Weekend Reading: 6-7 April 2019

Global Macro / Markets / Investing:






…and furthermore…


Leith van Onselen


      • john6007MEMBER

        Gav, you might like a shed I have, but it is in WA. 460m built strong and almost full of cars and other mechanical stuff. I’ve got no Datto’s but I appreciate your taste in cars.

      • boomengineeringMEMBER

        John, That leads me to this weeks shed story.
        Mum came from a very rich tailor family, dad from a poor family, his dad made beer barrels. When we moved from North Cott to Northcliffe (timber town) then to a Kwinana Beach shed. We called it the old shack. Sand floors, no electricity, no sewage, rusted corrugated iron construction and a hand pump for water. One room the master bedroom had a whitewashed hessian bag for a ceiling that hung down in the middle. Previous owner was a shearer whose daughter was a giant compared with her parents. A far cry from Mum’s aristocratic background of ballet, opera and servants carrying her fathers top hat behind him who owned castles in Russia (not Russian). The electrical appliances were just stacked upon the piano useless waste of space. The water table was laying in a bed of sea shells only about a metre down so that explained why we all grew taller with stronger bones. Made our own toys and fun in those days.
        When we moved and it was demolished a huge snake was found living on the hessian ceiling which was causing it to droop down.

      • boomengineeringMEMBER

        We used to get occos from the hulk of the SS Kwinana before they reduced it, and sell them to the shops. We were on the border of East Rockingham and the kids at school had never heard of a typewriter, one rode his horse to school.

      • boomengineeringMEMBER

        Dennis, I feel 20yo, but East Rockingham was quite backward and the disparity between City and outskirts was much more pronounced in the days before availability of telephone and now internet. That also applied to people coming from Britain and Europe, akin to time travel back in time. That said I do remember North Cottesloe in the early 50’s when the milkman came by horse and cart as did the breadman but the ice man had a truck to deliver blocks of ice for the ice box (no refrigerators)

      • lolol. Boom, you avoided the question very well, but the fact you remember the “iceman” is telling! I was a young boy when we still had the bread and milk delivered and the veggie truck came around once per week, but to get to the iceman and the Coolgardie fridge, I’d have to be my mum’s age (she’d be 93 if still around).

        AND, your riding! I ride occasionally with a guy who’s 71 and he’s bloody amazing and can hold his own against those 30 yrs younger, and hills are no obstacle!

      • @Boom
        I was with my son at a friends house when he commented on the odd shape of the lots with some wider and longer than the rest (looking along the line of the back fences), I took one look at it and said …that’s where the Dunny-cart used to run… He was flabbergasted. what are you talking about “dunny-cart”? like wtf is a dunny-cart?

        I’m still not certain that he believes the story I told, that there used to be lane ways at the backs of all these houses where the backyard Dunny’s housed Dunny-Cans that were regularly collected / replaced by guys working on the dunny-cart.
        I remember seeing (smelling) one when I was young and going on holidays down the NSW south coast (it was probably in Kiama or maybe Nowra) The windows were all open (pre AC in cars) it was a hot summer morning but damn didn’t the windows go up quick when we got caught behind the Dunny cart.

      • boomengineeringMEMBER

        Dennis I’m not that old, maybe your mum was living in Syd or Melb and Perth was behind the times. Quite a bit of age difference (near 20yrs) between the oldest sister and me due to depression and war years etc)
        In one cycle club in Syd a 75 yo is their best rider, cycling must be an old mans sport.
        Fisho, thanks for the back up, yep things were different then that’s for sure.

      • love that boomengineering is actually a Russian aristocrat. truth stranger than fiction, what a great story 🙂

      • bolstroodMEMBER

        I arrived in Rosalie (now Paddington) in Brisbane in 1957.
        The bread, fruit, ice , and milk were all delivered by horse drawn carts , the Dunny cart was an ICE.
        By 1960 all the horses were gone, change happens that quick.
        There is a lesson here for our backward looking politicians and Social commentators ( yes I am looking at you Jones, Bolt,Hadley and the LNP front bench)


      • drsmithyMEMBER

        As I’ve said before I think Seba’s timelines are unrealistically aggressive and the comparison to horses & cart is not reasonable, but I’m also fairly confident that around half of new vehicles sold by 2030 will be electric even without any particular nudges one way or another.

        I haven’t the patience to actually read any of the conservative press on the topic, but I assume they are doing their usual disingenuous misrepresentation and saying “half the vehicles on the road” rather than “”half new vehicles sold” ?

      • As a Petrol head I was convinced in 2010 that electric would win when I first went past a Tesla dealership on my way along the Caltrain in San Francisco and they were selling the first Roadster. I was tempted to hop off the train, walk into the dealership and ask if they had any jobs. 😁 I kind of wish I did now, but I also bought several books on the topic and thought about doing an EV conversion. That’s when I saw the White Zombie Datsun blasting away high performance V8s at the drag strip.

        To run an EV is likely to be 1/3 the cost of a gasoline car. As batteries and battery tech get better then costs of keeping 1 for 10-15-20 years will decline.

  1. I woke up this morning and I didn’t quite feel my usual self. I felt … BIG! (in fact huge)
    It was as if a cosmic immensity had come over me. I felt a strange sudden urge to invest in property. I felt a weird desire .. for leverage.
    Suddenly I knew the future. Not only physically, but I had been also well-endowed with knowledge of housing prices 7 years into the future.
    The prices would be .. twice what they are now.
    I have been inspired by a higher power to say:
    To all you renters you have sat too long here for any good you have been doing. In the name of God, buy!

    (now I’ve got a party to attend)

      • reusachtigeMEMBER

        Love it! OK, time to fess up. I was using my email address for serious business and it seems that a lot more email systems are looking up attached gravatars and presenting them to the recipient. So serious business came back to me and said – “you look like a fun guy but…” Yeah, I need to hide my pretty face until serious business is over. Profits and all.

      • The Traveling Wilbur


        I work for one of those serious ‘businesses’ and when I pointed out (3 years ago) that such unapproved usage might not be universally welcomed, well let’s say the words dismissive and ridicule spring to mind.

        In that context, is there any customer feedback about your recent experience you’d like me to pass on?

        PS Dunno if you know but gravatars do come with rating classification options… if MacroBusiness is using G, maybe you can petition them to ‘step it up a level’. ? so we can have your image back in its rightful place.

      • ErmingtonPlumbingMEMBER

        Ya really broke the Spell with that explanation,…”Mate”
        No point in thinking of you as a Sir anymore.
        Your just another grinding Shyte bag bogan, answering to “the man”, just
        like the rest of us.
        MB will never feel as Diverse again with this revelation of yours.

        Being called a Commie by a Fellow Traveler of the lower classes doesn’t stir the same emotional response in me that it did when I thought you were some kind of knight of Global Plutocracy or lower ranking member of the Aristocracy.

        Your just one of Us


      • 5 years i’ve been here… reading the constant stream of drivel in the comments… hoping for some sort of divine revelation. And this is the grand reveal? It’s like the end of the Truman show in here and your acting like it’s just another Saturday!!! F&ck!

      • Can we all just pretend none of this ever happened? A bit like Alien 3 and 4. The first 2 films are the only ones that count.

    • For me the sad thing is that I think you might be right.
      I can hear all the MB die-hards saying but ….Surely we’ve learned our lesson
      I’d say the answer is not even close…we’ve not even began to learn our lesson
      I’d say we only begin to learn our lesson when those sitting cashed-up on the sidelines decide to Invest their accumulated capital (savings) in something other than Real Estate…but but but that can’t happen until their basic needs (shelter and security) are met and that can’t happen until ….and that means RE is off to the races again

      • I agree Flawse but there’s just no desire to kill-it
        The RBA doesn’t want it dead and they’re probably the most responsible party involved, everyone else is little more than an RE spruiker,
        It’s sad truly sad that a great nation can become so obsessed with what in the end is just a roof over their heads, and a very expensive roof at that.
        Where’s is a national obsession with business success, I noticed H’n’H was having his monthly rant about Atlassian founders, but instead of lauding what they’ve achieved we attack them for not doing what we consider to be just and right and moral (that’d be the we that have never even dreamed of the success they’ve achieved)
        That sort of thinking just leaves me cold but it is so pervasive in Australia, but what am I on about…where are the auction pages?

      • “I’d say we only begin to learn our lesson when those sitting cashed-up on the sidelines decide to Invest their accumulated capital (savings) in something other than Real Estate…”

        Huh? What are you talking about?

        Owning a business is exciting and you can dream big. Owning a roof is boring at best even if you can condone the trouble attached to it.

        Oh, I know!!! Strayans dream small!!

    • DingwallMEMBER

      Just another member of the clan I guess…………. bit more articulate, very likely a RE agent (7 years lol, RE always doubles in 7)….. sister perhaps?

      • The Traveling Wilbur

        It would not surprise me if Reusa’s sister looked exactly like that.

        I must stop watching so much German film-noir…
        You too footsore.

      • SBS 2, Saturday, 21.30
        I Dream of Reusa
        A saucy and hilarious hilarious romp through the idyllic world of modern feudalism with Australia’s favourite property fairy.

  2. Snowy Hydro 2.0 contract was signed this week and guess what?……….Its already over budget and the contractor has yet to mobilised to site.
    Morrison, Taylor, Corrman and Broad said on the 25th February down at Tumut it would cost $4.5 billion. Liars all, why this has not been picked up by the ALP is beyond me.
    Industry sources tell me the wining consortium quoted $4.8 billion in December to get preferred contractor status in January of this year.
    Now the construction contract has been signed this week with Salini Impregilo-Clough JV, the price? $5.1 billion.

    • – Or will there be enough water consumers left when the project has been finished ?

      • They only need enough water to fill it once. Then they will pump it back up stream on cheap off peak power to run downstream at peak times, and endlessly cycle though. It’s like a huge rechargeable battery. I would be pretty happy about it if I thought they were using solar for the uphill pumping bit but the cynic in me rather suspects they’ll use coal power.

        Anyone know?

      • darklydrawlMEMBER

        Evaporation is a big issue Arrow2. The water volume doesn’t stay constant even though they are only pumping back up the hill.

    • If the contract price is 5.1, allow for say 20% varies and 15% project management on costs and already you know the project will cost around 7 Billion. In reality, expect it to come in finally at around 9 Billion, double Turnbull’s figure.

    • rob barrattMEMBER

      I used to be an IT project manager. When you’re doing your initial project estimate, think of the worst possible case you can imagine – your programmers quit 50% through, the servers fail, huge fallout with the client etc etc; Think of the worst budget overrun – then double it – you’ll be right on……..
      Of course if you’re bidding for a tender it’s different. I worked for Logica CMG for a while. The phrase we used there was LNLL – Lie Now, Litigate Later. Lowest quote wins the tender! You can argue about what was in and out of scope later.
      Plus que ca change……

    • So what would be kW/hr charge have to be to make this viable or don’t little things like this matter?

  3. Finland’s Basic Income Experiment Shows Recipients Are Happier and More Secure – Bloomberg

    That article is very short and fails to mention that the recipients saw a doctor less often because they felt happier and healthier. So they literally saved the Medicare budget money.

    Article uploaded 10 hours ago:

    ‘Why didn’t you just leave?’: Domestic violence survivors explain

    finances, the fear of not being able to make it on your own.

    It’s not like someone who’d just been abused can go out and work.


    Maybe Ross Garnaut, Richard Branson, Sam Altman, Andrew Yang, Bill Gates, Zuckerberg, Elon, Martin Luther King, Milton Friedman, Nixon, and George McGovern are correct after all.

    Yeah nah. Nobody is too injured to work. And mothers should be given no financial security at all. Not even $12k/year.

    • I would support a UBI in this country and would happily pay a load more tax to fund it.

      I would even be happy for those recent arrivals that I moan and complain about so much to receive it as well.

      Stripping out all the welfare bureaucracy would be the the biggest bonus.

      The real key would be making it immune from bankruptcy contributions and civil debt recovery. Instantly you would eradicate irresponsible consumer lending. The bitter pill of deflation and job losses would be buffered by the UBI.

      I know the way and means of the drug taking margins of society well enough through my work to say that UBI is not going to change their situation for better or worse. It may stop them having to do petty crime to get high, and that is another benefit. Focusing on the moral hazards of the bottom 10% of the pile costs horrendous amounts in bureaucracy and law enforcement and those funds and efforts should be directed to preventing violent crime.

      Its either this path, or we end up resembling Venezuela, where 10% of us live behind razor wire / guard dogs etc and the rest scrounge garbage piles looking for food. Now I would be in the 10% without any doubt, but it would be a disgusting way to live considering what this country once was.

      The sooner we start planning for UBI, the better.

      • Professor DemographyMEMBER

        It needs to be combined with a UPIG or Universal Property Investment Grant. This would allow more people to invest in property and support our propeconomy. Importantly it could only be used to invest versus owner occupied so as to increase rental stock.

      • drsmithyMEMBER

        Stripping out all the welfare bureaucracy would be the the biggest bonus.

        This is the problem with most UBI proposals. They are a replacement for welfare.

      • We already have UBI it’s called Centrelink but it’s not enough to get people out of poverty and onto their own feet. So it really should cover basic living expenses etc..

        I definitely think that having the bottom 10% live better would pay dividens in society and save expenses as you mentioned in many other public services. So I actuslly believe by spending more on that 10% we would save more in other areas.

        What needs to happen is companies that dodge tax here like Energy Australia need to start paying their fair share. That’s how we find it. I don’t get how a company like that using publicly owned assets like poles and wires can syphon off all their profits to the Bahamas or Caymann Islands and pay 0% tax.

        Yet every quarter I get a love letter from the ATO asking for a $3000 installment for money I haven’t actually received yet (vested stocks)…

      • drsmithyMEMBER

        We already have UBI it’s called Centrelink but it’s not enough to get people out of poverty and onto their own feet. So it really should cover basic living expenses etc..

        A UBI is not welfare. They are independent concepts. A UBI is when everyone, regardless of whether they’re unemployed or pulling in a couple of million a year, gets a payment “just because”.

        Certain groups on the right see a UBI as a suitable trojan horse for achieving their actual goal of eliminating welfare and other public services, so they can be fully privatised.

        A better way to describe an actual UBI is as a “citizens dividend” – a share of the nation’s wealth you get because you’re a citizen, regardless of any other personal circumstance.

      • Thought of you the other day mate – had a ‘visiting’ family member of a vibrant (who had just had a child or two – hence the visit) come in to hospital – heart completely f#cked, massive stemi – complex ccu admission – you can understand the ordeal involved. surprise surprise, no medicare OR private insurance covering the visit

      • Yes, a UBI could work & better still make it based on a “citizens dividend” this could have a strong social effect in that other citizens would put some pressure on those that should be being more productive. My major concern with UBI in Australia is that till much of it will leak out as so munch of our consumption economy is based on imported goods. If who had a more balanced economy I’d be 100% for it. My only solution is who create another internal currency that is only usable internally, maybe even crypto currency. Then we can do what China does, stimulate internally while keeping the Aussie dollar strong. Other nations should all adopt the Chinese monetary wall to comple

      • @drsmithy: What I meant was you get rid of the army of paper pushers deciding if someone is eligible for welfare, checking job diaries or medical certificates or determining appeals. With UBI everyone gets it regardless of income/assets/marital status/working or not/drugs in your system/whether you get off the couch ever, so the system doesn’t burn up 40% of the funds in administering it. You would just need to prevent double dipping. Even I would get it, but obviously pay a ton more tax. Yes it is still a form of welfare.

      • @hm520: Another addition to the health department’s uncollectable debt ledger …

      • d672c804897d, thanks for your insight.

        Of course foreign “students” should be excluded from it – unless they get an Aussie passport.

        Thankfully, a clear majority of the people in some nations want it. Alaska has had it since 1982, so once it gets put in, not even right wing politicians try to remove it.The plebs absolutely love getting cheque in the mail.

        The rest of USA almost got it in 1971. The income guarantee bill passed the lower house but got knocked backed by the stupid Democrats because they said the payments are not high enough! Inequality is even worse now – not just in USA but in Britain and Australia too.

        The right wing pricks in AUS tried to put in a $6 GP tax in the absence of UBI. The right wing pricks have been eroding welfare since 1994 or earlier. In 1865, they literally had a civil war to try and keep slavery going! So the RWP will always try to erode welfare – UBI or not.

        Another benefit is, it would allow factories in AUS to compete. The minimum wage can be cut to $15/hour and the factory workers would still get a take home pay of $39k/year.

      • drsmithyMEMBER

        What I meant was you get rid of the army of paper pushers deciding if someone is eligible for welfare […]


        But that doesn’t help that different people’s welfare needs are vastly different. A single unemployed parent with a couple of kids in a major city needs a lot more than a single unemployed twenty-something in a rural area.

        This is why a UBI is not a replacement for welfare.

  4. Hugh Pavletich

    h/t Cobolt24 at Kiwiblog …


    What Housing Crisis? In Japan, Home Prices Stay Flat … Wall Street Journal (behind paywall)



    What Housing Crisis? In Japan, Home Prices Stay Flat
    Supply keeps up with demand in Tokyo thanks to few restrictions on development

    In the past two decades, home prices in some leading North American and European cities have skyrocketed. In Tokyo, however, they’ve flatlined.

    So why no affordable-housing crisis in Japan? A big factor, experts say, is the country’s relatively deregulated housing policies, which have allowed housing supply to keep up with demand in the 21st century.

    • Hugh Pavletich

      IRELAND: The realities of renting: ‘We are watching our lives unravel’ … Fiona Cassim … The Irish Times


      ‘We are packing to move back to our parents, both in different counties’ … read more via hyperlink above …
      … New Zealand Housing Minister Phil Twyford’s recent speech effectively dealing with new housing supply …

      New Zealaned Housing Minister Phil Twyfords speech to the New Zealand Initiative Members Retreat … New Zealand Government / Beehive


      … check February Update and new 2019 sections at …


    • Building regulations here are absurd and yet somehow with all these regulations we still end up with flammable cladding, crap builds etc..

      If I buy in the country and have to jump through hoops for BAL ratings (fire) it will cost me $500-700k to build a home (not inc. cost of land etc..).. how can we build affordable housing that way? We can’t.. we need to kill the redtape which includes killing zoning rules that favour certain plots of land over others.

      • ErmingtonPlumbingMEMBER

        It comes down to who the red tape is in favour of,…landbanker/ developers do quite well with the current structure.
        Apartment owners pay for bodgy construction and materials while the developers walk away with millions and Billions.
        They set the standards now and Govie just follows their lead.

    • Haven’t read article but from what I know I’m calling BS. Their reason prices have flatlined is demographics & their associated debt. There are parts of Tokyo & lots of towns throughout Japan that have houses falling into ruining as there simply are not enough people to fill them. The author seems to have conveniently forgotten the bubble they had. I can only imagine it’s developers trying to get easier development in some US cities. Sure the green belt & some regulations etc have artificially increased prices in US, UK, Aus etc and they should be loosened to some degree but I also wouldn’t want the sprawl you get in some US cities with so many unused plots & poor public transport networks & infrastructure

    • DominicMEMBER

      Bingo! Restrictions play straight into the hands of land bankers and those who know how to play the game. It the nexus of a heinous amount of corruption and a smart way to transfer wealth from the plebs to a small elite.

  5. …and furthermore….
    “So, if you hear of someone benefiting from antidepressants, this was likely due to the natural course of the disease fluctuating or improving over time, confounded by the placebo effect, and exaggerated by confirmation bias…. when we listen, what do we hear? Placebo, not Prozac.”

    But, we aren’t listening are we. There’s too much money to be made from medication of a spurious kind.

    • The number of times one of my Registrars or Residents gives a medication that I know takes at least 2 hours to work to a patient and comes back to me in 10 mins and says ‘the patient feels better’ never ceases to amaze me. Needless to say, I do not go and explain the truth to the patient.

    • After trying the different classes of anti depressants with only negative side effects, I gave up with them and the psychs prescribing them..

      Then I started reading some authors like Joanna Moncrieff and David Healy to realise I felt completely duped.

    • Yes, I’ve read how just changing diet & eating certain foods had as good if not better regulations than drugs. (not to mention other options like exercise) I’ve just started reading about the possibility seed oils & some grains (gluten mostly) as well as msg might have on brain function. I’m undecided.

    • mild colonial

      As a person trapped by anxiety for thirty years the best solution I found was to learn to nose-breathe and breathe slowly. Once you practice a bit, your parasympathetic system doesn’t kick off into panic. Slow nasal breathing is also a great preventative against many chronic illnesses. In Canberra you can go to Symmetry Dental in Kingston, to learn. Elsewhere read The Oxygen Effect. Actually Buteyko is meant to be similar, too.

  6. OK you loosers calling a crash, wake up to yourself. Money to be made in Victoria.


    Land for sale in Clyde North $225,000
    Clyde North 236 Sqm lot, Can build a 15 Sq 3 bed 2 bath single garage house (Build cost approx 155k). Near Title. Cheapest on the market. Good value for money. Investors can make a profit around 60k-80k net if they build on it even in a bad market. Genuine buyers Call me.


    Land for Nomination/sale in clyde at contract price $253,000 Negotiable
    Hi… I’m looking for someone to take over my land contract. Great for investment and family to live in. The land price over there is going up very quickly.

    Remember, these are Indian purchasers on Gumtree, not some shill like Martin North. So when they tell you prices are going up – you betta listen!!!! RE crisis over!!!!!!!!

    • Mining BoganMEMBER

      I’m gonna go all racialist here. I’ve been looking through these paddocks of poverty to see if there’s any cheap sporting or exercise gear going cheap before they flee the country. Nope nope nope. Nothing. Stupid boring cars you wouldn’t be seen dead in yes. Furniture that may have been picked up from the kerb originally yes. Lotsa prams yes. Nothing that could be used to keep healthy though.

      Are vibrants lowering our chances of future sporting achievement? Are we heading towards another Montreal-like Olympic performance? How am I going to feel better about myself if our new vibrant kids don’t sport?

      These are the questions we need in see in parliament. What’s the use of cheap and reliable energy to run our tv sets and air-con if the kids are lousy at sport?

      • kiwikarynMEMBER

        Well, just as the Chinese immigrants vastly improved Australia’s chances of winning gold in badminton and table tennis, one can hope that the Australian cricket team will see the benefit of Indian migration. I have heard they are not too bad at field hockey either.
        PS. “paddocks of poverty” LOL

      • Mining BoganMEMBER

        Cricket maybe. Hockey? Pfft…they’re too fancy and fiddly. Show pony stuff. They need to move the ball on.

      • boomengineeringMEMBER

        Mining, been trying to post but failing at Mall cafe for my once a week coffee.
        Golf clubs, tennis, bodyboard, snorkeling all free just ask.

      • boom – how can you manage with only one coffee per week? I admire your discipline. I get hart palpitations and all kind of anxiety but still drink at least 3 per week.
        now going downstairs to make my coffee number 3 for the week.

      • Diogenes the CynicMEMBER

        Sport costs money Mining Bogan. Serious youth sport costs well not serious money but enough to deter people whose focus is on education first. My daughter plays hockey as an example, being in a club costs nearly $500 for the year, a new stick which she needs every two years due to growth is $250-300, new mouthguard, uniforms and shoes and you are over $1,000 p.a. How many families can afford this type of spend? That is one child, for one sport, for half the year. I’m happy to pay it as my daughter loves playing but not everyone can afford it. Other sports like gymnastics or ballet are really expensive I have heard of people paying several thousand for their child to participate in their chosen sport.

      • Mining BoganMEMBER

        Thanks Booma but no thanks. My set of Taylormades is more than enough for my mediocre skill set.

        I’m lurking for kayaks and mountain bikes really. No great need but if a good cheapie comes up I’ll pounce.

      • In India sports isn’t a priority for parents. Academia is. So good luck with that..

      • nah mate.. I stick to 3 per week but I know 1 per week will be better.. just can’t resist.

      • Consider the fact that the American swimmer Michael Phelps has single-handedly won as many Olympic medals (28) as all Indian Olympians combined. Given that there are currently 1.36 billion Indians, I think it’s safe to say that athletics is not something that they’re particularly strong in…

      • haroldusMEMBER

        As a busy working dad, I find it had to keep up with the kid.

        That’s why I use ice.

      • Mining BoganMEMBER

        Good statistic John. In that case, if they’re not making us stronger then off they go.

        Importing the unhealthy is a regressive action and doesn’t get me cheap kit. Un-Australian.

      • Stewie GriffinMEMBER

        I look forward to the near future when the Australian Indian team take on the English Pakistani Team for the Ashes.
        It will be riveting telly.

      • Diogenes, I’ll raise your $1000 p/a hockey with $22000 p/a dance (plus shoes/leotards/exams/medical etc)

      • @ stewie – dont get too cocky, those indians and pakis would still be more physically capable than a pompous old git like you.

      • The demographic shift is appearing in Gunghastly. Asian and Subcontinent types generally don’t like contact sports which is reflective of the numbers in AFL, League and Union. If they do let their little darlings play something, it will be basketball, tennis, golf or cricket. Subcontinent types will gravitate toward cricket but don’t expect any help. Mrs Nut coached a junior cricket team and the fathers were lazy ass sexist muthafvckers. Fed up with being both manager and coach, she gave them a mouthful and a couple did eventually help out. And for equality purposes, let fly at the parents who treat kids sport as a Saturday morning day care. More broadly, you won’t see too many of these people helping out at school events, P&C’s, volunteering etc but you’ll see them picking their kids up from Kumon. It’s not limited to Jimmy Grant’s either, there are plenty of self indulgent Europeans as well who do ferwuck all, we’ve got a few of them in our footy club, couldn’t careless if they never came back, won’t be missed. You do have to wonder about the longer term implications on volunteer based associations and activities going forward.

      • Asians dont like contact sports? And what is muay thai, judo, mma, karate, kung fu, kickboxing etc? Why is it that countries such as Thailand, Japan, Kazakhstan & China have many world champion Olympic and professional boxers? How is it that Thailand are still the dominating force in muay thai? Are you aware of how BJJ evolved and became an integral part of MMA?

        Little darlings huh? Fck off with your AFL, rugby and cricket. Maaaaaate!

      • Also, as other ppl clearly smarter than you have mentioned – sports cost money. Therefore if you are from a country where your primary concern is daily survival and earning a living, sports tend to take a backseat in terms of priorities. Same goes for new immigrants looking to establish a life in a new country. However, if those sports become a viable way of earning a living then watch the participation rates of Asians rise eg. boxing/muay thai in Thailand, boxing in the Philippines etc.

      • And it is dismal the number and calibre of world champion boxers that Australia has produced compared to countries such as Japan, Thailand and the Philippines. Also ironic that the two most prominent Australian world champion boxers that can be regarded at the elite level were immigrants – Kostya Tszyu (of korean/russian heritage) and Jeff Fenech (maltese)

    • DominicMEMBER

      I was in an Uber earlier on the way to Tullamarine – the driver was a real estate agent! He just does the Uber thing on Sundays for sh1ts and giggles (allegedly). The market has been ropey for around 18 months he says but it’s coming back strong – up around 10-15% so far from the lows.

      Righto mate 😉

  7. boomengineeringMEMBER

    Forgot to inform last week. When training to win a race or win at something, don’t fall for the old misconception that using your old bike, flat tyres, weighted bike or bigger gears is going to help, it doesn’t. We all do it but it has a slight physiological effect and that’s it. If you want to race then train on the bike you race as you race then the combination of anaerobic/ aerobic fast twitch/slow twitch muscles are trained the same as when racing as well as the general feel of the bike will be familiar. You don’t see a jockey training on a draught horse or a formula 1 driver training in a Holden. When the British Olympic Team trained in my gym they had all this figured out besides not being too serious they seemed to be just having fun.
    Not withstanding that, any training is better than no training and your general health and strength will improve as well.

    • boomengineeringMEMBER

      That should have read slight psychological effect even though the misspell fits as well.

      • boomengineeringMEMBER

        Nearly forgot, did a job for the cycle shop the other day. New axle imported from USA ( 6 weeks transport) looked like a CNC cut thread which must have broken the tip but kept going ( no root diameter ). No such dienut in the world 16.65mm thread OD so nominal shaft diam must have been approx 16.8 otherwise no height left for depth of thread. Back to old faithful system of lathe machining thread 0.9mm pitch (needed strong reading glasses and magnifying glass though). They make unusual axles so no one can interchange, repair or copy.

    • But if you just want to get fit, surely slow tyres and no gears makes you work harder and you don’t need to ride as far? (Although less fun so people may just quit)

      • What Boomer is talking about is the diff between getting fit, and getting fit to win! I think the army refer to it as “train like you fight!”

    • Our minds can limit us, and the really good sports people have a tough mental attitude, good DNA, and mostly lots of work. Until I had a bad car accident I used to run ..around 100-120km a week.., and it took a few years to get the sort of fitness to come close to the sharp end, what I found was interval training in sand, and one technique was sprint/jog every power poll.We used to run 42km every saturday at 4m/km (after two years training for me at least) …when I started I could only run 15mins. I was lucky as a kid growing up around Newcastle and we trained in the sand dunes near Williamtown airport. But even on any beach just run you guts out water to land and then back again. On my bike when I really want to get race fit it’s out of the saddle on the flat in big gears, or in the mountains. I come back from the French Alps/Pyranees at a few level above here just by training on those climbs at altitude. Most days we’re above 2000m (there are guys in my burb that train at a few gym’s in an oxygen tent to simulate the altitude training …some of them are of the juice I’ve been told, but that is f’ed. Also, eat as you ride as it easier to recover if you don’t go into energy deficit. Plus well hydrated…they say a litre an hour. I also have magnesium tablet in my water or electrolyte. I’m no pro athlete and never will be, but there is lots of science they we can apply, but I’m just out there to keep fit and talk sh1t with my mates .. usually about cars and other random stuff. It’s getting harder to stay safe though as I’ve seen bad accidents weekly now. It’s go to be about enjoyment also for me, else I’d just go surfing which is a hour at least drive to maybe get some waves.

      • boomengineeringMEMBER

        Afund, kudos to you, I can’t run at all. At school the fattest kid would come last and me second last. Swam like a duck (trophies to boot) but ran like a duck.
        A second kudos for purpose of training. Having had owned Boomas Gym since 1968 I had seen all kinds wrong motivations to come to the gym but in all cases they were discarded due to being too tired after the workout and focus in favor of the training meaning motivation was important not the reason for the motivation bringing them there in the first place.
        As far as elite goes most elites need and have a personality disorder to push through the barrier of reason. A sane rational person getting up at 4.00 in the morning to put themselves through excruciating pain lap after lap would question why am I doing this just for a chance of pat on the back or some possible not guaranteed pieces of metal. That theory also applies to music, academia, etc etc etc.
        You’re right about psyching up as well, it makes a profound difference.

      • boomengineeringMEMBER

        To continue on after what must have been my shortest surf ever.
        Not without scorn are the sheeple that idolize those mentally flawed elites.
        But there are exceptions to the rule being extremely rare cases whereby the elite enjoys the pain and hardship required to win and they usually do. Not without cost though in the form of being a no lifer with very narrow life experiences putting their sport, business,music or whatever their chosen calling ahead of everything else including family.

    • john6007MEMBER

      I’ve done some time flying light aircraft and always thought you could put 6 training bikes in a Cessna 208B (4,000kg takeoff weight). Take the cargo door off for aircond and do an hour at 10,000 ft for some serious high altitude training. Maybe around $300 a slot. For Boom, recently I dusted off my 35+ yr old custom steel road bike with 27 * 3/4 Wolber tyres still on it, did a triathlon and 300 km before they were retired with 27 * 1 the narrowest I could find.

      • boomengineeringMEMBER

        I” the narrowest I could find” is now the new tech for road as they found the deformation of the narrow tyre caused too much energy loss compounded by the extra hard narrow tyre having an up and down movement over the bumps rather than going in a straight line rolling over the bumps.

    • TailorTrashMEMBER

      So all those selfies flying around will kill us . I have long thought that all that RF can’t be good for us …looks like it’s going to get worse and nowhere to escape
      ………could this be our Easter Island thing that wipes us out ? ….scary stuff indeed

    • Yeah … Nah. While I have no doubt the radiation produced can cause cell damage the key is how strong the waves are when they enter your body. As the article itself says the hunger frequencies of 5G mean they do not travel well so your body will not be subjected to levels high enough to damage cells & cause cancer. Whether we on average would get more exposure from her lots of transmitters every 2nd lamppost whoop have or the current set up, I’m not sure. But when you consider that 5G will also use focused beams & short bursts it’s likely we’ll have less exposure for most of us. Though if you use a mobile a lot white your hand over the antenna you could be in trouble. (most mobile phones have the voice antenna at their bottom of the phone & the data/wifi at the top to minimise radiation exposure)

  8. GunnamattaMEMBER

    For a saturday morning depressing read get a load of this – which pretty much reflects an experience my great uncle and aunt had……………

    Diary of an assistant nurse: people go without showers so others are not left in their faeces

    The aged care sector is stuck in truly dark times that harken back to a past era. I have been working as an assistant in nursing for the past four years in an aged care facility and the current system is not working for the residents or the workers.

    I am an immigrant to this country as are the majority of my co-workers. I have a bachelor’s degree and a background in mental health. Many of my co-workers also have degrees in nursing and health care from their home countries. We know what we need to do to provide the best care and dignity, but the system prevents us from doing so.

    The sector must have staffing ratios. The facility I work at, which is probably typical of others, is more like a sweatshop or factory line than a residential care facility for Australia’s elderly. We simply do not have the time to provide holistic care. On some days, even providing the basics of daily life, like brushing teeth, showering and toileting are a challenge.

    It is far too often that we are short staffed. On those days, if residents request a shower we have to decline because the priority may be to change another resident’s incontinence pad so they do not continue to lay in their own faeces. This is no way to care for Australia’s elderly and is mentally and physically draining for workers who want to help maintain a decent quality of life for those who have cared for others and now can’t care for themselves.

    What I see is that people who take on this job to make a positive difference in people’s lives don’t last. Fresh ideas and a positive view on ageing are not supported by management. It is no wonder that the aged care sector faces high turnover. Despite the need for thousands of new assistants-in-nursing (AINs), people leave constantly for other jobs where they not forced to turn a blind eye to people’s basic needs.

    As a result of high turnover, we frequently work with temporary AINs supplied by employment agencies. These workers may try their best, but they lack knowledge of the residents, the facility and frequently don’t have proper training. Working with temporary AINs compounds an already stressful environment.

    On one occasion, a serious but preventable accident happened when I was working with a temporary AIN. He had been working double shifts the day before, had slept only four hours and travelled two hours by public transportation to get there at 6.45am. As we transferred a resident using a full body lifter from her bed to a wheelchair, the resident and the wheelchair fell on top of me. Luckily nothing serious happened to the resident or me. This accident would have been avoided if we had full-time staff with proper training.

    There are frequentl cases of improper care and increased burdens on permanent staff due to my facility’s dependence on using temporary AINs. It is not the workers’ fault, but they simply do not know about each individual resident’s needs and abilities. How could they provide appropriate care?

    My facility is a high care facility and many residents need assistance to eat. Due to under-staffing we don’t have the time to properly feed them. Sometimes we have to rush to get the food from the plate into their mouths. This is truly unpleasant for the workers and the resident. This should be an opportunity to enjoy the food and have a meaningful engagement with the residents.

    Thankfully, some residents have family members that are able to come during meal times and assist in feeding their loved ones. The situation would be much worse without the love and care of family members. From my experience, residents without family members involved on a regular basis seem to receive a much lower standard of care.

    I came as an immigrant to this country seeking to improve the quality of life for my family. I am grateful to be here as my children are thriving in Australia. The foundations of this beautiful country were laid by some of the people that I am caring for today.

    I am proud to be caring for them now, it is an honour. They deserve better. As a society we have a moral obligation to improve the whole aged care system. Aged care facilities should not be a dumping ground for people waiting to die. Out of sight and out of mind is not acceptable.

    The problems in aged care are complex and the needs of residents are changing. There are some positive innovations, but some significant barriers. The one concrete step that needs to happen now is that the government, as a condition of funding, must mandate staffing levels that enable workers, like myself, to provide Australia’s vulnerable elderly residents with dignity and a decent quality of life.

    The author of this article is an assistant nurse in a nursing home

    • rob barrattMEMBER

      Eventually it comes down to money. My partner’s mother died 10 days ago in The Netherlands. She had had a tough early life, badly burned as a teenager during the war, then had to look after all her junior siblings when both parents died. I never ever heard her whinge about anything. An inspiration.

      She had been brilliantly looked after by a place where you effectively had your own small apartment with a person to do things for you, and a common lounge where all the patients socialized. Trouble was, it didn’t come cheap. M in law had a good pension but it took all of that plus generous government help….

    • The product of a for profit system run by multinationals…
      Extra staff reduce profit.

    • Thanks for raising Gunna. Don’t have a family member watching and coming in regularly? then you can expect to be left pretty much alone, even if they know you need help to clean your body every day.

      I look after Uncle John – who is 85 this month – https://www.barnesandnoble.com/w/a-fortunate-life-john-williams/1127904042?ean=9780648143840

      (Last Amazon check was for $15.00)

      Uncle has early dementia, memory loss and some psychosis. The staff where he lives are predominantly migrants and as you point out, staff ratios mean that care is rationed, but I wouldn’t say it’s substandard.

      At end of day, the care given depends upon the money. I think we will find when this inquiry into the sector finishes that there is widespread market failure (perhaps attributed to a profit component). IMO the whole sector should be nationalised and public servants be employed at the nursing, cleaning and catering levels to do the jobs. Corporations just cannot be trusted to be ethical actors in any sector, particularly where self regulation is the norm.
      I think some of the stories, particularly for patients in the dementia wards, are going to shock a few. My goal and that of my doc is to keep John out of the dementia ward for as long as possible.

      • GunnamattaMEMBER

        A few years ago I lost contact with my great aunt and uncle (he was my grandmothers brother – my grandmother died nearly 40 years ago). Eventually I got hold of their sons (my fathers cousins) and was told he had had ‘a fall’ and the sons had slipped them into an aged care facility out in Keilor (Western burbs of Melbourne). My great uncle was a TIP WW2 veteran pensioner, who additionally had about 40 years worth of service as the accounts man at the old Maribyrnong munitions plant in Melbourne. They owned their own home maybe 400 metres from Buckley St Essendon.

        I got out to the home to visit them. I had no sooner got in the door and said gidday than I asked how everything was going. There was a silent pause. My great aunt related ‘I feel like I’m in prison’ and proceeded to relate how she didnt like the food, didnt like the staff (almost all Indian – she had issues understanding what they said, and with all due respect to them they werent real interested in helping the residents [although I dont doubt they were being paid peanuts]) she felt they were restricted in where they could or couldnt go, and the social life they had been touted was akin to a morgue, with the place mainly home to a batch of unhappy depressed aged care residents.

        I heard them out and simply asked ‘Why dont you go home then?’

        There were tears as they related that in order to get into the place they had had to sell their home. The bond to get into the joint was (I kid you not) 500 Thousand dollar apiece. You could have knocked me down with a feather at that point, but they added that the home (run by a very very large multinational company – lets call it BUPA) took a very sizeable chunk of their pensions.

        As someone who to this day works with fund managers and investment bankers on a pretty regular basis I felt sick, because I knew right then and there what the dynamic was. The home had maybe 120 – 150 punters in it. At 500k apiece that meant the bonds alone were 60-75 million bucks. A couple of days later I spoke with a fund manager out of the UK and related this was the dynamic – ad he neatly encapsulated what I thought. ‘The business is managing the money. It isnt looking after old people’. The ‘management’ of that pot of bond monies is by far the more lucrative function, and the management of the old people, strapped for cash, staffed with half baked foreigners {one assumes on temporary visas] was simply a branding mechanism, or a means of concentrating the capital, and to me seemed to be mainly funded on a day to day basis by the purloining of their pensions.

        My great uncle died not that long after; he got lung cancer right at the end.

        My personal opinion was that what had actually killed him was losing the enjoyment of life and losing the will to live after being taken away from the house he had lived in for 60 years, and the gardens he had manicured for all that time, and the neighbours he knew, and the parks he had walked, and the local shops he had seen come and go, to be stashed somewhere 10klm away in a concrete gulag staffed by foreigners {and it isnt their fault} at the tender mercies of a company and a system concerned only about making money, and providing ‘service’ in as parsimonious a manner as possible, with the real money being made off the deposits required to get into the facilities in the first place, which in most cases precluded the aged care hostages ever going back to the lives they had once known if they decided they didnt like the new ‘care’. With the whole system being cemented into place with government policy.

        IMO the whole sector should be nationalised and public servants be employed at the nursing, cleaning and catering levels to do the jobs. Corporations just cannot be trusted to be ethical actors in any sector, particularly where self regulation is the norm.

        Count me in for that position.

        Good luck with uncle John. I know first hand trying to look after aged relatives can be exceptionally traumatic.

        Encouraging people to stash them away out of sight out of mind, while handing over their lives for capital management purposes is a national disgrace. I too think a Royal Commission will reveal an awful lot of pure ugliness. I deal with a lot of ex ADF members and families and some of the things I have heard simply make my skin crawl (not to mention bloody angry).

      • Gunna,

        I don’t know what your Great A & U’s expectations are like, but they can move to another provider. When my mother made the same move back in 2009 / 10 her house sold for 570k and the bond for her place was 350k and they took the majority of her pension (Mercy Aged Care, Catholic), but it was reasonably decent. Because of the aged care rules, the homes are restricted as to how many “self funded” (large bonds) places they can have, so there are always places available for those type of residents.

        I’d suggest they look around for a non profit provider.

      • Thanks for response, Gunna. The nursing home was my last resort for John, and it took a lot of time and false starts before he accepted it. He has children but they don’t return my calls, so he has me and we do the best we can.
        I receive his pension, just over $900 a fortnight, of which $750 goes to BUPA. Of the $150, left, we probably spend $220 on smokes and a further $100 of our money helps him with clothes, haircuts and so on.
        Thank goodness he had no property. That bond business is the ugly part, eh?

  9. GunnamattaMEMBER

    I dont think the Americans and Chinese can be that close if they are fundamentally ion a different plane over what a developing country is…….

    China refuses to give up ‘developing country’ status at WTO, despite US demands

    China calls the special and differential treatment a ‘fundamental right’, saying it will not cede to Trump’s demands on World Trade Organisation reform
    China says it will team with other developing members, including India, South Africa and Venezuela, to win the battle over future of WTO

    China will refuse to give up the “special and differential treatment” it enjoys as a developing nation at the World Trade Organisation, in a rebuke to a US proposal that would pare back the privileges China and other nations enjoy on trade.
    China is categorised as a developing country at the Geneva-based institution, which affords it “special and differential treatment”. This enables China to provide subsidies in agriculture and set higher barriers to market entry than more developed economies.
    The dispute reflects a fundamental divide within the World Trade Organisation (WTO) that has threatened the future of the global multilateral trading system.

    • But Trumpy wants a deal. End of story.
      Poor Robert Lighthizer, he has to try to come up with something when his boss actively undermines him and his negotiating position.

    • ErmingtonPlumbingMEMBER

      Maybe a GDP percentage cap on military spending by “Developing countries” could be an alternative rule for the OECD and WTO to embrace.
      Would probably have China rethinking its “Developing country” status.

      • Good idea! Also I’d punt a few other restrictions like if you have satellites or spicier program you are not a developing nation as this would stop them wasting money until theorem people have a reasonable standard of living etc

  10. GunnamattaMEMBER

    Trump Says Fed Should Cut Rates and Lift Economy

    “Well I personally think the Fed should drop rates,” Mr. Trump said. “I think they really slowed us down. There’s no inflation. I would say in terms of quantitative tightening, it should actually now be quantitative easing. Very little if any inflation. And I think they should drop rates, and they should get rid of quantitative tightening. You would see a rocket ship. Despite that, we’re doing very well.”

    The president has become increasingly bold in his efforts to influence the Fed, which he and his advisers blame for economic growth falling short of the 4 percent annual rate last year as he promised. He has repeatedly criticized his handpicked Fed chairman, Jerome H. Powell, and has described the central bank as a counterweight to his economic policies.

    The Fed raised interest rates four times last year, to the current range of 2 percent to 2.25 percent, drawing frequent rebukes from Mr. Trump. Such criticism is unusual for presidents, who typically avoid commenting on monetary policy.

    But the Fed has since diverted from what had been a steady march of interest rate increases, in the face of stock market turmoil, growing domestic and global economic risks and pressure from Mr. Trump. The central bank does not expect to increase rates at all this year and has cut its growth projections to 2.1 percent for 2019.

  11. GunnamattaMEMBER

    We are about 8 weeks out from the 30th anniversary of the taking of the greatest social protest photograph of all time. Time sometimes flies

    These are the most famous photos….

    Reuters: Arthur Tsang

    Stuart Franklin/Magnum Photos

    Jeff Widener/Associated Press

    Charlie Cole/Newsweek

    get a load of this video


    And they’ve still never found out who the guy taking his groceries out to strike a blow for the people was.

    I hope he has lived a happy life in the ensuing years. I hope he is surrounded by family. And I hope he is a man who loves a beer and a laugh. For he is legend.

    • Mining BoganMEMBER

      I have a t-shirt with that pic on it. It’s surprising how many don’t recognise it. Even been asked by the feminist/green types why would I wear a shirt with tanks on it.

      That my Archer shirts get more recognition saddens me.

      • There’s about 2 whole generations over there who don’t even know wen why you can’t talk about the first t @fisho mentions below. I once told a young 6 student who wanted to become a chocolatier instead of an accountant like her parents insisted about it. She flat out refused to believe me. The Chinese government would never do anything to harm its people. Told her to ask her parents about it. The next day she came in quite subdued after talking to mum, yeah this is something that is not discussed. She was a Beijing native too. I was lucky not to lose my job or be deported but I trusted her.

      • GunnamattaMEMBER

        Nah, he was definitely spirited away from the site. Some said by plain clothes cops, but the general consensus has always been it was just ordinary punters telling him to GTF away because everyone knew that holding up the traffic wouldnt go down well.

      • And another question:
        “the story of what happened to the tank crew is also unknown”
        Which of us would like to have been the tank commander reporting for duty the next morning?!

      • Seems there’s not much evidence about what happened to anyone. But there were two heros that day, Tank Man, of course and also the commander of the tank who must have been in the most difficult position, knowing his own career and probably very life balanced on his decisions at that time. Respect for choosing how he chose.

      • If you think about it, the last pic looks like he thinks he’s ordering from a food truck-tank.
        “I’d like a democracy shake, a freedom burger and some liberty fries, please.”

    • I was on the Best Vodka Ever, behind the Iron Curtain in Moscow when this happened. We were totally unaware & only learned of it a couple of days later when we got back to Germany where it was kind of like Ch7 with their never ending crisis loop coverage of the Gilets Jaunes & the problems of the Uigers etc….. or maybe not! Thank deity we’ve now got an open internet to understand our world & talk things through…… Oh.

    • I hope he has lived a happy life in the ensuing years.
      Are you serious? That’s not how things work on China, maybe his family got left alone but even that’d be unusual.
      To this day there are three T’s that one should never talk about inside China and this is the most important one.

    • This bloke is a deadset hero. Wondered down to the shops to grab a few things then on the way home thought, fvck it, I’m going to stare down a tank column. Dressed in nothing more than his pyjamas and armed with his groceries, he gave them an absolute mouthful while staring down a tank barrel and machine guns. Absolute legend.

    • Back in my day ( the days of the dinosaur) mothers often took their children around to the home of a child who’d come down with measles in an attempt to ‘get it out of the way’ for their offspring!
      The mortality rate is insignificant in reality ( unless you’re one of them, of course!). In the US alone:
      “Before the vaccine (1963), measles affected almost all of the population at some point in their lives. There were approximately three to four million cases and an average of 450 deaths due to measles annually. Approximately 50 percent of the population had measles by the time they were six years old, and 90 percent had the disease by the time they were 15 years old.”

      • Even a small pile of dead children isn’t a great look Janet. Your argument sounds like those who say child seats aren’t important because they grew up without them and they’re fine (forgetting all the kids who ended up on the wrong side of the windscreen in a pile of brains and bone fragments who might like to argue the counterpoint if only they were around to do so).
        Don’t forget that measles also unprograms your immune system, so after having it you can expect a run of annoying viral and bacterial illnesses that you may already have been through or immunised against. Not having measles around is a much better thing than having it around.

      • Also 48k annual measles related hospitalisations in the US in the decade up to vaccination. Seems worth avoiding.

        Also, encephalitis (1000 cases annually due to measles pre-vaccination) doesn’t sound fun for kid or parents, especially if worst case apart from death of brain damage occurs.

        EDIT: It would be interesting to no what contribution the anti-vaxxing trend is making to the USA’s declining life expectancy.

      • NSW
        703 auctions scheduled
        321 auctions reported

        You know, we like to take into account the missing data, or the holes in the Swiss cheese.

        The problem here is there is no cheese. It is all hole.

      • In the old days, most people contracted measles or chicken pox within a certain critical age range (say, between 2 years and 10 years old) so the symptoms were relatively mild. If you catch it as an adult, the health effects can be much more serious.

      • bolstroodMEMBER

        Same when my older brother caught Mumps, me and my younger brother were put in the his bed with him to ensure we caught them as kids.

    • ErmingtonPlumbingMEMBER

      I’ve been on the move since getting out of bed at 11.30 am!
      The daughters mum took her to netball at 8am.

      I’ve got mine and my neighbors lawns to mow now and it’s bloody hot and humid out side.


      And I’m tagged in for tomorrow’s Netball Gala day and it’s all bloody day!

      Double sigh.

  12. https://www.theaustralian.com.au/business/financial-services/behind-libs-backflip-on-royal-banking-commission/news-story/bde820238c19d2ecf18346bdbb341787

    ““Things have changed,” Scott Morrison told the guardians of the financial system.

    It was Wednesday night, November 29, 2017, and Wayne Byres, head of banking regulator APRA, and Philip Lowe, Reserve Bank governor, were hooked up on a call to Morrison, urging the treasurer to take control of the situation at the eleventh hour.

    It would be “the least worst option”, they said. Frustrated by the Coalition’s refusal to set up a royal commission into the banks, a cabal of rogue backbenchers led by Nationals MP Barry O’Sullivan were on the brink of clinching enough votes to launch their own unwieldy financial services inquiry.

    The proposed commission of inquiry, which would be instilled with all the powers of a royal commission but set up outside of the hands of the government, was finally within reach. The next day, the bill was sure to pass parliament. It couldn’t be allowed to happen, Byres and Lowe warned Morrison.

    O’Sullivan’s commission could do irreparable damage to the financial system. Everybody’s job, everybody’s mortgage, every loan to every business in the country was dependent on the strength and credibility of the financial system, they said, and O’Sullivan was about to lift the lid on a Pandora’s box.”

    • ” All too aware they had their backs against the ropes, Turnbull raised again the possibility of the government holding its own royal commission. If it was inevitable, they might as well control it. They could even broaden the inquiry beyond the big four banks to the places they wanted it to go, while keeping it on a tight leash so it didn’t look where they didn’t want it to look.

    • ErmingtonPlumbingMEMBER

      including a 1951 Penfold’s Grange valued at more than $65,000.

      Ha Ha,…bloody stupid wine [email protected]!
      Real Aussies drink beer.
      Only $4.40 for a Schooner of full strength up the bowlo (during happy hour)

      • preservatives free organic wine is is lot more enjoyable beverage. No headaches, no sickness. Only problem is one has to pay over $20 per bottle – still not an arm and a leg but not cheap cheap.
        But yeah, I’ll drink beer too.

    • Caught a taxi in Newcastle a few days ago.. Driver was a mortgage broker.. got some interesting anecdotes..

      Client on IO loan unable to rollover. Went P&I through non bank lender, 8.25% IR, 97% LVR.

      Another client in Taree, fell into arrears after losing job. Continued to pay for 13 months and caught up, bank suddenly tried to increase IR (?!?), forced sale.

      87 year old with reverse mortgage for $50k.. Now owing $160k, compounding means the debt keeps growing, house valuation came in quite low and now worried kids won’t get an inheritance.

      Old mate mortgage broker: “I’m not sure how they’re going to fill all these apartments [in Newcastle]. Most people can’t get financing”.. He seemed to be upset people can’t get financing, and those that already have it are in mortgage stress.

      Loan rejections huge according to this broker.. but he’s managing to push ‘some’ clients through to non bank lenders.

      I enquired if he has any insight on all the commercial RE for Sale/Lease in the area.. Said a lot of people took out IO loans on these, and moved into their SMSF.. didn’t even realise this was possible.

      He can’t be doing too well as a mortgage broker if he’s driving a taxi. He was very p1ssed off at the banks restricting credit.. I think I spent a whole 15 minutes chatting to him at my destination.

      • roylefamilyMEMBER

        I had a mate had his premises in the smsf. It’s actually illegal as it’s related party. Goes on anyway.

      • I would’ve had a really hard (for the lack of a better word) time trying to hide that which cannot be hidden … 😂

      • The Penske FileMEMBER

        Not illegal to have your own commercial premises in an SMSF. Just residential.

      • Last weekend we went to New Castle (my wife is native NC) and had a dinner with a friend who is RE Agent who told us sellers starting to accept lower offers.
        Also, few people I spoke to about RE (and in NC most will only talk RE) all are blaming the banks. When I pointed out that banks should not have had been doing what they’ve been doing in the last 10 years which is lending insane amount of money to people that could never ever repay back they looked at me as if I owe them 6 months rent.
        Denials everywhere. All think that fixing this problem is just to let banks land again. They simply refuse to engage on discussing what our borrowing limits are and how is it possible to keep borrowing higher and higher amounts in order to support perpetual price growth without wage growth. There is simply no other way to describe these people but plain stupid, greedy and selfish which takes me to my point (I pressed this in the past) why should I feel sorry for such scum??
        Anyone who borrowed (planning to live and raise a family) 7+ (even 5+ I’d say) times their earnings and thinking they have/had a chance to repay those money back is too stupid to deserve my pity. Everyone else was only hoping to flip the property in few years at tidy +20% profit which makes them an investor regardless if they lived in the property or not.
        I just can’t understand what people mean when they say “we bought this property to live and raise a family there” – and to buy it they borrowed like $600k on combined earnings of $160k and are surprised they are experiencing financial hardship. So someone who earns $80k – $100k p/a can’t do simple math? FFS – I really thought I won’t drink this weekend..
        Our combined earnings are close to $300k and I am scared to borrow $300k. I am hoping to only have $150k loan when/if we buy again.
        If I lose my shirt on the share market I will not ask anyone to feel sorry for me and will not blame anyone – unless there was insider trading involved. It is on me.
        But to your point it is amazing the amount of Units being built there. From what I hear the thought was that Sydney refugee flow will continue for another 100 years (same as the China boom) but it appears that dried up.

      • “Another client in Taree, fell into arrears after losing job. Continued to pay for 13 months and caught up, bank suddenly tried to increase IR (?!?), forced sale.”

        Banks can’t just raise your rate and not everyone else’s.

      • @Jason – As the RC is over, I reckon banks can now do what they like. What’s the Taree guy supposed to do? Doubt he can afford to take them to court, and who knows how the situation prior to the forced sale came about. Everyone says that banks can’t force someone to sell if they are making regular repayments, but there’s nothing to stop them presenting a persuasive argument to force the borrowers hand if they think they are high risk – might have been the case that the bank loan officer gave him a warning that rates would be rising soon, so they’d be best to take the hint and sell earlier rather than later.

      • Work colleague (mentioned here before) had a number of IPs (think 5), three of which are in Cairns. IO loan came up for renewal and was considering non bank lender. Spoke to him the other day, had to go P&I (guess non bank lender didn’t come through) and is just scarping, using cash in the bank. Not sure how long he can continue with that for.

        Don’t think rolling over IO is as easy as some say or believe.

      • L – there are unfair contracts rules which would prevent that. Loans can only be repriced versus whatever benchmark they were originally set against.

      • @Jason – I don’t doubt that, but the issue is one of information asymmetry. I suspect the borrower has neither the knowledge nor the funds to challenge the terms of the contract, and the banks know this.

      • Not sure about the Taree anecdote. Broker said the client has four judgements on file..

  13. Spending some time attempting to decipher bank financial statements and work out which are less likely to be bailed in. Mission impossible thanks to APRA’s Risk Weighting reporting standards (https://www.apra.gov.au/sites/default/files/Final-Prudential-Standard-APS-112.pdf).

    Below is an extract of Table 2 on page Attachment C-18. The first column is the LVR range, second column is risking weighting % without LMI, and third column risk weighting % with LMI. So according to APRA an LVR90 mortgage (with LMI) has the same risk as a mortgage that has almost completely been paid off. Because from the GFC we learnt that there is no chance LMI insurers could go broke, and the 150:1 leverage of Australia’s LMI are nothing to be worried about (https://www.macrobusiness.com.au/2017/03/busted-genworth-leverages/)

    00-60-35 35
    60.01-80 35 35
    80.01-90 50 35
    90.01-100 75 50
    >100.01 100 75

    IMO rating everything as a 35% risk weighting is intentional obfuscation. Most Banks only report a single line entry that reads something like “LVR <=80 (up to 90% with LMI)" so that mugs with deposits to lose cannot determine the LVR profile of that bank.

    • Thanks for that. I had been thinking of a similar exercise, but was doubtful I would know enough to make sense of the limited information available.

      At present I have spread cash across several accounts in 2 banks and I guess this limits the risk of a complete disaster somewhat (although may increase your risk to some loss).

      What else would people recommend with cash if things started to get worse?

      • I haven’t completed the process yet and will probably change my preferences. IMO it is risk/reward. Short term government bonds will earn you f/a interest but at least you will get your money back.

        Of the banks I am thinking ME Bank even though I can tell they have been lending recklessly. They are owned by the Industry Super Funds who have already thrown hundreds of millions of dollars trying to increase the size of the bank. I doubt they would let it fold in a crisis when for the sake of a bit more money they could steal a lot of other banks customers. You can earn 2.85% interest with ME.

        CUA not afraid to publish the LVR spreads in their annual report. Only 21% of loans above LVR80 seems pretty good. You can earn 2.9% interest with them.

        There are many others I am still researching.

    • I will also add that some commentators have suggested using CET 1 Capital Ratios in selecting ADIs. I believe this alone is flawed. e.g. One popular ADI has an excellent CET1 ratio, but dig a bit deeper and you will see close to 100% of their mortgages are Sydney/Newcastle. What if Sydney gets hit hard? and what if they have been lending recklessly?

      According to the banks Annual Reports the ADIs are all lending their CET1 capital to each other anyway. If the poo hits the fan they will not be able to access that capital. IMO that is another APRA screw up. The CET1 capital should be held at the RBA. If mortgages needed to be slightly higher to accommodate this then so be it.

      • They haven’t been banks for a long time…..you have to rate them like the finance companies they are. Nothing with a loan/deposit ratio above 70% like J P Morgan can be called a bank. That said they wouldn’t let CBA go, it would take the whole country with it. You are right to be thinking short term AGB index fund……….our banks won’t be allowed to fail but withdrawals could be restricted……….but AGB’s can’t have the least shadow on them, remember the drama when we restricted interest payments to London in the last depression……..the coupons must flow.

      • You should read up some of the CEC Report commentary on bail-in legislation that passed through the senate early last year. It gives APRA the power to convert deposits into shares to avoid a bank failure. i.e. the bail-in occurs before the bail-out. That is the concern. CBA certainly won’t be allowed to fail. That doesn’t mean depositors won’t lose a big chunk of their money.

    • Fred one reason my cash is in Rabo Direct is they are a rural bank and have no loan book / exposure in the residential mortgage market.

    • blacktwin997MEMBER

      Oh that’s a sweet one alright. African warlords living in Narre Warren mansions, medieval religious regression in hotel-owning countries, Clooney is onto it!
      Maybe we could get him in to head up the federal ICAC too?

    • I think Social Media thinks too highly of its own opinion as some kind of barometer or moral compass to guide the world. Silicon Valley types thinking they can Police the world.

      I’m against stoning of anyone and I can’t stand fundamental Islam, but I’m glad this is happening as it shows Islam’s true colours. Or lack of rainbows haha.

    • Heard that on Friday morning Classical Music radio that also broadcasts BBC news. Nothing new. Thousands of African warlords, Russian gangsters and other eastern European scum live in GB and most in very expensive areas. As long as they bring their billions into the country they are welcomed.
      This stuff only made the news because it suits someone very powerful to put some heat on the sultan.
      Where is the outcry about House of Saud? Why are we flying all these Arab airlines (I don’t) when every one of those countries are run by tyrants.

  14. The Traveling Wilbur

    Give a man a fish, and he will eat for a day.
    Teach a man to fish, and he will sit in a boat.
    And drink beer, all day.

  15. Opinions please:
    I am thinking of selling my 2011 BT50 and buying Mahindra ute. Is this deal too good to be true? They just look like a bargain especially that they come with dif locks front and rear.
    Also what attracts me their engine does not have a turbo which, in my view, means engine will last longer. Still has enough torque..

      • No idea on standards Nikola. But with modern diesels, the DPF is a bigger issue than turbos. Yes clogging Ino, they are very expensive to replace. About 5k for my car.

      • (Vibrant) city driving will get it right royally buggered: low speeds, lots of idling, not enough temperature for burning off the soot.

        Design defects/oversights will also do it – ask some hilux owners.

        If they’re reasonably designed, *and* you have periods of time of driving at speed (80km/hr or more), you shouldn’t have too many issues. … “Shouldn’t”…

    • might be functionally Ok but they’re a bit like Great Wall in that they have zero resale value and I mean zero.
      If it’s a diesel than I’d be very wary of the DPF (as others have said) second/third tier Diesel makers are notorious for having DPF’s fail even when you’re driving sufficient miles to burn-off the soot per instructions/
      Google Holden Craptiva Diesel problems or better still Suzuki Vitara diesel (they use a Renault engine) and they are complete crap you can buy them dirt cheap because the replacement DPF costs over $7K that kinda repair sends the used car value to zero real quick.
      BTW there is nothing IF about DPF failures it’s a matter of when, whereby when it exactly fails depends on the driving style (country vs city)

    • Modern turbo engines are very reliable due to software running them. Plus replacement turbo’s are cheap enough these days too!

      I’d be more worried about DPF as stated above. Weak gearboxes, drivetrains etc.. or even weak engines..

  16. https://www.perthnow.com.au/lifestyle/personal-finance/lenders-release-the-kraken-when-mortgages-rise-by-1000-a-month-ng-c7445bc500e3bb7f3c3319b456639049

    I just had a bonerific thought that i hadnt thought of before. If labour gets in and actually does kill NG, its also going to majorly kill IO loan segment of the market. I havent heard anyone talk about this yet. Considering WBC got as high as 50% during the dumb years, this should be material. Why would you go IO (which people do because they cant afford PI) when you cant negative gear it?

  17. So I was in the Apple Store today trying to see if my 9yo son’s iPad Mini could be fixed (it couldn’t but they could replace it for $450!). The bubbly young American thing serving us looks at my “Ezekiel 25:17” T-shirt and asks “are you Christians too?”.

    I said the passage was from the movie “Pulp Fiction”. She said she hadn’t heard of it but asked if she should watch it. A better human being than me would have said no, naturally I said “yes absolutely, it’s very uplifting”.

    The point being, WTF do kids learn these days if they don’t know what “Ezekiel 25:17” refers to?

      • The Traveling Wilbur

        Who loves ya, baby?

        Ignorance of the law is no excuse.

        Austin 3:16.

        Mind the gap. And K-mart.

    • The Traveling Wilbur

      Yes, heinous isn’t it? I get similar reactions to my Surf Na5is Must Die t-shirt. Though the other one gets better feedback – at least from those into crystals and pyramid-healing.

    • ErmingtonPlumbingMEMBER

      Do you have a receding hair line Jason?
      If so maybe Kings 2: 23-24: would be a better biblical quote to have on your T shirt.

      “Kings 2: 23-24: From there Elisha went up to Bethel. As he was walking up the path, some small boys came out of the city and harassed him, chanting, ‘Go up, baldy! Go up, baldy!’ He turned around, looked at them, and cursed them in the name of the Lord. Then two female bears came out of the woods and mauled 42 of the children.”

      Holy Fark!,


      • ErmingtonPlumbingMEMBER

        42 boys being “Growled out” by a male bear woulda sounded kinda [email protected]
        Bybtodays standards bronze age monotheism wasn’t very,…. “woke”.

      • A bear, hey? However way you look at it, it’s better than seeking Cardinal Pell on them, though.

      • Ino. That’s sick, or at least sic (unless you are using old english), rather than seek. When I was a kid, we used to “sool” the dogs on to whatever we wanted them to chase … but if you’ve got a horse float you probably know that already.

      • reusachtigeMEMBER

        Clearly Gawd loves balding old men in robes and hates little boys, unless they are being loved. Seriously though, what sick fck sets mauling bears onto children because they were teased about being bald? Oh, Gawd does.

    • The Traveling Wilbur

      I was also (still) considering having custom-made a “Keep calm. There’s a $120/ton floor.” t-shirt done up. Not sure the younguns would make much of that either.

      • Why don’t you get a shirt made that says “Engadine McDonalds 1997, I was there”..? I reckon that would go down a treat.

    • …and you will know my name is the Lord when I lay my vengeance upon thee.
      powerful stuff, they just don’t make movies like that anymore.

      • I can see Skidmark ScoMo jumping up, jazz hands and happy clappy: ‘hallelujah, praise jeebus!”

    • It’s one of those articles that neatly summarises the bleeding obvious. “Mistaking Murdoch for the mainstream and Alan Jones for the man in the street, it narrowcast and forgot to broadcast.” is a case point. The Liberals through Sky News After Dark got themselves into such a state they actually believed a half assed pack of fvckwits with a viewership that barely reaches double digits is some a good enough reason to roll a PM.

    • I see the Tesla board had one of those Catholic Church style review of the incident – nothing happened

      • The Traveling Wilbur

        Just so you know in advance: I hate myself already…


        In United States v. Miller (1939), the Supreme Court ruled that the Second Amendment did not protect weapon types not having a “reasonable relationship to the preservation or efficiency of a well regulated militia.”

        So what you have to asks yourself is: do you feel you want to join a really really big Militia? Well, do you?

      • drsmithyMEMBER


        In United States v. Miller (1939), the Supreme Court ruled that the Second Amendment did not protect weapon types not having a “reasonable relationship to the preservation or efficiency of a well regulated militia.”

        It’s basically a mortar that happens to be nuclear. Hard to see how it wouldn’t qualify to that benchmark.

        If the US were invaded during the Cold War, for example, and things started to take a turn for the worse, these sort of weapons were certainly be in the hands of militias.

      • ErmingtonPlumbingMEMBER

        Wow,…Wonder when we will see the USAs first School Nuking?
        Maybe it will be Elone’s son pinching one of those “Davey Crocketts’ from his dads antique Nuk collection.

      • tripsterMEMBER

        I think the only thing stopping the market having a massive gap down at this point is that there are a lot of owners who do not ‘have to sell’ and the fear isn’t yet setting in. What most buyers are able or willing to pay is still a long way from what most sellers are willing to sell for. If sellers start having to sell to meet where buyers are at I reckon the market could fall 20% in Sydney within months.

      • @ tripsters
        but with every sold home at lower price buyers are willing to pay even less
        this positive feedback will stop only when buyers find some intrinsic value either rental yield or potential capital gain (with rental yield still so low and rents falling and prices falling it’s hard to find an intrinsic value)

    • Mining BoganMEMBER

      There was a bright young thing on the news talking auction results last night. Was excitedly telling everyone how results had bounced from 49% to 55.5%, how it looked good for the future. We know about initial and final results and I’m sure they do as well.

      How many though would have been off to a bbq last night or today spouting those numbers? You know, it seems a tad dishonest to me.

      • “How many though would have been off to a bbq last night or today spouting those numbers? You know, it seems a tad dishonest to me.” – many many many.

      • Seems the media is really trying to put a positive spin on the market this week. Good. Because that may stop the Reserve bank dropping rates if they think things will head back to boom times.

  18. TailorTrashMEMBER

    I might not have heard this right but in one of the commercial “news ‘ channels a wee while back they had a story about how a couple of Chinese nationals have been
    arrested and charged with money laundering for ….wait for it …wait for it ……Irish Tradies doing ( not ) roof repairs for little old Strayan pensioners …….dontcha love vibrancy …………but good on the law enforcers who tracked them down ……….perhaps it might be better not to have these people in the country in the first place ………….
    ….but I guess it all helps the GDP numbers and the little old pensioners can feel good about that ….pity about their life savings though …..long gone

  19. NSW
    NSW auction results
    703 auctions scheduled
    321 auctions reported. That’s just 46%. Ridiculous.

    You know, we like to take into account the missing data, or the holes in the Swiss cheese.

    The problem here is there is no cheese. It is all hole.

      • Just checked in on the realestate.com.au page for ACT auctions for today. They’re reporting 25 sales from 42 reported auctions (of 64 scheduled auctions). So 60% of reported auctions were sales but only 39% of scheduled auctions are confirmed sales.

        Also after Gramus (I think) came across a phantom auction in last week’s ACT auction list I thought I’d do a spot check of this week’s list. I picked on 12 Hastings Court Kaleen which both domain and realestate.com.au report was sold at auction today for $682k by McGrath Woden. Trouble is that allhomes is still showing the property listed for sale by negotiation and the McGrath website is still showing the property listed for sale by private treaty. On balance, looking at the four websites, I’d say there is no clerical error here, no spontaneous auction event, rather it looks to me that this one is included in both lists of auction results for effect.

      • Capital Appreciation

        The Kaleen property sold at auction according to the Crimes article: https://www.allhomes.com.au/news/canberra-auctions-quarter-acre-kaleen-block-sells-for-682000-and-garran-fetches-new-suburb-record-816438/?utm_campaign=strap-masthead&utm_source=canberra-times&utm_medium=link&utm_content=pos5&ref=pos1

        Could be accidental that they didn’t change the online listings for that property immediately to sold, but could also be intentional to see if there’s more interest out there and move that interest to other properties the agent has for sale.

        Same Crimes’ article notes that the Garran record was broken with that big ugly overdone monstrosity. I guess it’s nicer on the inside than out. Arrow did you go? I see some others sold over 1 million in the neighbouring suburb of Hughes.

      • Thanks for that CA. Proves fairly conclusively that I’m rubbish at this. Why McGrath’s own site would be showing the property as being for sale by private treaty when in fact they would have been paid to advertise the auction stumps me.

      • Thanks CA. Well I was wrong! I had expected pass-ins for both the Garran monstrosity and the Hughes very-slightly-less-monstrous one (21 Wynter Pl that went for $1.565m) but turns out they both sold. I figured no one was leaping in with sums like that in the current market – other recent auctions I have been to in that price range have passed in without even a bidder registering. So confident was I on the pass-ins that I didn’t bother turning up! (spent the morning playing with my kids instead, see, I am human after all…).

        Oh well.

        In any case despite this weekend’s results, even Domain confirms that the expensive suburbs are currently the worst performers at auction:

  20. Won’t someone think of the developers!?

    Council moves to tackle ‘dog-box’ apartments as developers warn of profit crunch


    Cressida Wall, CEO of the Property Council, believes minimum standards would risk the profitability of developers, saying they would drive up the cost of production and eat away at the yield developers could achieve.

    • Love it.

      Developers cannot make a profit if they obey standards. Therefore remove the standards.

      Also sounds quite a bit like property lobby on banks, post-RC.

    • “This account’s Tweets are protected. Only confirmed followers have access to @SerkanTheWriter’s Tweets”

      • Give yourself to the Moron Side. It is the only way you can save your family. Yes, your thoughts betray you. Your feelings for them are strong. Especially for… your partner. So, you have a partner. Your feelings have now betrayed her, too. Martin North was wise to hide her from me. Now his failure is complete. If you will not turn to the Moron Side… then perhaps she will…

    • reusachtigeMEMBER

      There is no doubt that the next boom is brewing. Youse losers on here will need to come back in 5 years to call a crash when the next slight negative sideways cycle appears, then disappears again.

    • It could be me but I can’t spot one person (on those photos) that resembles someone that is buying in order to put a roof on his/her family heads. Not one that appears they want to raise a family and settle for good. They all seem to calculate how much profit they will make in 3 years time and the prestige of saying they bought in Petersham.
      Photo 3 reveals Reusa – in hunting mode.
      But, in 12 months from now, 60min will run a segment interviewing this same buyer to tell us on how they lost everything and how we, the public, will have to bail them.

    • The funniest thing in the paddock would be Gina up the duff by Barnaby… *that* would be stuff of legends.

    • That’s like comparing Wally Lewis to Allan Border. They were brilliant at sports yet you can’t definitively say who was better. Abbott v Joyce, they are both playing politics however their distinct destructive skill sets aren’t quite comparable. Let’s call them both geniuses Ann’s leave it there.

      • Mining BoganMEMBER

        C’mon, when you inherit money like she did it becomes more about little shows of power over the likes of Barnaby than money.

  21. ErmingtonPlumbingMEMBER

    It Seems like those Poor millennials just keep getting frozen out of all the best

    “Andrew Forrest Invests $5,000,000 In a New Startup That Can Make YOU Rich In 7 Days (If You Were Born In 1958-1987)!”

    Marcus Pullido ·
    Guys what’s the matter with the year of birth?? They don’t want to let me through because I was born in 1988… WTF???
    Like · Reply · 387 · 3 hrs

    Richard Males ·
    Marcus I heard they are limiting the spots because they don’t want the whole country to jump in at once.. that’s a good thing for sure!
    Like · Reply · 258 · 7 min

    Marcus Pullido ·
    that SUCKS.. I guess I need to wait until they open the registration again
    Like · Reply · 227 · 9 min

    Verônica Aguilera ·
    Should I quit my college? And become full time autotrader? 😀
    Like · Reply · 412 · 36 min

    Arun Narayan
    Thank you Andrew Forrest for Bitcoin Future™!
    Like · Reply · 795 · 36 min


  22. Headline:

    Smug ass Scomo does not call election because he mistakenly thinks that people actually care !

  23. E.o. 2018: For sale for 1.15M
    30 Jan: Re:1/8-10 Milner Crescent, Wollstonecraft. Please note this property is now for Auction Sat 23rd Feb | guide of $1,050,000.
    15 Feb: Re: 1/8-10 Milner Crescent, Wollstonecraft. Please note the Auction Guide is now $1,020,000-$1,090,000.
    20 Feb: Re: 1/8-10 Milner Crescent, Wollstonecraft. Please note our new auction guide is now $1,000,000-$1,050,000.
    25 Feb: RE: 1/8-10 Milner Crescent, Wollstonecraft is now for sale for $1,015,000. Please call if you are interested in this property.
    18 Mar: Re: 1/8-10 Milner Crescent, Wollstonecraft, thank you for recently inspecting. Please note new auction guide $935k.
    5 Apr: Re 1/8-10 Milner Cst Wollstonecraft. Vendor will consider all offers by early next week. If you are interested, please let me know.


      • GunnamattaMEMBER

        My workplace feel for the response to the budget last week is that a lot of people have simply switched off to whatever the government is saying, and I am not sure that all that many people will believe there is much in it for them if he decides to splash $5bln.. I certainly dont think there is love out there for the ALP either though. The general mood I am bumping into is a loathing of the political representation per se, but an extra burnishing of hatred for the Torynuffs, and ScoMo personally (tho I am in Victoria where he was identified as a political liability back in 2013 and has been somewhat careful ever since)

    • Scott needs another week of taxpayer funded advertising of the government’s policies/promises.

  24. GunnamattaMEMBER

    I must confess I think monetarism is completely discredited – particularly its inability to distinguish between rising assets prices and real economic growth – and have been expecting some sign of politicians taking back some part of the lever for some time (since 2008).

    But if Trump does pull this off and brings the fed back to overt adherence to the elected fiscal authority, then I would figure the Japanese and Chinese (both already there really) would have no problem with it, the EU will simply make sure whoever replaces Draghi is German (or Germanophile), and a RBA is toast.

    But never in my wildest dreams did I figure a nutter president would fill in the US Fed with fellow nutters.

    What’s at Risk if the Fed Becomes as Partisan as the Rest of Washington

    Trump’s Fed Picks Have Fond Memories of the Gold Standard

    • Gunna, he only entered race to improve his brand and was shocked when he won.
      Ever since he took office, the way he won was discredited (you didn’t win, we were cheated/hacked), and it’s been plain the intel agencies, the military and the media all want him gone. So, he’s poorly advised, because group think, his ego, etc. and he doesn’t trust any outsiders, so has surrounded himself with inexperienced, second rate people, including his family. It is therefore unsurprising that his decisions swing in opposite directions (China, NK) and he is unpredictable (which is something public servants of all types do not like). Still his power is evident everywhere and, even when his mispeaks – wind turbines cause cancer – his minions are unable to speak the truth and correct him.
      You would’ve said a one off is Trump, but just look at all the other bat shit crazies putting up their hands to have a go in 2020.

      How is our planet going to survive with the USA in such a powerful position and guided by the idiots with the wealth? Pretty soon, shaming will be all we have left, and most of the rich are beyond shame given what I have seen in my lifetime.

    • FiftiesFibroShack

      Political cronyism used to involve an attempt to justify the appointment based on merit. Now there seems to be a point where a positive feedback loop is created: previous appointments based on cronyism (or nepotism) leave a trail of sycophants unwilling or unable to challenge the boss, leading to further cronyism and more sycophants.

      • GunnamattaMEMBER

        And it is all cemented together with a selection criteria (public sector) or KPI or KRI (private sector) revolving around

        ‘Ability to commit to leadership ethos, team values and engage proactively with significant stakeholders’ (or something along those lines).

        Thats how you gum up managements with sycophants to the CEO, glue the CEOs tongue the the buttocks of the board, major shareholder, or Minister, and it is along that nexus that bullshit travels from elite to hoi polloi

  25. GunnamattaMEMBER

    This stinks……

    Time for a national code of conduct and reporting mechanism, including database, whenever the Chinese Embassy call any organisation for policy influence purposes…

    China pressured Sydney council into banning media company critical of Communist Party

    By Nick McKenzie, Sashka Koloff, Mary Fallon
    Posted about 8 hours ago

    A local Sydney council bowed to pressure from the Chinese Government and banned an Australian-owned media company from sponsoring an event because it was critical of the Communist Party.

    A joint investigation by Four Corners, The Age and the Sydney Morning Herald obtained documents showing how Chinese consular officials issued at least eight warnings over 12 months to the Georges River Council over its dealings with Vision China Times, a Chinese-language media organisation.

    The newspaper has been repeatedly harassed because it publishes information in Mandarin that is critical of the Chinese Communist Party.

    Vision China Times advertisers based in China were threatened by Chinese officials, including intelligence agents, and forced to pull their advertising.

    The clear case of Chinese interference in Australia comes after the joint Four Corners and The Age/SMH investigation also exposed ties between Communist Party-linked businessmen and senior Australian politicians.

    Vision China Times manager Maree Ma says her paper has come under attack because it does not toe the Communist Party line.

    “The Chinese consulate don’t like any media outlets that they cannot have some sort of control over,” she said.

    The newspaper had been listed as a sponsor for the 2018 Chinese New Year celebrations hosted by the Georges River Council. The council area, in Sydney’s south, is home to one of Australia’s largest populations of Chinese-Australians.

    But on January 17 last year, a consul official wrote to the council warning “we have noticed a politically anti-China media named Vision China Times has been listed as an event supporter”.

    “We have attached great importance to our cooperation with the Georges River City Council and hope there will be no change to the policy of the Georges River Council on supporting the development of Australia-China relationship,” the consul official said.

    That same day, Vision China Times had its sponsorship banned by the council.

    A council administrative officer emailed the Chinese consulate to confirm the move.

    “Council respects and values the relationship with the Consul General and also the development of the Australia-China relationship,” the email stated.

    This year the consulate issued fresh warnings to the council in the lead-up to the Chinese New Year event.

    According to council files obtained under freedom of information legislation, the warnings included a December 4, 2018 memo:

    “This morning I had a call from [a Chinese consulate employee] to remind us that he would like to keep a friendly relationship between China and New South Wales,” the memo said.

    “He wanted to make sure that there were no embarrassing situations this year and re-iterate their position involving anti-China groups.”

    The next month, on January 7, 2019 another memo stated:

    “The Chinese consulate phoned… to remind Council of the delicate issues around this anti-China group…”

    Vision China Times manager Ms Ma had earlier confronted councillors at a public meeting, demanding to know if and why some had buckled to threats from the CCP.

    “We are clear about the pressures we face as an independent Chinese media. We are also clear of the possible pressures this council can come under from foreign agents,” she told the council.

    “However, council events are to serve the local community.

    “These are not international exchanges. We believe council should be making decisions in the interests of the local community, not foreign governments.”

    Late last year Georges River Council decided to allow Vision China Times to sponsor this year’s Lunar New Year event, prompting another call from the Chinese consulate.

    According to the notes, a council officer wrote on February 1 this year:

    “I received a call from … the Office of the Chinese Consul General,” they wrote.

    “The Chinese Consul General was disappointed that Georges River Council would include anti-Chinese political groups in the Lunar New Year event… As a consequence, the CCG [Chinese Consul General] will not attend the Lunar New Year event. [The Chinese consulate employee] expressed his desire to meet with Council… to discuss.”

    Australian sinologist Dr Geremie Barme warns that China’s Communist Party is increasingly seeking to control what Chinese nationals see at home and abroad.

    “The Chinese Communist Party … believes that the only way to maintain stability … is not only through police and political action, but also by having people, if they don’t agree with you at least be silent,” Dr Barme said.

    Watch the full Interference investigation on Four Corners, Monday 8.30pm on ABC TV and iview.

    • Just goes to show what a sham the LNP security measures are when all we hear about is safe and secure boarders yet we have the Chinese Government white anting our democracy right under their noses. Fvckwits.

      • rob barrattMEMBER

        Come now Wing Nut, if you’ve paid your $4000 for a dinner with the minister you’re entitled to your 10c worth. And besides, think what Chinese ownership will do for Straya’s mean IQ – currently running at less than 100.

    • Exactly what form of pressure could the Chinese Consul General exert on Georges River Council? Mobilising the significant Chinese demographic to vote one way or another in local gov elections? Turning on or off the tap of development dollars? Whatever it is, if this story is true, shame on the Council. Surrendering freedom of speech is a first step down a dark and dangerous path.

      The tragedy in defending (and sometimes dying for) such freedom is that it’s often done on behalf of those who don’t deserve it.

    • FiftiesFibroShack

      The good news is the rage toward this CCP interference appears well and truly bi-partisan.

    • reusachtigeMEMBER

      I think we can thank the American spooks influencing our media for our new found hate of Chinamen influence.

    • TailorTrashMEMBER

      Just drove through Chatswood this avo and on one building on the highway is attached a giant yellow billboard from our Clive
      …..” Put Australia First “ ………..shocked I am ,shocked that such insensitivity could be displayed ….bet the Chinese consul is right now on the phone to Willoughby Council demanding that this sign be taken down as it might be offensive to the loyal CCP members in that place .

    • what caught my eye is that 27% of public sector positions are reserved for Other Backward Class but data shows OBC holds only 12% of those roles. If the Gov does not spend money to educate the lower classes then these people will always be suppressed.
      Same applies here hence the importance of free education.

      • rob barrattMEMBER

        Careful Nicola
        Education of the lower orders? India could bring back another of their favorite practices – Sati – just for you. Yes, there’s nothing like a good democracy, the world’s biggest I hear.

  26. If I were Scomo I’d call the election as late as possible. It’s an extra week of parliamentary salary. Not to be sneezed at.

    • Who’s near to Scotty’s place of worship this morning? (Not that I can see any of you lot out praising and hallelujahing on Sunday’s anyway).

      Just wondering if he’s off home for scones, or orf to catch a plane to Canberra.

      I’m reckoning today

      • I’m being bombarded with Australian government advertising about various beneficial programs. If the sans-Malcolm Libs are as skint as is being reported they’ll leave the visit to the gg until the last possible moment and ride on the free-to-them advertising.

      • One day I’m planning to make a pilgrimage to Engadine McDonalds – I hear it’s an important place for ScoMo devotees.

      • Tim Fischer and John Anderson could probably cobble together a Nationals 2.0 that would decimate the current mob. A Bob Brown Greens 2.0 would cause a few sleepless nights at Greens HQ.

        In fact, Australia would do well if it had one party that represented business, one that represented workers, one that represented regional Australia and another that was focused on environmental issues. All these imagined parties would find voters and would hopefully end up in a minority government that had a few independents thrown into the mix. If all were vehemently opposed to corruption and rent seeking then they’re have a nice common ground to work from. And, to finish my wishlist, the idea of entering politics didn’t enter the heads of the candidates until well after they had entered the workforce. Preferably not as a lawyer.

      • The Traveling Wilbur

        And the weary traveller peered over the Abyss of Cynicism
        Recoiling in shock and horror at its unplumbed depths
        Resisting the urge to let loose a stone to hear whether water rippled over the unseen-chasm floor beneath
        Our noble hero of our story stepped slowly back from the now clearly cavernous maw
        And vowed silently to never pass this way again
        Lest the great beast undoubtedly lurking in pain and anguish at the bottom of the pit should loose its agony upon him or unwary fellow traveller.

        PS +1.

    • That was a time before the banks had captured government and society and property greed freakery has taken over.

    • Wait, this story is published by the ABC, the same broadcaster who has commissioned and aired the multiculty lovey-dovey high-rise drama ‘The Heights’, where everybody knows your name, where everybody is your friend?

      • The Traveling Wilbur

        Wait, this story is published by the ABC, the same broadcaster who has commissioned and aired the multiculty lovey-dovey high-rise drama ‘The Heights’, where everybody knows your name, where everybody is your friend drug-dealer?

        Fixed that for you.

    • “Vibrant redevelopment planned”

      The vibrants will feel welcome then, there’s that at least.

  27. I follow the Australian lithium producer, Orocobre, which has close ties to a Canadian start-up Advantage Lithium. Advantage just lost its CEO to the college admissions scam in the US. Not sure if this will impact Advantage’s Cauchari project in Argentina or Orocobre whose Olaroz project is in the same area as Cauchari. Anyway, shows how blatant the cheating was and probably why people are pleading guilty rather than contesting the charges.


  28. Weekend Viewing
    SBS on demand has the samurai film 13 Assassins up. It’s a simple tale. A group of ronin are assembled to ensure that the heir to the shogunate does not live long enough to ascend to that position. It’s Seven Samurai to the scale of the Spartan based 300. Not as good as the former, far better than the latter. The final 45 minutes is one of the best action sequences ever filmed. Be warned, there is blood and gore. Lots and lots of blood and gore.

    • Do you get a choice in who you co-live with? Are the co-living communities built upon common cultures? What happens when someone cooks up the fish curry in the communal kitchen?

    • I expect that these places will be marketed to former international students who live in student accommodation owned by the same company. A sort of vertical integration.

    • Sooo… I s’pose one could sue one’s wife for not putting out one night… I guess that’ll improve the relationship, out of this world.

    • This is a global tactic they are using. It is more of a propaganda move than an actual legal move. Law fare/psyops.

      • Most likely. Bad vibe coming from an Aussie against his own country. This is small compared to all the IP theft they carry out …stealing from out future. I wonder if we can counter sue?

    • TailorTrashMEMBER

      Wonder what the G-0-G-G-O ( no,no ….not the dart ) went for ……………

      • No idea, but the 260z 2+2 went for $30k which is a lot for a 2+2. People get silly at auctions and overpay in my opinion. But we all know that with houses already.

  29. The Grey Rider

    Interesting side panel in the weekend paper…Sunsuper CEO says “The industry is maturing – cash in versus cash out is almost at breakeven – so there will be more consolidation”.

    Sounds like we have hit peak Super…ASX market implications?

    • Mining BoganMEMBER


      Anyone not retiring in the next 5-10 years will never see it.

    • Already! That doesn’t seem till make sense, still baby bummers working & we have high immigration it’s not like we are Japan. It should still be rising I would have thought …. unless lots of them new immigrants are not contributing much four some reason

  30. GunnamattaMEMBER

    The only real way to cure this is sitting these kids down, in a room, with no access to the outside world, and making them sit their exams and write their essays in silence – and telling them they pass or fail on that basis………

    University cheaters would face two years’ jail or big fines under Coalition plan

    University cheaters risk two years in jail or hundreds of thousands of dollars in fines under a future Morrison government, the education minister, Dan Tehan, warned.

    Under new legislation Tehan wants to introduce, “anyone who helps students cheat through their university exams or during the writing of essays will face stiff penalties”, including up to two years imprisonment and fines of up to $210,000.

    Australian universities identified “contract cheating”, where students outsource university work and assessments, usually through overseas-based websites, as an emerging issue over the last few years, with a recent survey finding almost 70% of academics suspected their students were cheating or availing themselves of online cheating services.

    “We will also take action to ensure that those online providers of cheating will be dealt with as well,” Tehan said. But the government jurisdiction only goes so far, meaning targeting overseas websites becomes less of a punitive exercise and more one of track and block.

    “We are going to use blocking to make sure that they can not provide those services,” Tehan said. “And those that are here and operating in Australia, understand that we will come after you. Because it is simply not fair for all those students who do the work themselves, who study hard, that they are facing competition from others who use online cheating services.”

    The government would have to win the next election to introduce the legislation, with the announcement coming too late to make the current parliamentary schedule, given an election must be held by the end of May, with a minimum 33-day campaign.

    Contract cheating is not new. In 2014, an essay ghostwriting service targeting Chinese students studying in Australia made headlines, which led to some students being expelled from their universities.

    Tehan said the legislation was aimed at keeping the playing field level. “They [the penalties] are not heavy handed,” he said.

    “We have to make sure that all hardworking students, who do the work, who do the hard yards, don’t face competition from students who use cheating services.

    “And what we have seen, is there are quite sophisticated cheating services which are being provided. If you are a cheating service, understand now, you are going to face the full force of the law if you provide those services in Australia.”

    • The Traveling Wilbur

      If only there was a service that prevented people from using other people’s work for their own benefit.

      Maybe we can use whichever one China eventually develops.

  31. The Traveling Wilbur

    The four most important words you will ever read: Tequila and Ginger Beer. Zero-sugar, obviously.

    Do not say you weren’t told.

    • I have never bought bonds but I suspect your calcs are wrong.
      8 years left @ 4.75% = 0.38
      (0.38 – 0.246) / 8 = 1.675% yield

      You will also have to deal with a 20% capital loss at the end because the 0.246 will be paid out as taxable interest. i.e. you are still being paid 4.75% interest every year.

    • Mass delusion around housing and corrupt banks makes the country think we can get richer selling houses to eachother and our so called representatives are whores to whoever will keep them in power. That’s about sums it up.

  32. Why does my wife gets the shits when she cooks dinner and I don’t wash the dishes properly? What’s the big deal?.

    • haroldusMEMBER

      Are you using 2 sinks? One with detergent and the other to rinse. Rinse one as hot as you can bear.

      Also I use 2 drying racks. The first one takes any runoff, and then things get transferred to the other one to continue to air dry from the residual heat.

      Finally, lots of dishtowels to polish them up when drying.

      Source: Years as a dishpig waiter and some healthy OCD.

    • To be honest, there is nothing worse than seeing a supposedly washed dish in the rack with bit of cheese or whatever still stuck to it. How would you feel if your clean jocks didn’t have the skidmarks washed out? I bet you would be demanding a rewash!

    • Bacteria loves water. Poorly washed plates that stay wet … mmm see you at the trots