Weekend Links, 16-17 February 2019

Willunga Landscape, Horace Trenerry, 1947, Art Gallery of NSW


Macro & Markets








Terra Specufestor


…and furthermore…

Latest posts by Gunnamatta (see all)


  1. ErmingtonPlumbingMEMBER


    I deserve to be King of Weekend links this week.
    Ive been under 3 houses for almost a full day on each during the week.
    Todays house (nice and close to home in Ermo) was the first of the three I didnt have to crawl around army style to get me my tools and materials to the workface.

    I was tearing in under todays house thinkingvabout this when Bang! the top of my head hit a timber beam.
    Heard a crunch and thought I broken my neck, I crouched feeling for any weird kinks in it but all was well untill I felt blood pouring down my face.
    Took me 2 hours to sort it out.
    Didnt finnish the job till 8pm.

    • Hey Ermo…when I was a young fella I pulled data cables through roof cavities and under houses full of bat and rat and mouse shit and corpses for my mate who had an electrical contracting business and was too old for it. A bloke has to make a living somehow.

      I’ve bashed my melon plenty of times on that gig and others. I’m 6’5″ and once I stood up and drove my head at full speed into the corner of a pergola. Split my bonce wide open. Thought I’d killed myself and cried like a bub with blood pissing into my eyes.

      My heart goes out to you brother. I hope you’re ok and your woman and kids are giving you big hugs. As far as I’m concerned you’re the King of the Weekend Links.

    • boomengineeringMEMBER

      Got a call from my old training partner the other day, (my first customer), no contact for over thirty years, didn’t even know his number. Well he’s still training as he’s never missed a workout his whole life, even when he went away on his yacht the first item on board would be his dumbbells. We used to call him Perthie because he won the first and second Mr Perth contest in 1951, 52 and wasn’t allowed to enter again to give the others a chance. Saw this young figure on the beach one day and thought to myself what a fantastic physique but when close up it was only Pethie near fifty yo. Never tasted Coca Cola until in his sixties just to see what it tasted like.
      93 years old and fit as a fiddle, mentally as well. Started his working life as a carpenter ( hard graft in those days) and not on the pension (thinks he’s just above the threshold). Will contact him next week to invite him to MB.

      • ErmingtonPlumbingMEMBER

        My Kids had never tasted Coca Cola until they were 8 or 9 yrs old and when they did, decided they didnt like it. They prefer super cold water like their dad. Always got 2 x 2 litre jugs in the fridge and it big trouble if there’s no cold water in one o them when dad comes home.

        Anyway, Tell me Boomen, how can I alieviate this Delayed Onset Muscle Soreness (DOMS) I have from working under these houses this week,…feels like Ive done a 1000 situps and could hardly get out of bed this morning my gut and front neck muscles (I got a big head) were that sore.

      • boomengineeringMEMBER

        Ermo, lucky you. We were always hoping to be sore the next day after our workouts to confirm our achievement. When you use muscles differently or higher intensity, invariably you may get sore. For us that mean that the tearing of the fibers (soreness) meant rebuilding of muscle with more ( the body’s mechanism in anticipation of possible future load not having to stress as much, a bigger engine won’t stress as much as a smaller one under the same load.

      • @Ermo

        I have some people swearing by magnesium supplements. Do your research.

        May be lactic acid accumulation not necessarily torn fibres.

      • boomengineeringMEMBER

        Ino , whilst that may be true He’s not cramping so that indicates fibers over lactic acid.

      • ino – as per boom’s comments magnesium tablets help with cramps. I’ve been using them for last 2 years and they do work. Never used to suffer from cramps up until I hit 48.

      • I used to get DOMS the day after after weight training, as expected, except on a Sat when at Uni. No it wasn’t a boozy night out that stopped it but a 2hr net session in the afternoon. Strange but true. Though I used to wonder if it meant I wasn’t getting any benefits from weight training that day, though I think the science now says this would not be the case.

      • boomengineeringMEMBER

        Zulu, starting to forget but vaguely remember that when fitness level up and regularly training also peaking biorhythms then DOMS comes earlier and dissipated quicker within a day. When out of training DOMS can last for multiple days.

      • What’s happening with the sunnies? Did you buy a new pair? Hope you got in a ride. We had a frantic one yesterday. I was good but we all blew up eventually after racing ourselves and others. Really good day weather wise. You can feel winter coming down here though as the early mornings are cold.

      • boomengineeringMEMBER

        Had a hectic work week and mate went up the coast again so took the ferry to Ettalong instead as I prefer to ride Sundays (much safer). Grandiose plan of doing a couple of laps of McCarrs on a perfect cycling morning was killed by the heavy weight of inability to wake up, up and Adam. Gave the shop first option to sell glasses with all the wildly differing prices but they came to the conclusion that something was wrong with the cheaper price from Chain Reaction.
        Have ordered (via shop) 4 off 11 tooth cluster sprockets as they get 90% of use and wear out quicker to boot. Next project is to make a modified derailer hanger to wrap the chain around the 11 more to alleviate cog jumping. The Campagnolo was easy as I just welded a threaded lug to the frame forward of existing.
        The missus car Akebono brakes I installed are not bedding in properly so will have to remove (grind) wear lip from disc’s this morn so tomorrow will do extra laps of North Head hill.
        Good to see you guys out of control racing each other sounded like fun( and extra workout as well)

      • There’s always something with cycling that catches us out. Hey, I didn’t know this until today, but a mate said to always leave your chain on the little chain ring, and on your highest cassette gear (in my case the 11 tooth vs 28 tooth) that is supposed not to stretch the rear de-railer spring as much and the spring last longer. Sound logical, but I’m not up on spring wear. Have you heard that one? He’s got a Colnago C59 with Campag and this morning he turned up late as something stuffed up with the gears. We rode yesterday over 100 , and no problem, but he’d spent ages cleaning the bike the previous day. Something was very close to being out of alignment by the sounds of it. The C50 with 50mm carbon wheels is so nice. It’s set up for crits and he always blows us away at the lights or in a sprint. Not to mention he’s a gun rider lol

      • boomengineeringMEMBER

        Yep had been doing that for 40+ years, until I came to my senses and stopped being pedantic. The minuscule amount of stretch doesn’t warrant having to start in top gear or change down before mounting. I come across spring steel now and again and it doesn’t lose its spring readily. Think of a valve spring in a car, all that heat, hammering and depending on crank position some springs are under maximum load when stopped sometimes for years.

      • harry

        We’re on at pretty close to 9.50
        Hideaway bar Enmore
        156 Enmore Rd, Enmore NSW 2042

        I’ll delete this in a sec.

        Just heard the bass player’s auntie has died, we’ll be doing as a three piece, will still by OK but not the full band.(lead singer does bass, me guitar, drummer). Quite irritating but waddaya gonna do?

        We’ll be doing a hopefully bigger one in the bottom of Newtown Saturday, 23 March, in case you would rather go to that one.

        best, harry

    • GunnamattaMEMBER

      Take it easy today old coq. The head bang is often worse the following day(s). Try and have a sleep in, get the kids to collect the stubbies, and ease off the time spent staring at computer screens.

      • ErmingtonPlumbingMEMBER

        A Sleep in?
        I gotta go back to ermo job and get me tools from under the house, concrete in the re plumbed drainage through the brick wall and back fill where I dug up the connection point to the old sewer and stick a camera down it to check if the rest is OK (might be an extra, close to home digup😉)
        After that I gotta go to a property at bloody Berkshire park, they have renovated the bathroon and laundry themselves before trying to sell the 5 acre property it sits on.
        They really should have got there plumbing sorted before tilting over everything,…sigh.
        Owner reckons she’ll only get around 1.3 to 1.4mil and yet similar properties were pulling well over 2mil during the peak.
        Any way after that I gotta Quote a job at Gladesville that I cant get to until next Friday if not today.
        Then dimp the kids at the inlaws so we can get on the piss at a friends 40th tonight.

        Sleep in,….Geesh!

      • boomengineeringMEMBER

        Ermo, sounds like my day yesterday & before. Pennant Hills, customer didn’t want to pay for electrical quote so had to dismantle & take 1 ton + table saw. Next day had to load a large truck high tension cable reel feeder H frame and my welder on top of the table saw to weld to truck on site. When finished load up more stuff, straight to Berko factory to unload said table saw plus other items.(hit with long slide way the panel beaters customer van parked in front of my roller door turning circle rear light ) yesterday pre dawn surf at N Shel point then load up steel for Mondays pneumatic accumulator tank job. Drive back to Sydney, unload steel and go to Art studio repair sprocket on press, get more tools then hi tail it to Police Boys Club to overhead Tig welding of fire sprinkler high pressure pipe (tube) leak .

    • That’s why you guys earn the big bucks and drive the best trucks, Erm.
      Was in an Indian family’s house recently, replacing all the traps, pipework and an insinkerator, hoping that I’d be able to shift the curry and rice in the drain with a plunger. Absolute kant of a job and I’m going to refuse them in future. Sweaty, on my back trying to cut out some of the old work with an angle grinder and I was thinking of you, the King of the internets this Saturday.

      (Got two picasso mates coming in this morn to do some gloss work for me – hate painting, refuse those jobs too. Having them busy around place will be good, get a few things done today)

      • Aaah yes – see – so there are jobs aussies refuse to do – with that attitude that’s how we get vibrants! 😀

        *ducks the large Stiltson flying at eye-level*

      • I sort of go, okay, they need my help, I’ll do this job, but this is the last time…
        Of course there are jobs aussies don’t want – when I pick up my Uncle from his home, there are aussies in the admin roles, but most of the people who get their hands dirty and do the real care for him, they’re not white

    • The Traveling Wilbur

      It’s alright mate, no need to make excuses – we’ve all been there and done that. When the lady of the night turns out to be more knight, than lady, you’re lucky​ if you only get a lump or two. Nothing to worry about.

      Hope you cleaned up the cut properly and are changing the padding regularly. You don’t want that getting infected.

    • Jenny still makes no sense:

      Leong notes that much of her time is spent working on behalf of public housing residents in need of immediate assistance in securing not only basic maintenance but also long-term mental health and drug and alcohol support. “You can’t tell someone you are not going to help them get their intercom fixed because climate change is the most pressing global issue,” she says.

      Because doubling the population of Australia is good for public housing and global warming. Not.

      • Get their intercom fixed? What kind of public housing assistance are we talking about here? How about finding some shelter for homeless people?

      • Get their intercom fixed? What kind of public housing assistance are we talking about here?

        Probably the kind of housing for women who don’t want to open up the door to see who it is.

      • Damn it, i thought it was the entitlement types but then I read this:
        “Probably the kind of housing for women who don’t want to open up the door to see who it is.”
        It reeks of sexism and stereotypes, alt-right perspective of women as not equal and it implies that sex and gender must be inalienable.

        “O tempora, o mores”

    • Burn burn burn burn burn
      You disgraceful traitors to the environment.
      I hope the ‘Greens’ die so a real environmental party can emerge.

    • Sic semper tyrannis

      “The Sanders/Corbyn/Ocasio Cortez experience is resonating here.

      Lets see now – NONE of the people are anywhere near power. And Corbyn – who technically should win with 98% of the vote based off Mays absurd stewardship is set to lose – astonishing.

      Ocasio is literally a child – an angry child ranting about social justice with the most divisive, angry, finger pointing “IM RIGHT YOUR WRONG” social just warrior, intersectional identity poltiics imaginable – and Sanders is a wholesale Communist to most Americans – true or not.

      Which one of these people are in power ? Which one of them has won the popular vote? Hillary Clinton got smacked by Trump !

      Merket is pandering to the far right who are rising faster than any political wing in any country in EUrope – while most of Southern and Eastern Europe is already far right.

      France is filled with the revolution – mainly over the tactics of the left on the environment.

      Here’s a tip – no one interested in your new age reforms.

      No one cares about your virtue signalling.

      No one cares about socialism.

      We all care about not dying. Literally – we do not want to die from our planet collapsing.

      Sort yourselves out. FFS

  2. The Writing is On the Wall,

    On the Pacific Highway
    Lake Munmorah to be more precise,

    Today, I was on the Northern end of The Central Coast,
    For those of you who aren’t familiar with it
    Basically an extension of Sydney’s suburban sprawl heading North,
    I saw a hastily arranged placard proclaiming


    Discontent like this is would not be out of place amongst the League.of Inner City Justice ,

    But in conservative, marginal and high mortgage stress
    Supa Cheap Auto Suburbs .

    I’m thinking -is this yellow vests???

    • Haha, Supercheap Auto, plus Burger King, K-Mart Tyre and Auto. I am hoping for a yellow vests movement. Once Bogans get rowdy it will all kick off. They have been placated with ever rising home values till now and cheap V8s + VB… It’s over after that.

      By the way a sticker on an exchange box near me says “Make the Rich Pay”.. think they mean Gina and Harry.

      • Slight correction: Dutto might have $300m in assets, he is worth not much.

        As it happens Laura Tingle reckons he might be in for a torrid time in senate estimates next week.

        “The first story is one reported all this week in the Financial Review about the awarding of work worth almost $500 million over 22 months to a company providing security for refugees at Manus Island in Papua New Guinea. As the paper noted, that is more than global accounting firm Ernst & Young has billed the government in five years. And it’s not just any company, but one they reported was registered to a beach shack on Kangaroo Island and to a post box in Singapore. The Paladin group won the contract after a restricted tender and, according to the Financial Review, the Department of Home Affairs “took the highly unusual step of making an advance payment of around $10 million to Paladin, as the company did not have the money to begin the contract”. The paper reported that Home Affairs Minister Peter Dutton has refused to release details, saying it would “cause damage to Australia’s international relations with PNG”.”


      • First 440M to a bogus reef saving group run by fossil fuel execs, now 500M to some dodgy company that got the contract via a closed tender process who they give 10M up front because the company has no money? They are taking the piss and we are just lying down and letting them.

      • GunnamattaMEMBER

        If you think thats outrageous you should see some of the contract in the public service (the Commonwealth public service – the states probably have their own outrages)

        Check out some of the contracts for call centres, grounds maintenance, office fittings & furniture, leases for space in major buildings in Canberra Sydney and Melbourne, logistics [particular for short term parcel/mail movement], recruitment services, and spectacularly IT services and equipment maintenance.

        The taxpayers get taken to the cleaners on all of them.

        And if you really want to see a reaming try and get hold of documentation relating to executive level salaries – all with parachutes built in.

    • Getting close, Ben, but not sure Aussies have that mindset that things can be achieved through peaceful protest. Most of us just watch it on tv.

      There is another ‘act’ on this weekend I think. Very little reporting as expected.
      Flics being ordered to fire at their countrymen. Elites somewhat worried, but the GJs cannot be allowed to win as provides template for the rest of us. The leaders, more mouthpieces than leaders, have all been targeted, yet support and participation remains strong. A lot is at stake, for us too

  3. ‘Did your ex permanently ruin a song for you? Blame your brain’

    If that’s the case, then you have raised love above music. Yet, music is the modern manifestation of all our nonsensical melodrama about love. It’s a virtuous circle. The chems in you like the noise and words and tie it all together with a guy/gal. It all builds up. You get dumped. The chems keep pumping. Let them run their course and return to the music. Unless it wasn’t a flash song and the love drugs clouded your otherwise pure musical vision.

    Here’s a song to help purge all the chems and put it all into its proper perspective.

    • How simple was that?
      Remove the CGT discount, without grandfathering anything, and see the market, that mythical beast, dance a Dionysian stomp with credit restrictions, to begin trampling the weeds of property speculation.

    • Thanks Freddy! That article was a bloody good way to start the weekend.

      Now – do the foreign owners of lower priced (non-prestige) properties know about this? They might just want to sell too.

      Who can get the word out on WeChat?

    • Some in the community want to care for the poor old Indian chunts, freeloaders though they are.

      Others want to shoot ’em.

    • boomengineeringMEMBER

      And the Aussies do get old at the age of 100 (see above and probably still paying taxes)

    • No doubt theyll have a dozen bulk billing indian doctors in there as well. Probably a medicare card counterfiting machine too.

      • Gav – Diversity is a one way street. Minorities demand diversity up until the point they are the majority and then it reverts to majority rule!

      • Strictly Brahmin only for this facility! There will be a separate facility for Sikhs, and possibly a separate facility for Anglo-Indians who enjoy a good pea and ham soup washed down with a gin and tonic whilst watching the cricket.

      • They love diversity when it gives them a foot in the door under Diversity policies to score government jobs and the like with Metro and Queensland Railways – then they become hiring managers and hire their own. Look at Woolworths, Coles, Australia Post, Dan Murphy’s et al and government departments.

    • That’s racialist!
      Can we open an Anglo-saxon designated aged care facility without being called racialist?

  4. Muslim woman, 39, is revealed as One [email protected]’s shock star candidate for Parliament – as she calls for burqa to be BANNED and slams women’s ‘lame excuses’ for wearing the Islamic garb

    Muslim One [email protected] candidate reveals she STILL ‘respects’ Sharia law but says it will never happen in Australia

    ‘I’ve stood against Muslims and them coming to this country’: Pauline [email protected] grills One [email protected]’s new Muslim candidate as far-right groups threaten to boycott the party over her selection

    • Hanson is a fake. She probably likes the mass importation of cheap third world labour:

      7 Dec 2018

      “I am not anti-migrant at all,” she said.

      They work hard. And I have got no problems with that.

      According to the 2016 Census, over 455,389 people born in India call Australia home.

      Emma Eros runs a construction business? Oh man, she would be much more likely to cut immigration if she ran Mesoblast.

    • Should provide some entertainment, if nothing else.

      Do we think she’ll even make it to the election ?

    • I placed a reply to this hours ago and obviously the “moderators” either don’t check the filters on weekends, or they find my comment inconvenient.

  5. Mr RobertsMEMBER

    This explains the new laws against capital flight from China…..

    “China purports to be the second largest economy in the world with 15% share of global GDP, but if you look at cross-border currency settlement according to SWIFT, less than 1% of the world settles in Chinese currency. So, China is just a paper tiger and they have done so much work in order to prop the… RMB up… The funny thing is we consider calling them currency manipulator on the weak side. In reality, what they’ve been doing is intervening, or strengthening their currency, to hold their whole credit market together… What is their true pile of FX reserves worth? How much money do they have in order to defend their currency before they have to let it go. Last year was the first year that China had a current account deficit, i.e. more money going out of China than coming in… They are so desperately short dollars that they need Foreign Direct Investment, portfolio investment, to hold everything together… They’ve got current account deficit and they are running a massive fiscal deficit. So their consolidated fiscal deficit is a little bit north of 10% of GDP, including local government finance vehicles. Think about the US. We’re at a little over 4% of GDP and all the alarm bells are going off and China’s at 10% of GDP. China is starting to look like a traditional EM problem… (The) Chinese banking system is more levered than any banking system has ever been in the world… They’re a twin deficit country with reserves that are dwindling… If you look at how much RMB they’ve printed… since 2009. Realize, they have printed $30 trillion worth of RMB, if you look at Chinese money supply. They’ve printed like it’s a national past-time. They’ve embarrassed the US, Japan, and Europe on the printing side.”

    • Bass, in this case, is quite simply wrong. The status of the Current Account is really a cornerstone of his analysis. Facts can be a bitch (for Mr Bass) when you really really want a different answer just to prove you and your mates are somehow superior.
      Note I am not saying there are not distortions in China but they are surely less than in the US with its abuse of the Reserve Currency status or Australia with its “I want everything NOW” economic policy.
      Check the REAL position here
      “China’s current account surplus narrowed sharply to USD 54.6 billion in the fourth quarter of 2018 from USD 62.3 billion in the same period of 2017, a preliminary estimate showed. The goods trade surplus was recorded at USD 139.1 billion and the secondary income surplus at USD 2.5 billion, while the service deficit came in at USD 64.1 billion and the primary income deficit at USD 22.8 billion. In 2018, China’s current account surplus decreased to USD 49.1 billion from USD 164.9 billion in 2017. Current Account in China averaged 394.42 USD HML from 1998 until 2018, reaching an all time high of 1330.85 USD HML in the fourth quarter of 2008 and a record low of -341 USD HML in the first quarter of 2018. ”
      (Note the -$341B is the only deficit in the last 25 years; is only for one quarter with the annual CA result for that year being a surplus.

      The Current Account MAY drift into deficit however China has both the economic and industrial structure to correct that if it wants to. Australia and the US don’t.

      • “China has the economic and industrial structure to correct that if it wants to”. No it doesn’t, quite the opposite. The decline of the export economy combined with China’s extreme reliance on investment for growth IS what is creating the problem. This is structural.

        They can tighten capital controls but that isn’t a fix especially when they are stimulating as hard as they are right now. China’s current account is only going to continue to deteriorate.

        China becoming a deficit country is a big big shift in the global economy the full implications of which are not fully understood.

      • The risks for China is exactly we are seeing now.

        The countries that opened themselves wide open to Chinese exports after China entered the WTO are now questioning that. Even German Business have had enough of dealing with China.

        If Chinese exports are restricted that trade surplus will dry up very quickly.

        The private exports of Chinese capital were a feature of the CAS.

        I suspect the campaign by the Chinese government to stop those private capital exports is part of their preparations for trade conflict reducing the trade surplus and ultimately the CAS.

        Battening down the hatches so the government has tight control on capital flows if trade gets ugly.

        And China-West trade should and probably will get ugly as politics in the west starts to reflect that middle and lower paid workers are no longer prepared to take one for the team.

        The China WTO experiment is a failure……though fantastic for China……..while China continues to think the world can tolerate / handle its mercantilist predatory model.

        China is simply too big to run a Mercantalist model.


        Australia may regret putting so many eggs in a Chinese basket.

      • The WTO period has been a failure. You can’t have free trade without a strong regulator of international payments ensuring access to markets isn’t being abused. ie. used as a growth shortcut to steal part of global demand rather than following the much harder task of generating domestic demand and adding to global demand preventing imbalances. This is why the GATT was adopted only after payments architecture and rules were established.

      • Disagree Flawse, China today is very similar to France in the 30’s. Having followed a stupid policy of currency manipulation which partly caused the crisis, initially they seemed to do better but as the CAD countries began to recover (and retaliate) the slump persisted and got worse leading to more severe political turmoil and attempts at capital controls.
        It is almost an identical timeline. And makes sense because if there is inadequate global demand the countries who will recover earliest will be the ones who already had strong domestic demand which can be re-routed from foreign to domestic goods.
        Like France in the 20’s China followed a crazy policy of currency manipulation during the years from 2001-2010 and they will end up worse off.

      • Sweeper,

        Full agreement re WTO and those observations re France.

        The interesting question is whether the Chinese leadership accept the game is up and they should be grateful for they got away with. Not that they will ever admit it.

        Possibly their actions on private capital outflows is preparing for the inevitable.

        The politics and implications of capital inflows to China might be their real fear. As it should be for some other countries.

      • Sweeper
        My last sentence was not meant to read as it did – haste and all that. I was mostly trying to make the point that economists and TPTB in the western world pretend that we are all virtuous, wise and superior in our economic credentials while the Chinese, on the other hand, are just a bunch of idiots.
        So, Bass was claiming China has been and IS running some sort of chronic massive CAD. That was totally incorrect. Perhaps he was looking in the mirror and thinking that was reality?

        I find the Chinese issue extremely complex and I’m a bit intolerant of the stupidity displayed by the Western economist dreamweavers. I’d add that angst to some of the stuff written here. Further I find the idiotic advocation of the same (Western) policies for totally different stages of economic development to be stupidity, or conceit, beyond imagining.

        The parallels drawn with France are just simplicity drawn to way past extreme.
        With regard to the China CAD can anyone point to a single CAD country in the western world that is ‘fighting back’ (as I think it was put)
        POLICIES that actively and decidedly result in chronic and severe CAD’s include
        1. Negative RAT interest rates driven by wild and reckless printing
        2. Fiscal deficits – at least in the way these have been applied in Western economies
        3. Elimination of Tariff barriers without a single thought to the state and direction of productivity
        4. Slavish, but convenient reliance on the inanity of GDP as the sole measure of economic progress.
        5. Monstrous promotion adoption of pure consumerism as the measure of well-being
        6. Governments corrupted at all levels by massive Corporates who drive3 the whole consumerism, debt, globalist BS.
        etc etc etc.
        7. That we are willing, indeed keen, to sell out our children and our national sovereignty in pursuit of short term indulgence.
        8. Economic faculties across all universities and learning institutions who have adopted all of the above as great economics
        9. The promotion of education systems that are totally unrelated, indeed negative to, the productive needs of the nation
        These are ACTIVE and seemingly irreversible POLICY settings.

        The only PERSON even SEEMING to be trying to fight back against the stripping away of industrial power is Trump with his imposition of tariffs . For that he is demonised as stupid (including in these pages). I am aware that the fiscal lunacy going on at the same time acts in the opposite direction but he is not criticised for that. The idea that CAD economies will somehow ‘fight back is simply preposterous.

        The total inanity of current Western economic thinking will go on until the USD finally loses its status as the world reserve currency. SST is correct – there is a growing resistance across the world, to this current particular piece of insanity. At that point, which will approach at ever increasing rapidity, the whole system falls apart.

    • Ahh yes, the dual currency structure CNY/CNH + capital controls allows them to hold it alltogether. They use CNH to prevent CNY from collapsing due to excessive money printing. They prevent large amounts of liquid CMH building up offshore. This makes the value of CNH easy to control/manipulate. With capital controls on CNY China is able to control the FX value of CNY though CNH.

      It is brilliant and evil at the same time. Deep throat explains it (along with a lot of other interesting stuff)

      “The Chinese government has dramatically increased both its global presence and national wealth by managing International Financial transactions through its dual, On-shore(CNY)/Off-shore(CNH) RMB currency mechanism/scheme, to the Rest Of The World’s (ROTW) financial detriment.”

    • Sic semper tyrannis

      if you look at cross-border currency settlement according to SWIFT, less than 1% of the world settles in Chinese currency. So, China is just a paper tiger

      And it is this network that the United States control and have abused to destroy countries like Venezuela Iran etc so countries like Russia and China set up their own independent interbank settlement networks – and China now owns and controls the largest financial institutions on earth outside of the SWIFT network and the former US hegemony.

      Its extraordinary that people can write articles purporting to understand global financial issues – and yet – be so deeply ignorant to the point of outright ridicule.

      CIPPS, UnionPay etc etc – China has been using its own system since this inception – in 2002

      How on earth are people this ignorant ?

    • interested partyMEMBER

      The dems are in for a massive world of hurt.
      Big things coming down the pipe…..absolutely huge.
      The hard lefties here at MB might want to re-decorate the crying rooms…..likely to be in there for extended periods. Be quick about it though…..things are ramping up over there.

      A bit if light humour to pass the time….


      • Relevant StakeholderMEMBER

        Did you not hear about the bill he just signed into law?

        The emergency is to distract from his complete capitulation on immigration.

      • interested partyMEMBER

        Have a look through this regarding immigration….. and the 8 sub-categories link at the top left area. This will give you an idea where the US is in relation to the law and prospective changes put forward.

        Trump has stated many times he is pro immigration. Legal immigration. If fact, if you consider the process underway in the US, there is a wholesale repatriation of industry and manufacturing. This has never been done before..( ever ).?? at least in the scale we are witnessing. You would think that immigrants would/should be welcomed/needed in that environment. We are watching a massive event in real time.
        Take the Trump personality out of the picture for a minute and look at the process underway. Incredible. No wonder the economic fraternity are having palpitations over it……it doesn’t fit the narrative they want to push on us.
        On the social scale, there has always been a stratified society economically……and the proof of the pudding re Trump will be ‘can he re-balance the playing field towards the middle class’…..? No one has the answer to this yet.

  6. boomengineeringMEMBER

    At this time 34 comments listed but actually 33 on the board so that long winded comment by someone at 2.25 must have been deleted.

  7. Overfed woman of privilege conveniently forgets that more than 50% of Australia by population (and more than 68% by environmental destroying activities) is currently run by females, and shrieks out disjointed missive declaring that it is all the fault of horrible white males:

    WARNING: logic free zone ahead and definitely ATTYS:


    And if that did not fill your BS quota for the weekend, how about this one? Complete with a ‘source’ in Pakistan!! Lordy me, what excellent investigationing.


    You really do wonder how big the brown paper bags were that got handed over in Canberra to convince a gullible DomainFax to print this utter rubbish:

    Sadly, not enough to actually fund a bureau in Pakistan to actually go and get some real news it seems.

    • d672c804897d, you regularly complain about immigrants from third world countries messing up Australia in general and your A&E in particular. Most people act in their own best interests and those people are doing that. You should save some of your invective for the people who allow our immigration system to operate as it does.

      • I think you missed my point, entirely. There is no former people smuggler in Pakistan being told to go to Indonesia and try to take advantage of the inferred ‘weakness’ of a Shorten Government. There is a fake news story run to try to boost the rapidly diminishing political prospects of the LNP. I say nothing about the people smuggling business, only that the medical evacuations win, and it is a win, will have no impact on people smugglers. The narrative was that Australia is being weakened. It is BS. It is a disgrace that a story like that was ever published. That is my complaint. BTW, not voting for Shorten as I hate him for other things.

    • Imagine the outrage! But it makes just as much sense!…

      ‘It’s a hot night. Too hot. She snores, thunderous and incessant. He lies awake, mind racing. It’s nearly three and sleep is critical. Work tomorrow, big day. There are two obvious solutions but he’s unsure whether their relationship will tolerate either. If he wakes her, however gently, he’ll have to explain; she’ll take offence and then, most likely, resume. If he sneaks to the spare room yes, he’ll sleep, but he’ll feel bad. And she, waking, will take his departure as abandonment and critique. Either way he loses. So there he lies, wondering why she gets to sleep at his expense and he gets to feel ashamed.
      In truth, this run-of-the-mill snafu is less about the robustness of the relationship than the robustness of her femininity. We’ve heard much, of late, about toxic femininity; the anger, the entitlement, the will-to-dominion. But anger masks fear. Behind toxic femininity lies a more delicate (and more dangerous) secret, fragile femininity.

      Consider this marvellous line from the second season of Harlots, SBS On Demand’s Georgian period drama.

      She “Men will always be at the mercy of women’s power.”
      He: “It’s not your power we’re at the mercy of. It’s your weakness.”

      The grammar is daggy but the sentiment is spot on. And men aren’t the only victims. Nature too bears the brunt. The world is being shoved off a cliff not by femininity’s strength but by its terrifying fragility.
      Fragile femininity is fear pressurised into rage; fear of losing control – of liberated masculinity, of mysterious nature, of a world bucking its traces, of chaos. The anger is a desperate attempt to reinstate that control, illusory as it may always have been.

      We’ve just endured a series of 40-plus days across much of the country, last month was the hottest on record. We joke. Thirty-six is the new normal, haha. I gaze with cold-envy at Antarctica, minus 29. But see this for what it is. This is the will-to-dominance: fragile femininity in action.

      Tasmania incinerates. River systems shrink to nothing. Fish die in their millions. In Queensland up to half a million head of cattle lie rotting in the mud. In the Northern Territory, the soil itself has begun to ignite and thermometers melt in bare ground. On Tuesday, ploughing-induced dust storms obscured Parliament House. Globally, we’re witnessing catastrophic insect extinction, the start of the sixth mass extinction in the planet’s history. The evidence is insurmountable.

      Yet we continue to beat nature into submission, as if striving to make the world hotter and weather events more extreme. Other countries reduce emissions. Germany pledges to close its remaining coal-fired power plants in 30 years. Australia could match that. Both UNSW and the CSIRO with Energy Networks Australia argue that renewables could easily supply most or all of our future energy needs. Instead, we become the developed world’s only deforestation hotspot, expected to clear-fell a further 3 million hectares in 15 years.

      The Darling Basin Royal Commission finds “gross maladministration” and “negligence” in our governments’ wilful ignorance of climate change. Even the courts, bless them, have started to disallow coal mines for their climate impact. Yet the government response is, well, nothing, actually. Minister Littleproud mentions “learnings” from the Darling but still our noble leaders favour irrigators, build motorways, approve new mines, deny climate science and ease the path to public subsidies for one the biggest coal mines on earth as though it’s all fine.

      It’s not fine. This is domestic violence. This planet is our home and they thrash around in it yelling, intimidating, wrecking the joint. Like violent housewives they get all remorseful and beg forgiveness only to do it all again. Why? Because we’ve always thrashed nature, and nature has always coped. As a sheila once said to me: “You don’t want me to shout and get possessive? But I’ve always treated men like this.”

      Stoically, the planet has housed and nourished us, tolerated us. But it can’t last. A dominance relationship is never sustainable, human-to-human or human-to-nature. Winning? To win this battle is to lose. The era of collaboration is here.

      But this is no simple feminity-is-evil equation. Indeed, what’s interesting is how energetically we all connive at propping up this fragile model of femaleness. It’s as though we’re all afraid of what might happen if feminity were an ordinary thing like masculinity or childhood. We need the fable of female control to feel safe. But this very myth, this co-dependency, puts us all at risk.

      Sociologist Professor Brene Brown, renowned researcher into shame and vulnerability, quotes a female fan: “You say to reach out, tell our story, be vulnerable. But you see those books you just signed for my husband and my three daughters? … They’d rather me die on top of my white horse than watch me fall down.”

      Shame, she says, is “absolutely organised by gender”. For men, shame instructs “be perfect”. To women it says: “Never be perceived as weak.” But shame is not guilt. Guilt helps change behaviours whereas shame internalises, manifesting as addiction, anger, violence and bullying. Vulnerability – which turns shame into guilt, into change – is not weakness but courage.

      It’s when people “stitch their self-worth to being all-powerful” that things go bad. An equal-status relationship – with a partner or with nature – requires listening, empathy, the antidote to shame.

      We talk as though “traditional feminity” were the enemy, as though we want women to evolve into something more like men. But that’s wrong.

      What we need is not faux-men but nobler, more confident women. The woman-heroes of the future, if we’re to have one, won’t be the bitches and sociopaths. They won’t be the cruel and the thoughtless, the boat-stoppers and coal-brandishers. They’ll be those who hold power but refuse to exploit it, renowned as much for their kindness as their exploits. Literally, gentlewoman.

      Female anger is leading us over a cliff. If women can find the strength to be truly vulnerable, they deserve to lead. If not, if they persist in this fragile rage, it’ll be up to Ronnie the Riveter to save the day. Why? Because there is no spare room to sleep in.’

    • GunnamattaMEMBER

      I gotta say.

      I have just read that Farrelly article. Knew nothing about her and for the life of me that is one of the all time great servings of bullshido I have ever clapped eyes on. Bereft of logic and narrative. Sadly it is all too reflective of the type of offerings the mainstream media in Australia has descended into.

      What the planet needs from men

      By Elizabeth Farrelly
      February 16, 2019 — 12.00am

      It’s a hot night. Too hot. He snores, thunderous and incessant. She lies awake, mind racing. It’s nearly three and sleep is critical. Work tomorrow, big day. There are two obvious solutions but she’s unsure whether their relationship will tolerate either. If she wakes him, however gently, she’ll have to explain; he’ll take offence and then, most likely, resume. If she sneaks to the spare room yes, she’ll sleep, but she’ll feel bad. And he, waking, will take her departure as abandonment and critique. Either way she loses. So there she lies, wondering why he gets to sleep at her expense and she gets to feel ashamed.

      Women never snore? As someone who often does snore my experience is of either I sleep elsewhere, they sleep elsewhere, or we both sleep through. Maybe I am sleeping in the wrong circles but after first having slept with someone else in a shared bedroom in the early 1980s I am yet to have an argument about why either of us has gone elsewhere to sleep when the other is snoring

      In truth, this run-of-the-mill snafu is less about the robustness of the relationship than the robustness of his masculinity. We’ve heard much, of late, about toxic masculinity; the anger, the entitlement, the will-to-dominion. But anger masks fear. Behind toxic masculinity lies a more delicate (and more dangerous) secret, fragile masculinity.

      OK, if she says so. It could well be the case. But my first thought is that the sleep deprived mind goes completely haywire when it comes to plot loss, reality complexity, and blame apportionment. Why wouldn’t someone simply state ‘I am sleeping in another room’ or ‘Can you go and sleep in another room?’

      Consider this marvellous line from the second season of Harlots, SBS On Demand’s Georgian period drama.

      He: “Women will always be at the mercy of men’s power.”

      She: “It’s not your power we’re at the mercy of. It’s your weakness.”

      So we have a woman who can’t sleep and is into watching TV series on SBS, wondering about power dynamics – presumably while not asking the person she is sleeping with to tone the snoring down, or simply heading somewhere else.

      Often when I can’t sleep I find myself running through Shakespeare (Macbeth “’tis sleep that knitteth up the ravelled sleeve of care”) and of the nature of Banquo’s role. Often I will quite deliberately move from there across to the genuinely funny P.G. Wodehouse and Leave it to Psmith and one of the all time great farcical scenes crafted by Wodehouse in which the Efficient Baxter, also unable to sleep, is one night trapped outside the house after having opted to wear lemon coloured pyjamas and got up to investigate some sounds, and finds himself throwing pot plants through Lord Emsworth’s window. It is high farce of the most brilliant kind. But back with this Farrelly piece…..

      The grammar is daggy but the sentiment is spot on. And women aren’t the only victims. Nature too bears the brunt. The world is being shoved off a cliff not by masculinity’s strength but by its terrifying fragility.

      OK. So we now have a woman who can’t sleep who is working through the power dynamics against the backdrop of an SBS period drama and has found herself in victim identification mode. She cant sleep, and she hasn’t gone somewhere else or asked him to go somewhere else, and this means that women are victims, and that nature is a victim, and that men are to blame. OK.

      Fragile masculinity is fear pressurised into rage; fear of losing control – of liberated femininity, of mysterious nature, of a world bucking its traces, of chaos. The anger is a desperate attempt to reinstate that control, illusory as it may always have been.

      There is a lot to unpack here……….but no identifiable rationale

      Fragile masculinity may be all of these things, no doubt about it, and certainly there are men who exhibit these forms of fragile masculinity. But are we talking about all men? Young men or old men? Well educated or poorly educated? Men in office environments wearing shirts and ties or men doing manual labour or physically demanding circumstances? Men raised with a different set of expectations about themselves than those which Farrelly is familiar with or those from the same day and age as she? (and from there what does she actually know about the environment in which male expectation of self is created? – can she tell us if it is genetic or is it environmental?) Men with responsibilities to others or men who are footloose and fancy free? Do all men need the control she posits as the basis of fragile masculinity, and if so why do they need it? Is it for themselves or something they have committed to? (a family, a mortgage, parents? And have the circumstances of that commitment changed from the inception of the commitment to bring pressure upon them? Did they know what that commitment was when they made it, or are their ‘calls being recorded for coaching purposes’ every time they try to ask?). Is that control a tool for use in their daily lives, or simply an innate state which they must have or aspire to?

      But the questions which arise – and let’s face it once you start asking them there will be little chance of getting back to sleep whatsoever – are numerous. And that would be before you start asking the same questions of the other side of the bed in a sleepless snoring room.

      We’ve just endured a series of 40-plus days across much of the country, last month was the hottest on record. We joke. Thirty-six is the new normal, haha. I gaze with cold-envy at Antarctica, minus 29. But see this for what it is. This is the will-to-dominance: fragile masculinity in action.

      So let’s look at the narrative of this article to here. Sleepless night (which the person experiencing does nothing about) – fragile masculinity (are we assuming all males?) – global warming/major climate change. The unspoken to go with that is that women are somehow separated from all this cause and effect – they influence it in no way whatsoever, that everything from the sleepless nights to the fragile masculinity to the global warming has its genesis in something ‘wrong’ with men. What began as a sleep deprivation related fragile masculinity session has now acquired will-to-dominance dimensions by the fragile.

      Tasmania incinerates. River systems shrink to nothing. Fish die in their millions. In Queensland up to half a million head of cattle lie rotting in the mud. In the Northern Territory, the soil itself has begun to ignite and thermometers melt in bare ground. On Tuesday, ploughing-induced dust storms obscured Parliament House. Globally, we’re witnessing catastrophic insect extinction, the start of the sixth mass extinction in the planet’s history. The evidence is insurmountable.

      Yet we continue to beat nature into submission, as if striving to make the world hotter and weather events more extreme. Other countries reduce emissions. Germany pledges to close its remaining coal-fired power plants in 30 years. Australia could match that. Both UNSW and the CSIRO with Energy Networks Australia argue that renewables could easily supply most or all of our future energy needs. Instead, we become the developed world’s only deforestation hotspot, expected to clear-fell a further 3 million hectares in 15 years.

      The Darling Basin Royal Commission finds “gross maladministration” and “negligence” in our governments’ wilful ignorance of climate change. Even the courts, bless them, have started to disallow coal mines for their climate impact. Yet the government response is, well, nothing, actually. Minister Littleproud mentions “learnings” from the Darling but still our noble leaders favour irrigators, build motorways, approve new mines, deny climate science and ease the path to public subsidies for one the biggest coal mines on earth as though it’s all fine.

      I actually agree with Farrelly here. The human race has trashed the environment to the point where entire systems are feeding back into themselves to create warming, environmental destruction and extinction events. I agree with what I assume her sentiments are that, there are forces within the human race averse to recognising the role of humans and limiting the ability of those who are concerned about what is unfolding to do anything about it. I agree with what I assume her sentiments are that existing bodies and representative, regulatory and parliamentary frameworks are not addressing this well, even more that I think they are not addressing anything well. But the point this piece seems to be making to me is that the reason for this is because of masculinity fragility leading to will-to-dominance by males alone.

      It’s not fine. This is domestic violence. This planet is our home and they thrash around in it yelling, intimidating, wrecking the joint. Like violent husbands they get all remorseful and beg forgiveness only to do it all again. Why? Because we’ve always thrashed nature, and nature has always coped. As a bloke once said to me: “You don’t want me to shout and get possessive? But I’ve always treated women like this.”

      A little bit of extra buttressing for the idea that the masculinity fragility to will-to-dominance nexus is solely a male blame identification and apportionment issue comes with the introduction into the equation of domestic violence. The implication is that the same male fragility which leads men to be physically violent to women is the same as the impulse to trash nature. It is an interesting observation for supporting the contention of the piece in that only males really are physically violent towards women, which is then stretched to imply that only males could be that violent to nature. There is nothing whatsoever to recognise the question of ‘are all males violent to women?’ or the questions beyond that of ‘what are the advantages to men of being violent to women?’ or any look at any role for women in the equation beyond being simple objects for visiting violence upon, let alone any extension of that line to nature and wondering what the ‘advantages’ to men are in being violent to nature or the environment, as I certainly agree they are, or of posing the question of whether the environment or women respond to and interact with that being visited upon them in any way.

      Stoically, the planet has housed and nourished us, tolerated us. But it can’t last. A dominance relationship is never sustainable, human-to-human or human-to-nature. Winning? To win this battle is to lose. The era of collaboration is here.

      OK, at some levels I almost buy this. But is she talking about the environment or is she talking about women? Or, is the environment female? Or is the environment simply a series of organisms interacting with each other in such a way as to be able to establish enough of a dominance (and is it a dominance or a balance of control?) over their environment as to be able to process food, recreate, and minimise risks to themselves and their opportunities to process food and recreate? How many of them are using violence (both to their own species and others)? I certainly agree that at a certain point species processing food and recreating, and crafting conditions for themselves to do that more and more, is not a good thing at all.

      I may buy the line that the human race has reached this point with regard to the natural world, but even if I did that from there the next step is to identify that males are simply one sex of the human race and cant reproduce species all alone. How much of an intellectual leap is it from there to identify that if males are visiting violence upon nature (which I certainly agree they are) then how much are females (as the sole vehicles for species reproduction) benefitting from that in terms of better food processing and reproduction opportunities?

      Then there are questions extending that line of thought. Are there advantages (to process energy and reproduce) to males who have greater control? Are those advantages limited solely to the male involved or are they shared in some way with others? Are there advantages to males who have greater capacity to be violent? Are there advantages to males who have greater capacity to be physically violent to the environment and/or females? (and if so is it a fixed advantage which always applies or some form of flexible advantage which applies only sometimes, and can it become a disadvantage in some contexts?) Finally there is the point that it is very rare anywhere in nature to one way action-reaction interact, there is almost always a two way series of varying actions and related reactions. If we assume that males are violent, then what do we assume about females? What are they? Are they perfectly rational, are they altruistic, are they all knowing? How do they stimulate or create the environment in which they live to suit themselves and their capacity to process energy and procreate? Or do they not do that in any way?

      But this is no simple masculinity-is-evil equation. Indeed, what’s interesting is how energetically we all connive at propping up this fragile model of maleness. It’s as though we’re all afraid of what might happen if masculinity were an ordinary thing like femininity or childhood. We need the fable of male control to feel safe. But this very myth, this co-dependency, puts us all at risk.

      If it is not a simply masculinity-is-evil equation she has given little glimpse of this in her piece thus far, indeed that is all she has posited. Males snore, males have masculinity fragility, males are violent, males are trashing the environment. Male, male, male with nary a look at any female role apart from recipient.

      Sociologist Professor Brene Brown, renowned researcher into shame and vulnerability, quotes a male fan: “You say to reach out, tell our story, be vulnerable. But you see those books you just signed for my wife and my three daughters? … They’d rather me die on top of my white horse than watch me fall down.”

      The next Act features a sociologist, Brene. Brene has a quote from a male suggesting women love a bit of man in control. Do we have any data? Do we have any idea how prevalent this mindset may be? If we go back to a bit of sexual Darwinism for a moment could it be that if this view was prevalent then this may be the advantage that some males may get if they were more inclined to be controlling? Do controlling males get a more extensive range of choices from females with whom to process energy and procreate than those who are less inclined to control? (or are there none less inclined to control? Or snore?) Or (if we assume that the male sex is by definition controlling) how do we turn around thousands of years of evolution where men have been potentially rewarded for being controlling with better choices for partners for energy processing, procreation, and scope to cultivate an environment for more energy processing and procreation, how do we stop that behaviour and turn it around? Do we deny services on the energy processing and procreation front? Then if we are to deny services on those fronts how do we do that? Do we deny it from the get go, or do we deny it only after we have a given level of energy processing and procreation capacity in hand? Has the whole of the human race reached that level yet?

      Shame, she says, is “absolutely organised by gender”. For women, shame instructs “be perfect”. To men it says: “Never be perceived as weak.” But shame is not guilt. Guilt helps change behaviours whereas shame internalises, manifesting as addiction, anger, violence and bullying. Vulnerability – which turns shame into guilt, into change – is not weakness but courage.

      Brene has some good observations on shame and guilt, internalisation, courage and violence and bullying, and I agree with them. But there is a question of right there. These are moral qualities. What if, for some males, they don’t see it as a moral equation? What if they see it as a simple matter of ‘do I or don’t I get the energy processing and procreation scope, or not?’ What if their interests aren’t fundamentally about being a ‘better’ male (a more morally developed and aware human) but about simply life itself.

      Then there is the question of is this dynamic (the male-female dynamic) the only dynamic in their lives. These men, and most of the women too, will be part of a socio economic dynamic. Do those with capital employing human labour like to try and burnish the sense of self of those working for them and have them aspire for more? (more house, more food more care more entertainment?) Would ridicule (in some guise or another) be some part of the motivation if they didn’t aspire enough? Would reduced energy processing and procreation opportunity be likely to befall those not offering and aspiring enough? Are women more receptive to joint energy processing and procreation proposals from men with identifiable characteristics? Are they inclined to favour men with more economic substance, and if they are then is there any correlationship between men with more economic substance, or better economic acquisition capacity and controlling behaviours? From there we might ask are men inclined to feel guilty or vulnerable if they don’t have enough economic substance? And then we can ask how does this interact with their controlling inclinations? Ultimately we may find ourselves asking ‘Does the entire capitalist system reward economic aspiration and control in pursuit of that aspiration, with greater scope for males to choose from a larger range of females and process energy and procreate with these?’

      It’s when people “stitch their self-worth to being all-powerful” that things go bad. An equal-status relationship – with a partner or with nature – requires listening, empathy, the antidote to shame.

      We talk as though “traditional masculinity” were the enemy, as though we want men to evolve into something more like women. But that’s wrong.

      I am with Farrelly here too. Attaching self-worth to economic substance may have its downsides. But there is an awfully large body of evidence suggesting that the entire human race does it, or does it more than they think they do. Nature comes back into the discussion with the concept of an ‘equal status relationship’ though. Is that how nature works anywhere? Is that how women work? There is likewise an awful lot of data suggesting that the economic world in which relationships play out, like the natural world, is a dog eat dog world. There is similarly large volumes of data suggesting that women will choose males with greater economic substance or the scope to get it, and a lot of data suggesting that those who get or have economic substance tend to be those who definitely are controlling and particularly focussed on their control. Should we be expecting men (and should we discount the probability that women and their economic acquisition processes play a distinct role too) to go seamlessly from hard nosed controllers in an economic sense to fluffy cuddly carers at home. And if they did would this represent an opportunity for a woman to advance her economic acquisition potential?

      Shame is an insidious thing, no doubt about it. But is it solely men who experience this, and is it solely men who internalise the resultant emotions. And are men who do so rewarded in some way or another for that very internalisation?

      What we need is not faux-women but nobler, more confident men. The man-heroes of the future, if we’re to have one, won’t be the brutes and sociopaths. They won’t be the cruel and the thoughtless, the boat-stoppers and coal-brandishers. They’ll be those who hold power but refuse to exploit it, renowned as much for their kindness as their exploits. Literally, gentlemen.

      A good solid garnishing of left wing identity politics in this paragraph, where we can see brutes, sociopaths, cruel thoughtless and boat stoppers and coal brandishers all within a few lines. It is kind of endearing – I somehow feel that those questioning immigration volumes could easily get a shellacking anytime. Then we seem to have some angling for those holding power without exercising it – when almost every last political text I have ever clapped eyes on (from Basil II to Machiavelli to Churchill and Stalin and down to Keating or even Julia Gillard) has been firmly when it comes to power of the ‘Use it or lose it’ camp. It would appear as though Farrelly wants the deference to her femininity without recognising that that deference is likely to be a balance and not a simple projection from one side, and that even if it were a simple projection then it is all too likely that many women would choose against the deference if there was an economic cost to them, coupled with an aspiration to better economic outcomes even if they came with more controlling behaviours. Or, beyond that, maybe she just wants some completely altruistic and noble man, of the type that most of those who have ever tried to be noble or altruistic may tell her is invariably taken advantage of by someone.

      Male anger is leading us over a cliff. If men can find the strength to be truly vulnerable, they deserve to lead. If not, if they persist in this fragile rage, it’ll be up to Rosie the Riveter to save the day. Why? Because there is no spare room to sleep in.

      But back to the ostensible theme of the piece and the precipice that men (alone) are responsible for leading the human race over for the final stanza. They may deserve to lead if they are truly vulnerable and have the ability to show that, but the selection process for leaders is highly unlikely to include ‘vulnerability’ in the selection criteria, and many men would be all too aware that showing any comes (for them) at considerable cost in their day to day lives. And for this reason there could easily be some scope for cutting them some slack if they are hesitant about demonstrating that vulnerability at home, and maybe even scope for getting those who interact with them in a home sense to demonstrate greater finesse in negotiating the complexity of it with them.

      And finally for those organisations and decisions which are leading us towards everlasting global warming (or, in my opinion, some absolutely humungous investments in climate mitigation in years to come, and an essentially ‘air-conditioned’ world for our children to live in) there may be scope for asking if our political corporate and investment processes are focussed on a better world or simply a short term bang for buck for those ‘investing’ in it, and asking if they – like most men and women interacting with each other – are being rewarded and rebuffed for their behaviours appropriately.

      Alternately she may want to simply tell her man to go and sleep on the couch next time it is hot (or if she doesn’t want to be confrontational then she may want to go).

      • interested partyMEMBER

        finally for those organisations and decisions which are leading us towards everlasting global warming (or, in my opinion, some absolutely humungous investments in climate mitigation in years to come, and an essentially ‘air-conditioned’ world for our children to live in) there may be scope for asking if our political corporate and investment processes are focussed on a better world or simply a short term bang for buck for those ‘investing’ in it, and asking if they – like most men and women interacting with each other – are being rewarded and rebuffed for their behaviours appropriately

        What political or social management system do you see in this scenario?
        One more thing….we are all complicit in the CC issue….no one is innocent. [regretfully opens a door for a roo diatribe i’m afraid]
        The corporates to a large degree are just mirrors of societies wants and desires. Society has to lead the change, and is that probable?

      • Thanks for the effort Gunna. Been a while since you dissected someones article so we plebs can understand it. Glad you did that one. I reckon she hates men and I hope her old man has a skin full and farts and snores all night

      • GunnamattaMEMBER

        @interested party

        I tend to see (as we have at the moment) more ructions within our existing framework. I agree we are all complicit in global warming, and that is why corporates keep doing what they do to stymie any scope for doing much about it. But over time I tend to see the profit maximisation approach taking in a longer time frame into consideration – mainly because the here and now pushes enough obnoxious buttons to incur overt costs for the elites. As I said, I see mega (world war style outlays involved) global warming mitigation works coming down the line.

        I should add that in Australia one of the first things I would be doing is building more dams and channels and the like to funnel more water down the Darling, telling the cotton farmers to go and get stuffed, or move to Lake Ord

      • They managed to find a lesser Clementine to replace Clementine. I wouldn’t have thought that was possible.

      • Trout à la Crème

        ‘…toxic masculinity…’
        Masculinity is defined as ‘*possession* of the qualities traditionally associated with men’. I need to see evidence that it’s possible to possess a thing in a toxic manner. Possessing a thing is a pretty passive state. Can one toxically own their shoes? If a person knits as a hobby, and also behaves in a toxic manner, is she engaging in toxic knitting? Are the jumpers that result from the knitting themselves toxic? If you unravel the jumper, is the wool still toxic? You are either saying that ‘men are toxic’ or you are saying that *some* men are toxic. If the former, then you are a man hating douche engaging in non respect worthy behaviour. If the latter, you are saying that ‘toxicity’ is not a *male* trait, in which case the expression is inappropriate. A person can be male, and behave in a toxic way in addition to that, but this is simply a person being toxic. No need to bring up ‘masculinity’. The feminist poison ‘toxic masculinity’ has no conceptual end or bottom to it when one honestly thinks about it.

      • interested partyMEMBER

        Thanks, ole fella.
        What a time to be here. Convergence of so many things arriving in our timelines……stuff to sit and wonder at.

      • This woman is full of rage. She obviously hates men. I don’t know why you wasted your time going through an article trying to find some logic when it is simply inchoate rage. as you say she could start with telling her sleeping partner to move when he (or she?) snores

      • classic dissection, but you’re wasting your time. She isnt presenting logic, she isnt looking for anything logical. Thats just an emotional diatribe

  8. Mr RobertsMEMBER

    Is there a way to change ones handle on this platform? When I first signed up I wasn’t really intending on posting anything, the honorific bugs me somewhat…

    • Funny!!! The powers that be over the last FEW years, have knowingly allowed thousands of high rise to be built with flammable cladding. Yesterday I got an inquisition from the Qld government as to what the cladding is on my 27 year old warehouse – that the Firies have already had a look at with respect to cladding and distance from neighbours. There are far too many people around without any real purpose who don’t bother communicating – just a need to create more work while largely ignoring major issues.

    • That’s allright – I’m sure we’re this ->| |<- close to replacing them with aluminium+asbestos cladding 😀

  9. BIG Clive goes for the Galaxy:
    LNP has drowned in Queensland. Clive Palmer floats to the top as kingmaker.
    In a stunning turn, the Coalition’s primary vote has plummeted in the state that the Morrison Government needs to hold to keep Bill Shorten out.
    Big Clive > at $4 million a month on advertising, has clocked up a primary vote of 5% >up from 1% in November.
    The floods have not been kind to the Katters, (as you sow, or look after your cattle, so do you reap)
    Mr Palmer, who has indicated he will run in the seat of Herbert, is now emerging as kingmaker because his preferences will decide who wins a number of regional Queensland seats.

    • Will he just end up cannibalizing the One Nation vote or actual take primary votes off the Libs? I think he has the money and intent to be Scott Morrison’s worst nightmare.

      • Lets see
        We have TC Oma, inbound.
        I has been years since the joint was wiped out by a decent cyclone
        The punters here are spooked cos their dreams of a RE funded retirement are underwater or flammably clad
        PH does not offer leadership
        Katters are not leaders
        who ever is in charge of the LNP are not leaders
        and Pal of Chooks and her mates in the hen house, definitely not leaders
        BIG Clive has had plenty thrown at him, not any where near as much as TD, but he is still there
        I am surprised no one has been able to lay a glove on him.
        BIG Clive is a leader.
        But to where.
        GC update on Monday, highlights the depth of the do do for here.

    • WW do you have more info on TC Oma ?
      I can see it on the edge of the BoM graphic but BoM are not registering any TC activity.
      Got a worried daughter at Wategos, she heard from a surfer mate that a “Dark Northerly may hit BB with 100KMH winds.
      Cheers B

      • Oma
        due to be just offshore here on Monday
        75kt winds
        Has travelled south faster than expected
        Landfall here to Coffs
        Big surf at Duranbah, too big for me
        but the light weight youngsters as getting 2 to 3m waves
        Note highest tides for a while are here now.

      • Grafton bridge builders are expecting floods mid next month, so much so they’re already looking as to where to park the crane barges.

        So maybe there is something in the air.

    • Yes, all rather predictable.
      I will say that those oscillations on the graphs would seem to show a system starting to run out of control, not that weer know the limits

  10. Mr RobertsMEMBER



    I actually thought that material was the best thing since sliced bread when I first used it, truth be told my place is covered in it, time to add a smoke alarm I guess! I don’t have any intention of removing it though, my dwelling is a single story, and I still secretly love my aluminium flammable cladding – no painting, easy to clean etc

    • “On top of the shock of learning your home is a serious potential risk to your life, you also face a fine of almost $400,000 if the cladding is not removed within three months.”

      • If Mr Roberts doesn’t have smoke alarms, it seems he is already immune to the threats of regulators!


        (Granted, perhaps they aren’t compulsory where he lives).

      • Mr RobertsMEMBER

        I doubt I’ll see an inspector, only had 2 uninvited guests in 4 years. Need twin diff locks to get to my place at the moment. Good thing is, if the town planners find me, a flick of a match and problem solved 🙂

      • 3 months to complete?
        Who the f k are these councils kidding.
        Have they ever done anything within 3 months!
        And you can be guaranteed 80% of owners have NO MONEY

    • It’s the pink batts fiasco on steroids.
      We are demanding that a small work-force of panel installers suddenly tackle the refurbishment of everything they installed over the last 15 years. But not only do they need to install the new they also need to remove the old …which is a task that they have zero experience with.
      Imagine the quotes escalating as the supply shortages (Material, Logistics and Labour) all become evident, that $1M quote will double within 6 months and that’s when the cowboy installers will invade the industry.
      Training => watched the video
      Scaffolding => what’s that?
      Removal techniques => [email protected] it wasn’t ever meant to be removed and the glue pulls off chunks of concrete
      New Panel Install methodology for a surface contaminated with residual glue => Say what…Is that a real problem
      New Panels falling on passes by 2 years hence => what was it meant to be permanent ?
      Tradies dying during the install / remove process

      It’s a clusterF no matter how you look at it, but by far the worst response is this sort of knee-jerk regulatory response that demands it be fixed by a given date or else.

      Personally I think most instances can be managed by incorporating fire retardant chemicals within the exposed joints, because it’s at these joins that the fire gets under the panel and ignites the Polyethylene backing.
      Ok what happens if these fascia Panels are simply removed, well did anyone check if the concrete boxes they wrap are even livable without the insulation / heat reflection provided by the Aluminium Sandwich panels…what about the chunks of concrete that fell off the wall (concrete cancer) and now expose Rebar…surely that’s not a problem…
      As I said this is shaping up to be a Pink Batts Fiasco on steroids ….but something needs to be done

  11. China hits the panic button. Massive Chinese bank lending in January with total financing > 4 trillion RMB. Lots and lots and lots of stimulus….


    This is why they are tightening capital controls further. They are trying to prevent this tidal wave of lending sloshing out of the country and into Australian real estate. The question is how much of it will leak out anyway?

    • Not so much a question of leaks
      how about forced sales here to repatriate the illegal off-shored funds.
      MS says (most) borrowers with loans, totalling around $230 billion are ‘trapped’ in their interest-only loans and could struggle to refinance, (about 650 000 punters)
      Forced sales are next.
      Back of the envelope, does 650,000 borrowers equate to 650 000 dwellings
      Or does 230, thousand million equate to , at say 650K per dwelling approx 400, 000 dwellings
      How fast will the sales need to be??
      Say mid range no is 500, 000 dwellings coming on to the market near you soon.
      Martin North, estimates about $120 billion interest-only loans will be up for renewal this year.
      “People continue trying to talk down this issue,” >North, who agrees with Morgan Stanley’s analysis, said. “But it will not go away.”

    • “They are trying to prevent this tidal wave of lending sloshing out of the country and into Australian real estate. The question is how much of it will leak out anyway?”

      Same applies to Fed and ECB. We have ceded control of our economy and nation to foreign interests of whatever social and political persuasion.
      When ECB went into ‘whatever it takes’ 40% of it leaked i.e. $400B – that can move a lot of market, of one form and another, in Australia

      • Europeans don’t seem to be the ones piling into Oz property or destroying our cities via creating demand for Harry Triguboff’s tiny overpriced dog boxes….

        The Chinese on the other hand.

      • Gramus
        There has been a lot more to buy in Australia than just residential property. Nobody wants to tell us!
        Further, I don’t think the flow of international capital is quite that simple. It might flow through a few filters and processes but there is sure potential for it to end up here one form and another.
        I know a fair bit of Ag land went to European interests – not sure if they’ll find that good long term investment.

  12. So uS congress votes for open borders like never before while Trump might get to build a wall that is now useless anyway. Same garbage going on here in Aus… the future is mass low quality immigration for slavery underpaid jobs and therefore mass crime in the capitals, mass overcrowding in schools and hospitals while middle Aus keeps working overtime paying bucket loads of tax to support the system for others. Maybe I read the news too much but this is very depressing and i think there is no way out unless we do what Fance is doing. Democracy is an illusion this next federal election is a waste of time if any major party get a majority

    • +1 especially the bit about middle income Australia paying into a system that supports those who contribute nothing.

      • Sic semper tyrannis

        Nation building – pffft.

        I know for a fact – a stone cold fact – that the global corporate elite want to disband the nation state in favor of a homogeneous planet – how ?

        Because if I were trying to guide the planet to interstellar panspermia the only way to achieve it would be to do away with nation states and become a world – a planet at one with other planets in the universe.

        Its also the only way to deal with climate change, bio-loss, etc.

        Its obvious – and real.

      • Best to use it in a sentence… “When nutting in the kitchen, to avoid wastage and mess, one may be required to panspermia.”

  13. https://www.smh.com.au/entertainment/tv-and-radio/sonia-kruger-vilified-muslims-in-today-show-segment-20190215-p50y11.html

    If you believe in dumb things I should be able to say so. I think Scientology is a dumb and dangerous cult. If I said no more Immigration of Scientologists there wouldn’t be the same outrage. Islam gets special consideration for some reason.

    I am however glad to see our courts rejected this stupidity. Although I worry about future amendments being made.

    • Yes, it’s good to see them distinguish that a religion is not a race (der). But am a bit annoyed at saying they were vilified. She was stating her opinion in a non-threatening, non-abusive way which I believe is her right.

      • Expressing a negative opinion of one of the privileged minorities is “hate speech” and has to be stomped on whenever it occurs.

        There ain’t no such thing as freedom of speech in this country.

    • It’s almost as if people are connecting Muslims with terrorism. I can’t imagine why would anybody do such a thing!.

      • Yes! There are so many Christians, over the past 20 years, who have killed people yelling Jesus is great”

        This is not excusing the warmongering lying b…rds that have wandered the world in the recent past killing people by their hundreds of thousands – not sure what that religion is?

    • Sic semper tyrannis

      I was conversing with people this week who were part of the national roll out of forced indoctrination of front line staff in dealing with “Muslims” – and any questioning or belief in the “myths about Muslims” was deeply racist.

      They were to meet Muslims – in burkas – and were told to listen to their stories and no questions were to be asked.

      Muslims were wonderful people.

      When I asked if questioning Catholics on pedophilia was also racist – I was told Catholics are not a race.

      Yes – this is really happening.

      • That particular th9ught occurred to me as soon as I read about the finings of, yet another. ‘Tribunal’. (These things are breeding like rabbits) Any public criticism of the Catholic Church and pedophile priests ought also be a crime.

  14. I would like to present the thread with a property I’ve been doing a little bit of snooping over.

    801/21 Cadigal Street in Pyrmont: https://www.realestate.com.au/property-apartment-nsw-pyrmont-129781094

    It is listed for $2,775,000, and it has been on the market since the start of November. So far so stubborn. But it gets more interesting, You see, because this particular property sold in January 2018 for $2300000: https://www.allhomes.com.au/ah/research/801-21-cadigal-avenue-pyrmont-nsw-2009/20119494811

    So I thought I’d email the agent to ask what exactly warrants this half a million dollar appreciation in 9 months. The answer: “it has had a top to bottom renovation.”

    What did this renovation entail? Did they add a bedroom? Did the living space grow larger? Did it gain an extra bathroom? Nope. They took a wall out in the kitchen, changed up the appliances, and consolidated the laundry with the second bathroom.

    Its still the same building, with the same floor plan, in the same location. It hasn’t gotten any bigger, the facilities in the building haven’t gotten any better, etc.

    The question is: why would you buy an apartment, drop $300000(agents figure when asked) on a largely cosmetic renovation, then after only 9 or so months, put it up for sale in what is a correcting market, and expect a $200000 pay on top of the stupid amount of money you’ve just spent?

    Needless to say, I wont be buying it. But I’ll be watching it closely for the delicious schadenfreude.

    • The answer of course is pure greed, plus wanting to get back the stamp duty / transaction costs. There is a sense of entitlement in this country amongst property owners and that is a.) They should make a little money out of their property holding enterprise and b.) Should under no circumstances be offered less than what they have paid for it. That’s an insult. C.) Not give it away. 😁

    • As Eric Cartman would say, they are “F****d in the A**.”

      Can remember last year someone posting on one of the property forums about wanting to sell their long term home in Melbourne’s outer east and basically adding 100k on top of what they thought was a fair price to account for moving costs. Final price was around the 1.2-1.3m mark, with the listing eventually removed after months of no interest. The suburb continues to fall, with comparable properties now priced under 1m which still seems overpriced. A recent listing in the area was advertised at 800k, so more falls seem likely.

      I think a lot of people are going to find their dreams of an easy retirement crushed.

      • 😂 he added $100K to cover his moving costs.

        Yes, I can imagine tons of buyers seeing the value in throwing in an extra $100K to pay for that!

    • So true!
      I ‘see’ their thoughts as they load the timber, paint, fasteners and brand new Dewalt cordless kit gear into the 4 x 6 trailer at the Bunning’s. After having just spent say $700, their index finger taps the upper lip as they estimate the immediate increased ‘equity’ this nifty $3000 job including their sloppy skills and occasional tradie labour will bring.

      Default is somewhere between a 7 and 10 times factor as it nestles in nicely with the unimpeachable Newtonian Law of Strayan real estate that whatcha paid will double in 7-10 years.
      Who’d knew? Warped, treated pine, floating bamboo floors and faux marble bench tops a better investment play than anything on the ASX 200, mate!

    • Sic semper tyrannis

      Have a look at the pictures in the allhomes link – it has the old house there. Was a massive reno.

      • No it wasn’t. I got sent the previous photos. If that cost them $300000, then they completely wasted their money. They got ripped off. You don’t spend that amount of money and completely tear down and start again, which they clearly didn’t because its an apartment. Also doesn’t explain why in a collapsing market why they think they are entitled to a $200000 pay day on top of that. And I am right because its been sitting there for almost 4 months.

    • There will be 1mil homes owned by foreigners. First they lured everyone into property religion so buyers took on huge debt for speculation. Next they are already tightening lending and increasing mortgage rates forcing people to work more hours to stay afloat. Next the coming GFC will wipe out most that were barely holding on anyway causing property to properly crash. Next foreign corporations buy up 1 million of our houses on the cheap then rent them back to Aussies in a controlled market where they will collude on price fixing of rents and no repairs etc. Next house prices shoot up again. This exact scenario has just happened in the US over the last 10-15 yrs.

    • That article is a bait and switch.
      He identifies the issues r.e. foreign buyers and then switches to claim that the removal of negative gearing and the retreat of domestic investors is the problem! It is a fundamentally dishonest piece.

    • reusachtigeMEMBER

      Yep, there’s a massive boom in foreign purchases on its way. If youse whingers don’t buy now you’ll forever be priced-out and out-owned by better races from overseas who like to achieve in life.

    • What’s going on at News? First they tell us debt is bad (kind of) and now we must beware the foreign hordes.

      (Driscoll is an opportunistic dummy though)

  15. This morning I saw an ad for 7:30 report saying they will cover money laundering or at least how easy it is to buy a house with a bag of cash. I missed most of it and I’m too lazy to check ABC’s website.. but I saw enough to know it will bring lot of pleasure to lot people here.

    • Wonder how many of these filthy, corrupt turds will ultimately claim asylum in Australia to avoid being shot if they return home? Presuming of course they haven’t been awarded PR etc. We’ll welcome them with open arms of course. China’s only got to say hand them over or stick your iron ore up your backside. Our spineless reps will cave.

      • Do we accept asylum claims where a) we acknowledge the claimant has committed some kind of illegal act (according to their local laws) but b) the punishment is most likely death? Genuine question.

        If yes, I guess there is no difference between a “financial criminal” fleeing oppressive capital rules in China (and likely copping a bullet should they remain) and someone fleeing a stoning in Saudi Arabia. Political complications aside.

      • I was thinking less about stealing and more so about breaking strict capital controls and trying to smuggle your own dough out of the country. If that was going to result in a some high speed lead coming your way, would we legally accept them as asylum seekers? Especially if they’ve already purchased their own 4-bedroom ‘asylum’ with a large yard, waterviews, etc.

        But thanks, you answered my question.

      • We won’t send people back if they might be executed, as I understand it, so the big players are safe, but the little fish moray not be.

      • The story goes that every Chinese fella and family who shifted large amounts of money to the West was establishing some kind of financial bolt hole. If/when things get really bad in China, then their permanent relocation to these bolt holes is a natural next step. If they need to do this under the guise of economic or (fake) political persecution, then they will. Whatever it takes I presume.

        More interesting will be the shift in the power balance between these well-connected and well-to-do Chinese folk and their new western ‘patrons’. What will the west extract in return from these people, who may literally be fleeing for their safety.

      • Nothing Brett, we’re too apathetic and/or seduced by MKR or MAFS to care. The industrious Chinese will come and they’ll look to wiggle their way into decision making slots. I noticed most Melbourne seats in the recent state election had an Indian migrant contesting.

      • The Traveling Wilbur

        I guess what jimbo is saying boils down to: this being a case of no wok-kas, certainly no tarnished ones.

    • TailorTrashMEMBER

      “There’s what we’re referring to as a cluster of properties… Most of them, or all of them waterfront, luxuriously appointed.” Security consultant.”

      Guess they hacked Monikas computer
      ……she might be getting a tad nervous about her future and that that she might be leaving straya in a suitcase one of these days
      ….and that would not be a bad thing ….do it
      Uncle Xi …

  16. “During his presidency, which spanned from January 1993 through January 2001, Bill Clinton declared a National Emergency 17 times, “

      • Sst, you’re a complete and utter dickhead, who never lets the truth get in the way of your RW diatribe.

        According to the Brennan Center for Justice, presidents have declared national emergencies 60 times (including Trump) since the power was codified in 1976. Although the law — passed in the aftermath of the Vietnam War and Watergate — gave Congress the right to challenge an emergency declaration, most have been uncontroversial.

        “There’s rarely been a problem,” Trump said. “They sign it. Nobody cares. I guess they weren’t very exciting.”

        Trump’s declaration differs from many of those earlier emergencies. About three-quarters of the time, presidents use their emergency power to impose economic sanctions or limit trade with foreign parties. Then-President Jimmy Carter, for example, declared an emergency to limit business dealings with Iran. George H.W. Bush did the same with Iraq. And Barack Obama used emergency powers to limit transactions with Libya.


    • https://www.pbs.org/wgbh/frontline/article/an-unusual-situation-legal-experts-weigh-in-on-trumps-national-emergency-declaration/

      But experts told FRONTLINE that Trump’s use of the act is unique — most notably, that declarations like Obama’s have not been wielded as a means to skirt Congress.

      “This is an unusual situation … because here a president asked for something and Congress said no, essentially, and now he’s going to declare an emergency to do what he couldn’t get Congress to do,” said Harvard Law professor Mark Tushnet. “That is new.”

      Edelson agrees. “This is different than what Obama, or Bush or other presidents have done because it’s clearly an attempt to get around Congress’ intent,” he said. “There’s nothing that President Obama or President George W. Bush or any president since 1976 has done like this, when Congress has quite clearly said, ‘We’re not giving you money,’ and the president says, ‘Well, I’ll find a way around that.’ There’s just no precedent for that.”

  17. boomengineeringMEMBER

    Sitting here listening to live jazx at Ettalong markets, only one here, whats wrong with these people. Should have been cleaning up my tools and invoicing but WTF. You had better show up this Fri as had to get the missus kicking and screaming to agree to go by taxi from bus or ferry as she’s worried about getting hit on the head.

    • Failed Baby BoomerMEMBER

      Boom just make yourself a nasty little weapon in the workshop, act low key like a low energy old fart, focus on observing everything but explode into action at any sign of aggro threat!

    • Hey mate

      We are def playing, it’s a place called the Hideaway bar on Enmore road.

      We’ll be on approx 10.00pm.

      It is quite a small venue (one of those converted shops).

      Just a warning, the band is a hard rock band that uses frequent profanity (and “adult concepts”) in the songs, but is quite funny. Lead singer has a gravel voice, and the whole band is pretty rough.

      Just don’t be expecting Fleetwood Mac! No worries if you reconsider!

      • boomengineeringMEMBER

        Harold, you mean the missus might have to teach them some extra bad profanities.
        Fleetwood Mac , no before that Mac The Knife.(Louie)

      • I firmly grasped the mouse when I saw Box Hill -41% YOY as Box Hill Vic is Chinee Central – or at least one favoured playground. But no – Box Hill NSW.

        Interesting Vic entries in the list: Red Hill -32%, Blackburn South -20% Clayton -20% I see nothing to halt the correction. Long term mean or overshoot.

        Don’t Buy Now!

    • Debt didn’t matter whilst house prices kept going up. I used to wonder how people could sleep at night with a 1M loan. I thought, how could they possibly pay it off? The answer was that they never intended to. Just sell in the future for sweet free capital gains. Now the train is coming off the tracks, and i’m going to love watching this trainwreck.

      • Many times I questioned my own sanity and thought maybe they were doing it right, maybe I was too conservative, maybe I should borrow more? Maybe I should use interest only? I’m so glad I didn’t. I’m so glad I was too conservative at auctions.

      • This why I have been saying that we are very close to the point when many will start to panic. Most of these idiots never had a plan on how to repay the loan and only exit strategy they had was “if we get stuck we will sell and take the profits “. Well that’s fine while prices go up. When prices go down and they lose all the equity these people become super nervous and there will be a point where many will panic and start selling in order to get out while they can and while ahead or slightly in red. I think we are approaching this point and if prices don’t turn around in the next 2-3 months the show will start.
        Also, all of these people will not be able to refinance their IO loans so will have to sell as they will not be able to pay P+I.
        The fact that this is happening before the economy start shedding jobs or an external shock is really frightening. Watch once China really tightens capital outflows. I think China learned a lesson during 2016 stimulus when huge percentage of the stimulus ended up in Sydney Melbourne, wankcouger, and other western real estate.
        Would be funny if we having elections while in the midst of housing crisis.

      • I am so greatful that I was inocculated against debt by my parents and grandprents who all lived thru the Great Depression and saw first hand the misery, and destruction of many , many lives caused by over indebtedness.
        They all had a complete horror of debt.
        I have passed this onto my children, who have listened to their old dad and the teachings of the MB family and are now debt free.

    • 🙂 jimbo – I HAD to go watch it.
      ‘We buy stuff we don’t need, with money we don’t have, to impress people we don’t care about””
      I see the quote is attributed to Dave Ramsey but I thought Naomi Wolf coined it several decades ago.
      I think they have left out two things
      1. the pervasive role of Television in this promotion of a totally consumerisy society
      2. The role of the RBA and the whole BS modern economic meme as promoted by all the academic institutions.

      These blokes think our lack of savings started in 2015?????? Bwahahahaaaaa!

      • That was my thoughts also, they have done a really nice job. Just don’t think it will get the price they are asking in this market.
        I see $1.3M maybe?

      • You can tell they have spent a fortune renovating. Unfortunately for them it is almost the opposite of the “worst house in best street” proverb.

        I am more in line with bzunica: I think they’ll get about $1.5 but that won’t cover expenses

        Wet finger estimate:
        $1,500,000 – $1,152,000 – $63,000 (stamp duty) – $30,000 (agent commission) – $500,000 renovations – $50,000 (interest repayments)
        = ~$300k loss

      • I’d say they converted the living to the bathroom and slightly extended the back. Plus added the upstairs of course and built the garage. The facade looks too similar to original with the insets in the bricks, even the door frame is the same.

    • You’re not wrong. Wonder how much the Reno’s cost? I think they’ll get about $1.5 but that won’t cover expenses methinks

    • WTF? What’s going on out there? Even bloody dogs are a bubble – we lost our 13 yo recently and starting to look around and they’re asking $3K for crosses FFS!

      • Sorry about your dog, it is always a heart break.
        Why not get a rescue dog ?
        They are so greatful for the second chance.
        We have one ATM she is a beauty, as was the one before her.
        She was on death watch at the pound , and she knew it.
        And they do not cost $K’s

      • Andrew LeesMEMBER

        Seconded re rescue dogs. Have had many over the years, they’ve always been lovely. Pet Rescue, Golden Retriever Rescue, Working Dog Rescue, etc. So many!

        Oh, and please stay away from the puppy farmed dogs, the perpetrators of these places cause immense harm and misery to dogs.

    • One from the Sunshine state – 1200m2, 2 large BR and 1 more small one above,

      2014 sold $900k
      2015 $1.05mil

      Since then was heavily renovated (tarted up) – and land subdivided
      Went to the open last year, was $920k (on ~450m2 now)
      Enquired about the vacant block (ex backyard)
      -Agent promised the owners were going to hold it for years in their SMSF

      Said we weren’t interested. A few days later got a text saying the land at the back was for sale now, and the house is off the market – no interest

  18. Well I’ve officially cashed out of US equities, there might be more upside, but the global economy looks cooked. I’ve gone to just HODLing $USD. After the late 2018 crash, I was down $30k or so. It hasn’t recovered from there really, but it just fails to rally each time and I’ve decided to lock in the gains and sit it out.

    If the $AUD depreciates against USD that would be a bonus, but really I’m happy with what I’ve made. Capital Gains tax bill is gonna hurt. If prices come down (in terms of housing) and I pick something up in the stamp duty thresholds ($650-$750k range) that will be some consolation I guess.

      • Westpac Foreign Currency account. It’s only temporary as I might go into US bonds, but really just HODLing $USD instead of $AUD. I want to buy a house soon. Before they fire up the QE and talk of bail ins…

    • Gav – if you don’t mind me asking, what will you do with your USD in the interim?

      (You and I are now in similar positions).

      I have all mine in short term US treasury bonds (T-bills) – very safe, earning about 2.5% interest annualised… keeps me ahead of inflation and keeps my itchy trigger finger from trying anything silly with the money while I wait!

      • Adrian – I have my money actually offshore (ie in a US full service broking account – Schwab). So I can buy US bonds and equities (and options etc) with that. Very low fees etc.

        It’s different to Gav, who I now see has USD but held onshore in Australia (warning note – foreign currency accounts in Aus are not covered by deposit guarantee scheme, IIRC).

        For anyone who wants to go down this route, an outfit like Schwab has an Australian arm and can sort you an account very easily. There is a minimum (can’t remember how much, maybe $30K USD?).

      • That’s right Arrow, not covered by bail in. Hence its only temporary. If $AUD gaps lower a few cents I will transfer to $AUD to buy a home.

      • Thanks Arrow. I had an IB account for USD but i’d Like a term deposit type product which they didn’t have. I tried Citibank but they have atrocious customer service and their forex term deposits are for wholesale clients only. I’m working on my sophisticated investor letter but I was hoping there was an easier option. Even nucleus wealth and netwealth don’t really have what I am after.

      • Got it – yes. Short term bonds are effectively a term deposit (except you can sell without penalty if you don’t want to hold to maturity).

        (Gav likewise, if the USD gets to about 67c I’ll start to get an itchy trigger finger).

    • @Gav. I agree with you. I’m still holding (but not HODLing) some US equities, but am looking for the right time to get out. you did fine, better to leave the party 2 hrs too early than 2 minutes too late after the police raid happens.

      I have a reasonable amount in AU Gov’t 10 yr bonds (fixed). None in AU equities.

      I think putting it into US dollars is a good idea. I just recently decided to do it myself. Be cautious with fixed rate US Treasuries as the Fed has not finished raising interest rates and that will hurt the market value of your bonds if you want to cash them out early.

      I have a US dollar denominated bank account here in Australia similar to your W’Pac thing. I use HSBC. I earn no interest, which is a bummer, so it is totally speculative, never a great idea for smart investing. Therefore, I am in the process of trying to open a US-domiciled Account in US dollars with the same bank (e.g. perhaps with a New York branch). Reason is this account would pay 2.25%. I don’t know anything yet about inter-account transfer costs and will find out this week how difficult it is to do.

      The spread shifting money between $AU and $US is a significant cost each time you do it. So it has to be longer term.

      Another subject: I still rent (at over 60!). I have enough to buy a house, but just never have. I badly want to own a house now, but I did some calcs this week to work out if I should buy or keep renting. I took my rent costs for a year and compared that to the cost of owning a house (insurance, rates, maintenance) plus the lost opportunity cost of investing the value of that house in some way. Adjust those numbers for tax etc. Basically, renting wins by quite a few thousand p.a. even using extremely conservative numbers for investment returns (e.g. 2.5%). However! I then took into account a projected decreases in housing values in Melbourne of, say, 8% in the next 12 months. I think that is also a conservative number. This makes the equation fun (brought a smile to my face anyway). By renting for another 12 months I will be pro-rata $80,000 better of when I come to buy a house than if I buy now. Your numbers may differ, but if you need to borrow, I bet they will be even more in favour of renting. All depends on whether you can tolerate the pompous rental inspection princesses. For $80K p.a. I will grit my teeth a little longer…

      Of course, in a rising market, the situation is reversed.

      • Arthur – ” Be cautious with fixed rate US Treasuries as the Fed has not finished raising interest rates and that will hurt the market value of your bonds if you want to cash them out early.”

        Correct. This is why I use short-term (3 month and 12 month) T-bills which I then hold to maturity (ie doesn’t matter what the daily trading price is).

  19. Just finished 2 hours cleaning the bathroom.

    Now for the kitchen if I can be arsed.

    What I really want is half a case of Coopers Green and a bottle and a half of Taylor’s Clare Valley.

    Am in mild ketosis at the moment, alas.

    • Nice one. The pale ale is a smooth one, perfect for washing back that keto-acetone breath as you marvel upon your work.

      “My name is Haroldus, king of kings:
      Look on my works, ye Mighty, and despair!”
      Nothing besides clean bathroom tiles remains. Round the decay
      Of that colossal wreck, boundless and bare,
      The lone and level toilet bowl water ready and waiting it’s own destruction.”

      • Missus is a lucky lady.

        No better sight than a naked bear bent over scrubbing out the bath at 2 in the afternoon.

    • Can recommend a Linke’s garlic mettwurst which supposedly is a great keto food and complements the drinks…

    • There is bound to be a problem when you bring [email protected] into a house or into your life. Add the issue of first generation Western-born Mus1ims having identity issues, and latching onto a hateful ideology to have an ‘identity’.

      A lost person who has [email protected] as a figure-head is going to end up worse off than a lost person with Jesus as their figure-head. And then there is the damage to other people.

      Time to move on from [email protected]

      Time for certain cultures to move on from a hateful ideology as the basis of their identity. Stop being lazy, build something more meaningful and is constructive rather then destructive.

      • Funnily enough I did at the time.

        I thought, what is the big deal? And also thought, why do these guys want to kill this guy?

        Of course, in the years since I have found out far more than I ever wanted to.

  20. https://www.cbc.ca/news/canada/toronto/china-tibet-student-election-1.5019648?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axioschina&stream=top

    ‘China is your daddy’: Backlash against Tibetan student’s election prompts questions about foreign influence

    Seems like some verbenas aren’t happy when others express their democratic rights. Just waiting for her Uni to ban her cause it’s bad for their immigration business. Luckily this could never happen here.

    Ms Ong comment
    “”It is of utmost importance to separate Chinese students, individuals, companies from the Chinese government,” said Ong. “Given the tense bilateral Canada-China relations now, any hyped-up allegations without firm evidence does no good to any parties.””
    Strangely she completely misses the fact it was the Chinese students that reported to this edition to the CCP & created all the trouble! (normally we shouldn’t blame ALL people for their governments actions but here there seem to be lots that are following tar CCP line … or are most of them just the CCP’s 50c Army back in China?

  21. Vent time. Maybe some of you can offer ideas. I’m deliberately posting in non-specific terms.

    AU citizen. Been here for a decade. Highly trained professional, held and hold executive level jobs for private companies, as well as state government.

    I have a partner I’ve been trying to build a family with. So have applied for an appropriate visa in Q4 17. In Q4 18, a year after, case was first opened. Requested more documents. These were supplied within two weeks. 3 montnts later, yet another request for more documents, about a trivial matter, 20+ years old. Supplied. Silence.

    Every lawyer I’ve talked to in an effort to expedite things have told me that the department cannot be contacted, cannot be moved, just accept the outcome and wait. As long as it takes. There exists no avenue to even ask a question or submit an inquiry. Phone calls are either left unanswered or a generic response is provided.

    For the record, we are both European, educated, and not a burden to the society.

    I don’t understand how I, as a citizen, do not have any means to contact a department that potentially rules on my personal situation and future. All calls to Peter Dutton’s office were for nought.

    It is causing deep mental health issues, for both of us. We tried to do the right thing, present the case as is. Yet it’s proving to be insufficient.

    I’m at wits end as to what to do. Suggestions?

    • Max

      Two suggestions, neither may be of any practical use:

      !) there is an ombudsman for immigration. They may take up your specific case with the visa processors but if not they may be able to explain to you how the system works.

      2) get onto your local MP. They may handle it the appropriate way which means they would pass on any enquiry through the minister’s office or they make a direct enquiry with the visa processing team. You might even try contacting a senator’s office. Whilst politicans are in the main grubs a lot of them do do the hard yards in trying to help their constituents. It would be better if you contacted a polly from the coalition this close to an election.

      By what I’ve read the immigration bosses and Dutto have allowed the system to become over-full with so many undecided visa applications in the system that the productivity and output of the processing teams is shot. I suspect it is all part of Dutto’s plan to privatise visa processing to one of his mates. The actual workers trying to get ontop of all the overflow would on the whole be busting their guts trying to do the right thing by applicants but they would be drowning as all the work continues to back up. After months of going backwards with more and more visa applications coming in the reality is that fewer and fewer decisions come out. That does not help you of course.

    • I had similar issues with my partner when living in Europe together. Might be time to get married? Would solve your issues?

      • wasabinatorMEMBER

        Took me 6 months to get a spouse visa for my wife and we had been married 5 years at the time we applied!

    • your local MHR coz some chunt in immigration is playing..having some fun at your expense
      edit: it has to be said that you’ve likely got a case manager who is taking satisfaction from jerking you around

    • Perhaps say your name is ‘Pradeep Singh’. Seems like people from the subcontinent have no problems in staying in the country as long as they want. And maybe say you’re transgender.

    • My experience. My local member has a hotline to the immi Dept. This is for 457 visa issues. I cannot be sure but after I called his office things improved instantly.

    • I appreciate all of your thoughts.

      Triage, Will give it a go for the ombudsman. My local MP has announced that he will not recontest, so seems pointless at this stage.

      Gavin, this crossed my mind, but in this case another visa type and the clock starts again.

    • Prolly stole the photo off Deliveroo website. I am yet to see a Food Delivery Specialist (visa subclass 189 – highly skilled) in real life who did not come from the subcontinent 5 minutes ago.

      • I saw one turning through the pedestrian island on victoria road at marrickville metro on friday!

        That twisty road from Edgware Road to the carpark entrance.

    • There are a few South Americans doing this job in Brisbane. But Melbourne tis all from the subcontinent.

    • Cooley Auctions clearance rate was 37% today selling 11/30

      From Shane Oliver:
      Prelim Domain auction clearances: Syd 56% (=final ~52%,last wk 53%). Mel 54% (=final ~47%, last wk 50%). Still weak & Feb usually sees a seasonal bounce versus Dec of +10% in Syd & +6% in Mel (av last 8 yrs). Sales vols for Feb so far are -58%yoy in Syd & -73%yoy in Mel

      Definitely a bounce though. We should question why does this observed seasonality exist. is it driven by locals or the arrival of 10’s of thousands of new international students for the start of Uni this week?

      Craig James is spruiking his heart out.
      Auction Markets Still Encouraging. A predictable surge in auction listings this weekend has failed to dampen rising optimism that buyers perhaps are now slowly shrugging off last year’s doom and gloom..

      • Wow. “Sales vols for Feb so far are -58%yoy in Syd & -73%yoy in Mel”

        Craig James is dead wrong about buyers coming back. With volumes that low, it’s clear buyers are not “back” they are way down too. What has happened is a few sellers have wised up and met the market.

        Those volumes spell doom for REA employment too.

      • I would guess seasonal bounce is due to a few more buyers who will buy “with no choice” ie they need to buy a house because they have moved into the area for work etc for the start of the new year, and they don’t want to rent. And many of those (if Australian) will also be selling (motivated!) elsewhere. So a bounce at both ends.

      • Yeah, what an utter joke. Still, provides fodder for spruiker headlines on Monday
        ” Clearance rates bounce showing real estate market on track for recovery”

        next week is a real test as volumes return to something closer to normal. Louis Christopher is expecting about 780 auctions for Sydney and over 1000 auctions for Melbourne.

      • @gavin, Yeah it’s right on cue.
        So get this, I plugged in our income and expenses in Westpac mortgage “how much can I borrow” calc and didn’t include the bonus I get every year as.. well, sensibly, it’s a bonus and if I get it, must treat it as a bonus payment.
        We can borrow 1 mill $. Let me tell you, without saying too much about how much we earn, that is shockingly low based on the stories you hear about people leveraging up and their Debt to Income ratios.
        Now, I’ve never used the calc before, BUT I did go to a Westpac mortgage broker way back when, and I am pretty sure the guy had said we could buy a house as much as 2.2million at the time. Can’t remember what our deposit was then, but the borrowing capacity I remember was nowhere as “low” as 1million. Pretty sure he used the HEM for calc.
        Not that husband and I will be silly enough to get ourselves into this much debt, but can you just imagine then what other people’s borrowing capacity will be slashed to if they actually put the realistic numbers in it?
        I am now more sure than ever, just getting rid of the HEM will do it. Nothing else is required and frankly I can’t even see anything else replacing a million dollars gaping hole it leaves .. what on earth will a FHB grant of 10k or some other scheme do if you can’t replace a million dollar credit growth pp?

    • there are quite a few duplicates – sales listed in last week results and again in this week results

      • If that is the case then low volumes will appear to have better clearance rates as the % of dodgy results is higher.

      • They should make it law that auctioneers have to start the auction by saying, if you’re taking out a mortgage to buy this place please remember, if you have one bad year over the next 30, and are unable for any reason to pay your mortgage, it’s highly like the bank will foreclose and sell your house from under you, so, good luck with that!

  22. Get the tissues out…


    A five-bedroom Prahran home slated for redevelopment sold at a $561,150 loss at auction on Saturday. The vendor of 273 Dandenong Road was developer Icon Co (Jessamine Ave) Land Pty Ltd, public records show. The same records show the company paid $2,586,150 for the home in 2016, before it sold for $2,025,000 under the hammer.

    Public records show the company sold 271 Dandenong Road at a $713,850 loss earlier this year as well, for a combined loss of $1,275,000.

  23. In a way, I think the professions of economists and lawyers are alike. They try to over complicate their own industry to such an extent that almost nobody can understand it so they must pay a professional to decipher it for them. When you ask them point blank what you should do in a particular situation, they say “I’ve supplied you with the information but ultimately it’s up to you to make the decision”.

    • I don’t know who you are or what you stand for but you are already ahead of Labor, Liberal and the Greens.

  24. This week I was in the company of salesperson of a major builder in Melbourne as he told a land agent that “things are so quiet, I don’t know what’s going on. It’s weird.”
    The land agent replied “yeah we just have to push through it. It will pass, it always does.”
    Builder salesperson nodded quietly. I don’t think he believed her.

  25. If ever there were a statement deserving of the rejoinder “No sh#t sherlock”, this would have to be it:

    The sugar hit is largely behind us’: Sydney’s dream economic run may be over.


    It is a good thing we didn’t invite too many guests to the party who will now want to stay and expect us to support them. They’ll all go home like good guests when a party is finished, right? Oh wait …

    • TailorTrashMEMBER

      A noble effort Stag ….I hope your contribution to the GDP of straya is captured and recognised
      …. every little bit helps that miracle economy

    • thanks for the post rj ………. I hope some MB’ers watch and realise we have reason to be scared …….

    • I look at that bloke up front and I think – that underfed angry man is exactly the right kind of guy to sell my butter.

  26. China’s economic downturn leads to increased worker protests and strikes across the country – China power – ABC News (Australian Broadcasting Corporation)


    How could a sharp slowdown in China affect growth prospects for the rest of Asia? | South China Morning Post


    China’s Property Market, Once a Lifeline, Now Carries Economic Risks – WSJ
    … behind paywall …


  27. Four Corners tomorrow

    Billions of dollars are flowing out of China. Millions are ending up in Australia. Beijing wants its money back, and is going to extraordinary lengths to get it.
    Don’t miss ‘Project Dragon’, next on #4Corners @abcnews https://t.co/4yGo3klbnm

      • Beijing could crowd source parts of the investigative process and people all around the world would do it for free

      • The Traveling Wilbur

        Beijing could *make* money off this by creating a membership based website where you paid $100 USD per year to act as an identified party able to submit tipoffs officially via the website, and to get tomorrow’s IO prices. They’d make a fortune.

        They could call it MB+.
        Or reFIRB.

  28. ErmingtonPlumbingMEMBER

    And the Award for “worst advice ever” goes to,……

    Ronan O’Rahilly

    “Ronan O’Rahilly (born 21 May 1940) is an Irish businessman best known for the creation of the offshore radio station, Radio Caroline, and as the man who convinced George Lazenby to give up the role of British Agent James Bond after only one film.”

    “Although Lazenby had been offered a contract for seven movies, his agent, Ronan O’Rahilly, convinced him that the secret agent would be archaic in the liberated 1970s, and as a result he left the series after the release of On Her Majesty’s Secret Service in 1969.”

    Poor old George surrounded him self with a lot of people giving him bad advice, Germaine Greer was a good friend, but his ego played its part in his,…missed opportunities.

    In 1978 Broccoli described casting Lazenby as “my biggest mistake in 16 years. He just couldn’t deal with success. He was so arrogant. There was the stature and looks of a Bond but Lazenby couldn’t get along with the other performers and technicians.”[50] Sean Connery came to Lazenby’s defence saying “I have known George for many years and arrogance is not in his character. Alas I cannot say the same for Cubby Broccoli”.[51]

    Co Star Dianna Rigg was also quoted as saying, “I can no longer cater for his obsession with himself. He is utterly, unbelievably … bloody impossible”.[21]

    Lazenby grew a beard and long hair. “Bond is a brute … I’ve already put him behind me. I will never play him again. Peace – that’s the message now”, he announced.[23]

    He said:
    I much prefer being a car salesman to a stereotyped James Bond. My parents think I’m insane, everybody thinks I’m insane passing up maybe millions of pounds. Nobody believed me. They thought it was a publicity stunt. But it’s just me doing my own thing.[24]

    Post-Bond career

    For a time there was some talk Lazenby would appear in a western, Deakin.[34] He talked to the press about his use of LSD and marijuana[35] and was involved in a well publicised incident helping a friend of his who was arrested in Germany.[36] He grew his hair and a moustache and talked about rejecting the “trappings of materialism”.[37][38]

    Lazenby eventually made another film a year after On Her Majesty’s Secret Service – Universal Soldier (1971), which he helped write. He said the movie was “anti-guns and anti-Bond… a [comedy] with no plot. It is really just a series of happenings which keep the audience entertained. This is the kind of film which is coming out in Europe now.”[37] It starred Chrissie Townsend, his 18-year-old girlfriend and future wife. The film was a financial disaster which was barely released.[39]

    “After the Bond fiasco nobody would touch me”, admitted Lazenby. “Harry Saltzman had always said, ‘If you don’t do another Bond you’ll wind up doing spaghetti westerns in Italy. But I couldn’t even get one of those. My agent couldn’t believe it. But the word was out – I was ‘difficult’.”[40]

    Georgey boy suffered some just plain old bad luck also in trying to revive his career.

    In 1973, Lazenby said he was “flat broke” when he went to Hong Kong to meet Bruce Lee and producer Raymond Chow. They ended up offering him $10,000 ($56,400 today) to appear in a film with Lee, which was going to be the Golden Harvest film Game of Death. However this collapsed after Lee’s sudden death – Lazenby was actually meant to meet Lee for lunch on the day Lee died.[44]

    Later in life George no doubt regrets may of the decisions he made when being swept up in all that “Hippy” progressive idealism of the 70s, reading his wiki entry makes me wonder how many Young people today are going to regret (in the future) embracing the latest fasionable progressive mentality only to find it fail them.

    Lazenby went on to add:

    It hasn’t been easy, trying to climb back… I admit I acted stupidly. It went to my head, everything that was happening to me. But remember, it was my first film… Now what I’ve got to do is live down my past; convince people I’m not the same person who made a fool of himself all those years ago. I know I can do it. All I need is the chance.[40]

    • “Lazenby is also the only Bond actor to receive a nomination for the Golden Globe Award for New Star of the Year.”
      “His career stalled in the 1970s and he moved into business and invested in real estate.”
      Of course!

    • The Traveling Wilbur

      Er… I reckon there might be some other contenders for that award. Like, for example purposes only, this:

      Nothing!!. That is right, they have completely neglected to talk about one of the biggest problems housing prices face over the next 10 years. As those 1.4 million boomers retire so do their tax incentives ( you know the ones that are the second most generous in the world ) as they can no longer negative gear. A good proportion of them will want to sell their investments to fund their retirement. Suddenly hundreds of thousands, maybe up to a million, investment houses become retirement funding vehicles and enter the market for sale.

      House prices are governed by “stock on the market”, not total stock , we wonder why GS neglected to mention that?

      … 2010 …

      … I guess I can kiss this account g’bye. : (

    • While you’re doing all things George Lazenby check out ‘the man from hong kong’ for a watch/re-watch, an Aussie classic!

    • Very interesting man and seen and done more than just about everyone here. He sold used cars in Queanbeyan for a while, badly. Couldn’t understand his failure… Went on course (Dale Carnegie), only remembered one thing – don’t talk, and his sales, and overall life opportunities improved… haha
      Conned his way into the audition.
      Man is a solid Aussie, a legend – here it is and well worth your indulgence – I saw on sbs, but no longer… – https://www.youtube.com/watch?v=dHM3m3Gwr2g

    • @Gavin – that is white flight. (To the country towns)

      Mostly poor white Australian renters fleeing to the country towns – evicted from the cities by the foreign housing purchases that were converted to house the migrant influx in cash in hand subletting.

      (2.431 million migrant TR March 2018 – with over 86% or 2.2 million in just Sydney or Melb.. where & how do people think they all live and who they pay rent to?)

      Over $100 billion has flowed into Australia housing by Chinese, South Asian & to a lessor degree Indian & other ethnic corrupt & criminal syndicates.

      No Australian repatriation treaty – and zero controls or inspection of what the property is being used for.

      So Australia is a prime destination & safe haven for the foreign corrupt & criminal syndicates in washing their dirty money.
      And a cash goldmine in earnings return for the dwelling usage.

      Not only the easiest country to wash in the dirty & criminal Chinese money, but also to get very high rates of cash untaxed return in housing these 2.431 million migrant TR guestworkers we have onshore.

      Let’s examine the Chinese (the same story with the other ethnic groups)

      Over 1 million Chinese mainland communists now in Australia.
      190,000 as citizen grants. Earlier wave mostly.
      396,000 Chinese communists now as PR.
      $2k in China buys an Australian PR.
      So that’s 587,000 China First 🇨🇳 citizen & PR*
      Then add on another 290,000 Chinese TR all visa categories. And another 120,000 Chinese long stay repeat visitors.
      All up around 1,067,000 Chinese mainland origin communists.

      *Not all the Chinese come direct into Australia- some come via the NZ SCV back door, others via South East Asia or the Pacific Islands passport trafficking route.

      25% of those 587,000 Chinese mainland born PR citizen grants own one or more Australian properties.
      (ABS ‘Chinese PR’ dwelling ownership levels far exceed all other migrant categories even when their employment & average income is less).

      Coz it’s not their money.

      Individually they are poor, the Hukou underclass trafficked on a conveyor belt out of China into Australia.

      The Chinese dirty money is laundered in via a PR mule to escape FIRB rules & is invariably used to buy property at the bottom end of the market – old established modest Australian units or small shack out west – used for migrant guestworkers cash in hand subletting.

      Some purchases are higher end off the plan in landbanking / getting the money into a safe haven & then a tiny fraction is trophy property or explicit foreign investor owned purchases – maybe 5% of the real flow.

      But the vast majority is bottom end very old established Australian property first home owner level stuff in Sydney or Melbourne.

      Whole building blocks & now suburbs in Sydney now totally Chinese owned & packed full of migrant guestworkers.

      587,000 Chinese PR x 25% = 146,000 dwellings.
      10 years modest level affordable housing supply in Sydney/Melbourne, they have cleaned it all out.

      60% or more is an investment property to rent to be converted to migrant guestworkers only in cash in hand subletting.
      Evict the Australian tenants onto the street.
      Their wages, jobs & housing taken by the migrant TR influx.
      ➡️ There’s your housing bubble.
      ➡️There’s your Australian homelessness.

      2 bed unit $600k Burwood – Chinese enclave.
      6-8 migrant guestworkers per dwelling is usual.
      Paying $160 each for a bunk.
      $1,280 a week cash or $66.000 a year – 12% return.
      But only $400 rent declared – minimum (3 or 4 in legal occupancy) and negative gearing claimed by the proxy as a kicker.
      That’s why the PR Chinese NG claimant who works in phone repairs at the shopping centre on $40k income.. also has 5 units or $3 million of property….

      Highly concentrated in Sydney & Melbourne.
      So those 146,000 Chinese owned old modest ex Australian dwelling each at say $600k per dwelling = $80 billion.

      And predominantly very low end Australian established housing, units or small houses then run as migrant guestworkers cash in hand subletting.
      A Safe haven
      Plus a 12% cash return – the Chinese & others running this migrant guestworkers cash in hand subletting don’t care about capital gain. It’s all about the cash flow.

      🔹Economic recession?

      ▪️Property prices fall? – great buy more.
      ▪️(Legal) Rents fall? – great, declare even less in the false return & take more as cash & NG kickbacks.

      That will just hasten the eviction & exit of Australian poor & youth out of our cities.

      Those 146,000 dwellings used to house 426,000 Australians (at an average occupancy of 2.9 – ABS)

      Where did they go?
      Onto the street –
      116,000 Australian permanent homeless.
      340,000 Australian now without affordable housing.
      Or they fled to the country towns – no jobs so on welfare – why our regional youth unemployment is up to 40%.

      Basically one of the largest evictions and mass migrations of an entire Australian renter and lower socioeconomic group forced out of our cities…
      By the often criminal foreign purchase and conversion of that housing to migrant guestworker only cram housing subletting cash in hand usage.

      Vast swathes of Sydney (and Melbourne etc) now stand as evidence of this – migrants / migrant guestworkers only.

      A 60km swathe of migrant enclaves stretching from Mascot to the city CBD and then way out west to Penrith.

      It’s all on display.

      Go ask those Australian’s who fled to a country town where & how they used to live:

      “Our family lived in Ashfield in a small unit then it was purchased by a Chinese & now it houses Chinese only”.

      “We lived in the city but the new landlord doubled the rent & now rents it out only to foreign students”.

      “We used to live in Strathfield but they put the rent up and now it’s a Chinese & Korean enclave”.

      “We lived in north Parramatta but the new Indian owner evicted us and now it’s only Indians that rent there”.

      “I lived in small house in Mascot, it was all Aussie but now every house in the street has been bought by foreigners, and no Australians live there anymore”.

      • Even an idiot such as myself can understand this. Thanks mike mb.
        The sorry story seems quite simple. Profitable for some, for sure. No change in policy
        to turn this big monster around, that’s for sure.
        But Reusa can only do 2 things:
        think of the vibrancy and
        crack a chubbie over the ‘lations opportunity
        and we all laugh, blame Labor, mock the Greens, cry for help from SAP and check out our facebook…

      • @Mike – Do you work in a field where you see this first hand? TV show in the UK called “Bad Tenants Rogue Landlords” shows the type of slumlord behavior you’re on about, but at least in the UK they appear to crack down on it. I don’t see anything of the sort here..

  29. boomengineeringMEMBER

    Just ordered the clear Field Jacket photochromatic, lost the Chain Reaction special while giving the shop first bite of the cherry, so Shade station it was. Might take a while to come from Britain though.

    • Definitely worth it I reckon. I have problems with glare so I’ve got polarised. Good ones are expensive as you know.

    • I’m in the market for a new photochromic pair of sunglasses. I currently use a pair of Rudy Project for both road and MTB, but find they fog up too much.

      I’ve tried shampoo which helps a little, but sweating very quickly means they start fogging up again quickly.

      • Try the rain off windscreen spray. I use it in winter and found it works well. I had Rudy SG’s and thought they were a rip off compared to others I’ve had. The two pairs I had got nicked at coffee shops so someone likes them. I had the Rudy Project helmet and saw Tony Abbot had one so I ditched it and got a Giro lol

      • The quality of Fairfax publications has been in decline for a while but since Nine has taken over, the decline has accelerated. The Sydney Morning Hearld’s morphing into the Sydney Morning Telegraph. With a pedigree like A Current Affair and 60 Minutes, the decline was inevitable.

    • “Asylum Seekers arriving by air have averaged 76 per day in the last year ….across 8 airports…. It’s roughly the equivalent of one boat arrival every day of the year.”

      • And they are mostly rejected, because Australian onshore Humanitarian Program is about 2000 protection visas a year.

      • patrick – no they are not rejected, most of them go onto bridging visas that last for years and which allows the applicants to continue to live and work in Australia. The immigration processing systems in Australia are at the point of seizing up for lack of resources and scummo just wasted $1billion on re-opening Christmas Island as a political trick.

      • triage – in the end their asylum claims are rejected. However there’s an abuse going on for sure.
        In the last year or so there has been a massive increase in the number of asylum claims from Asian students, because tightening of the work visa requirements has meant overseas students cannot simply move across to a work visa at the completion of their course.
        So, what many have been doing, is putting in an asylum claim – because of the numbers doing this there is a backlog to process their claim, so they can then end up staying here for much longer, year(s), on a bridging visa.
        However they won’t be granted asylum – otherwise the onshore part of the Humanitarian Program will need to expand by a factor of twenty or thirty times.

    • The quadbike clearly presents what the situation is. We are being over-run by historically high numbers of people who arrive on with dodgey visas and then claim asylum here, and this government has failed to respond. This government has tricked us into fighting the last war.

    • GunnamattaMEMBER

      This chart shows it best

      Between 1981 and December 2005 only 2 quarters had NOM of more than 50 thousand people.

      Between December 2005 and June last year 33 of 50 quarters had NOM of more than 50k. A change of that magnitude has to be deliberate policy.

      • That draw down from ’89 through to ’92 looks interesting, as it conicides with the recession. Peachy always tells they’ll come hell or high water but that chart suggests otherwise. Could be due to a bunch of other factors I guess….thoughts anyone?

  30. Hi folks,
    Just wondering if someone can help explain when a property is listed as “under offer” vs “sold” on various websites.

    My understanding is:
    1. Under offer, means contract signed and deposit received? But perhaps pending finance approval from a financial institution or other conditions on the contract?

    2. Sold means, cooling off period expired. Deposit received, conditional sale?

    For example 1 property I was interested in is marked as (under offer – couple of weeks now).
    Another place I wasn’t keen on but inspected it marked as (Sold)

    If a property is under offer can the vendor back out if they decide they no longer wish to sell or if they are not happy with the progress of the sale? Or is it only the buyer than can terminate the deal based on the conditions stipulated as part of their offer?

    At what point is it likely that a property goes from under offer to SOLD?

    • Under Offer means anyone can come along and outbid the offeror at any stage before the contract goes ‘unconditional’. In NZ, even offers made pre-auction can still be put to auction, and if a higher bid than the pre-auction offer is made, the first falls away. Why anyone would remain ‘an offeror’ if they could still be gazumped is beyond me! But it happens.
      Making an offer doesn’t mean a whole heap unless there is an agreement for an immediate reply and that the property will then be withdrawn from the market. The signage “Under Offer!!!” is to prod any other potential buyers in the ribs.

    • Nah nah, there’s this half way house between paying a deposit and a verbal offer. I don’t know what it’s officially called.. but I recall a workmate of mine years ago put down $1,500 as a “deposit” so they officially have to take the property off the market and cannot negotiate with other buyers until the inspection had been done or the “conditions of the loan” had been met.
      So I am assuming in this environment, such a thing would be paid under the condition that the “finance is secured” by buyer. And if it’s not, it comes back on the market and buyer forgoes $1,500. If they can sort it all out, then the contracts are signed and 10% deposit is paid and settled whatever 42 days later etc.
      So under offer I would say, it’s not a full deposit of 10 or 20% but it’s a “hold on”. Maybe it’s this? I can’t imagine it was used too much during boom times because it was a sellers market and the answer would have been “no, if I wait a week, I may get $1500 more from someone else” and “Bank is never going to say no to a finance on an appreciating asset”.

      • Forgive my scepticism, but your mate’s $1,500 probably didn’t mean what he thought it did ( if he thought it had been ‘taken off the market’). Real estate Law and Conventions are pretty similar between NZ and the UK, and I’d have to assume that would probably rope Australia in as well, and the following is what applies here:

        “As a buyer, when your offer has been accepted you may think it’s time to crack open the bubbly and start shopping for furniture, but be warned – you’re not quite home and dry just yet. We look at the act of gazumping, how it can set you back and how to avoid it.”


        (Story! I bought a unit in the 80’s at auction. Paid the 10% deposit on auction night. Got everything ready to go for 3 months down the track, and on settlement day, my solicitor rang to say “The vendor has changed their mind. They were under stress at the time of sale and want the contract voided.” It took me 6 months and untold lawyer’s fees to get possession. And no, you don’t get to claim those fees back! Or to put it another way, it wouldn’t be worth it. So even when it’s all done a dusted – it may still have a way to run!)

    • Thanks Janet and Divya,
      I am asking because I made an offer on a place, my terms were $X amount, 10% deposit and settlement (based on vendor’s preference). No subject to finance as I was 80% down payment (only req. 20% finance).

      The other offer was higher by $50k, but many conditions, I am not sure exactly what they are but I believe 1 was a building inspection, the other was likely finance and if I suspect correctly it was an offer from another party that had to sell land in another nearby suburb. Agent informed me the other party has early indications of difficulty with finance. So the property remains “under offer”.

      I guess the conditions of the sale could stipulate that it could take several weeks to settle.. in which case good luck to the vendors if the market falls more in that time and conditions get worse.

      • Lenny Hayes for PMMEMBER

        Why don’t you give them a fixed date by which you will withdraw your offer to put pressure back on the vendor ?.

        They might get an extra $50k with the other buyer but might get zero if you pull out and the higher offer fails to translate.

        At the moment it appears they hold both hands waiting to see if a higher offer is accepted while using yours as a possible back stop.

        In the current environment it would appear that finance is not a given so you actually hold a good negotiating position if you choose to exercise it…..

      • @rj2k000

        I like the cut of your jib… 😂👍 nothing quite as effective as a whipper-snipper to the balls to focus the mind… 😏

        (Edit: auto-cucumber thought whopper-snippet was ‘a thing’)

      • @Lenny I’ve thought about doing that. I believe they went with first offer as they assumed I’d be waiting in the background. But I considered telling vendor I’m interested in another property and going to put an offer in. it might focus the mind..

      • You should be doing what Lenny says Gav. Offer is valid for 5 days from now. If it expires and they come back, knock another 20K off.

    • innocent bystanderMEMBER

      think you need to discuss your Offer Terms with your settlement agent (not the Agent or their settlement agent)
      Under Offer usually means the Vendor and The Buyer have agreed on terms & conditions (price etc). These usually include things like subject to finance, building inspection, pest inspection etc. but can include anything – obviously the more exotic conditions make the offer price less attractive.
      usually an Offer will be drawn up in such a way if a better offer comes in (the best being cash, no conditions) then the Offer that was accepted initially is given 24 or 48 hours to make their offer unconditional.
      So, in essence, Under Offer can mean anything. And often is not indicated openly and a property can/will be continued to be marketed.
      Sold usually means all the condition of the offer have been met and it is just the run out to the agreed settlement date to take place.
      Your offer(s) should not include anything vague eg Settlement Date at Vendor’s preference. Ask the selling agent beforehand (before you disclose your price) what their situation is – why are they selling, what sort of settlement period are they looking for… Ask as many open questions as you can – amazing what agents supposedly acting in the Vendor’s interest will disclose.
      Fixed items in the contract, eg settlement date, can always be renegotiated later – once it’s a done deal people will usually agree to some give and take so the whole deal doesn’t fall over – unless of course they want it to for other reasons.

  31. More warnings regarding the interest only time bomb:


    “These households appear high risk on a variety of metrics, and we expect added selling pressure on the housing market when their interest-only periods expire in the next two years.”

    The warning came as ratings agency Standard & Poors said the housing downturn was the main risk facing banks, not the banking royal commission, and Fitch downgraded NAB.

    More than half of the at-risk borrowers bought at or close to the peak of the recent property boom when lenders were competing to build market share by offering cheap loans and easy terms, the analysis states.

    That means borrowers will have built up little equity or have lost equity during the recent downturns, which have already seen prices fall more than 10 per cent.

    The Morgan Stanley analysis revealed tighter credit conditions, potential deterioration in housing sentiment and pressure on household finances with more than six-in-10 respondents having issues getting a mortgage over the past year.

    About 80 per cent of interest only borrowers and 70 per cent of investors found banks either limited credit or refused loans.

    Nearly half of interest-only borrowers would prefer a principal and interest loan but were either refused by the bank or could not manage the higher repayments.

    “These trapped borrowers make up 11 per cent of all mortgage holders and appear higher risk,” the analysis warns.

  32. OK lots of serious stuff this weekend, but now for some trivia.

    I’m sure that most of you- like me- couldn’t give a rats about “Married at First Sight”, however, by investing about 10 seconds of your time every day, and listening on the office gossip, it’s possible to keep in touch with the zeitgeist and know what’s going on.

    I will say, though, that MAFS has achieved something previously considered impossible and caused Clementine Ford to admit that Toxic Femininity might be a thing.

    One of the plot points involves a 29- odd year old virgin who is paired up with a nymphomaniac. (If it were me I’d shut up, stop complaining and make sure I said nice things about her).

    Meanwhile, in the US, the current series of The Bachelor features the usual bevy of woman competing for one Colton Underwood, who is supposed to be another adult male virgin.

    One of the female contestants brilliantly (and possibly slightly crazily) dressed up as a sloth, and said to the bloke on meeting him “I’m toooooold you like to take things sloooowly.” I don’t know if she meant to “give shade” as the kids say, but it struck me as a pretty funny put down. I don’t have video of that bit, but I do have three minutes off youtube that are pretty funny.

    Meet the sloth girl.

    • GunnamattaMEMBER

      You (and all the rest of the MacroBusiness cognoscenti) are welcome

      Even better it appears to me at circa 2130 on a sunday eve we have managed to have a weekend links without a single thread of conversation descending into spurious, irrelevant, fake news or fake data toting, drivel based claim and counter claim and insults, name calling or accusations. Now that is an achievement.

      • “…without a single thread of conversation descending into claim and counter claim…”

        not necessarily a good thing, perhaps even opposite.
        defeatism. (<– there, I said it)

      • without a single thread of conversation descending into claim and counter claim and name calling or accusations

        How true. A spotless set of comments. Innocent of any censorship or deletions.

      • Even better it appears to me at circa 2130 on a sunday eve we have managed to have a weekend links without a single thread of conversation descending into spurious, irrelevant, fake news or fake data toting, drivel based claim and counter claim and insults, name calling or accusations. Now that is an achievement.

        So where are the Reversion man and the disheveled marsupial? Isnt anyone going to provide an auto de fe for the one true way?

      • Lol, exactly Paddy. The mangey marsupial is the worst offender of baiting people into spurious arguments and whataboutisms.

    • Labor needs to do something about all forms of immigration. Mostly cut it, at least by half, 2/3rds would be better. And no more boats! The majority of which come from nations with 1 specific problematic religion. Majority of Australian’s don’t want it here. Even if a loud left minority will scream #racist. The reality is, when it comes to the ballot box they will vote against it.