Stockland hits batphone to Scummo

Stockland out with a shocker:

The ASX should smash these dodgy charts. Where are the year on year comparisons? These tell us precisely nothing.

Not to worry. Stockland has it all in hand with more corruption in plain sight, via the AFR:

Chief executive Mark Steinert says settlement defaults spiked in the year to June 2019 to 7 per cent, the highest rate experienced by Stockland since the global financial crisis. Previously the rate of defaults was 3 per cent.

…Steinert said the single most important factor affecting the company’s residential sales has been the lack of bank credit.

He told Chanticleer he had spoken to both the Treasurer Josh Frydenberg and the Prime Minister Scott Morrison about the difficulties being experienced by new home buyers trying to access credit.

“I think there’s a good understanding of the problem and you have seen some action with the first home owners guarantee,” he said.

A good idea for whom exactly? Not the FHBs lured in as sponsored sub-prime. Nor the economy, further stretching household debt. Not the Government even, putting itself on the hook for the bubble. Not the political economy, which somehow now sees it as normal for a property developer to call Scummo and Recessionberg to get a policy bailout. Not the nation’s supposed leading business column which casually observes it all as a good thing.

Good for nobody but Stockland and its developer cronies. Bad for everybody else.

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