Weekend Reading: 20-21 July 2019

Global Macro / Markets / Investing:

Americas:

Europe:

Asia:

Trans-Tasman:

Comments

    • I stopped read reading when the writer blamed the “lefties” as the perpetrators of the mass immigration racket. Utter bollocks. The mass immigration racket is just as much a right wing con job as the left. Sure Morrison might have stopped the boats but other avenues were made available to exploit mass immigration on a far grander scale than a couple of thousand boat arrivals.

      Like Trump’s wall, ScoMo’s stop the boats was a pure play to the bogan fvckwits in the Shire who are too stupid to realise the are two to three times as many arriving by plane and through student and fraudulent work visas.

      The exact same thing is happening in the US as is any right leaning government with maybe the exception of Israel but that’s because pretty much every cvnt wants to do them in so it’s more out of self preservation if anything. If you believe that bullocks I’ve got some good snake oil to sell ya; makes you believe anything.

      • Not stupid fvckwits. There is little choice. One of the major parties will get power and they both want high immigration.

      • well – they mention “left” wing two sentences in, or in the last paragraph. Ctrl-F, so either you read nothing and jumped onto your cognitive bias with gusto – or you read all of it.

        That said – anyone who has been following global politics, and domestic, who thinks it isn’t the left pushing mass immigration is a deeply self deluded.

        There is no doubt that the right wing initiated it, and Australian politicians push if for housing, however that quickly evaporated when they realised they could just offshore – only Australia retained that mantra for housing.

        Its now an ENTIRELY left wing spin – and of course, you are a racist, nazi, fascist etc if you doubt that.

        The US is entirely overtaken with it as it will deliver the Dems election power as the US will be minority white withing the next decade is current trends continue. Europe was morally posturing and in both cases it has backfired catastrophically.

        But you, of course – well, Ive never met a left wing person who will hear anything negative about the left wing – thats why they have lost power in almost every single country on earth – refuse to listen. No it alls – who are eminently wrong. Dunning Kruger writ large.

        .

      • drsmithyMEMBER

        That said – anyone who has been following global politics, and domestic, who thinks it isn’t the left pushing mass immigration is a deeply self deluded.

        The left hasn’t been anywhere near power for decades. I think you mean centrists – ie: neoliberals with (occasional) social consciences.

        Certainly within the Anglosphere, high immigration has occurred under increasingly right-wing Governments, as a manifestation of their supply-side economic ideology.

        While the left hasn’t pushed back against high immigration much (or at all), and have been far too easily distracted by refugee red-herrings, but they aren’t within a bull’s roar of dictating policy. If they were, immigration would be dominated by refugees and family reunions, not fake students and low-skilled workers to feed the capitalist machine under the guise of “economic growth”.

        This whole “Great Replacement” conspiracy is unnecessary in the face of far simpler and more obvious explanations.

      • Stewie GriffinMEMBER

        Here is Barbara Lerner Spectre from Sweden explaining how important her people and her culture is in regards to the transformation of Europe:

        https://www.youtube.com/watch?v=c3WjrQCwoVI

        Of course there is no “Great Replacement” conspiracy – there doesn’t need need to be when the agents of change are only seeking to carrying out and project their own cultural beliefs, values and sense of destiny into the future, and if it doesn’t accord with our own…. too bad.

        ¯_(ツ)_/¯

  1. Australia has the world’s highest minimum wage – The Economist

    Australia has the highest percentage of foreign workers in the OECD – so the effective pay rate is actually A$10/hour.

    Australia actually has a wage ceiling – as soon as a job starts paying more than $55k/year, bosses can import an unlimited number of foreigners and the salary falls back down to $55k/year again.

    Soon, 90% of the people in AUS will be on less than $55k/year.

    The Dutch tax system entitles each resident in the Netherlands to a tax-free capital threshold of €30,360 in 2019

    Does that mean the income tax free threshold is over A$47k?

    The Netherlands is a socially conscious country, and higher earners can expect to pay a substantial proportion (up to 52%) of parts of their salary to the taxman.

    Beautiful. Lift the income tax free threshold to $47k and exclude the rich ($200k/year household) from negative gearing handouts and private school handouts.

    • also, you get a smoke & a pancake (or pannenkoeken, blintz, stroopwaffle, oliebollen and poffertjes) mmmmm……….

      • Most people get around on bicycles – so that is $800/year saved on number plates and another $1000/year saved on petrol.

    • See you’re being equally hateful about foreigners and hard working households this morning. Reading these kinds of articles clearly isn’t good for your work ethic or mental health.

      • boomengineeringMEMBER

        My latest bio medical projects are off to the parent company in the USA brought there by the general manager so finally get some rest after longs hours 7 days per week with 4.30 rides etc beforehand.
        My mental health needs one of those Amsterdam cafes atm and chill out.
        Crossing my mind to escape Au, anyone advise on Portugal?

      • Well it’s a shame all that hard work isn’t paying off for you. Probably the fault of those foreigners.

      • RecessionImminent

        You are a foreigner Andrew, this is the one Australian site where criticising immigration is okay, and you’ve come here and refused to assimilate, hopefully you will be deported back to Mises.org or the Liberal Party Facebook page where you can be happy.

      • RecessionImminent

        Go ahead and migrate to India where you can truly compete in a global market Andrew, go make the $1 per hour that your work is actually worth. I prefer the still-high standards of living we have in Australia, hopefully they will remain that way, not thanks to people like you.

      • Boom- Couldn’t recommend Portugal enough- cheap housing, beer and friendly folk. Hard to turn a dollar, but I would give it an A.

      • I’m already competing in a global market and winning. Telling me to move to India is a bit hysterical but typical of what you’d expect from a snowflake.

      • RecessionImminent

        Sure you are Andrew — why don’t you share your CV with us? Or you could just tell us which Fortune 500 company that you are the CEO of. I’m not the snowflake who insists that the world MUST change to be the way that suits my ubermensch ideology, open borders and all. That is you and your ilk.

        I am just an ordinary guy, like the vast majority of Australians, not an ubermensch like you, and I would like to retain a decent standard of living and not be flooded by the migrants you adore, many of whom have bad attitudes like yours but not your vast wealth and success.

      • All I offer is hard work, not deportations, and not the forced removal of property from people who happen to have produced more than you, to ensure that you retain your perceived entitlement to riches. You’re the archetypal snowflake.

      • RecessionImminent

        I’m sorry Andrew, if I gave a damn what Mises or Hayek had to say, I would be on their website imploring all who can see to just abolish those pesky borders and allow migrants to flood in and reduce developed world standards of living to Indian levels, while I remain unaffected (well, actually wealthier I suppose) in my private estate and with my vast financial resources (naturally open borders will NEVER apply to private property or real estate). I do not give a damn about your ubermensch ideology which benefits only you. If it makes me a snowflake to support the status quo then fine — it’s quite a reversal of what I understood “snowflake” to mean but very well.

      • Good luck with your universal message of hopelessness caused by foreigners and mythical globalists on large private estates. Next thing you’ll be telling us it’s all a conspiracy by the j€ws.

      • RecessionImminent

        Yes, I’m sure that the people who are responsible for our high immigration rates are living paycheque-to-paycheque in a dingy apartment in Blacktown so they can enjoy their invention. Triguboff et. al. must be moonlighting to experience that wonderful life, all this elite private jet Davos business is just… just… um, a cover for their true pleasures. Monaco, the Hamptons, these places are similar to Bielefeld: they do not exist at all. That’s more absurd than even the wildest conspiracies I’ve read on this site.

        Even more ironically, like most libertarians, you no doubt are “woke” to the idea of regulatory capture and croneyism — I’m sure that extends to everything the government does except for immigration, right?

      • Relevant StakeholderMEMBER

        Hey Andrew, how about when Israel has open borders we’ll open ours.

        We’ve imported millions of young men from 2 nuclear powers a billion strong each, one of which has the largest manufacturing capacity in the history of mankind.

        What’s Israel got to worry about? a few mussos and africans? Are they …. snowflakes?

      • Relevant StakeholderMEMBER

        What about that Ghislane (sp?) Maxwell woman procuring goyim girls for Epstein and friends. Her dad was Mossad wasn’t he?

      • Mate, have you ever considered that, with only hard work and not a lot of skills, you wouldn’t have gotten nearly as far in an economy that wasn’t as debt mad as ours?

        You crow about how your hard work has made the difference but I wonder if life and other people’s debt whirling around you, and giving you a massive tailwinds, has actually done most of the work.

        I suspect this is the case, and you massively over-estimate the contribution of your own efforts, and where lots of hard, relatively low-skilled work can get you in a non-debt-psycho economy.

        As a result, your comments are simplistic, stoic and calloused, and what you’ve experienced won’t work for many others because you simply aren’t considering enough circumstances.

        Part of that is that your personality is simpler, and less mentally and emotionally complicated, meaning things just don’t affect you as much – a stoic. But you also credit this to your own choices, when it’s actually, again, got very little to do with you.

        I know a number of people like you, and they think similar things, and express similar simplistic, stoic views, and display similar ignorant hard-heartedness towards others; they tend to judge others for their own struggles, and tell them that if they “just did X and Y” (which is code for being like you) then their problems would be solved, this further justifying your self-righteousness.

        Your not all you crack yourself up to be. No one is.

      • Thanks Relevant Stakeholder. Very informative. And as you know, it was Abraham Lincoln who said everything you read on the Internet is true. I must say that I fancy one of those attractive tinfoil hats. Tell me, do they protect you against all foreigners or just j€ws? What do you wear to protect yourselves against the chemtrails? That Robert Maxwell was very dastardly. Not only was he a pension fraudster but he was up to his eyeballs in the conspiracy to stop you getting hold of a cheap house near the Sydney CBD. Along with those owl worshipping Davos people, “neo-liberals” (chortle), and Margaret Thatcher. It must be lovely to live in a World where all your failures are the fault of shadowy underground figures and nasty foreigners, and are nothing whatsoever to do with your own negative prejudiced attitudes.

      • Relevant StakeholderMEMBER

        So is the Epstein thing still deemed a conspiracy theory? wasn’t he arrested and plastered across the news?

        Sometimes it’s hard for me to keep up, I can only access the internet through public libraries and maccas.

      • So Epstein molesting a child is the reason you can’t buy a cheap house near the Sydney CBD? Or is it because of all j€ws? I’d have thought the hat would have provided you with some protection.

      • Relevant StakeholderMEMBER

        I just thought it was amusing that you attempted to smear RI’s arguments regarding immigration by referring to jewish conspiracies because…
        a) they built a big f*&^k off wall to keep out ‘foreigners’
        b) they declared themselves an ethnostate
        c) there has been an actual jewish conspiracy involving US Presidents and British royalty all over the news!

        I must say Andrew, you’ve got chutzpah! probably why you’re such a success!

      • You just need to focus on achieving your own success. I’m sure praying for a house price crash and rampant anti-semitism will get you there.

    • highest minimum wage in what terms?
      With that wage it’s impossible to buy a home in place in Australia with more than 5k population.
      Minimum wage in NYC and many other US cities (USD $15/h or AUD 21.3) is higher than in Australia, they pay less tax and that minimum wage can buys a house in Newark 20km from Manhattan (houses there are less than 3 times NYC minimum wage)

      • Even StevenMEMBER

        And your solution is to lift minimum wage (presumably to multiples higher than other countries?) or to… bring house prices down? I favour the latter.

      • Even StevenMEMBER

        @gavin

        To take an extreme example, if we legislate that our minimum wage is set at a level such that it is 3x the minimum wage of any other OECD country, what do you think might happen?

        Do you think Australian workers will be in high demand or low demand?

        It would be an interesting experiment. We could boast of the highest wages in the world… for those that have a job.

      • Was interested in this comment, so did some searching and the property does seem very cheap in Newark, then I started to look into why…

        “There were 36 murders per 100,000 Newark residents in 2016, nearly three times as many as any other city in New Jersey and the fifth most of any U.S. metro areas. While the relationship is complex, crime is often highest in cities with limited economic opportunity. In Newark, 7.9% of the workforce is unemployed, and 29.7% of residents live in poverty — far higher than the respective 4.9% and 15.5% national rates.”

        https://247wallst.com/special-report/2017/11/13/americas-25-murder-capitals-2/6/

      • boomengineeringMEMBER

        Even Steven, it’s a juggling act to get the balance right. High minimum wage incites technological advances to rid us of menial tasks but brought on suddenly could harm the economy. Bringing in low skilled workers does away with this need and necessitates more low quality housing and infrastructure. Imagine the hospitals clogged up with human road sweepers hit by vehicles.

      • SweeperMEMBER

        Even Steven my guess is it wouldn’t have much effect on employment but would create a much better country overall and reduce inequality etc. Krueger and others proved that minimum wage hikes don’t necessarily increase unemployment especially in the neoliberal era where union membership is low and employers are already receiving excess rents through market power (evidenced by decline in labour share of GDP since Keating).

      • Even StevenMEMBER

        Lift minimum wage to 3x that of other OECD countries. Here’s what I think would happen:
        Any possible job that does not require a physical presence in Australia will be outsourced to another country. This is a lot of jobs.
        The cost of Australian exports will rise sharply, reflecting the higher cost base. Fewer Australian exports will be sold and only highly profitable enterprises that can absorb the margin loss will survive. Many will not.
        This will cause a cascade effect on the economy – ultimately savaging GDP.
        Unemployment will lift sharply and the economy will become divided between those that have jobs and those that don’t.
        If taken to extremes, inequality will worsen rather than improve (Not necessarily the case for modest lifts in minimum wage).

        The only sustainable way it can work is if you sharply reduce the population on Australia such that profitable enterprises (given such a constraint of very high minimum wage) roughly match available working population.

      • @ES reducing our population is certainly one way to enable higher minimum wages however the other path is to dramatically increase our tradeable skills base and profit directly from our skilled human capital.
        I know which path I’d rather see the country take but alas this outcome seems increasing unlikely.

    • Its very difficult to get people to question their previous held beliefs from environmental indoctrination – bias – path dependency and consider views which challenge those core mental anchor points in determining reality.

      Heck I was a kid in AZ during the Goldwater years [Governor] and family owns hundreds of thousands of acres of gold, copper, and other geological bearing land. Sold my gold at peak post GFC and have never looked back.

      Yet watching you over the years has been informative.

      • good point but I will not be shocked if they did mess up and shot one of their own. Especially if the Iranians blocked that drone’ss comms and could not relay info that it is a friendly.

    • Hey BE hope you’ve been well I’ve been away and now have so much work I won’t be posting for a long time. I’ll look now and again. All the best with your work and training/health/cycling. I saw you other mental health one above…my advice is don’t watch TV or look at any media that’ll stir you up. I’m 99% switched off everything MSM and pretty much focused on good stuff/cycling/surfing/education/life and some very good software contracts.

      • boomengineeringMEMBER

        Afund ,thanks for the concern, Mike is in Greece and Simon wanted to do North Head 5.00 this morn instead, I warned him that was my training hill. Left him for dead. No real mental issues just was over worked and starting to make mistakes. All behind me now and had most of yesterday ( with a crowd shortened surf ) and today off except for cutting trees down for the missus ( she likes cutting people down as well ). Plenty of neatly cut firewood for Simon.
        Noticed no posts from you and was beginning to get worried, traffic and cycling don’t mix.

      • boomengineeringMEMBER

        Satisfied my cafe chillout addiction at Flower Power yesterday (garden center Warriwood) but no weed s there though. (as per high above post ).
        He’s on the turps so can’t pick the wood up, something about North Balgowlah?

      • reusachtigeMEMBER

        LOLOLOL!!! You make your lack of social integration ability sound like a skill rather than the eroded mental capacity that it is.

      • boomengineeringMEMBER

        Boathouse cafe Fairy Bower atm reflecting on the dumb posts done under 2.45am stupor. Quite anti social being first ones here. At least Winnie our Kelpiie dosent chase the Brush Turkey’s.

      • The Traveling Wilbur

        I’d question, whether you hit the, mark, with that one.

        Heh. Heh-heh-heh. Heh.

  2. I felt compelled to post this article about a pensioner who bought a $1 million flat on unremediated land.

    An owner of a unit in an inner-city Sydney apartment tower built and then abandoned over toxic land concerns says he has “no power” after buying a $1 million home.

    Nick Rehac, who is on a pension…

    Maximum Sydney. He’s even got a Easts beanie on.

    • Buys a $1M unit while getting the pension? Any one else think the management of our welfare system is a joke?

    • Ronin8317MEMBER

      You missed the article where the pensioner said he bought the 1 million dollar apartment for his DAUGHTER, with cash, while still on the pension.

      • What’s the fuss – everyone’s a millionaire these days. Aren’t you?

        By the time my generation retires we’ll all be billionaires. Like the Venezuelans.

    • Jeepus. You guys make it sound like retiring in a shoebox apartment with a pension barely big enough to pay utility bills is the lifestyle of the rich and famous.

    • Didn’t that pensioner actually purchase said dog box after doing the right thing and downsizing from his oversized family home? Guaranteed he sold the old home to a nice young family for an affordable price giving them the chance to gain massive property value as he enjoyed over the years. I was intrigued about the pension/million bit until I read about the downsizing, seems pretty standard for a pensioners’ “primary residence” in Sydney.

    • Golden Rain the developer living up to it’s name and pissing all over the dream of a millionaire welfare recipient

  3. The Traveling Wilbur

    Earlier this week a fully restored Reusa called for a “Royale commission” (possibly with cheese) into, well, that’s irrelevant really. Reusa, calling for an RC? Now that’s a whopper of a precedent. Have no fear, steps have been taken to ensure he’s back on the top of his usual game. (now now Timmeh, behave). Especially now our Glorious leader in the seeking of prosperousnous is fully restored and untarnished of image:

    Good to see you’re looking your usual handsome and prosperous old-self, in full, again. Congratulations and welcome back.

    Just remember though, ironically, that RCs are only for ugly people who won’t accept the reality of how to get ahead and do business in Australia, properly.

    Fair dos. Especially if they involve the breaking (allegedly) of a badly written law or an unclear regulation or two or 20,000. I.e. Fair do-overs.

    Aequitas sodaaalis. Maaate.

    • That was good. Can we just outsource our governance to a Scandinavian or Nordic country? Maybe a combination. We’ll get Iceland to deal with financial crimes; Sweden can deal with manufacturing and workplace relationships; Norway can handle the management of economic rents, health and education; and Denmark can do whatever it is it does so well. And, as a bonus, these places are the easiest places to get rich.
      https://youtu.be/A9UmdY0E8hU

  4. Anyways..

    PGM – I’ve been looking at this stock and thinking to put few dollars. Has anyone else looked at this stock?

  5. Or, more accurately, they attacked what they thought the theory to be. MMT is more nuanced than the “governments never have to pay for stuff” caricature it’s earned among other economists, and MMT advocates are famously (and often understandably) ornery when they sense they’re being misrepresented.

    At the same, that caricature gets at what may ultimately be the most important effect of MMT as an idea: It could convince some Democrats to break away from the view that spending always has to be “paid for” with tax increases. How many Democrats buy that conclusion, and how far they’re willing to take it, remains to be seen. But some are already moving in that direction: While emphasizing that “debt matters,” Sen. Elizabeth Warren (D-MA) recently noted, “we need to rethink our system in a way that is genuinely about investments that pay off over time.”

    The rise of MMT could allow Democrats to embrace the de facto fiscal policy of Republican presidents, who tend to explode the deficit to finance pet initiatives like tax cuts and defense spending, leaving Democrats to clean up afterward. MMT could be Democrats’ way of saying, “We don’t want to be suckers anymore.”

    https://www.vox.com/future-perfect/2019/4/16/18251646/modern-monetary-theory-new-moment-explained

    • So MMT makes Democrat’s more comfortable with caving in on Republicans demand for more tax cuts for the rich. Great. What a useful theory..

      • Tax cuts for the rich is trickle down.
        As is claiming that reducing the cost of doing business will boost growth when growth is obviously held back on the demand side. The cost of capital is basically zero. MMT is perfectly compatible with neoliberalism as Henwood said.

      • Your singular focus on tax without considering all the other aspects is a bit suspect sweeper.

        Doug – ????

      • Are you suggesting taxes are the linchpin vs governments ability to write laws … curious …

        Thought the NC link offered a better view of the situation.

      • Who controls resources determines whose interests laws serve and there enforceability.

      • Then your complaint about MMT based on tax alone is a bit wonky when neoliberalisms ownership of framing allowed discourse seems more relevant, E.g. Krugmans new [tm] Keynesianism and how Lars unpacks it I.e. dead set neoliberal foundations.

      • Its not about tax alone. That is just the practical side.
        The theory is also completely wrong and anti Keynesian – but that is less important to practical effect if MMT were tried.

      • Whats the data on corporate taxation over some decades, state and nation arb, remember walmart et al.

        Anywho I thought the issue was personal taxation first and foremost, yet some find agedas like this – https://twitter.com/AOC/status/1151868495824642049 Anti Keynesian – ???? – I think your use of the word is pretty loose sweeper.

    • Skip, I don’t know whether you’ve been following the circus that is the Democratic nomination but virtually every Dem has promised handouts for all sorts of crazy stuff — trust me, if any of those loons get in dollars will be raining from the sky and utopia will be upon the American population. Prosperity for all! Finally.

      While the Republicans have long since abandoned the pretence of fiscal rectitude the next Dem to take over is going to take it to the next level.

      • Dominic you fail to reconcile that your hard money preference is not an argument relative to distribution of core social programs such as health or education – money is not a scarce resource. Its distribution is more a factor of political agendas with a side of ideological dogma after decades of Austrian and neo Classical doctrinaire platitudes.

      • DominicMEMBER

        To the extent that socialism and fascism are but two degrees separated you are correct

      • I forward the old labour social democrat platform or even a Eisenhower republican agenda, have no time for third way blue dog corporatist dino democrats.

        Yet libertarians think everyone else is a fascist if not a doctrinaire libertarian [heads explode on trumps anti crypto views] because freedom, maybe some should look at that list of freedom and liberty medals and what they have wrought upon the unwashed.

      • Please Domenic the Hayekian market is freedom and the governments always end in fascism is a wee bit tired trope, I mean he had to write two books, one for European consumption and one for the Americans, lest we forget whom funded his ideological musings.

        Sad actually because previously him and his attempted to do rigorous economics until elite funding made him the butt of an Upton quote, then spawned the Chicago school …. but yeah you two [faithful] are paranoid about totalitarianism …. lol

    • DominicMEMBER

      You’re right, skip, money is not a scarce resource. All you need is a printer and plenty of paper.

      However, the laws of economics suggest you cannot control it’s value if you do not respect the concept of scarcity. Just ask Robert Mugabe or Nicolas Maduro.

      Ctrl + P. It’s just too tempting …. That’s humans for you.

      • The “laws of economics: …. lmmao … how many of your so called laws are in taters …. and least we forget most were refuted decades ago, but some decided to cling to them anyway – out of faith as it were … some bloke came down the mountain full of elites funding and then chastised the unwashed for their moral wantings … chortle ….

    • You are conflating the laws of economics with the simply faulty economic theory that dominates the mainstream these days and informs the establishment view the world.

      The elites expend their energies trying to bend the laws to their will, mainly to cure perceived social ills or to perhaps to boost the economy just ahead of elections or keep a bubble afloat. Of course, there is nothing more bogus or intellectually bankrupt than the idea that an economy should be ‘managed’. But the world is full of both impressionable people on the one hand (who are easy to dupe) and then a small cadre of ambitious people on the other who are quite happy to employ any tool to advance their ends.

      Knowledge is a wonderful thing, skip, but it needs to be the kind gleaned from credible sources not conspiracy theorists and BS mongers.

  6. NEW ZEALAND … While awaiting imminent and long overdue major government announcements dealing with the structural issues of urban limits abolition / land supply and proper debt financing of infrastructure …

    … Auction numbers at low levels, could go lower over next few weeks …

    The number of homes offered at the latest auctions was up slightly on the previous week but the sales rate took a dip … Interest Co NZ

    https://www.interest.co.nz/property/100792/number-homes-offered-latest-auctions-was-slightly-previous-week-sales-rate-took-dip

    New Zealand real estate agencies estimated to have earned $390.7 million in residential sales commissions in the second quarter this year, down $77.9 million from $468.6 million in the second quarter of 2016 … Interest Co NZ

    https://www.interest.co.nz/property/100763/nz-real-estate-agencies-estimated-have-earned-3907m-residential-sales-commissions-q2

    … with a major lift in affordable new housing production required …

    Kiwibank economists say despite the residential construction boom the country is still falling short of what it needs to build; further short term weakness seen in Auckland house prices, however … David Hargreaves … Interest Co NZ

    https://www.interest.co.nz/property/100767/kiwibank-economists-says-despite-residential-construction-boom-country-still-falling

    • Survey finds Kiwis’ backyard dream still alive and well – Westpac Bank Survey … Scoop NZ

      http://business.scoop.co.nz/2019/05/28/survey-finds-kiwis-backyard-dream-still-alive-and-well/
      .
      .
      … Note ‘flight to affordability’ articles 2019 section http://www.PerformanceUrbanPlanning.org .. and sales trends for townhouse / condos and detached housing … latest ( June 2019 ) Houston Association of Realtors Monthly Report …

      https://www.har.com/content/mls

      • The back yard dream is still very much for many Australians but we’re constantly being told that high density living is good for us with many being priced out of owning a decent block. Asshats.

      • Wing Nut …It enen surprises me just how determined the young are to get a place with a backyard … to grow veges, have fruit trees and chooks and all the rest of it.

        I suspect if Aussies were surveyed on this issue, their views would be much like the Kiwis.

        My co author of the Annual Demographia Housing Survey Wendell Cox wrote this recently as well …

        THE ‘NEW ZEALAND DREAM’ IS STILL ALIVE … WENDELL COX … NEW GEOGRAPHY

        http://www.newgeography.com/content/006327-the-new-zealand-dream-still-alive

      • wingnut ….

        The middle class before suburbanite sprawl resided in cities, steel, automotive, and oil concerns forwarded a profit driven agenda to use the house and a car as some wonky Bernays freedom PR to entice them to relocate. Best bit is previously this was mostly outer city farm land that feed cities with fresh local produce by local farmers, once that was consumed they moved on to historical flood plains and dodgy geographical locations.

        This reversed during the intercity rejuvenation gentrification era to buy up depressed land and build work space and accommodation for FIRE sector workers … now you have immigration to service their needs … chortle …

      • Important early July report … encouraging building consent trends …

        Residential construction shows no sign of slowing down as new consents hit a forty five year high, pushed up by a strong rise in consents for townhouses in Auckland | interest.co.nz

        https://www.interest.co.nz/property/100502/residential-construction-shows-no-sign-slowing-down-new-consents-hit-forty-five-year

        Notice in particular, by going to the Canterbury graph, how, since the 2017 election, Canterbury consenting has lifted from about 360 per month to about 440 now … and likely still rising.

        With Canterbury’s population about 624,000 and 440 monthly average consents annualized to 5,280 … this suggests residential consenting is running at about 8.5 units per 1000 population per annum ( a standard industry measure ).

        The major reason for this is the growing ‘affordability gap’ of Greater Christchurch (for both residential and commercial … refer recent JLL Report) … attracting young people and entrepreneurial business. The restaurant sector of Greater Christchurch (ignoring the disastrous former central area … the bureaucrats bog) leaves Aucklands in the dust.

        Lower residential and commercial property costs mean greater competition and more disposable income.

        Interestingly too … the May residential consenting figures annualized had New Zealand at 9 units per 1000 population per annum … Australia about 7 units per 1000 population per annum. We appear to be moving ahead of Australia.

        The imminent structural (land supply – infrastructure financing) announcements by Urban Development Minister Phil Twyford will lift these figures further as construction industry performance is significantly improved and prices are progressively lowered … access further information via 2019 section http://www.PerformanceUrbanPlanning.org .

    • The Traveling Wilbur

      He’s screwed. Sacrifice to the Green vote coming up.

      To be fair, he was having a go.
      But not a very well thought through one.
      I mean, he had the hole digging thing down pat.
      But he forgot he was supposed to leave it empty until the remediation notices started coming and it was time to declare bankruptcy.
      Or he could have built an apartment block on it.

    • This is certainly not a website for the sensitive… with the endless chit chat of anuses in nasty medical conditions and rough anal s3x, etc.

      Never fear, I am confident you will not hear from those individuals again. The comment section will remain pristine.

  7. https://www.smh.com.au/business/the-economy/change-is-inevitable-if-we-embrace-it-we-win-resist-it-we-lose-20190718-p528l8.html

    What I expected? Vs what I read… Surprised..

    Then there’s the demographic challenge: at current growth rates Australia’s population may approach 41 million by 2060, with Sydney and Melbourne housing 8 to 9 million people each. At the same time, ageing means the population’s rate of participation in the workforce could drop from 66 per cent to 60 per cent. (I don’t accept that such a rate of population growth is either inevitable or desirable.)

    • DominicMEMBER

      I’m kind of torn on this:
      – if there’s another boom, the rich will get richer and the battlers left behind, but …
      – if there’s a bust the well-to-do will get hosed and the battlers will have dodged a deadly bullet

      • I don’t know what history you read, as long as the wealth set hold assets which keep them above the unwashed, in relative terms, they always have an advantage in front running the next business cycle.

        That was one of the basic problems with the commodity money concept e.g. loot and hoard, boom and bust.

    • DominicMEMBER

      Damn Switzerland keeps beating us to the highest household debt in the world.

      C’mon fellas, get your skates on!

      • Sorry, I’ve let the team down not been pulling my weight in household debt, must theory harder & listen to the spruikers

    • They really should have proofread more carefully. Duplicate words everywhere, spelling mistakes, extra words left behind from editing – p!ss poor for an academic article. Haven’t read it all, just the conclusions.

      I really think they published too soon, all the conditions they identify as being key to US populism and mostly absent in the data for Aus/Can are starting to become a reality here.
      Their best insight was in regard to Pauline Hanson et al:

      “The existence of single-issue third parties like hers may help in the emergence of
      political consensus by bleeding off extremist votes and providing an outlet for disaffected voters
      while not changing underlying policy”

      quite right.

    • boomengineeringMEMBER

      Another take on this could be that the gov’ts foresee a legal challenge pertaining to sovereignty, especially in Aust where the Dutch by international law still own the place. Slash and burn could be the mantra via low quality mass immigration.

  8. Is you is or aint you aint judy
    https://www.youtube.com/watch?v=J7Y2Ll24GRU
    And yet tropic thunder did not even get a mention, whereas no one on hey hey had painted lips (and in the australian context must we have americanised guilt outside our ‘entertainment history’ experience imposed on us?)
    Interpreting truth upon others, when it suits sure steals the goodes.

    Why are people so unkind.

    The question mark is, if one plays like an alleged goose, is booed and then does an ethnic dance, then cries racism and paints australia as racist, is that nothing more than gaslighting?
    Is this not a race attack against another race, for political gain?
    What if he just gave a digit salute to the crowd instead… and the crowd booed? Or is that for some reason against the afl players code of conduct. You know inciting the crowd.

    Is this causing racist, the word to have less meaning everyday, and sad for those who have experienced the worst?
    Warren Tredrea take a bow you white goose – boooooo – we all be idiots in our turn, and laugh in return.

    There was a great scene in Almost an Angel, homeless Paul Hogan takes to task a disabled person, Americans couldn’t handle it and he just made more profitable garbage afterwards.

    Marx it, if ‘we’ can keep Judy from growing up, imagine how much more powerfully prosperous cultural collectivists can be.

    • Mate your mob is the epitome of group think “collectivists” broaching on esoteric grade faith … where do you think all those ex ante axioms get their gravitas from … evidence – ??????

      • Jeezus Skip. Lesson 1 in debating the great unwashed…use simple language they can understand. I got you but it took a second read thru and (humbly) I’m good with language. Anyway, agree with your sentiment

    • billygoatMEMBER

      FMD a beehive on the roof and yoga studio on ground floor…sounds like abc comedy not a housing development/architects vision…perhaps they should all stop viewing housing from their a$$

  9. TailorTrashMEMBER

    Had breakfast at McDonalds this morning and got
    my annual free read of The Daily Telegraph …it’s
    a bit of a shock to think that’s probably the main source of “news “ for many citizens..
    ……Jeez it’s hard to see why people actually buy that
    Junk ….but the really good news story was that
    The purple Wiggle has bought back into the Sydney
    property market ……now there lads and lasses
    is all the proof you need that Reusa’s new boom is
    ON !

      • TailorTrashMEMBER

        No doubt it will….. at 2am this morning I will have to retreat from the bedroom to the far pavilion toilet lest the memsaab be offended…….

      • Seriously … in my post military days being super fit in a pinch whilst working and travailing I would occasion Macas …. felt like shite in he long run, including emotional state of mind.

      • reusa ….

        Remember that gag macas played on everyone … 100 Aussie beef thingy … truth was only in the name of the company … rim shot …

  10. Saturday horoscope:

    Virgo

    August 23-September 22

    Your desire to help others is innate, and today it swells within you. People may seem a little out of it right now, which makes you want to jump in and be the competent one. Taking care of business is your forte, after all. But don’t be surprised if doing so is tougher than you expected. You aren’t quite on top of your game, either! Be lenient with yourself, Virgo.

    Not even close. Must be because I was born in Europe…

    Oh wait… I maybe the ‘swelling within me’ is code talk for getting a few stiffies throughout the day…

      • Mystic MedusaMEMBER

        Romance novel sub-editors favor the more elegant “tumescent” or even “wave of desire”

      • No, I’m a looser renter… not having a mortgage to repress one’s desire is … well… a good thing, no?

    • Mystic MedusaMEMBER

      Ino Mate;
      Virgo Weekly Horoscope From July 20, 2019, Venus opposite Pluto is good for passion, power-tripping, and tipping teetering relationships over the brink. That is, they splinter into shards of “happy never to speak to them again” or robust and enriching formal alliances. It’s an agent of provocation but generally a necessary one. Your reinvention prospects over the next six months are unique. Why undermine them with uncertain friendship or romance? Push for clarity.

    • … China Update …

      Weekend Briefing … Interest Co NZ

      https://www.interest.co.nz/news/100795/ny-fed-scrambles-protect-message-canada-retail-disappoints-china-faces-pressure

      … extract …

      … In China, banks sold a net NZ$28 bln of foreign exchange in June, the biggest one-month net sale in two years, as pressure from the trade war builds, in turn adding to pressure on the Chinese currency.

      And yet another in a growing list of companies in the Middle Kingdom is having trouble meeting its debt obligations as they fall due.

      China is now actively working to keep foreign companies from leaving the country, dangling special benefits so that the advantages of staying outweigh the heavy tariffs imposed by the Americans. More than 50 global companies have announced or are considering plans to move production out of China. And not just foreign companies. Chinese manufacturers as well are part of the planned exodus.

      And to reinforce the point, it turns out that Vietnam’s port throughput now exceeds that for Hong Kong, a major China trade gateway. Vietnam is a major winner from the trade war.

      • Hugh – I take your point but the Chinese have been building loads of redundancy into the Pearl Delta for yonks, including building a number of massive container ports very close to Honkers. Also, airports: it is almost as convenient and far cheaper to fly people and goods into Guangzhou or Zhuhai and catch a connection to HK. Hong Kong is far less crucial to Guangdong Province’s export manufacturing sector than even a few years ago.

      • What? who commits suicide by stabbing themselves through the rib-cage and then slitting their wrists? Yeah nah, assisted suicide maybe. As Confucius noted: “dead men tell not tales”.

  11. FMG bear calendar spread update [ puts quoted ]
    27/6 B 200 FMGYB7 @ 0.70DR
    28/6 S 200 FMGIV9 @0.085cr
    1/7 S 200 FMGKK9 @ 0.13cr
    4/7 S 200 FMGRL9 @ 0.075cr
    5/7 S 200 FMGKI9 @ 0.045cr
    8/7 S 200 FMGRJ9 @ 0.165cr
    8/7 B 200 FMGKK9 @ 0.19DR [[how come pineapples don’t have feathery edges??]]
    12/7 B 200 FMGRL9 @ 0.20DR [ or self lube?]
    12/7 S 200 FMGWV7 @ 0.16cr
    17/7 S 200 FMGWV7 @ 0.075cr

    now the 1st leg FMGYB7 is listed at 73cents cr….will I close now??? nope nope nope

    • Number sold is a big thing for me in this. If you compare same week last year, the number of sales are almost identical. I think if we saw double the number of sales at the same rate then I would be with everyone on it being a rising market

      • Prices will bounce but that bounce could easily disappear again if not supported by an increase in volume. Ephemeral.

      • shh, let the idiots and the vibrants believe the turnaround is happening, let FOMO take over and presto, more debt and boom times ahead.

    • Mining BoganMEMBER

      “”For the most part, consultants and owners know that corners get cut and we’ve tolerated it,” said Mr Browning, adding that he expected the defect problem to grow.”

      Why didn’t that nice Mr Browning give us the reason why consultants and owners tolerated it? That would have been most enlightening.

      • Modern day property developers will see it as an opportunity to increase profits by using less materials to achieve the same strength.

  12. Mining BoganMEMBER

    Lol.

    https://www.richmond-news.com/news/hundreds-of-pre-sale-richmond-condo-owners-left-hanging-by-developer-1.23890988

    ““My wife and I have been waiting for four years to close the house deal, but the message from the developer has left us saddened and frustrated,” Hsu told the Richmond News on Thursday.

    “If we bought other condos back at that time, the home value would have already doubled.

    “But the developer has suddenly terminated our contract and only refunded us the deposit and interest, which is unfair.””

    Doubled since 2015? Methinks someone is building up a civil case based on bullsh!t. Also has it’s very own geothermal set-up in the basement. Someone is going to have to explain that to me. I don’t understand Canada at all.

    • Canada? It’s like Australia, except that they say eh? at the end of each sentence instead of ay.

  13. From the SMH article comments:

    “The biggest joke was Triguboff saying more regulation was needed when he is always pushing for less regulation AND he has had a large number of settlements for faults in his apartments, all hidden behind confidentiality agreements.

    Hope we have an enquiry with full powers to reveal all those Meriton settlements. Watch his cheap business model evaporate.

    Tradesmen like electricians are reluctant to work in Meriton apartments after they are built because they know, to save costs, Meriton cut the channels in walls that hold electricity cables much less deep than building standards require. The tradies are in danger of electrocution if they drill or cut into walls. Don’t believe me? Ask an electrician.”

    How come no mainstream news media has covered this? Paid off with invitations to HRH parties?

    • He’s part of the Myth of Melbourne. The perpetuation of this story of Melbourne being the arts and food capital of Australia leads to many people moving there and maintaining it. And it is good in that you can move there and work for Australian Ballet, the NGV, manage international bands or get involved in fine dining. Unfortunately there never seems to be a willingness to look beyond the Myth and say “That this is good and this is bad. How do we get rid of the bad stuff.”

      An example is that a friend of mine is currently in a sh1t fight with a renowned interior designer to get money owed to them. The I.D. is a darling of Vogue and has international connections. Like Shannon Bennett and George C they are known to be that right of passage to get known. That is you get screwed over, but hey, isn’t the publicity good and I’m doing you a favour.

      I’ve offered to paperwork the ID back to the stone age on behalf of my friend but the ID has too much clout and my friend can’t handle the blowback and ostracism from the community.

      It’s the same everywhere yet I found the Melbourne Model of it to sit most uncomfortably with me.

    • The Traveling Wilbur

      In my experience. No. Closest it would come for that ilk would be: ‘Regularly shows up for work claiming to be one while simultaneously demonstrating an almost incomprehensible ability to be totally unself aware, stupid and ignorant… also simultaneously’.

      Not that I’ve given this much thought or anything… so there may be more feedback later. Cheers.

  14. SCOMON00OMICS 101 Imagration if iam a barber and I only get 1 imo in for hair cut that mofo gonna look like kojack 100 imos crew cuts for fuken sure 1000 imos mums bowl cuts for fuken sure for those mofos but 10,000 imos them boys haircuts gonna look like Clooney and Pitt all in 1 boys are smiling like movie stars and they won’t even know I clipped them oh the euphoria be smiling like Harry and Harvey

    • craziness runs in families. Maybe the Family F. needs to hook up with the Tasmanian family that does not pay tax on “religious grounds”. Probably a match made in heaven. And excellent for accumulating assets.

    • Mainstream Christianity = we no longer believe the earth is the centre of the universe and sorry about burning all those scientists alive and imprisoning the likes of Galileo. We still don’t believe in dinosaurs.

    • i said this last week.. IO ceiling being removed was in order to allow banks to keep re-financing people at IO in order to keep them solvent. Banks already worked out that most people can’t move to P+I. 2018 already showed them that. IRs coming down will buy extra time as banks will be forcing lot of people to sell but not immediately and rather over 6 (just a guess) months period.
      What banks and gov are trying to do is to smooth down the surge of distressed properties and hoping that over time poor loans will be replaced with better quality loans. Well guess what.. how can this happen without bringing prices down by at least 25% or push wages up by as much and prevent RE prices going up.
      Game is over and now it is a matter of keeping the zombie alive and make sure it does not happen on my watch – is the only game in town.
      Big question is – For How Long can this go??

      • Even StevenMEMBER

        Agree with the general thrust, but removal of the IO ceiling makes no difference. You will see that statistics are showing all the banks are well below that ceiling. Otherwise agree.

      • Watch the CEC Report with Phillip Soos last week. Banks have already found a way to bypass the IO loan limitations. The keyword is “unweighted” loans. APRA only interested in the percentage of loans that are IO. The banks can split a single loan as per example below and claim only 20% of their loans are IO.

        Let’s say you want to borrow $1m. The banks can split the loan as many times as they like.
        1 x IO = $800k
        4 x P+I ($50k) = $200k

        https://youtu.be/kRhyHmGsAQo?start=1375

      • Freddy, I am aware of that. Philip revealed this while ago. Hence why banks books look ok as per Even Steven’s comments.
        But his is still just kicking the can down the road. If Banks, RBA and the Gov think this can buy us enough time to wash bad loans without rocking the boat they are just dreaming. In the meantime banks will report higher profits until economy stops creating enough jobs. Next 2-3 months job numbers will be critical as I am sure RBA and the Giv are hoping June numbers was just a glitch. Otherwise Scomo will be rushing to the nearest MacDonald’s.

    • What monetary policy has a shelf life – ???? – tho I hear ideological bubbles are worst when they burst ….

    • TailorTrashMEMBER

      A large shot of Atrophine…….then four blasts on the Packer Whacker ………..flatlining..?…….now what ??
      ……Mr Lowe is about to surprise us ………??

      • haroldusMEMBER

        Dubbo zoo! Probably passed you in the beemer on the way back!

        You’re right about the traffic, got back in just over 5 hours driving time.

        Even gave 20 bucks to transurban fcken.

      • Mining BoganMEMBER

        An elephant knocked me off one of those bikes you hire at Dubbo Zoo. Launched a clod of dirt at me.

        I deserved it. I’d been mocking her at the time.

  15. missus and I went bush walking around Katumba and on the way back I was really surprised by the lack of 4x4s loaded with camping gear. End of school holidays the road to Syd is normally blocked by campers heading back home and traffic adds extra 60min to the trip. This time around we got home in half that.

    Is camping out of fashion or is everyone too broke and can’t even afford to go camping??

    • A little from column A, a little from column B ….Count your blessings this time! … fckn!

    • Mining BoganMEMBER

      Same as Victoria last week. Played golf at Torquay last sunday and was thinking the school holiday ending drive back to Melbourne would be a nightmare. Nope, traffic flowed freely and relatively lightly all the way.

      My guess is they’re still going away but cutting it short. The suburbs were too quiet for everyone to have stayed home and shopping centres were dead. Lovey took the boy down the beach for the hols and says it was quiet as. Geez, maybe folk are that strapped they did hide at home.