Weekend Reading: 8-9 June 2019

Global Macro / Markets / Investing:





Unconventional Economist
Latest posts by Unconventional Economist (see all)


      • boomengineeringMEMBER

        Let it be known that future history books will have it as fact that New South China was discovered on this day Monday 3rd of June 2019 at a place now called Garden Island , claimed for China as per terra nullius. Any possible claim by any other annulled due to lack of interest and doing nothing with the place anyhow.

      • Joshua majorly underestimated Ruiz (who is arguably a more competent boxer skills wise). Also looked like he was trying to bank on a counter left hook as Ruiz came in (hence holding his lead hand low), a la Mayweather Hatton, but Ruiz is much better than Hatton at closing the distance (doesnt come charging in swinging wildly)

      • dude, when Ruiz broke Joshua’s left hand with a counter, was when I realized this guy’s no f&kn joke…. great infighting and he kept moving in always. I think Joshua quit because of the damage and yes he underestimated the Mexican.

      • Ruiz is definitely no joke. Check out this video from 5min onwards, he has solid technical skills (I would say more so than Joshua, whose main advantage is his size) despite being a big flabby guy

    • boomengineeringMEMBER

      How good is Straya ?
      I share Gavin’s distaste of destruction of history, for him physical for me written and find it unpatriotic to cocoon yourself in another country’s propaganda. British establishment discovered Australia not lieutenant Cook, he openly admitted his many failures and inability but freedom of speech was edited out of his written accounts. Now that its time to hand over the Sovereignty which happens every couple of hundred years or so, its been benevolent of our govt to pave the way by reducing freedom of speech even more. Clive was trying to tell us this but his vested interests blinded us.

      • Discovered by the Portuguese 50 years earlier … They thought it was a s#it place and left.

  1. Hugh PavletichMEMBER


    Jobs Report: U.S. economy adds disappointing 75,000 jobs in May, unemployment rate holds at 3.6% … Yahoo Finance


    Job growth slowed more-than-expected in May, while the unemployment rate held at a near 50-year low, according to the Department of Labor’s Friday report.

    The U.S. economy added just 75,000 non-farm payrolls in May. This was below expectations for 175,000 non-farm payroll additions, based on Bloomberg-compiled estimates.

    The previous two months’ payrolls figures were also downwardly revised. April’s change in non-farm payrolls positions was cut to 224,000 from 263,000, and March’s new figure was brought down to 153,000, from the 189,000 seen previously. Following the revisions, job gains averaged 151,000 per month over the past three months. … view & read more via hyperlink above …

  2. Hugh PavletichMEMBER

    … NEW ZEALAND: Will Housing Minister Twyfords imminent announcements FINALLY ALLOW affordable new housing to be built ? …

    … Why are Prime Minister Jacinda Ardern and Housing Minister Phil Twyford STILL EFFECTIVELY BANNING the provision of new affordable housing for their fellow New Zealanders ? …

    … Watch this shameful and totally unnecessary political failure …

    Conditions ‘utterly unsatisfactory’ at Auckland caravan park that booted John Campbell – Twyford … TVNZ

    … Housing & Urban Development Minister Phil Twyfords important late March speech … but where is the ACTION in this ‘year of delivery’ promised by Prime Minister Jacinda Ardern …

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

    … Important background information via …
    …including … Definition Of An Affordable Housing Market …

  3. This ABC segment on Tasmania being crush loaded was pretty good.
    Even shows a recent Chinese migrant working as an Uber driver because she can’t find work after getting a BS degree as an accountant.

    BS = Bullshyza.

    Anyway I’ve nearly finished it and nobody yet has suggested we slow the rate of immigration, it’s all about planning better. I guess they got the memo from the AFP.

    How good is Straya?

    • The accountant went to Adelaide to due to getting work there.

      At least the demographer featured acknowledged that migration alone wouldn’t lead to increased economic growth and the couple at the end stated that they moved from Melbourne due to it simply being too crowded.

      • Professor Demography

        Completely false statement of Demography.

        Population growth creates jobs and growth and it loops back positively.

      • News of the demise of the Tasmanian public health system isn’t that surprising. In some fields they’ve had their training accreditation removed which limits the type of doctor employable. I know in the mental health space they have been unable to fill training spots to the point where they are paying overseas doctors high locum level salaries to fill the roles, yet without the necessary experience. This pisses off the local ones who have to spend time upskilling them despite earning less.

      • Mining BoganMEMBER

        You know, I always thought that there would arrive a time when I could sit in front of a bunch of wide-eyed kids and tell them about a quality health system Australia once had. I just didn’t think it would happen so soon.

      • Mining, it’s been that way for some time. Our visits to Canberra A&E usually consists of a long wait and when you do finally get into the assessment/treatment room it’s full of oldies and vibrants. WTF? I’m the only cvnt in the room who pays tax and I have to wait for you fvckers! No wonder I’m a grumpy old man, everyone p1ss’ me off – equally mind you, I don’t discriminate.

    • BS degree: Bachelor of Sh1te.

      I wanna feel sorry for these guys but they have to learn the hard way.

    • I wonder if they are still gonna build that chinese retirement village down there? Seems to have gone quiet on that front.

    • Thank God the government supports Uber et al, despite the businesses’ immoral activity, otherwise all these newly minted residents and citizens wouldn’t have a job.

      • How good would it be if we banned Uber? Unemployment rate would sky rocket and vibrants would be forced to go home?

  4. Relevant Stakeholder

    1981 interview with Wayne Godley, father of sectoral balances:

    Snippet in memory of flawse:
    To sum up. Your group as a whole are all agreed on the positive virtues of expanding demand, for which they believe protection and import controls are necessary. But there are quite a lot of disagreements over what else has to accompany such a policy.

    Yes, there are differences of emphasis. I must of course make it absolutely clear I’m not an expansionist of the conventional kind, of the ‘go’ kind.

    You mean that unless something is done about the balance of payments, expansion of demand is just a waste of time?

    That’s it, it’s just a waste of time or worse.

      • boomengineeringMEMBER

        Sigh of relief, that scared me, similar age as well. Am banned form other sites due to honesty. Hope he returns after probation is over.

      • That’s surprising, can’t imagine what he could have said to justify that, he’d piss me off at times…but to ban!

      • He was banned? Why? Better be a damn good reason or I’m not renewing membership and I’m out from this site. Enough with the f’n censorship.

      • drsmithyMEMBER

        Possibly his inability to disagree with someone for more than a sentence or two without descending into abusive rants.

  5. Uber drivers are not employees, Fair Work Ombudsman finds – ABC News

    Raise the minimum legal price of pizza delivery to $10 per delivery – that will boost the incomes of Uber drivers.

    Some lazy pricks will pick up the pizzas themselves. Some will tip $10 instead of $20 because the price of the delivery is now $10.

    And ban foreigner from driving trucks here so that the truck driving jobs are given to Aussies.

    • Why would we boost the incomes of foreign workers, transferring money straight out of the pockets of Aussies?

      Housing reform, dividend reform, wage reform, any reform in those areas will just transfer wealth from the legacy population to Indians, Chinese, Nepalis.

      If we are going to have Big Australia forced on us then lets at least enjoy the cheap (below award) labour.

    • I’d be more interested in the ABS finding that Uber drivers are not EMPLOYED.

      Then watch the unemployment numbers go!

      • Yeah of course, I know how the stats work 😉 They are not employees but they are employed.

        More just a comment on what proportion of our Jobs Miracle is (probably) due to the growth of these insecure poorly paid informal jobs.

    • Jacob are you a truck driver?
      Banning overseas immigrants from driving trucks in Australia is futile..
      The answer to almost all the social and economic problems facing Australia today is, in the first instance, to bring the net overseas immigration intake down to an annual 50,000. Could even bring it down to zero net overseas immigration for quite some time.
      Then the composition of the immigration program must be correctly adjusted to reflect the ideals for an Australian society first agreed by all sides of politics in 1901.The immigration program has been turned 180 degrees today, from what it was up to 1972 when ideologues imposed the policy of ‘multiculturalism’.
      The problem is we have an unholy alliance between the progressives (multiculturalism) and the neo-liberals (globalism).
      The present immigration policy crystallizes these two ideologies perfectly.

      • Slash immigration but also ban foreign “students” from taking certain jobs such as truck driver, forklift driver, accountant, NBN worker.

    • Fair Work HAD to declare this, otherwise Uber would go out of business in Australia, and lots of migrants would have no jobs.

    • I’m pitching a new reality show to Channel Nine.

      ‘Repossession Rescue’

      Is the working title.

      Your creative input is crucial to its success

    • With this news story I am assured that LNP and ALP have both learned nothing from the election.

    • reusachtigeMEMBER

      You must admit, local IT workers are pretty sh1t people. Their attitudes stink and they aren’t very stylish. Making them more vibrant has been one of the best things this country has done. Making them even more vibrant should be a goal for sure. Oh, and they need more chicks in their ranks. Hot vibrant chicks not the ones that look like blokes.

      • I found myself nodding vigorously to this comment. The ones in my office are always miserable and they always complain that you’ve disabled the firewall or downloaded Animal Farm 2. At least you can be extremely rude to the foreign ones and nothing happens.

      • Stewie Griffin

        Over the past 10yrs I’ve watched out entire IT team of young Australians, including many women, be nearly completely replaced.

        Probably around 10% tor 20% of the people now working there were actually born in Australia. The universal complaint being the total destruction of their real wages and working conditions – Australian IT workers have been one of the leading edges of where the “skills” based migration has been attacking and undermining our middle classes.

        After going through our University systems these Australians came out with large student debts expecting that the decent salaries IT offered at the time would enable them to repay those debts.

        Instead, elites in our nation completely betrayed them and flooded the nation with Immigration, claiming that it was “Okay” because we were importing “Skills”.

        If you want to imagine a future for Australia under an Asian style EU, don’t think that you will be just 1 in 10, you will be 1 in 165.

        …and if you think the elites in our nation won’t betray you, just think of those young Australians who studied IT.

      • The bottom line is, Straya (and any other nation for that matter) should abandon the idea that it is entitled to cut corners by importing genuine skills from elsewhere. After all, genuine skills are too valuable for the nations that had invested heavily in education to develop them to give up. There is nothing ethical about genuine skilled migration which is nothing other than harvesting skills that somebody else has already grown.

        Americans have been the champions of such corner cutting and Straya followed suit. This has been a brilliant strategy for the Americans because they can cheaply collect top talents and at the same time ensure that the countries that have exported said top talents to them remain forever underdeveloped and dependent on them. Alas, it turned out that Straya couldn’t quite compete with the Yanks in plundering, I mean attracting, top talents.

      • OMG,

        Stewie makes his point without once referring to low life immigrants / refugees / culture etc. No argument from me, spot on!

      • its the truth Stewie. IT has been the worst decision I ever made. Everyone thinks they can do IT, and there are those from a certain subcontinent that greatly exaggerate their skillset. Some mung bean from godsknowswhereistan gets his hands on a network and it just becomes billable hours for the MSP, and MSP’s know this, their main aim is to rip as much cash out of a client as possible so a couple of level 1’s screwing things up is great revenue. Typical example of MSP strategy – I’ve just saved a long term customer about $30k on unneeded upgrades. He was told he needed a new server with 64GB ram / SSD drives and 16 cores to make his database perform, and close on 3 weeks labour for the migration. I checked his setup, the database is 500MB MSSQL.
        server was memory bound from old softwares not being uninstalled when replaced with different products.
        I disabled unneeded services, tuned SQL memory usage down all good 1/2hr later.

      • Just great…More foreigners competing for limited places in IT. I am so glad I at least have a couple of decades of experience under my belt. I feel for the young Australian IT graduates looking for places in IT.
        I’ve watched the demographics change drastically over the time I have been in IT. I’m one of the few Australian born IT workers at my company. It doesn’t help that we have an active policy of diversity at work either.

      • Hear, hear dumpling. And the Australian aid program that fund scholarships and in-country training for developing country elites is also a simple transfer of funds to Australian universities. Heaven forbid that aid funds should go to pay for things like decent libraries and labs at developing country universities, no let’s pay for your elites to get Australian PhDs and go back to their countries where most go into finance and government after getting a taste of life in a developed nation and those that have some idealistic notion of serving their countries don’t even have the equipment to make use of their knowledge
        And let’s not get on to how the New Colombo Plan has led to the enrichment of numerous edu-tourism agencies for organising what is little more than a Contiki tour with a few lectures chucked in, now a whole industry exists to suck at the ‘cultural enrichment’ teat …
        Meanwhile, genuine volunteer programs like the former VSO/AVA modelled on the Peace Corps have seen funding cut right back, because oh wait there’s no vested interest lobbying on behalf of volunteers getting paid developing country wages …

      • Of course, it is all a part of the highly seductive Moron Side of the Force, Brett.

        The financial engineering drivel that we don’t need manufacturing capabilities because we can just buy them, that we don’t need research for new discovery and products because we can just buy them, that we don’t need education for skilled workforce because we can just buy them….

        What is truly astonishing is how long it has worked, I mean appeared to work, which is a reflection of the collective IQ of the West. It is only in the last several years that the chink in the armour started appearing. Alas, just like cancer, it is usually too late when a patient realizes what is going on.

    • I just can’t understand why people won’t spend on retail and buy more expensive property when we’re doing everything possible to make their jobs insecure and lower paying? So confusing!

    • I do not imagine China allowing an unlimited number of Indians to work in China. The wages in China would halve – just like they have in Australia. $20/hour petrol station work is now $10/hour petrol station work. $40/hour IT jobs are now $20/hour IT jobs. So there can be no EU style open borders nonsense between China, India, Australia.

      IT wages in USA and Sweden are going up:

      (trust Vox to pretend that is a bad thing)


  6. https://www.seek.com.au/job/39191957

    My niece is looking for a job at around $110k and found this one she can’t possibly qualify for paying $40,000 – $49,999.

    Strong communication, bilingual language and organisation skills.
    Advanced English and Chinese (Mandarin) speaking, reading and writing ability.
    NAATI accredited translation.
    Tertiary education qualification in business administration.
    Sydney, CBD, Inner West & Eastern Suburbs
    $40,000 – $49,999
    Work Type
    Full Time

    • Be an EA, manage the head office, be a document translator, and be an investment analyst for M&A activity, for a little over minimum wage 😂

    • Their aim is to ensure no Australian applies (this is why they put a low salary).

      Then they can say “skills shortage!” and they can import a vibrant on a work visa to do the job cheap.

      That NAATI accreditation requirement will disappear from the ad though, those are pretty hard to get.

    • Really good English Chinese interpreters earn mega bucks on the mainland. But that is oral simultaneous translation so quite high skilled but they can get rmb 10K+ a day

      • Simultaneous translation is incredibly hard, I know many people that are completely fluent in both languages but they find on the fly translation impossible.
        My wife could definitely do it (not Chinese/English but rather German / English) however she finds it too stressful to try to do that for a living, she had several university friends go on to do work at the UN doing just this, but it’s worth saying that they all grew up with both languages ….nobody learns this skill, definitely not at UN level expections for accuracy and speed.
        The real problem is not translating words but rather correctly translating phrases and idioms…many idioms leverage certain cultural references (especially wrt written intellectual Chinese) without these cultural reference points the idiom is garbage if translated directly …the real skill is in understanding what the speaker is referencing in one culture and translating that into an appropriate idiom for the other culture, this creates some interesting miss-translations because American culture is not British culture, so American Idioms have become the standard “English” translation even though they make no sense to the majority of British citizens.
        As I said done well it’s an art form …you sit back and say Wow! …yeah what she said!
        Done poorly …it’s like why did I bother even hiring anyone to translate when I could do better myself.
        Btw It’s really embarrassing when you correct the official Chinese translator they loose face and everything goes to heck thereafter….it’s one of these no-win situations…I’ve even altered my English presentation mid sentence to make a sloppy Chinese translation make sense…..ahhhhh

    • Mining BoganMEMBER

      Jebus! I get that much in my dodgy bottom feeder part time job.

      Surely that’s a scam to attract vibrancy and diversity.

    • Laughed quite a bit when I saw it was Pinnacle. One of the most disorganised entities I’ve ever dealt with. They were so bad they lost a massive contract with my previous employer through what appeared to be a genuine desire not to succeed.

  7. So our Moses wants to turn the Indian-Pacific into an oriental EU market. Yeah, coz the EU has been doing so fricking well. LOL
    The differences between the cultures, economies and politics of this region are vastly greater than exist in Europe. He is totally clueless. But have FAITH, for the Rich shall inherit the Earth.

    • You are aware that the E.U. was originally founded on negating the lusty desires of the U.S. not that the U.K. tried to have its cake and eat it too from a neoliberal stance. In fact much of the neoliberal lite in the E.U. is a direct result of U.K. machinations.

      • Incorrect. The anti democratic ordoliberalism is built into its very structure. I’m not excusing its more nakedly aggressive “anglo” neoliberal cousins in the UK and US but we’re talking here a difference of degree, not type.

      • No, p!ss off skip. Let’s have at least one topic that you don’t derail in the name of randomly bashing the US, eh?

        The EU was founded basically as a way to lock France and Germany together economically in the hope they would stop invading each other and wrecking the joint, which they had previously done in 1939-1945, 1914-18, 1870, 1810-15, and countless times before that.

        It is working for now. But it’s too soon to tell in the long run.

      • lol skip. So if we’re against Reaganism/Thatcherism we’ve got to be for the EU, you know, the mob that created enormous economic imbalances between member states, and when that blew up threw the whole burden off pain onto the weaker members in order to protect the big banks in the EU heartland? Great.

      • Mate deal with the fundamental aspects of neoliberalism and whence it became the dominate agenda, sure the E.U. went late state Orderliberalism, but hay, Yanks bastardized Keynesian too, whats your point again …. oh yeah … certain ethnic groups thought they were the administrative class.

      • The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective –
        Philip Mirowski

    • The EU is TREMENDOUS for driving down labour costs, collapsing welfare systems, and destroying different cultures. I hope we get that here so that my company makes even more cash and I get whopping great bonuses. I’ll also get to tell you all how you should enjoy the extra vibrant diversity (you giant [email protected]) 😎

    • rob barrattMEMBER

      Y’all seem to have missed something.
      Life’s competitive. Ask any zebra on the Serengeti.
      I recently spent a little time in a tourist area in Indonesia. Poverty one centimeter below the surface. Everyone trying to sell the same souvenirs to cynical tourists. The people there can give you the facts. They envy the Thais for getting into car manufacturing.
      We, by contrast, feel we deserve it all. Never mind Toyota [email protected]@@@ed off to Thailand because the MD wasn’t allowed to negotiate with his own workers. No, the unions insisted we wanted yet higher wages.
      Now it’s down to dirt and house prices.

      • Yeah let’s start rewriting history so as to paper over the fact that clownshoes and bozo the clown were in the wheelhouse when the Australian car manufacturing industry was allowed to collapse. Of course, it is always labor’s fault and if it is not labor’s fault, it must be the unions’ fault.

      • Triage, though I wouldn’t say the car industry was allowed to collapse, it was deliberately asphyxiated – extra high Aussie dollar “to make way” for the foreva mining boom and wonderful services and to save us all few dollars a year each. Did you notice the added benefits? Yeah, me too.

      • rob barrattMEMBER

        Just to clarify guys
        The case went to court (the “workers” representatives being 2 union officials who were not even employees of Toyota) and the magistrate ruled that, under the Fair Work Act, management were not allowed to talk to their employees directly. Absurd.
        Only one question – who was behind the “Fair” work Act? I’d have thought “No” Work Act would have been more appropriate.
        Another small piece of history – after Mitsubshi [email protected]@@red off the Rann (Labor) government brought in sub-contractors employing imported coolee labour at a few dollars a day to pull down the factories.
        if this link doesn’t work look for “Chinese paid $1.90 an hour to dismantle Mitsubishi factory”
        Ironic don’t you think…..

      • drsmithyMEMBER

        The case went to court (the “workers” representatives being 2 union officials who were not even employees of Toyota) and the magistrate ruled that, under the Fair Work Act, management were not allowed to talk to their employees directly. Absurd.

        That’s basically the fundamental point of unions. You deal with workers as a group. Because the reality is as individuals, the vast majority of workers are at a significantly disadvantaged bargaining position. Which leads to the employment problems we have today around stagnant wages, job insecurity, foreign worker exploitation (and accompanying high immigration), etc, etc.

      • rob barrattMEMBER

        Of course they do DrSmithy
        Unions were the answer – When they sent children down mines.

        Now, of course, they get their houses redecorated by bullied contractors. Amazing how CFMEU heroes are seen talking earnestly to “colourful” Melbourne “personalities” like Mick Gatto………

        Nice to have an opinion from Planet Zogg

      • drsmithyMEMBER

        You may wish to consign most of the country to a race to the bottom on living standards. I don’t.

      • There will always be somewhere else with cheaper wages, the only way to combat that is with appropriate tarrifs to keep a significant level of manufacturing in the country.

  8. who can explain this.. Markets going up along with gold.

    My guess is markets anticipating rapid cuts from the FED (hence why AUD is not dropping) which will allow lot of liquidity but at same time markets understand we are getting close to the point where all fiats will start to lose value so gold shoots up as well.

    Is this the time we should shift into gold anything???

    • There is less of an opportunity cost to hold gold when interest rates are so low. If AUD will yield us nothing in the bank then it’s far wiser to hold gold which at least has the possibility of appreciating in value.

    • Only the curse of NCM can stop the gold market.

      Mind you, SBM has now joined NCM

    • The Traveling Wilbur

      Monthly chart says yes, but.

      The but being more Trump and trade war than markets seeing an end is anywhere near visible on the horizon.

      • boomengineeringMEMBER

        When I was a kid the old man came home with an old Studebaker, considered an old bomb. Him being top of the engineering ladder who never got his hands dirty couldn’t be bothered fixing the engine which was missing badly so he dumped it for a new 1956 Vauxhall Velox

      • Mining BoganMEMBER

        You have to be a special kind of person to run a Stude Booma. Patient and adaptable.

        There’s a lovely Volvo P1800 in there as well. I could see me and Lovey cruising in that with Jack and his missus in the back.

      • @BE At Motorclassica in Melbourne , there was a guy with five of that brand, and his son which I fluked seeing at Bunnings has a ute version which is painted in one of those old blue colours (not sure what it’s called), but it’s a work of art.

      • boomengineeringMEMBER

        The old man was a strange character, wouldn’t change gears once in third, shuddering around corners and at any straight stretch we would be doing 100 miles an hour (yes that straight 6 would do that) Late for work, was at Denmark WA, clocked on at Kwinana I think it was 3 hrs, in any case averaged near the ton. Remember once a cop had pulled someone over, taking up part of the lane and an oncoming car approached so he doing the normal 100mph went on the other side of the road verge left hand side of the opposite direction car and continued on his merry way with the cop in disbelief unable to do anything but gasp.

      • boomengineeringMEMBER

        He refused to work on cars and one day coming home the front wheel fell off in the drive. The worn bearing had burnt through the axle. Always lucky we hit a huge kangaroo near Pemberton no injuries to us Another time 100mph front tyre blow out veered off the road stopping an inch from a big tree.

      • boomengineeringMEMBER

        Hard to believe someone as lazy as the old man once held a job in charge of 800 personnel, the company supplying 3 chauffeur driven Cadillac’s and all he did was walk around in his white suit smoking opium on occasion. Had very little motivation and didn’t care for job titles or what he did, but in WA it was found that he was the only one who could design structural steel cross section, to be made by copy lathe and rolling mill dies, so whenever I saw him at supposedly work he was quite content either making soup or ruining the steel only grinding wheels with his home wood picture frame making. Most importantly his greatest pleasure was sun baking in the nude.

      • boomengineeringMEMBER

        To be clear it was the Valiant that did over the ton although it was top speed of any car he drove.

      • boomengineeringMEMBER

        Went to visit the hobby farm and there it was rusting away so while waiting for the folks to come decided to put the slant 6 unslanted in the tractor and remove the kerosene motor. Only one life threatening problem was the propensity for wheel stands to throw you off the back.

      • boomengineeringMEMBER

        You would have liked him being an artist and jazz player with a couldn’t give a sht attitude. He once quit his job via leaning back on his chair arrogantly putting his feet on the bosses desk and unceremoniously verbally dumping on him.
        Don’t know why but, much to mum’s disdain women always seemed to hang off his neck even in front of her. Whist choking the large grinding wheels (1m dia) with his ornamental picture frames the boss came out going ape sht at the smoke filled very large machine shop but only a laissez faire attitude ensued proving his ability to leverage the fact that no one else in WA could do his job and was way over qualified in any case. No wonder he only actually worked about 2 hrs productively a day.

    • There are some genuine signs emerging that gold is finally waking up having been in consolidation mode for a long while. It may be worth having a nibble, early doors, and then going for broke if it breaches (and holds) resistance at $1350-1370.

      Once a US rate cutting cycle is confirmed you know where this goes …. zero rates and money printing — only MAN-SIZE this time round. You know the gig: the reason multiple QEs didn’t work last time round was because they didn’t “do enough” of it 😉

      • I am thinking along those lines and the only think stopping me going all in is that western governments can and have been manipulating gold price. Will they be able to suppress it again.

      • @Nikola
        In theory the authorities can suppress prices through the futures market but they cannot control movements of physical gold and therefore cannot control the ‘cash’ price of gold. Clearly, if something is artificially cheap (through manipulation) then it is Christmas-come-early for those who wish to own gold because they are getting it at a cheaper price than they might otherwise. An artificially low price encourages MORE buying, not LESS i.e. it is a subsidy from the ‘authorities’ (whoever they may be) to gold buyers.

        The bottom line is, anyone shorting the cash market in gold (or any other commodity) has to deliver physical gold into that short otherwise a default occurs, so unless the authorities have heaps of gold that they’re willing to ‘let go’ in order to suppress the price then the effect that they can have on the gold price (and the underlying trend) is really not that significant.

  9. Once he got thinking, Swift could see that the issue stretches well beyond the fact that some families can afford private schooling, nannies, tutors, and houses in good suburbs. Functional family interactions—from going to the cricket to reading bedtime stories—form a largely unseen but palpable fault line between families. The consequence is a gap in social mobility and equality that can last for generations.

    So, what to do?

    According to Swift, from a purely instrumental position the answer is straightforward.

    ‘One way philosophers might think about solving the social justice problem would be by simply abolishing the family. If the family is this source of unfairness in society then it looks plausible to think that if we abolished the family there would be a more level playing field.’

    It’s not the first time a philosopher has thought about such a drastic solution. Two thousand four hundred years ago another sage reasoned that the care of children should be undertaken by the state.


    Or the Jesuits.

    • Ronin8317MEMBER

      Taking children away from their parents, because the Stolen Generation worked so well for the Aborigines?

      Much better to focus on the rate of return on capital. In the long run it is the only thing that counts.

      • drsmithyMEMBER

        and yet people think blank slatism is a moral postion…

        Well the alternative is a class/caste society of genetic determinism.

        So, yeah. It boils down to whether or not you think people have intrinsic value and fundamental equality as humans, or whether they’re simple cogs in a machine whose destiny is written before they’re even born, is the “more moral” position.

      • Relevant Stakeholder

        What is equality to you smithy? and how does it relate to a person’s value?

      • Relevant Stakeholder

        striving/believing in equality of ability, experience and outcomes is the very definition of creating cogs for the machine… quality control.

      • drsmithyMEMBER

        A fairly good place to start s not having your place and opportunities in society fundamentally dictated at birth by your choice of parents. This is what the people who say genetics dictates everything from temperament to ability to understand civilised society implicitly believe.

        striving/believing in equality of ability, experience and outcomes is the very definition of creating cogs for the machine… quality control.

        I cannot decipher this word soup.

      • Relevant Stakeholder

        I don’t believe genes determine everything, however the alternative appears to be that any disadvantage is due to structural racism, ‘whiteness’ or reading stories to kids.

    • Thank you. This suddenly explains so much about the reason for the left wing politics of gender, sexual orientation, diversity, rights of co-habitators, and abortion.

  10. TailorTrashMEMBER

    Nice picture on front of the Australian this morning
    Chinese marine in combat fatigues carrying cases of baby formula on to warship
    Got to love a well disciplined military force

    Right O chaps now listen up
    This is a critical mission
    At 0800 hours precisely A company will move on Woolworths and secure the milk aisle
    Then heavy transport logistics will move in to transfer
    the strategic material back to the task force vessels in the harbour
    Now some of you may not make it back with any cans
    but remember you will have done your duty for the babies of China (and your own pockets )and we will honour your sacrifice

    Now to it gentlemen and good luck

    • Auctioneers still call out “lucky number 8” here when the bid gets to $800K. But the laughs are getting a bit hollow.

      I am tempted to yell “yeah, lucky number, take this ya c#nt, $804,444”.

      Like farting in an elevator, I expect.

      …sold! To the grumpy legacy citizen!

    • I am very much of the opinion that the influence of Chinese money on Oz real estate has been dramatically under-estimated. The criminal lending of local banks just enabled locals to chase price momentum created by wild Chinese buying. Articles like this about Vancouver illustrate how crazy it all got.

      In the absence of Chinese buyers it will be very hard for the local crime banks to reflate the bubble.

      • I think you’re right, but I’m not sure that we will ever know for sure….will forever be a “musta been”.

      • JohnR – prices started falling about six months after China introduced their latest laws to stop capital outflow. It took about 6 months for money already channeled here to be washed through our RE. Once new money stopped coming prices started to fall. These falls started well before RBC and banks were still lending to domestic speculators as if there is no tomorrow. I think this is settled.
        Happy to be proven wrong – for my own sanity.

    • Standard reply – if the market went up, he was a genius – swings & roundabouts. Feel sorry for the parents who are also out on cash on their home equity loan.

      Sounds like he’s not missing much with the misso

      • One part of me is like, suck shizz buddy. The other part is like poor schmuck.

        The really sad part is right at the end of the video, where the guys email is like if he had not invested in the property, his wife would have wanted a divorce. Now that he has lost all his money, she is divorcing him anyways. Its lose-lose.

        Here is the thing though – we all know exactly what attracted him to the chick anyways – because she sounds like a high maintenance girl, someone who wanted to move up in life – an aspirational / upwardly mobile.

        He wanted to be the kind of guy, who was with this kind of girl, who wanted to move up in life – a power couple. And likely she wanted to be with him, because of his attraction to that specific characteristic.

        Anyways, chances are that every single person they met, probably lied to them. These things don’t happen in a vacuum – it is what it is.

      • I’m just glad my wife listens to me lol… even though we tried to buy a few times we never went too far beyond what we could reasonably afford. Except maybe the first property, which I’m glad we didn’t win in hindsight.

        Your partner can either make or break you in life.

      • Without knowing what he’s like as a person I think he’s bloody lucky, expensively so, but lucky just the same. I gather he’s still reasonably young and he’s now rid of a poor choice in partner. Just gotta not make the same mistake twice.

    • Fiji is a potential candidate for a PLAN base. Building a casino would further assist the corruption of local elites and create economic dependence on Chinese gamblers. This helps to subjugate the island to give up land for the base.
      It is all part of the plan.

    • Italy is beautiful, but it’s corrupt as all feck. Especially Southern Italy. The culture has little regard for rule of law. I still occasionally cast my eye around for alternative countries to buy a property in, but if you take into account economic stability, inflation management, rule of law, rock-solid property rights etc. I find the potential pickings slim. I suspect a foreign property owner in Southern Italy would be viewed as little more than an insect to have its guts sucked out then the shell thrown away. Please correct me if personal experience contradicts my thoughts

    • But there is a fantastic place to buy property as a foreigner. Property rights, rule-of-law, growing market, stable currency, slack locals, welcoming government. Yay Straya!

    • drsmithyMEMBER

      Here are the catches.

      The catch is the renovation must be carried-out within 3 years from the purchase and buyers must cough up a €5.000 (approximately $8,000 AUD) security deposit which will be given back once completed.

      But there’s a rub: the hassle of Italy’s hellish red tape and long, complex procedures that leave outsiders like Mark baffled and delay the dream-come-true. And which, yes, have a cost: total administration fees are between €2.500 and €4.000 (approximately $4,000 and $6,400 AUD).

      If you’ve got a secure job that allows you to work remotely, there are probably worse things you could spend the money on.


      • Yes, I recall Detroit had a similar scheme and conditional red tape. Still think it’s a good idea, but yes I’d worry about property rights after investing. Similar problems to buying in Greece, claims from previous owners, relatives, nepotism working against you and smell of money from desperate locals.

      • I worked in Palermo for a bit in 2003, and I loved it, but it can be dangerous. We had a few close calls there, and saw some bad sh1t. The food in Palermo is brilliant, and you have a mix of really old and new which for a young Aussie was a great experience. You’d need to have some Italian to survive. I could order food, and was lucky to have a work colleague who spoke Italian and that made it super easy for me. I’m pretty sure I’d not go for this offer though.

      • ‘Renovating’ might mean needing to pay off the local mafioso and pay inflated prices for labor and materials, and ‘protection’… might not be cheap.

      • @Gramus …for sure. But, it’s not the only EU place where corruption is against the ordinary person. A French mate was trying to buy a farm in southern France and the local mayor was after it, like all the others in the area, as he was facilitating German money to put holiday housing estates on the farm land after the EU wrecked the industry in that area. In the end he won, but it was a legal battle and he had a family big lawyer from Paris who dug the dirt on the mayor. Since then only a few of the farms survived and the villas/homes/apartments are pretty much German owned. If we knew the truth abiut our local councils here it’d be similar.

  11. James navarro

    Went to an open in nice burb in bris today. Owner paid 900 for it 2013. Upgraded kitchen. Some bathrooms. Lick of paint.

    Tried not to laugh when agent said they wanted 1.7 mil.
    25 year old house. Single storey. Pool. On 1500sqm.

    Deluded much the owners?

    • I think it’s called being aspirational these days. And according to our anointed leaders that is what we are supposed to be. So you can’t blame them for doing what they’re told to do. They’re getting ‘a head’ and being good little econs (economic units)

    • Mate was preapproved last year for a home improvement loan, (lift & extend an old Queenslander) he’s upper management in one of Australia’s biggest listed companies, has about 5yrs equity in PPOR and about 15 in an investment property, some shares, no other major debts & they are pretty frugal given their income. They went to make loan official & were knocked back by broker! If they can’t get a loan there’s no way prices will be rising.

      • That’s all changed since the election.
        If he goes back now he’ll get a different answer.

        Martin North is of the view that the banks were deliberately over tightening in such cases to squeeze the economy before the election. You know ..”don’t mess with us or the economy gets it” style…

      • Reposting again.. about a month ago one of my team members at work applied for a home loan and was offered $1.2m. Loan officer told him she can add his bonuses in order to increase the loan size. This is scary considering the bank is one of the big four. Prices will be pumped about 10% and last of the bag holders locked. What happens next is anyone’s guess but I will be looking for financial advice how to preserve our savings by keeping these funds out of reach.

      • @Gramus.
        We had a credit strike by the banks and it worked a treat. Got everything they wanted.
        Proves that bankers are smarter than your average journo, politician or wage slave

    • It’s probably a very good exercise to have a look at what options are out there to increase ones income. I think people will scare themselves when they see what’s available to them. They’ll go back to work and thank their bosses for whatever crumbs they are currently getting.

      • Yep, lots of willing overseas workers and freshly minted PRs who’ll work for a lot less are waiting in the wings.

  12. This is going to become the big driver of government spending I reckon.

    Our Next Moonshot: Saving Earth’s Climate – Bloomberg

    Of course the 1% will milk the bejeesus out of the spend, but I think it is only a matter of time before someone simply strolls up to the mike and states….

    ‘We arent going to meet global carbon reduction targets. The warming is already baked in, so to speak. And we the people of [ Insert country here] need to start building port walls, piers, drainage channels, canals, pipelines etc, on an hitherto unknown scale. Could easily underpin a generations worth of employment.

    Even more, I find myself wondering if the guy who comes out with that acknowledgement could underpin a whole load more spending by talking about major global terraforming – everything from painting things white to watering deserts for crops, and tree planting etc.

    • reusachtigeMEMBER

      Sounds like a commie dictator to me. No thanks. Youse can all shove your commie calls up ya ar$ses!

      • infrastructure construction gigs might support better mortgage volumes than aged care or retail.

        ……..and if you thought real big we could probably import people just to build the stuff and flog them currently worthless desert to live on once they had built the required infrastructure (at an appropriate mark up of course). Maybe a Links course at Woomera Lakes, and just imagine recreating the Gold Coast on the shores of Lake Eyre!

      • The Traveling Wilbur

        Technically it’s on like Loderunner as Donkey Kong involves jumping over barrels and rescuing princesses and we need someone who can raise sea walls and save parts of planets.

    • bolstroodMEMBER

      Australia is set to become the Fossil Fuel Theme park for the world.
      Come on down and drive a V8, see a working coal mine , and still through a coal fired power station.

  13. So the Chinese Ministry of Public Security told the AFP that these properties were purchased from money stolen from Chinese investors but the AFP gets to keep the proceeds of the sale of the properties. Why would the AFP not return the proceeds back to the Chinese? Very generous of the Chinese in my view, nothing to do with greasing the palms of the local plods of course.


  14. Heywould JaBlowme

    Syd auction results – first set post RBA cut.

    Fake headline clearance rate = 54%
    Actual = 87/211 = 41%

  15. Heywould JaBlowme

    Little bit of second hand intel on the woes of an off the plan land buyer who bought in Tarneit. This was at work, via sister in law of purchaser who works on my floor.

    Typical story: Indian migrant couple, arrived 2013, both now PR, 2 x children under 5 born in Aus.

    Bought into a delivery franchise, very minimal returns but have been plugging away and not quite a disaster. Signed up for a block in Tarneit round mid 2017, only 5% deposit down. Price approx $325,000 due to settle July. Assumed business income would be better and bank would lend 95%, neither of which remotely correlates with present reality. Reluctantly advertised for a nomination sale on Gumtree.

    For those that don’t know: what is offered is that a new purchaser sucker steps in and takes over the contract and settles when the title is issued. When they do so, they only pay 95% since the deposit has already been taken.

    Pricing on this as between original purchaser and sucker is either:
    (a) Sucker pays the 5% deposit to the original purchaser plus a premium
    (b) Sucker pays just the 5% deposit
    (c) Sucker pays nil and so gets the property at 95% of original price (still well above market value in current conditions)
    (d) Original purchaser pays a small amount to (maybe not such much of a) sucker to sweeten the pot, meaning a > 5% discount. How much some people think they can squeeze is interesting. Read on …

    Now it seems the first course was to go to vendor (developer) and plead financial stress and please give me my deposit back. Apparently told – brutally – GTFO and if you do not settle, you will be hunted down and bankrupted.

    When put on gumtree, first tried it on with (a), then rapidly (b) when very clear (a) is just not an option. No bites so out of desperation then offered (c). Zero bites but several vultures putting forward (d) type options which amounted to a major back door ramming sans lubrication e.g. pay me an additional 15% of purchase price and I will think about it but you have like 1 day to decide or no deal. A few very aggressive replies telling them they are totally f#cked and are in no position to bargain. One reply wanted 45% of purchase price, arguing block was worth half of contract price.

    Couple are dumbstruck saying ‘We never knew Australia was like this. We were sure we could have a good life here. Why isn’t the Government stepping in to help us?’ Worse still it seems that this just cannot be explained to the parents back in India who are blaming the husband. IMHO not unreasonably so.

    • “Why isn’t the Government stepping in to help us” bahahaha… the govt did step in d1khed.. the govt ran a lax as a horse collar immigration ponzi for the corporate mates….and *help us* bahahaha christ someone ‘elp me gasp…govt helps themselves matey..

    • haroldusMEMBER

      This is why I am encouraging all of our vibrant new BAs to buy now or miss out forever!

    • A lot of people getting a rapid lesson in: (a) financial literacy; and (b) why greed is not a virtue.

    • TailorTrashMEMBER

      “We never knew Australia was like this. We were sure we could have a good life here. Why isn’t the Government stepping in to help us?”

      So I arrived with no money …,paid no taxes
      but tried to get rich in land speculation …..and I failed
      …i didn’t know Australia was like this …..the government ( tax payers ) of Australia should save me

      Well tough sh1t princess …I worked all my life paid more tax than you will earn in 20 lifetimes … never owned any speculative land and MY government
      still gives me no help ( past a $2.50 Sydney train ticket)

      Might I suggest you ask Mr Modi to fund your ticket back to India where I’m sure YOUR government
      will step in to help you . Now wouldn’t that be nice ….and entirely fair …yes ?

    • haroldusMEMBER

      What is the cost of having two children in an Australian hospital?

      The government, and legacy citizen chumps, have paid many multiples of their tax take.

    • They weren’t clueless when they quickly had two kids whilst on temporary visas to help secure their Permanent Residencies.

    • But of course, they won’t tell everyone back in 1ndia their reality, to warn others.

      Gotta save face!

      Keep wearing your fleece and gold ensembles, and chin up!

    • Is it just a vacant block that they are all buying? Or does it come with a cheaply constructed new build? Or DA approval for something?

      • Heywould JaBlowme

        Yes – land only. Begs the question where the F they thought they would get the $$ to build. I felt it impolite to probe further about how stupid the thinking was, but interpolating it does seem that the husband was convinced you could buy into some low brow delivery franchise and become a millionaire and retire early while you employed others to make money for you.

        I don’t know if others here have experience with this but my strong feeling is that a very, very unrealistic picture of life in Straya is being painted back in India.

        Arguably for vibrants who came over, say, 15-20 years ago they could well have had good results. But as we know people piling into the ponzi now are just going to get incinerated.

      • @hey but it’s others from the Subcontinent that come here, that paint the false picture, all for the sake of ‘showing off’ to the peps back home. All the time that they spend on WhatsApp they never say how truly woeful things are in Oz.

        “My Prakesh is Director of his own transport company!”

        “What, he drives for Uber?”

    • Search Gumtree land sales in Tarneit and check the names of the sellers. Couldn’t see any that weren’t Indian. Is this a popular area for vibrants to settle, or is it a case of mass speculation?

      • MaryleboneMEMBER

        Both. The mobbed train station is a sight to behold each morning. Luckily, some services don’t stop there on the way through.

  16. haroldusMEMBER

    How Good is Straya!


    How good is Straya?
    How good are Strayans?
    How good are miracles?
    How good is beer?

    How good is footy?
    How good is MacDonalds?
    How bad is Labor?
    How good is Straya?



    Getting those fcken libs to sing in time took me an hour.

    You’ll also find some old staggy songs here, and an excellent carp related song.

  17. Barty – there’s a name I searched for in the thread and couldn’t find. One of those just get on with it type of people. We need a few more of those – less moaners and more doers.

      • Yeah, really great win by Ash Barty, she played so well and appears to be such a well balanced, grounded sort of person. Champion!

        But really petty effort by some no-name reporter at the ABC:

        “Barty becomes the first Australian to win a grand slam singles title since Samantha Stosur won the US Open in 2011, and the first French Open women’s singles champion in 46 years.”

        It just so happens that the last Aussie French Open women’s singles champion was Margaret Court, one of the all-time tennis players, currently holding the record for most wins in a single grand slam event (12 at the Australian Open) and also for the most grand slam wins overall (about a thousand). It also just so happens that she currently has some unpopular views about homosexuality. So apparently in the ABC newsroom that makes her the equavalence of Voldemort and her name is not to be used.


        During the Aussie Open I noticed that the sports anchor on ABC radio, Julian Abbott (another no-name plodder), kept referring to “MCA” rather than say Margaret Court Arena (whilst referring to Rod Laver Arena by its full name). As I said, petty for pushing their own values set onto what is a sporting event.

  18. OK, my rant for this week. Festivals. Here in Perth, event holders seem to think it’s fair to charge you $30 to pay to get into a festival. What does the festival give you? The opportunity to buy things! Fvck me dead. This is like charging me $30 to walk into coles or the local pub. You AREN’T GIVING ME VALUE FOR ANYTHING! Why would I pay money to walk into something where aevery damn thing I want costs me more money! There is some 15yo kid playing a guitar as entertainment and overpriced food and piss!

    Bring on the recession!

    • Clearly still disposable income floating around.These things add up, at $30/head throw in lunch it’s a $100+ day out. Can’t see much value there.
      Same thing with Sydney Vivid ‘Festival’ the prices of some of the street-food, may as well have a proper meal at a restaurant.
      Designed to rip tourists as far as I can tell.

    • I don’t waste my money on rubbish like that I’d rather take the kids to the park or beach they enjoy it the same either way

      • Not even that is free anymore. Go to Palm Beach in summer and parking costs $30 for a couple of hours.

    • rob barrattMEMBER

      Cost of 2 beers in Brisbane – $20 (3 weekends ago).
      Cost of 3 meals shared between 2 in Indonesia – $15 (1 weekend ago).

      And “manufacturing”, “enterprise” whatever is going to come here? Yeah right…

    • The entry fee restricts entry to genuine consumers of market goods.

      You’re ultimately paying to signal to the market holders that you are a serious customer.

      The only benefit to the entry fee payer is you will be shopping with other serious consumers.

    • Food weekend in Melbourne.

      Ordered bacon roll for breakfast. Would you like a fried egg with it? Sure. It will be $6 for the added fried egg.

      $23 for a bacon and egg roll!!!

      • Mining BoganMEMBER

        For $21 I get 105 golf balls at the range plus a Furphy’s. Also have big screens showing sport I’m too tight to pay for. For the extra two bucks I can make a sammich at home.

        This budgeting of course doesn’t impress Lovey. She sees the $23 bacon and egg roll as being better value. Such is life.

      • WTF!!!! you can buy 2 fvcking dozen eggs for $6!!!

        Once again you can probably blame the organizers/council for charging the food truck $500 a day for the privilege of parking there.

      • Timmeh, at the Canberra Folk Festival the organisers charge about $2k for a coffee van for three days. That’s a fvck load of $4-5 coffees to sell just to cover the fee let alone make a living.

      • Wing Nut, yup, just another form of rentseeking that this country has become a world leader in. Fvcking ridiculous.

      • TailorTrashMEMBER

        $23 bacon and egg roll ? …..is this an exaggeration..or
        are there really places in this inflated bullsh1t
        country where this is actually a reality ..Jeez …
        I must be getting left behind by this new reality .,,

  19. reusachtigeMEMBER

    Ewww, I saw a poor person yesterday. It stunk like urine and it was begging! Poor people really are the pits. That will teach me to wander near public transport exchanges.

  20. Mining BoganMEMBER

    This week the ABC moves its property spruiking to frosty Canberra.


    I challenge anyone to find a tosh story with a more cliched ending than this…

    “Real estate agent Rina Jones said those looking to get into the market should be prepared as they began the process to ensure they got what they wanted.

    “First homebuyers, do your due diligence and really research the market,” Ms Jones said.

    “Get your pre-approval sorted nice and early, so you know what you can afford and avoid that disappointment when you actually do go and find the perfect property.””

    Arsehat. Anyone who did due diligence and market research would never buy.

      • Mining BoganMEMBER

        Exactly. There’s probably one in a hundred who have the dosh to say stuff it, I’ll buy and hang the expense because I can afford it. The rest are hoping they can afford it and hopefully house prices go up just in case and hopefully nobody loses their job and hopefully commuting costs don’t go up and hopefully the local school isn’t full etc.

        That’s a lot of hopium to justify overpaying.

      • rob barrattMEMBER

        You have it MB
        In a land where every manufactured item you buy is NOT made in Australia;
        In a place where a major industry is the selling of “Degrees” by universities relying on the ever dwindling perception that a degree from a Western nation near you (China & us) is worth something. Ever dwindling because we consistently lower our standards to ensure a pass for all, even those who somehow get through 3 years of lectures without speaking any English.
        In a land entirely surviving on a service-only (with the exception of Agriculture not yet bought by the Chinsese) economy which remains propped up by exports of coal, iron ore and gas– the lucky country. Except of course we pay twice as much for gas as the people we export it to…
        The result has been inevitable – the only way for most to make any money has been the ultimate in non-productive industry – buying & selling homes. Of course, this has meant we have to have explosive immigration levels to keep the Ponzi going. And the infrastructure? Schools, roads, hospitals, reservoirs? Send ‘em all to the bush – that’s the latest spruik.
        Even Catch 22 couldn’t match the current levels of our absurdity. An economy entirely predicated on ever increasing debt – never looking ahead in case it sees the end of the yellow dirt road.
        Hopium indeed…..

      • @Rob, what do you expect from a country that thinks putting over $1bn into the ABC (mostly light entertainment, when it’s not editorialising the news) is a good way to spend money?

        We have the government paying to advertise Killing Eve (a UK program that has nothing to promoting Australian culture) and other ABC purchased shows on billboards and bus stops, to pump up the dwindling viewing numbers of Auntie, so that inner-city types that hold disdain for most Australians, can keep their cushy jobs.

        Australia has become a joke. .

    • May I humbly suggest that the “perfect Canberra property” is in Jervis Bay. The first mistake FHBs here make is to actually look in Canberra.

      • That’s why Queanbeyan’s a viable option and Yass is also looking attractive if you don’t mind the drive. Mind you, first home buyers do not need a brand new 250 sq/m 4 bed room, 2 bath room, double garage house with matching his and hers SUV’s but that’s the built up expectation. There are other options in Canberra. Son’s coupe friends have bought a 2 bedroom unit on the lightfail line in Franklin. Happy as.

    • When a RE agent says do your homework it means get as large a loan pre-approved as you can, and look at the weekend paper to see what homes are selling for. That’s it.

    • Fvcking hate the term “due diligence” espeically when used by property types. It’s almost like they think it gives them some super investor skillz

    • I agree some of it is the fact that skillsets have changed with digital. But yeah I don’t see as many of my peers being useful with their hands as they are with spreadsheets.

      When I started my part time trade school course in panel beating, I couldn’t even use tin snips properly, I didn’t have the dexterity for it (and I had been working on my own cars for years), I’m so glad I have been learning to weld and use a variety of tools though, because when it comes to properties I’ve been looking at I can sort of figure out how things are built without ever having built them.

      There is a warehouse in Bentleigh it’s been for sale for ages. Asking too much.


      It’s awesome, but asking wayyy too much. Just looking at it though I have an idea of how they built it.

      • boomengineeringMEMBER

        Gav, you will end up doing better than that, a bigger yard to start. Don’t need to have those expensive fashionable industrial extras.

      • One of the issues is even if you have skills from around ‘home’ you can’t really use them if you renting anyway (beyond simple things). And before we complain about peoples general DIY skills, it should be pointed out that many of the high-charging so-called ‘tradies’ aren’t too sh*t-hot either despite it being their profession.

      • boomengineeringMEMBER

        V too true one aspect of my job is to rectify those ill fated attempts, sometimes beyond belief that the small section is beyond their grasp.

      • Yep trades people who don’t care are worse than amateurs who do care. My friend is a carpenter and always posts massive cock up’s he comes across when looking at people’s homes and how they don’t make things level or just botch them together.

        In panel beating the amount of times I see a panel sandblasted back to bare metal and the atrocious welding/bog under the surface is amazing. To think people often pay for that sort of work.

    • One of the issues is even if you have skills from around ‘home’ you can’t really use them if you renting anyway (beyond simple things). And before we complain about peoples general DIY skills, it should be pointed out that many of the high-charging so-called ‘tradies’ aren’t too sh*t-hot either despite it being their profession.

      • Eeeeh… you learn quickly the ancient art of covering up your tracks. Case in point: changing the diesel pre-filter on the Landcruiser, tip nearly 2litres of diesel on the driveway… followed by loud cursing, degreaser, and dumping of the sudsy water from the horse-rug washing machine to rinse it off… gardening? Sure! 3 trailer loads of horse manure, spread thick and worked into the garden beds makes everything come alive. Wanna make it look good? Sure, one trailer of wood chips from the the corner of the street where council contractors ‘accidentally’ dumped a truckload of the stuff… done!

        To an extent, it’s also about not going for the ‘convenience’ which as we know costs money. Yes, my way is dirty, it requires effort, but it’s free!

    • I never learnt any hand skills growing up but taught myself as an adult the basics by trial and error (not enough to impress anyone here, just enough to fix simple stuff) but it is still as satisfying or more so than any of the clever thinking stuff I do professionally.

      As a hobby, gardening is a good sweet spot for the relatively unskilled as it is not difficult skill wise, but takes effort, thought, attention to detail and you use your hands. And the results are all yours (if you can keep the possums away).

    • In my family’s older generations there have been numerous university professors and other such intellectual types and yet they all had a “manual” hobby which they developed to an advanced level (woodworking, restoring cars, making violins, etc). True multi talent.

      I’m thinking this sort of thing is probably a huge help to maintaining mental balance and sanity – probably all the more so in today’s excessively digital world.

      I should probably find something like that. I don’t think sh!tposting on a shut-in economics blog counts?

      • There are online guides for a lots of basic handyman stuff on YouTube and the like – this year I’ve changed a toilet seat and unblocked a kitchen drain so if there’s a deficiency in home DIY it’s probably down to the individual not having an interest.

        Agree about the mental health benefits of having a manual hobby. Used to be an avid video gamer, but after a while realised that while fun, after completing a game there was nothing tangible at the end of it. Games are also stupidly long these days, or one has to keep purchasing additional content which was never how it used to be.

        Have been a self taught guitarist for a few years, but last year got into plastic modelling. This has low entry costs, and there’s enough variety (cars, armor, aircraft, ships, sci-fi) and degrees of complexity find something interesting to suit most ages.

      • Since I’m into Vintage Cars I’ve met a lot of owners who have had these cars for years. Often many years my senior. I’m always amazed at what some of these blokes have achieved in their garages. I recall 1 bloke living in Ivanhoe in a nice multi-million dollar home, but his garage had a lathe and he would custom make parts etc..

        This was his car.
        Check out the engine bay photos. He really had over engineered everything, but he loved working on it.

        He recently got closer to 80 and decided to downsize and had to sell up. People were afraid to buy it simply because they had no idea how to work on it. 😀

        I remember asking him if he had any background in engineering. But no he was some director at a company and just did this for a hobby to keep himself occupied and challenge himself.

    • Lmmao …

      Get that a lot these days, not to mention manual arts problem solving, its like some of the young have low level autism. Hence why I let my boys have a go with my tools since young.

    • I grew up with computers too and msn chat etc. but never really got into it like the kids today do. I used to make furniture and I painted our house as a teen as a hobby on school holidays. When I got a car I serviced it, changed the head gasket and brake pads with the manual book not even YouTube. As an adult you save tons of money by doing things yourself and it’s rewarding. My friends spend a lot of money on basic things like adjusting bicycle gears at a bike shop or repairing dings on a board at the surf shop for example. At least try it yourself and if it fails then take it to the shop. My kids aren’t learning to write at school they go straight to the ipad which I think is sad. I got to teach them the basics myself

    • The Grey RiderMEMBER

      As a keen young tennis player back in the day, I quickly learnt there was value in stringing my own racquets…bought an Australian-made electric stringing machine new back in the late 80’s for what was then the biggest purchase of my (teenage) life (went halves with my brother). The machine is still going strong after 500 plus restrings…I reckon it paid us back within the first 12 mths, and has saved me $10k plus over the years, not to mention the convenience and satisfaction of doing it yourself.

    • drsmithyMEMBER

      Kinda like the oldies who can’t figure out how to use a computer or smartphone.

      No previous context for understanding makes things very difficult to work intuitively or learn as adults.

      • Concur with the caveat that manual arts uses the whole body, everything I do from spraying, sanding, to using a brush/roller necessitates moving my whole body to accomplish tasks with skill. This takes years to learn and understand from experience, so its more muscle memory than direct thought, thought is utilized for observing the material being worked and the desired results.

        For those above thread that gripe about trades people, its a market own goal. All the older talent was driven out for younger more malleable people as a wave of “best business practices” replaced construction with sales and MBA driven systems in running things. Think I’ve mentioned before working on site alone only to have a young 20s kid in white polo shirt, slacks, and shiny shoes inform me he was the new site supervisor, after asking what I could do for him. When asked how many sites he had I was informed 11, that’s right a no more than 2 year journeyman chippy was given a phone and company car and presto …. site supervisor. Needlessly to say at probably half the cost of a older sort, with a performance based comp – base arrangement.

        Best bit is I said after being informed of his position was you guys keep getting younger by the day, his instant response was – “we’re bringing a new energy to the market place” … lmmao ….

        BTW last Queenslander I did in Ashgrove, the recently retired QUT prof and his wife, shook my hand and thanked me for everything done [on time everyday (actually 15 min early or more, amount of work done with in the time used, direction to staff about standards and work ethic, etc), even said I put some faith back in his opinions about trades people.

    • Heywould JaBlowme

      I believe that the gentlemen guests at Resusa’s relations parties have been commenting on his lack of hand skills of late.

    • Yep. There are no facts or real debates any more, just tribes.

      Ideally, we should all just pick a tribe and then outsource all our thinking to them. Whatever the issue is, there are no prizes for thinking or questions. The prize is for repeating the tribe’s view the loudest.

      • The Traveling Wilbur

        You realise you just described:
        Most non-finance white collar ‘modern’ Australian workplaces


      • Wilbs my intention was to describe EVERYTHING. It is the unifying theory of the decay of our times.

        Except MB of course.

      • The Traveling Wilbur

        Ah… then we are in concurrence, as I was picking the archetypes for the thing that already exists everywhere that you were describing perfectly.

        So by “We” what you mean is “MBer’s” need to do that. Got it.

        Though just be aware some of those sneaky MB backstabbers have already got some of those new fangled BookMyFace accounts I hear all the kids talking about these days. I think that means they’re Team Jacob or something.

    • Not surprised by the Fake News crowd. A tradie mate will not hear a bad thing about the Libs, there’s just no point in trying to have a rational discussion with someone who firstly doesn’t understand the complexities of the argument and secondly is just not interested. That go me is the microcosm of the aspirationals.

    • boomengineeringMEMBER

      Nature has a way of equalizing overpopulation, if not with wars, then with plague, pestilence, famine or gender role reversals.

      • The rare South Eastern Red Neck Pecker head has become a indangered species. Being pushed out by the Indian minor bird and the chiness ju ju bird soon to follow the slow moving Australian D0 D0 all so known bogandinus Australia’s to Extinction its Darwinin Wh0 could knowed l0l

      • rob barrattMEMBER

        Come now Boomengineering
        Gender reversal’s not all that bad. Imagine how safe we will feel when we know there are regiments of Julia Gillards out there to protect us from those female Chinese hordes.

      • boomengineeringMEMBER

        The Indian Myna, Mynah or Mynor should be culled but the Noisy Miner (Aussie) is rightly protected.

      • desmodromicMEMBER

        @ Boom The Noisy Miner loves forest edges and has increased due to the reduction of our forests to smaller and smaller remnants. Through their strong defence of food resources, this increase has come at the expense of many other native bird species. Some ecologists are now arguing that noisy miners should be culled/controlled.

      • boomengineeringMEMBER

        Thanks Des didn’t know that, bit like protected groper destroying the coral.

      • Boom don’t get your buggies smugglers in knot just a bit of hubirs on scomos side not mine. What’s that old saying breed em out in twenty years we wiil be a bit browner is all good uv protection no need for sunscreen nothing stands still got keep changing evolving to be winner in the most exceptional country on earth. There’s money to be made in them Indian myna birds

    • So racist. If africanised bees or African gangs is not enough, now it’s African swine fever.

      • LOL, no it’s more along the lines of Ex Machina.

        @Harry sounds like you need to rent this beach side retreat up in Newcastle. I hear they have quite interesting parties. Sounds like your thing. 😀

  21. Can anyone explain why every Oportos franchise is owned and run by Indians? There must be a reason for it.

    • I’m guessing because everyone else has worked out what a scam franchises are in Oz? With all the bad press they’ve been getting targeting the newest arrivals makes sense and you’d need the visa labour lined up for it to be even remotely viable. I do have some sympathy for them, late to the party in more ways than one.

  22. I just got a brochure dropped in my mail for Telstra internet. Half of it is in Mandarin. Is this common now?

  23. boomengineeringMEMBER

    Colin & Fisho
    ATM, halfway through stainless steel direct drive shaft for that human bone mill I designed. 50mm OD, 18mm internal hex mill side, 24mm internal blind keyed gearbox side. Will lathe machine gearbox spigot locator & seal groove in to be welded aluminium holding frame with slotted 25mm thick alum mill body holder at factory as Colchester too small & need 4 jaw.
    Wish me luck as if it doesn’t perform they won’t pay me, so for now, back to work.

  24. Some news in the move from ICEs to BEV. Toyota, Subaru, Suzuki and Mazda are combining to go hard in the electric vehicle direction.


    They join Volkswagen, Renault and the Mitsubishi group. Suzuki is the major manufacturer and seller in India. Toyota joined up with Suzuki to look at introducing BEVs into that market a while ago. The Japanese government will also provide support to enable a showcase of tech at the 2020 Olympics. This could be as big as it looks.

  25. Add this to the list of things that’ll come back to bite Morrison’s lying dishonest Government square on the azz.

    • The best thing about Australian household debt, is that it keeps in increasing even as house prices keep falling. Which just proves everyone is living the extent / pretend lifestyle.

      Buying things they can’t really afford and hoping for that sweet equity increase to paper over those cracks.

  26. Mining BoganMEMBER


    The pre-match interviewer Sanjay just asked the same question to Kohli in three different ways. Kohli was obviously stunned at the third attempt because of the “as I said before” in his reply and the eyes darting around in disbelief.

    Hopefully it puts him off his game.

    • Lol I noticed that too. Looks like another Indian home game. Can’t wait until Slats is replaced in the comm box. I only laugh at my own jokes when other people do, Slats just goes solo. Interesting piece before the game with Kholi talking about how he loves to chase and only feels like he’s in the game 100% when he does, then he wins the toss and bats.

      • bzunicaMEMBER

        My goodness the boy can talk. He would talk over the delivery if he was allowed to. Time to mute the commentary

      • Matilda’s 1-0. Leave it to the Aussie women, they know how to put up a challenge.

      • WN, Matilda’s will have to improve fair bit if they are to be medal contenders. Right now they play against Italy that is below average team and still struggle to dominate. Commentators hoping Italians to run out of legs. That won’t be the case with the Germans, Americans, Brazilians etc.. very flaky defence.

  27. Just watched “Vice” on Google Play. The story on Dick Cheney. The damage he did with Bush.. I mean I knew most of it, but still. No wonder we are doomed when it comes to politics.