippant dismissal of it, but then you might have to put some actual thought into a reply, rather than your usual “old man yells at clouds”

      • you have excelled this time drsmithy (feeling a bit of RDS? – relevance deficit syndrome) ….. Owens is a “toxic” person a “moron” – how very, very sad…..

        what a display of outstanding stupidity and ignorance. Sure you’re not confusing her with AOC????

        Owens is, IMHO, one of the best things that has happened to black American politics in over 50 years – her ‘Blexit’ movement is potentially a game changer for POTUS elections. When combined with her work with Turning Point USA, she not only will have an impact for 2020 but, if she wants to, will be a serious candidate for political office in future years.

      • you have excelled this time drsmithy (feeling a bit of RDS? – relevance deficit syndrome) ….. Owens is a “toxic” person a “moron” – how very, very sad….


        And here I was thinking for a brief moment when you said you’d “reply directly” you might actually address some of the points raised about Owens and Sargon.

        But all you’ve come up with is some ad hominem, some whataboutism and a virtual reach-around for Candace.

    • interested party

      Thanks for the post Gavin….nothing incendiary in that at all.
      Kind of agree with a lot of her thoughts.

      What is your take on it?

      • interested party

        In context…related to the US lived experience she knows, I don’t have issues with that. Skin colour + historical manipulation taken into consideration.
        I would have thought you would have considered that….

      • In context…related to the US lived experience she knows, I don’t have issues with that.

        LOL. So basically anyone can say anything they want and so long as they believe it’s true, they can’t be criticised for being wrong ?

      • Smithy….

        Enjoying the endless non sequiturs and logical fallacy clown car some call a ideology [tm] ….

      • My take on it is a payed for [tm] Bernays ideological hack that is beholden to source of funds and a big side of narcissism in seeking the path too the churches inner sanctum to receive their well earned gifts ….

      • interested party

        LOL. So basically anyone can say anything they want and so long as they believe it’s true, they can’t be criticised for being wrong ?

        That reads as if your opinion is the defining judgement. Surely you’re not that self-infatuated……?

      • Here, let me put it another way.

        “Everyone who has ever voted for a mainstream conservative political party in the last forty years has been actively complicit in the systemic attack on enlightenment values and disassembly of western liberal democracy.”

        Incendiary, or just a fair reflection of our lived experience since the ’70s ?

    • when you have the time Gavin, check out some more of her interviews (eg the discussion with Dave Reuben). You’ll find her even more interesting. The contrast between her and AOC is stunning even though Owen is still just finding her feet.

      As to drsmithy below and his sad but oh so predictable responses – I’ll reply directly ….

      • that BS spambot got me Skip … seems it doesn’t like attempts to give a thoughtful reply …

      • disappearing a whole reply into the electronic ether is not appreciated. May not renew my membership at this rate …

      • @ Skip .. I’ll try an abbreviated version – you’re right, it’s a good question. I think AOC is a symptom not a solution. The anglo west, particularly, needs a new generation to think originally and definitely outside the parameters approved of by drsmithy type thinking ….

      • regardless of what I, or other somewhat older people, might think of ‘new solutions’, they are desperately needed. AOC is part of the problem not a solution. Whether new solutions are what I, or anybody else, thinks make sense, they better come soon. Failing that, increasing social disruption and violence is inevitable not just a risk….

      • Paste lengthy replies into an editor so that if the browser eats it, you can repaste and modify trigger words.

      • The contrast between her and AOC is stunning even though Owen is still just finding her feet.

        AOC == Alexandria Ocasio-Cortez ?

        Please, regale me with what offends you about her. Is it her apparent belief that poor people aren’t necessarily poor because they’re lazy and stupid like Miss Owens ? Is it because she seems to have a lifetime of developed beliefs rather than a few years of random internet brain farts like Miss Owens ? Is it because she thinks public services like education and healthcare are beneficial to society, unlike Miss Owens ? Is it because she thinks racism, sexism and bigotry still exist, unlike Miss Ownens ? Is it because she appears to actually put some thought into what she says, rather than vomiting up whatever the persecuted conservative talking point du jour is, without any regard as to whether that’s consistent with things she’s said in the past (or reality) ?

        Or is because she’s not on the right side, like Miss Owens ?

      • David …

        AOC directly challenges the Washington consensus or Third way ideology with all the incumbent bells and whistle distraction talking points, whereas the empty headed PR delivery device seems only to regurgitate programing.

  11. alwaysanonMEMBER

    Veronica was very pro-bubble and dismissive of the possibility of major falls so this is a big change for her – “What could have the biggest impact on your financial future if you buy brand new property now? If the ALP win the federal election & change negative gearing. NO SECONDARY MARKET for new properties = no capital growth. Losses will be very likely.” https://twitter.com/veronicakmorgan/status/1083894102884798464

    • Probably 10 data science grads for every job now so stuff all chance of getting a job even if you do finish.

      • Inevitable when every uni that five years produced five Masters grads in statistics each year now produces 20, 30 or even 50 Masters grads in Data Science.

      • I’m in this field, somewhat by accident really. Plenty of jobs. Nobody knows how to use all this data. At least not effectively. If you can figure that out your gold.

        Seems jobs in the $200-300k range too!

      • Christ. I don’t know what direction to turn. Background is Software Engineering, which is what I’m doing now with a slight devops aspect.

        I’m very lucky that I’m on such a good salary for Newcastle region, but am fundamentally tied to one technology stack now.. oh, and bloated FIRE sector too, hence looking for a change, even if it means more study/ training (I guess it always does).

        It always seems a bit tricky and I’m unsure as the market seems over saturated in many respects.

        Gardening, perhaps?

      • I lead a small DS team, and hire a couple of people each year.
        Not enough people with experience but too many grads. I’ve had to stop considering candidates without a specific DS qualification, when none existed about three years ago. Word from current/ recent grads from DS courses is getting a foot in the door is very tough.

      • @Zara, You’ll be busy in a retiree zone with Gardening/mowing/handyman, but don’t expect to get much more than beer money.

    • Where are the photos taken? I also see loads of for lease signs around Sydney and parts of Melbourne. Makes you wonder really..

    • Know a few family friends that are looking to retire that have bought into that new unit block in Warners bay above the new aldi. Can’t wait to see what they’ll sell for in a few years, as prices begin falling and the newer block gets built in front of them on the old bp site

    • Yes, had to change buses at Charlestown this morning and saw the huge vacant space in the square left by petsworld and some other spots.

      Also check out the old hungry jacks and subway at kotara, been closed 6 months now, no takers

  12. Also I came back from Newy Christmas day. Here are the tolls.

    25/12/2018 15:51:16 M2-1A 01 7.38
    25/12/2018 15:54:55 LCT-LCE 01 3.32
    25/12/2018 16:02:10 SHB-01A 1 3.00
    Total for Tag $ 13.70

    Faaaark me.

    • My quarter bill was $150.. and I don’t drive to work. When are our own yellow vest protests gonna kick off?

    • Thank you Harry. Should’ve got the yellow vests on, Gavin, when toll roads were all the go with Kennett. They weren’t getting enough $s from the feds to finance their infrastructure needs and were encouraged to get a partnership happening with the private sector. So off balance sheet ‘leases’, user pays and so on were the tools used to dress the place up. Except, in these sort of deals, the Macquarie Banks and so on are masters at making it look like a good deal when they’ve just screwed the taxpayers and road users into penury. Those road charges are an abomination.
      In China, they just use MMT to build infrastructure. Here in Australia, we borrow from the banks or allow the private sector to fund, build and own monopoly roads (often closing down alternate routes) and charge us the abominable fees that they do.
      When I came to Australia in 1976 (Scouser), the Harbour Bridge toll was 20 cents and employed people in its collection. What’s it now, $2?
      And, Sydneyites were told the toll would only be in place until the bridge was paid for…

    • Sounds like something being put out there by the building industry to pressure the government to step in and bail the situation out.

      Sounds like a real stretch to me that the government as passive owner of the land that gets built is actually liable for defective buildings built by others on that land.

    • Good.
      The world would be a better place if half the companies mentioned in that article weren’t in it. And if the lone comment is right about AI going tits up at the same time, so much the better.

  13. McbobbingsMEMBER

    Retail Anecdata today. Went to Domayne/ harvey norman to pickup a microwave in Auburn. 10:30am and the place was empty. 2 staff for every 1 customer, and a 1/4 car park. Not good signs going forward.

    Additional anecdata, this time housing. Neighbours have been trying to sell aince Sept ember. Went to Auction late September and passed in at 1.3 mil (west ryde). Sold over christmas for 1.3, reserve was 1.8 for the auction. My feeling is that some suburbs have truly entered crash territory.


      • $415k in 2000 according to Onthehouse.

        1020m2 is huge. The land is on a bit of a slope though.

      • Sydney has been out of control a lot longer than anywhere else in the country.

        There’s a graph that gets posted around occasionally with historical median multiplier prices for Melbourne, it was still at 3.x times through the ’90s.

      • It’s a lot of land! But yes for 2000 prices that’s high, but not out of the question. My mum’s old house in Caulfield South was $320k odd back in 1996. It was only 600sqm.

        She did however sell her house in Ripponlea to buy it. She sold it for $295k, having bought it for $27k in the late 70s. Ha.

        I just looked up the same house again, sold in 2007 for $1.462m. I was shocked. Current value estimate is $1.6-$2m on RE.

        Next door came up for sale recently for $1.6-$1.7m and sold but no price disclosed.

        7 Hotham Grove Ripponlea Vic 3185 https://www.realestate.com.au/sold/property-house-vic-ripponlea-129776282

        Similar house and land size to my mum’s old place. So prices in this country have been nuts for some time now.

      • They must feel ripped off – if property doubles every seven years, after 18 or 19 years they should be beating off offers above $2.4 mill i fthey got it for ~$400k in 2000.

      • McbobbingsMEMBER

        Yes, there is substantial land there, but the frontage is not sufficient for subdivision.

  14. Anecdata from casual employment land: at the deli today (my job#2) I ask one of the mid-late 20s female workers what her other jobs are. Get this on Sat she works 7-11am at one Ritchies deli 12-4 pm at a different deli 2 towns away. Sunday at a deli and Mon-Fri she does before and after school care, and during the holidays that is 8 hours a day for day care camp. So she works 7 days a week and has done so since August. Her bf is a mechanic and he works 7 days a week too. On the weekends he does mechanic work for himself. They never see each other but they have a house and land package in cranbourne and it’ll be all worth it when the house starts getting built. ATM they’re killing themselves to get more money behind them. Don’t ever believe the bullshit white Aussies, or Aussie born in general can’t/won’t work hard. I feel for them though, she’s lovely and always sounds so cheerful interacting with customers or colleagues but they’re probably going to get burnt badly if this RE correction goes much deeper.

      • Indeed. Not sure what to wish for, for this couple.

        What they currently has barely counts as living. What if they want kids? If house prices stay where they are, they get another 30 years running themselves, their marriage and their freedom into the ground just to have a place to live in.

        A crash probably means bankruptcy but they can start again. Realise there is more to life than working 16 hour days 7 days a week. And it means second time around they can actually afford a house (post crash, you see) AND live an actual life.

      • Kind of agree, Arrow2.

        Don’t have a house myself, after finishing my twenties with no more wealth than I began them, and I look at that and am thankful I spent my time the way I did, even if almost none of the stories will ever be suitable for sharing with my kids.

    • The Beetrooter Advocate

      Isn’t it beautiful there were so many jobs available for her to accept offers for. Wonderful story.

      • Lol, for my female colleague I think she’d prefer just one full time job, not trying to juggle at least 3 casual jobs in order to get something approaching full time hours.

    • That is a sad story but I agree with Arrow, crash and a couple of years of bankruptcy would be better for them in the long run than working themselves to death paying the bank for a house in Cranbourne.

  15. … Excessively high risk planner induced bubble stock …

    The Australian dream died alone in an apartment … David Fickling … Bloomberg / Sydney Morning Herald


    For people in the US, the American Dream is a vision of broadly shared prosperity, freedom and opportunity. Xi Jinping’s Chinese Dream focuses on rising incomes and national renewal.

    Australians once had a simpler aspiration: owning a detached suburban home on a quarter-acre of land. That vision died a while ago.

    Back in the 1980s, single-family detached homes comprised about three-quarters of building approvals, and even through the 1990s and 2000s the proportion was still around two-thirds. … read more via hyperlink above …

    … It is a rough road back to reality … how prepared are you ? …

    Definition of an Affordable Housing Market & Affordability Guide – Various Dwelling Types … Performance Urban Planning


    • If a handful more Opal apartments are discovered, it will be a decade before anyone can get an apartment development of similar size up again. One more in each East coast capital should do it, maybe two each for luck. At least that many are sure to be there.

      • Please include some Central Equity cookie-cutters. As much as Opal has shone a light on dodgy construction, it is one of the *more* elegant high rises. Don’t want a situation where the reliable and safe high rise is the proliferating soviet sameness.

      • What blows my mind about Opal is that we build commission housing in the 60s for the unfortunate. For example in South Melbourne there is Park towers. Ugly as sin, but it ain’t falling down. So you’d think the formula for high rise would be pretty straight forward by this stage.

    • You say libertarian like it’s a bad thing. Look I’m all for being libertarian because I’m generally able to think for myself and don’t need big brother telling me how to run my life. The problem is 90% of the population should be left alone with sharp objects and needs guard rails for life. Just refer to any Dashcam video on YouTube. People are generally self absorbed idiots, incapable of making sound decisions. But I shouldn’t pay for their stupidity.

      If we lived in hunger gatherer times those fwits would starve. In fact evolution would have seen them go extinct. But modern society has become far too safe and allowed these idiots to breed. That’s why we need big dumb Goverment to watch over all of them sadly.

      Me, I like life without the training wheels.

      • The ointment in the fly is that all is fine and dandy, until one of said idiots takes you or your loved ones out. The set of rules we had (?) was so that at the very least we don’t maim or kill each other – accidentally or otherwise.

      • What’s the libertarian argument for letting the big dumb Government restrict numbers of immigrants ?

      • Being anti-immigration seems to fit pretty well with the libertarian categorical imperative – ‘F U, I got mine’.

      • Hay Gav ….

        Firstly I would like to point out those that responded to my original comment and how that squares with their fundamental “belief system” used to reconcile reality – Libertarianism is a belief system IMO, grounded in atomtistic individualism, which then extenuates it by deductive process according to its ex ante axiomatic priors – not unlike articles of faith.

        NC just did a waybackmachine series on Von Hopple which should illuminate how that process works in considering how reality is viewed and how society should be shaped to conform too it. With this noted I would also like to submit for consideration many high profile libertarian proponents doing the grand tour pre GFC to assembled leaders, in not only government, but the business sector, proclaiming their self evident superiority by dint of social position, and not how they should just embrace it, but acknowledge their superiority over others and act accordingly.

        I would also submit for your consideration the fact that libertarianism during the neoliberal period is a PR – marketing agenda targeted at the great unwashed to promote pro big business concerns. The worst of which portends to quantify what is “rational” [tm] or not behavior of its test subjects, and if the test subjects fail its the subjects defect and not the model itself.

        I mean whats confusing about how the IPA rolls …..

      • You’re confusing, Skip, and I’m sorry to have to say it.
        It’s called plain English, bro; not all of us have had your education and life experiences so a lot of what you say goes straight over people’s heads. I mean some of your sentences require a thesaurus, eh?

      • Being anti-immigration seems to fit pretty well with the libertarian categorical imperative – ‘F U, I got mine’.

        But it’s the Government stepping in to “pick winners”. I mean, what happens when they get it wrong and prevent the next Entrepreneurial genius from entering the country ?

        I would expect a libertarian view on restricting immigration to be similar to a libertarian view on restricting how employees are paid. Both are artificial state intervention in natural market outcomes.

      • I just think if they weren’t clever enough to get born in the best country in the universe – Straya – then they aren’t geniuses we’re looking for.

      • yeah, f**k bridges! I got ma corn rye an ma gurl, made from butter and shotgun shells….

        take the wood to ’em feller..

        #bounty #hodl #airdropalert #success #innovation #cryptocurrencies

  16. The Czech central bank produce some nice and clear information about macroprudential and monetary policy.


    APRA and RBA might benefit from a read.

    Czech is in the EU but not in the Eurozone. Doing quite well at the moment but they are obliged to join the Eurozone at some point.

    They may not be in a hurry.


    With Czech beer on tap why hurry?

  17. Great conversation with Prof. Richard Werner

    Central Banks only generate 3% of the money supply, yet look to entrench their power and independence.
    Great comments regarding the differences between small and large banks. Hope his small community bank project is a success. Good to see he has the local Universities onboard.

      • What is a Macro loan? – is that the example Werner gives regarding the citibank loan to a saudi entity to fabricate a suitable sized bank asset to ensure they avoid collapse?

        Have heard of issues with debt entrapment from micro loans and am aware of the existence of sketchy P2P loans. Point was that Werner has some really good points. Not keen on a whataboutism takki tour. Did you have a specific example?

      • You do understand Werner’s culpability with QE and a rather spotty record in the PK community ….

      • Empty pouch,

        “..You do understand Werner’s culpability with QE..”

        What did you mean by that?

      • 007…

        Whats confusing about Werner’s stance on QE [naked] – at the time – without a whiff of all the other social policies required to sustain broad economic stability, with some depth, of which, the results were a massive wealth transfer upwards and a increased crapification of wage earners share and rights.


        For someone that has a penchant for calling me bankster friendly, it’s a bit surreal, considering I’m more Kalecki – https://twitter.com/Ramanan_V/status/1084165052368896012

        Understanding the contractual clearance factor in the payment system and how the relates to broader economic outcomes like shocks that destroy productive capital is not being pro free market bankster anything. For deeper introspection I would suggest you visit Lars blog for a critique of where mainstream economics gets it wrong [????].

      • Empty pouch,

        Even more empty than usual with a pair of irrelevant links.

        Neither link provides a basis for your insinuation that Werner is somehow culpable for the approach to QE that has been undertaken by BOJ, the Fed or BoE.

  18. Handscombe looks like a different player in the short formats. But I wonder how he’ll go in England against the pitched up swinging ball.

    I guess if he stays in the front of the crease he’ll be OK.

    He actually looked not bad in that last test.

    • Mining BoganMEMBER

      Chris Rogers has been working with him and reckons he’s two years away from having his head test match ready.

      It’s the pressure of test matches. Nothing else like it.

  19. Medicaid and Medicare in the US being hugely ripped off by foreigners.


    Same thing awaits our NDIS.

    Why havn’t the Liberals cracked down on any welfare since they have been in power? The people receiving handouts never voted for them anyway. Why not disable the Dole for anyone of working age and reduce taxes with the savings?

    • “Why havn’t the Liberals cracked down on any welfare since they have been in power? ”

      Not for want of trying if you remember the effort of Peta’s pet, Joe and the Arnie for their first budget. And yeah, NDIS is just giving away funds to the undeserving. (for a newbie your satire is a little subtle).

    • I’ve never had a car newer than 15yrs old.
      Atleast i know how to fix them and there’s plentiful cheap parts.
      Going to spray some 2-pack on my current car when i get around to it.

      • Atleast my current car only cost 2k + $500 to roadworthy it with some ebay parts and new tyres.
        Mechanically it is totally A1 and uses practically no oil between changes.
        With a part-time job to fund my own research, i make every dollar count, and could buy a house outright in a decent part of town if not for the current bubble pricing.
        $2.5k for a car is but a rounding error on buying a comparable car now for $25k.
        Doesn’t have ABS, but has airbag (non-takata).
        Now if you intended to borrow for a house, every dollar you save is worth two bank-loan dollars, because by the time you pay off a decent house loan, you’ve payed more like 2x.
        So i’ve saved 2 x (25 – 2.5) = $45000.
        Knowing how to fix it cheaply and do oil changes myself saves another $500/yr.
        Anyway, when i’ve done the R&D, i could buy all the new cars i want.
        Right now, i buy *time* by having to do less work for money (useless jobs away from R&D).

    • Meh, modern cars are of course better in almost every way when it comes to performance. Not really the point though is it?

      A digital watch tells time better than an old Rolex no doubt. 1 can be had for peanuts. The other can cost thousands. If you can figure out why, I guess you have the answer.

  20. Ivanka Trump under consideration for next head of World Bank.
    (she did run an online clothing store, into the ground, but yeah, why not? All hail Ivanka)

    • Well – with that impressive resume – here’s to hoping! Couldn’t happen to a more deserving pack of cünts…

  21. Things I don’t like:

    When heavy bands go to half time in the drums.

    And yet those double kicks keep hammering!

    Also those double kicks are just girly little taps, they are triggered! Like you are by my use of the term “girly”.

  22. our cotton and rice production bring combined on average less than $2b per year, employs handful of people, gets exported as cheap raw product … and destroy the most important river system in the country.
    to put that into a perspective – car industry was producing 180k cars per worth over $4b and employing many more people

    yet we heavily subsidize (directly and indirectly) cotton and rice farming and refused to support car industry
    I guess farmers always vote nationals and car workers were heavily unionised – none likes organised labour – not even parties pretending not to be neoliberal like Labor and greens

    • Big Farming carries a lot if clout in the National Party. Remember the Rooter bragging to irrigators “We have taken water, put it back into agriculture, so we could look after you and make sure we don’t have the greenies running the show.” They might not have directly asked for it but the intent was clear. Can’t wait for the SA Royal Commission into management of the Murray Darling.

      • The emphasis is on ‘big’. Big mining or big farming… because they’re the ones with the money to donate. Ordinary primary production – not much at all. There do seem to be some decent National members, but not many. Most seem to be almost anti-farming because it gets in the way of the big money.

    • The forced move from a country that produced to a country that serves was deliberate. Thanks for the reminder doc, cants eh?

  23. WOAH. This is behind a paywall but the article + the squabbling in the comments are worth it.


    Ongoing Asian investment in Australian property, particularly from Chinese buyers, is the only thing saving the local market from a “cataclysmic” wipe-out, property developer Michael ­Drapac says.
    Our market was so ridiculously overpriced that finally the mood and behaviour has started to change,” Drapac tells The Weekend Australian.

    “The market has corrected a little bit, but I think it has a long, long, long way to go. We’re completely out of whack, ridiculously overpriced and any number of metrics will tell you that….

    If the Chinese government introduced a policy that made it impossible for them to bring their money to Australia, our market would be incinerated.”

    Drapac says many industry figures are in denial about the state of the market, unwilling to concede they have “bought a lemon”.

    “Everyone who is invested in any boom doesn’t want to face the reality,” he says.

    “It starts with the developers, who you’ll increasingly hear are in trouble, and they’re going to be in a lot of trouble because development properties are subject to massive leverage, and that’s in addition to borrowing leverage.

    “All the pseudo experts are saying the market will go back to some commercially sustainable level. No. It never has, never will.”

    There is a lot more in that vein – “Markets that have been overvalued, or undervalued, when they correct they never just go back to this, what I would call, sober, rationally explainable market. They always overcorrect.

    “I think where all the experts are getting it terribly wrong is that if they think it’s just going to go back to some rationally intelligent value, they are dreaming.”

    • I say this often to my family. It doesn’t make me popular. 😁 Not because they don’t believe me, but because they worry that I’m correct.

      • No, they will continue to laugh at me. 🙂 That’s a given.

        My sister in law has gone from, I don’t think prices will drop, to they are not going to crash like Gavin thinks they will..

        Last year when I nearly bought this property for just over $1M

        My Uncle and Aunt were pushing me to take the plunge and saying it will be a good long term investment etc.. I said I was worried about a crash around the corner (it hadn’t really started then) and my uncle said “stop being such a pussy”. haha.

        Now my aunt says, I’m glad you did buy it. I am also glad.

        *Edit actually it wasn’t that I didn’t buy it, but was gazumped at the 11th hour by another offer. Good luck to them. I went past not long ago, the warehouse is just storing a boat and the rear part is rented out. Expensive boat shed.

      • In 2015 it sold for $750k. I saw it listed then but ignored it as it, didn’t look like a large enough warehouse and I thought $750k was too much! Then 2 years later I was about to pay $1.01m.

        It will be interesting to see what price it bottoms out at. I reckon $400k.. but time will tell.

      • Lol, and it’s ACME Engineering. Let’s see if the current owners do a road runner off the equity cliff! 😀

    • You also have to think that sooner or later the Chinese will get tired of losing money in Australia. They are also trying to make money in this ponzi scheme.

    • Research by Juwai, a Chinese property portal focused on overseas properties, estimated a 27 per fall in Chinese investment in Australia’s property market in 2017.

      Of the $US17.4 billion invested by the Chinese in 2017, $US14.1bn was in residential property.

      With the remainder being productive ag land presumably.

    • Mining BoganMEMBER

      Now THAT is a cry for help. Well done Drapac. Bet you were waving at Caretaker PM Scummo and the Hungarian when you were giving quotes.

      Geez, it’s like the wounded soldier calling for his mother.

  24. Mystic, Chinese buyers probably will save AU property prices from falling. Lib/Lab will not stop them. Our RE prices are proportionaly lower than prices in China and the stock is probably of better quality. Only problem for them is getting the money out.

    • why aren’t they already saving our property prices ? Why has there been a dip at all ?

      Their absence is due to chinese government capital controls – nothing to with with Australian government actions. Ergo, there is nothing the Australian government can do to increase their buying activity from this point.

      • Prices might be dropping much faster if it wasn’t for Chinese. Same with neg gearing – once that comes in (if it does) prices will drop further. It’s all a matter of degree.

      • Prices might be dropping much faster if it wasn’t for Chinese.

        If the current price trend of Sydney falling around 10% per annum is with the Chinese effect, that is pretty much saying the Chinese won’t save RE. There are also already signs of developers beginning to go out of business, which means that unless any additional Chinese stimulus comes extremely quickly, they won’t prevent the next stage of the bust occurring – e.g. rising unemployment due to construction layoffs.

      • +1
        If over 10% annual drops are what chinese support looks like, then they arent really saving it.. truth is, in a ponzi scheme prices need to keep going up, any plateau ends in a down turn. So “hello housing crash” it is.

      • And according to you Divya, all the Indians will go back home if things sour here! Because they are all well-to-do (but not good enough for America), and will go back to their great lives back in India. If I don’t ‘misunderstand’ you.

      • Yeah that has been what i have seen with u.s. personally.
        Well depends on what each culture defines “great life”. Personally for me, it is the ability to be able to walk out, get in the car as woman and drive out for a weekend getaway without thinking twice about whether i will be safe. And i love having clean beaches and not worrying about when i can drink the water out of the tap. I dont mind doing my own dishes and cooking for myself if that’s the flip side.

        A lot of people just came here, they are used to a different life… maids to do the washing and cooking , but you gotta watch what you can do outside the house – they are used to it though, it wont feel like a hindrence and it isnt as terrible for those grown up there as i am making it seem.. its just a big difference in cultural norms. Doing household chores yourself is a bit of a “poor” thing to do there so if you are now going to tell immigrants “you gotta do your own dishes, washing, drying, cooking and you dont have a job. Oh and you may also have to pay for childcare” whereas in india there would be a relative that just minds the kid for next to nothing. Thats a big thing. It all works while they have a job and the exchange rate is in their favour… but it doesnt work when you also dont have a job. And these people dont necessarily see clean beaches and medicare as a plus, those beaches in india would be clean if people cared… Medicare isnt as useful in that point in life so they wont stick around for just that. I dont really understand the “but they will stay here no matter what” view. How is it even feasible.

      • Huge numbers of Indians actually did go home after Nitin Garg got knocked – it was like a sci fi movie about a selective plague in my suburb walking distance from where it happened. Obviously they came back again about six months later (or were replaced). Most of the jobs those guys are doing are in the ‘first to go in a recession category – Uber eats, nail salon, normal Uber driver – all discretionary, and first thing someone would cut when they’re figuring out how to stretch out that redundancy payout. The choice will be go home or starve, beach or no beach.
        Dutton and ScoMo have actually made this inevitable by lowering the numbers of PRs and pushing more people into the temporary migrant caegory for longer. If their sweet cash in hand deal goes away they got nothing.

    • I think that is not problem for rich people to get money out from China. Because HongKong and Macao are still freedom in currency policy.

      • Hi Mate. As I knew, Many Chinese people want to buy and have ability to buy. The problem is hard to get bank loan right now .They need more time to transfer money. That is all I knew.

      • Hi there:
        Chinese Australian is only 5% in all population of Australia. I do not think it is main reason to push up house price although Media always repeatedly to say that. Yes. it may some rich people buy expensive houses but not means all Chinese Australian are rich. They can not change anything.

      • With bank branches leaving towns, accumulating cash becomes a problem for shops.
        Someone should set up town branches with a dozen ATM machines of various banks and fund it from a percentage of collecting and holding cash. With sufficient record keeping, the ATMs could be restocked with the cash too.

      • Larger the bank grows, the greater size of the average loan is required to keep the bank growing at the same rate. Otherwise the costs of writing a larger number of smaller loans starts hurting profitability.

  25. Mining BoganMEMBER


    We’ve had two invites to parties in the last week with the request that we Uber because the streets are too narrow for parking. This is outlying suburbs, not inner-city.

    Straya. Winning.

    • Are you sure it is not because your so called friends are embarrassed by your car?
      Edit: Time to add a sidecar onto the motorcycle or get a tuk-tuk.

      • Mining BoganMEMBER

        You could be onto something. My ute is 13 years old and they all change cars every three years.

        The last get together I mentioned I was playing in a pro-am. They all asked me how I could afford it so I told them how little it costs to live if you rent and keep the maintenance up on your old non-European ‘luxury’ car . Does the job is sufficient I says.

        Got bah humbugged again. Oh well, they keep on inviting us. Must be Lovey they want there.

  26. I’m at work alone.

    What should I listen to for the last hour, apart from my internal monologue.

  27. The Traveling Wilbur

    Here’s a thought on how to crash confidence in the housing market completely. Everyone on MB puts their property on the market for whatever the most ridiculously high price they can get an agent to agree to put it on for is.

    Then leave it there and don’t accept any offers and ensure the agent is able to show the property as often as they want.

    Ditto the renters. Though renters might need to be careful about which agencies they engaged!

    Who knows, you might even get some takers and an extra half-a-mill. In which case, please don’t forget where you got this idea.

    • I don’t get it TW. Half the houses on the market already appear to be following that strategy.

      (Guess you could say it’s achieving our desired end).

    • Easy for him to say. Pity he doesn’t seem to give any real reasons things will change soon other than Syd/Melb are great international cities. But with two of to biggest drivers (Chinese investors & easy credit) of prices gone from the market I can’t see a turnaround any time soon, & that’s assuming the Aussie economy doesn’t wither.

      • I can’t see a turnaround any time soon two years ago. Everything changed fast than before. Media push bad news to hurt buyers confidence and tighter home loan were two biggest reason to lower house price. Many thing changed today compared several months ago as well. 1, Fed Paused hike rate. 2, RBA possible cut rate ahead. We will see buyers confidence recover soon.

      • I can’t see a rate rise having much effect at this point, as the banks will keep at least half. Also when they lower rates the AUD will likely fall meaning a rise in living costs, so not much of a benefit to the average home buyer. We shall see …

      • Rate rise is main reason for lower house price in 2018. Fed lift rate 4 times and RBA repeatedly said the next move is a rise around one year. Did you see Fed original Dot Plot before? That is biggest reason for why bank tighten home loan too much in 2018. It will be loosed up a little in 2019.

        Fed probably cut rate this year or next year too, so you do not need worry living cost up.

      • Agree about the positive sentiment from the change of the RBA, (though I don’t think the Fed will cut, though I haven’t seen the recent dot plot), but I don’t think the positives will have much effect given the reduction in the amount the brains will lend.

  28. Did the 150hrs maintenance on the mower.

    Clean and grease two bìtches-worth of nipples, oil anything that looks like a fulcrum/hinge/movable thing.
    Replace deck gearbox oil. Turns out it was well into the “green-black” side – still translucent – but definitely used. A hard-drive magnet placed under the cup amassed quite a bit of magnetic sludge at the bottom of it. Also – some nicompoop definitely put too much oil in the gearbox – workshop manual says 150ml – this one had well into the 300ml. No wonder it was leaking from the breather.

    Grease spindles until grease shoots from cup underneath – turns out about 10 squeezes of the grease pump were necessary.

    Looks like the idler pulley needs to be replaced ASAP – it’s wobbly and it’s rubbing against the deck (already worn a round track in it)

    Then the real fun began – re-attaching the deck! Turns out that the workshop manual doesn’t tell you *how*, so after about an hour and a bit of trying to get the f*ckin splined deck shaft back, I looked up a similar setup for a BX series. Thank f*ck Kubota is mildly reasonable – so they used the same “quick connect” PTO setup on the GR series too. Turns out that the “quick connect” part of the setup was still attached to the PTO, and there was no way in Hades I would’ve been able to align the splines like I was trying (hint: there’s a missing spline on the outside shaft, and a “crimp” across 2 splines on the inside shaft, and the two must align – good f*cking luck trying to do that with an 80-90kg deck in an awkward position – by yourself). So, disconnect, slide splined shafts together, re-connect. Hey – presto!

    She runs again – quieter, no more squeaks. Looking forward to replace the büggered idler pulley and it will be even betterer then.

    Next big service – 200 hours – requires replacement of engine-oil, transmission fluid front and back, replacement of filters.

    A few words of choice were muttered – not even spoken loudly, but over all – a very satisfying job. (Ah, note to self – wear nitrile gloves next time – that poli-urea grease smells like 3 days old piss – no wonder the cat was sniffing me with interest)

  29. TailorTrashMEMBER

    Spent the weekend in one of those off the beaten track parts of Victoria……..the Center of attraction is a hardware store heavily slanted to the farm gate …(and not those prissy” The Block” Reno shows …good down to earth real stuff ) …..

    ….but the highlight was the General Store …..buy the essentials …..love how it defines essentials ..and it makes an interesting list …..( there’s a PhD in that )

    ……and it also has a magazine rack ……and prominently displayed was ……”Bacon Busters” ………..and …and …you get a free calendar for 2019 …….titled……….”Babes and Boars “

    ……Yo!…….at least the Babes got precedence

    Whenever I encounter this I am invigorated that Strayan culture will be hard to stamp out ……..a bit like East Timor with Indonesians……..so come on Straya ….don’t give up ………….we luvs yus ……

    • I remember listening to mobile calls back in the 80’s with a scanner. Digital screwed that easy fun but I guess for smart people there is always a way.