Murdoch attacks Burnside property mogul

Trying to save Josh Recessionberg in Kooyong, at The Australian:

Julian Burnside, a wealthy barrister who has amassed a $20 million property portfolio including a Victorian mansion, multiple waterfront apartments in Melbourne­ and Sydney and a spectacular clifftop beach retreat, wants to end tax breaks for future investors.

The property wealth of the Greens’ candidate for Kooyong, some of it hidden within company structures or registered to his wife, sits in gleaming contrast to the policies of his new party, which laments a “rigged’’ housing system that enriches investors while locking first-time buyers out of the market.

…None of these changes will put a dent in the wealth of Mr Burnside, a $15,000-a-day QC who, despite his preparedness to work pro-bono for refugees and other human rights causes over the past 20 years, has managed to acquire 10 properties.

If house prices fall as a result, how will the changes not dent Mr Burnside’s wealth? Leith and I own our own homes. We lose big when the market corrects. We persist because it is the right thing to do.

That this attempt to paint hypocrisy comes from The Australian, a profitless loss leader run to benefit other businesses like realestate.com.au, is pretty much all you need to know about hypocrisy.

Comments

  1. Australia’s obsession with property contrasts sharply with Estonia. When Estonia left the Soviet Union in 1990 they had the worst communications system in the world – they could not phone outside the country. Now they have the best Internet access in the world and almost everything is digital. Instead of building houses, they decided to build businesses for the future. The following video tells the story of one such start-up. At the end of the video the presenter describes the country’s transformation. Just like Australia? Sadly not. https://www.youtube.com/watch?v=KQ2Eo6wl5r0&t=7s

    • reusachtigeMEMBER

      That aint gonna help them when Russia takes it all back. At least if they’d built a strong housing investment scheme they’d feel far more comfortable in their own homes rather than the homes the Russians will soon own instead.

    • Strange Economics of internet and moneyMEMBER

      Estonias gold medal internet was great investment – for quick transfers of Russian banking into US dollars rather than a paper trail.
      Australia takes money laundering from China into apartments for tax free capital gains with cash and no paper trail.

      Estonia employs bankers and IT, Australia employs bankers and builders.
      Both on a great business model? Australia’s is better, you get a tax deduction to buy a ute as well and the beaches are far warmer.

  2. Property is not coming off because of these changes, these changes are happening because property is coming off, these are how things work in physics and cycles
    The global fall in resi property is now set in montion and all the changes to laws etc contraction of banks reduction of length of mortgages to well below 30 years are because property is falling not the other way around
    If you and Leith own your home it doesn’t matter, me personally I’m renting for the next decade but my kids aren’t living with me.
    I think 2 kilos of physical gold say $120k I think $59k Aussie each kilo will buy you a nice home in inner Melb in 10 years but you have to live somewhere
    Property down turn has been set in motion and there’s going to be very interesting changes that this site hasn’t even considered yet
    Have you noticed family and friends being just a little more considerate and compassionate towards each other???
    Just observe you’ll see people who were more aggressive or show off stating to change
    This is all part of the change society is heading towards
    The anger is going to be directed at thd politicians and elite

    • Failed Baby BoomerMEMBER

      bc,
      I don’t quite follow your comment above;
      “Have you noticed family and friends being just a little more considerate and compassionate towards each other???”
      . . .well, no. How does falling property translate to kindness???

      • FBB,
        These are more advanced understandings of how markets move and that everything has a cause and effect, I know not many people will believe because these things are much more spiritual astrological and that everything is connected
        Most people will laugh at me but I’m a trader and I take everything into account, some of the best hedge fund guys do, they study cycles, how planets and sun affect human nature (they don’t tell anyone)and this is what causes the markets to move
        Read Jeremy Rifkin google advisor “empathetic
        civilisation”
        Only a few on this site will understand
        Some of the most successful and richest in the world understand
        I won’t go into too much more books or examples because people will think I’m crazy
        When insanity greed FOMO etc it moves people apart and the contraction brings people together
        This has further effects on market moves
        I think it’s part of the reason why markets over extend to extreme levels either side etc
        The 2nd Great Depression starting in 2020, people will have to be very kind and help the people in crisis
        These are the gifts that come in times of pain and destruction

      • im going to lunch with all my alcoholic friends with gamboling and other addictions who lack any awareness in life
        We just talk about sxxx footy who won race 6 at Flemington
        They have no idea about what’s ahead for them and live in complete denial

      • I was in a hotel in Bangkok and there was a small book written by a physicist from Europe who had conveyed to budhism and wore one of their orange gowns had written a scientific version to explain budhism
        It was really interesting
        I like Bangkok
        In AUST you get a bible that all the paedophiles read

      • I think what he’s saying is that a materialistic society (greed is good) breeds nasty people. Falling house prices won’t change that – it’ll probably get worse – however, when the cycle has turned, we as a society, will not value material items and will be better, friendlier, more selfless people for it.

    • CaptainFeatherSwordsGhost-TheReturn

      Thank [email protected]@ you get it bcnich. Unfortunately anyone who understands cycles knows that socialism always collapses so no-one here will appreciate the significance of what your saying.


  3. Mr Burnside, a $15,000-a-day QC who, despite his preparedness to work pro-bono for refugees and other human rights causes over the past 20 years

    I’m sure there are plenty of ways to attack Mr Burnside – he’s only human – but complaining that he works for free for people who can’t afford to pay doesn’t seem particularly damning.

    • That’s part of the Murdochracy delusion, they believe that it is wrong to help those poor refugees. And they either believe that we believe it’s wrong too, or that we should, and if they say it enough we will. I’m not sure which is more delusional. It makes your head spin.

    • …they’re complaining because he works for free, for poor people when he could be making money. Like a sicko

  4. Gweens love a rent roll – it’s clean and ethical, unlike the sharemarket where traders steal your money and prices might go down.
    Julian Burnside may well come to regret allying himself to Marxist economics and femcels.

  5. I am in total agreement with Mr. Murdoch on this one.
    No member of parliament, nor their family members, should own investment properties.
    Parliament should also not be populated with high wealth individuals.
    Lawyers are also best left in the courtroom and not in the upper or lower house.

    • So they aren’t allowed to own shares and private businesses and now not investment properties. If they can only invest in term deposits they might be inclined to make sure they are government guaranteed, so they’re out.

      What’s left – gold bars?