Links 19 March 2019

Global Macro / Markets / Investing:

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Comments

  1. Aussie house to be sold to foreigners via Bitcoin:

    1 Beech Lane in Casuarina

    The home is due to go to auction on April 8

    https://www.perthnow.com.au/lifestyle/real-estate/spaceship-like-house-in-northern-nsw-to-go-to-auction-in-world-first-cryto-exchange-ng-34013c49882ad40ae3266a26549e8601

    Are non-resident foreigners allowed to own houses in AUS? Or is the ban so rarely enforced, the owner is blatantly doing an online global auction and telling the media about it!

      • It’s because nobody was really breaking the law. And/or it is a victimless crime.

        Now, on the other hand, if you’re caught on a train without a ticket or 4km over in an 80kmh zone, tmyou can expect to feel the full weight of the statute book!

    • I think you would want to check the fine print?
      Holes everywhere in legislation you can guarantee

    • Arthur Schopenhauer

      The permanent immigration number is 160,000. It was 163,000 last year. All spin.

      • Yes, besides plenty of other “categories” to slip immigrants into these days thanks to all our (so called) free trade agreements etc

    • Driving through Dubbo the other day
      on the south side of town there is a new estate of affordable housing
      their construction is so poor, and their “vibe” so dysfunctional
      that I propose the place will be a slum before the mortgages are repaid
      and the residents are all in mental institutions

      • And you didn’t stop in Dubbo to give Staggsie one of your pep-talks™️? you monster! 😛

      • Bought a coffee at maccas drive through and rolled on
        Its depressing out there, no point in risking contagion
        Just through town, Dubbo, saw a hobby farm with a sign out front,
        Please help with feed for our horses.
        So many out there want a hand out, it could be a local mania.

      • what makes homes expensive in Australia is not construction cost (it barely followed inflation over the last few decades), it’s cost of land and in places like Dubbo the reason is obvious – shortage of land

      • DX: in the recent past Dubbo was a regional centre.
        I used to know a servo there which had a supply of fan belts, rotor buttons, points and condensers
        A good cup of tea and sandwiches.All necessary in those days.
        About 10 years ago, reinvestment in Dubbo ceased
        Now it is going down hill. Fast.
        Not certain who this low cost housing is for, it looks like it was a council sponsored venture.
        But there is no future for younger folk and families in the bush
        There is no density of money out there.
        And no reason for youngsters to be there.

  2. On robots, from above:
    “So technological change is an old story.
    What’s new is the failure of workers to share in the fruits of that technological change.”
    WW CSIRO says 40% of mundane jobs to go in the next few years
    With no job you cant repay a mortgage.
    If 1 loses their job, for many couples, it will bring the pair down
    The maths are: a HUGE crash is inevitable.
    Interest rates will play no part in mitigating that

    • WW It”ll be a mess, and with US big tech behind most of it, they won’t pay tax on the path to destroying those jobs (the ATO say they are working on this issue, but will they be able to ?). We only need to look at how they act now with a small amount of AI/Robo. I have ex colleagues that are doing AI degrees now and they say it’s to protect their jobs in the next few years. We the tax payer pay around 60% of the ATO’s revenue, where is the tax revenue coming from…the Robots? But they are based in Ireland and we can’t tax them there…. It’s a massive problem rolling at pace towards us and the pollies haven’t got a clue.

  3. @Triage

    Ino – last time I went up that escarpment horse floats were not the main worry, it was cyclists doing their best tour de france impersonations…not many places to go on some of those blind corners. Unfortunately on that particular day there was a cyclist killed on the waterfall road.

    During the week cyclists are not that much of a problem, bikers however – are a different kettle of fish. Also not too many cyclists on Nymboida, that road’s so bad that you really don’t wanna risk it at the best of time. Oh … and every half and hour or so there’s a log truck coming down the bends, and they don’t stop in a hurry for squishy meaty creatures on two wheels.

  4. That “poising the well” article by West is just shocking, there literally seems to be no thought as to what is best for Australia. And this on top of so many questionable decisions eg submarines.

    • bolstroodMEMBER

      If , as the article states , that many of the contracts did not go to tender , the incomming government can and shold repudiate them.

    • West’s piece needs to be on the front page of every paper. The liberals are criminally destroying the country and handing out taxpayer coin in exchange for a pocketful of corrupt payoffs