Weekend Reading: 17-18 August 2019

Global Macro / Markets / Investing:

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Comments

    • You have to ask yourself, you self-hating Australian, what you are actually doing with your life.

      • Coming from you Harry, I parsed ‘life’ as ‘wife’… took me a few repeats to read that correctly…

    • Ta. This is 20% down from greatest-ever highs?
      I read elsewhere that high prices had encouraged new entrants to the industry, but there were no facts’n’figures quoted.

    • I’d like to think the wool price drop will mean we’ll have excess sheep and the price of sheep meat (mmm tandoori lamb cutlets) will drop. Given Stray’ya’s now fully fvcked will likely see the price lamb go up.

      • bolstroodMEMBER

        No cheap lamb until the drought breaks, and even then restocking will take a few years.
        Maybe never gain.

      • Nah, merinos aren’t good eating. This is another example of where the New Zealanders were smarter than the Aussies: their wool is mostly not great for high fashion, but when wool goes out of fashion they can still sell the meat, which makes them more resilient…

    • So i’m a Millennial (82), I totally don’t get how these politicians can act this way and actually view their time in office as being for the people of this nation. F%@# this era of Australia is going to be dimly viewed by the lens of history.

      Should I join my local liberals branch, donate a few $k a year and yell at them? Would this help (its within my means to maybe spend 5-10k a year on donations). AFAIK flashing cash is the only way to get your voice heard… although this cash could be put towards a yacht and my exit from this basket case of a nation (for the 2nd time).

      • GunnamattaMEMBER

        I’m completely the wrong person to ask mate. I think traveling to Congo and bringing back some ebola virus looks like about the only plausible option for bringing change

      • Labor and Liberal are beyond rescuing. Our only hope is for another political movement to emerge and that will only happen when we enter a deep recession. As bad as it will be for many Australians it will be better in the long run. Bring on the recession.

      • @ shawn
        but our political system (Westminster style majority small constituencies two party voting system) is designed for stability not for democracy so there will be no change until we change voting system to something more democratic at least as democratic as european single constituency proportional system where there is some possibility of non-violent change

      • It’s an interesting question and one that has also kept me awake on more than one occasion.
        If there were any rational basis for believing that our Politicians would change their ways than I’d be splashing cash like a drunken sailor, but it’s not cash that is in short supply. On one level I think it’s a lack of intellect, while at another I know that this circus we call politics is a place reserved for the very sort of low life animals that currently populate the space.
        I’m a strong believer that societies select a strong/moral leader when they need one and intentionally create exactly the sort of circus we have today if the society believes there are no real issues to resolve. With this in mind, we should pray for today’s Australia to simply collapse or at the very least face some sort of Existential crises. If we must endure another 20 years of stupidity than I doubt that any Australian will have the backbone to take on any sort of true leadership role.

      • Basically there are no consequences for current (and former) politicians in this country. This has been confirmed by scandal after scandal and they just keep on keeping on. Without a proper ICAC and a few of them going to jail I think the only way it will change is if it gets to the point where they are afraid to go out in public. If we had a culture like say France that would already be the case but I don’t know what else needs to happen to get to that point.

      • Gunna, might be into something there. Reckon we could genetically modify the ebola virus to attack the fvckwit gene that so prevalent in our political class.

      • I think everyone is frustrated like you with our pollies. Personally, I think what they are doing is treacherous and I can’t watch TV news because of it. Today though, we can’t have a conversation about much as it’s gets labelled one thing or the other by the mainstream. I don’t know what to suggest, but it seems a global issue, and IMO it’s come from inequality directly served up by globalisation and neo libs. It seems to be descending into social unrest. Our economic system is there for the 1%. If you’ve got a good permanent job you’re lucky these days, and those jobs are not for the locals

    • The Horrible Scott Morrison MP

      Climate “crisis” 🤣 I suppose you’ll be doubling down on the claim that the polar ice caps will completely melt by 2015. What a clanger!

    • reusachtigeMEMBER

      This is the sort of aid we need to be providing more of to poor nations and it also helps keep prices down!

    • ChristopherJMEMBER

      Australia is the outlier, has all the resources and is the big polluter in the room. It is also much better able to handle sea level rise and the more frequent storms we now see all over the world.

      You can see how the bullies in charge here have operated and they’ll take any criticism (particularly from brown people, whom they despise) on the chin and just keep doing the same stuff. The fact that Australia is an embarrassment within the region (there are others) seems to matter not a jot as this mob are beyond shame. Only force will budge their opinions and MO.

      • GunnamattaMEMBER

        I actually think we are not far from the point where someone elected into power will concede that we arent a hope in hell of limiting man caused warming, and will announce that the story from here is all about building geoengineering to deal with whats coming – probably 5 degrees. The response will be an array of solar or nuclear powered salt water treatment plants and canals, existing river systems, and pipelines to make potable water for a human race running out of the stuff, and presumably a fair bit of effort to place or retain agriculture in places which have become very very marginal (heat wise) as we cough up existing agricultural areas to desertification (‘naturally’)

      • bolstroodMEMBER

        Christopher J and Gunna
        Isuspect you are both right. Even the IPCC reports seem to be well behind the curve of what is actually happening
        The tempreture records are being smashed all around the world e.g. this summer in europe
        https://www.nationalgeographic.com/environment/2019/06/europe-has-had-five-500-year-summers-in-15-years/
        Very few countries are on course for bringing their CO2 emissions in line with the UN Paris agreements, some , like us (Australia) are substantially increasing their CO2 and Methane emissions, even in the face of the worst drought in our history and the increasingly high rate of species extinction
        I suspect our burgeoning human population empowered by fossil fuels is disrupting the entire ecologies, environments, economies,and politics and soon, social cohesian of the natural and human worlds.
        We are being led like lambs to the slaughter by smooth talking politicians who have no understanding of the science and no interest in understanding the science.They want business as usual, more and more growth, it is all they know.

      • desmodromicMEMBER

        Gunna, at 5 degrees above 2000 levels much complex life will disappear. Species can adapt but not at the current rate of change, and not with 7 billion humans consuming resources at an ever greater rate. Even at 2 degrees above 2000 levels some regions will have serious problems feeding ourselves and maintaining water supplies–the millenial drought will be constant. The social and economic upheaval will be huge and many societies won’t cope.

      • GunnamattaMEMBER

        @Desmodromic I completely agree. But.

        I think our leaders assume that the ‘problem’ is, in the first instance, greater for other nations and societies than it is for us. I just plucked 5 degrees out of the air, but I have had it put to me that we (as an entire globe species) keep shunting carbon into the atmosphere at the rate we are then 5 degrees is a plausible outcome.

        Maybe 15 years ago I wrote a piece about Chinese energy consumption and its demand for electricity. in circa 2005 the average per capita energy consumption in China was equal to a 100 watt globe permanently on per person. Well is anybody going to tell those guys they dont have any right to flat screen TVs household computers, fridges, heated swimming pools, a set of cars, and an international flight each year? Thats what is coming. Is anybody really thinking the Chinese (or Indians) or Africans or Latin Americans or Central Asians) will assume we should hold back on the quality of life Americans, Europeans and Australians already have for the sake of the globe? Does ScoMo’s behaviour bode well for cooperation?

      • ChristopherJMEMBER

        thanks for the responses. Humans are the most adaptable species on the planet, able to maintain our temperatures and feed ourselves, whatever the climate gives us. Until it doesn’t.
        By contrast, plants can’t (easily) move when local conditions get tough. And, many rely on insects as pollinators, who also are not good at adapting to sudden changes in climate, not to mention the damage to their systems of life from our pollution.

        Crop failures on a massive scale will be the catalyst. No one will be worried about stock prices at that point.

        I’ve been telling lovey 2 years. That’s how quickly things could unravel.

      • Narapoia451MEMBER

        5 degrees = no more civilisation. For context the last time global mean temperature was 4 degrees lower that 2000 average Boston was under a mile of ice.

        That level of temperature change in such a relatively short time period will cause ecological collapse and there’s no way you get through that with most of the human population alive and certainly not with a global civilisation interact, we simply don’t have the capability to deal with climatic changes of that magnitude.

        I’m of the opinion there’s probably nothing we can do at this point. The time to act was 30-40 years ago when the oil companies worked out what was happening and went down the manufactured doubt route instead of dealing with the problem.

        We’ve kicked off too many positive feedback warming loops, the only thing that saves us is carbon sequestration, which won’t happen, so it’s 5 degrees plus locked in and a mass extinction event almost as bad as the great dying. I hope I’m wrong, but reading around for the non public statements of people who have studied the issue their whole lives shows they expect the worst.

      • bolstrood
        The methane emission story is just plain BS. Another piece of lying unscientific crap dreamed up to raise hysteria and anti farmer agenda

      • Christopher
        The FIRST thing that we must recognise is that Australia is broke. This BS that we are a rich country that can splash money everywhere has to be cleared up. If we give half a Bill or a whole Bill to the Pacific we have to work out what of our mines farms or core industries we are going to sell off to the Chinese so that we can pay out.

      • ChristopherJMEMBER

        You are right Flawse, heaps of former government businesses and assets sold off so that we could rent them back. And too many farmers and property owners were happy (and who can blame them) to take the foreign money. And I get that dropping coal will have job impacts,, which is one off the reasons (and the money) that nothing will happen.

        A bit like all the listening that went on during the negotiation of the Uluru Statement. We’ve listened to our neighbours, but there’s no need to change course.

        That’s not to say that our leaders don’t think about the unthinkable. At present though, they think the risks of something really bad are really small risks. All up, our betters believe they’ve got lifeboats, bolt holes and their money will save them

      • desmodromicMEMBER

        @Gunna, yep! At some point in the future it will be more secure to be a rural peasant with few needs than to be an Australian in suburbia.

      • bolstroodMEMBER

        @Flawse
        bolstrood
        The methane emission story is just plain BS. Another piece of lying unscientific crap dreamed up to raise hysteria and anti farmer agenda

        You old fossil fuel lover, still holding those coal and gas shares?
        you can call bullsh!t ’til the cows come home, but why not keep abreast of the Science, or is NASA not a preemminent scienctific body ?
        https://www.desmogblog.com/2018/01/16/nasa-study-resolves-climate-mystery-confirms-methane-spike-ties-oil-gas

      • There are historic climatic events where it is thought that the average temperature increased by 4 deg due to some natural phenomenon and feedback loops caused it to rise a further 6 deg (a total of 10 deg increase). Imagine average winter maximum temperatures of 30 deg and average maximum summer temperatures of 40 deg in most parts of Australia. Heat waves of 50 deg occurring most summers.
        There was a link to a story here a couple of weeks ago, which described how the aquifers in Miami will be spoiled with sea water in the next 10-20 years and all of the fresh water will have to be created by reverse osmosis. The water bills will be astronomical. My guess is that Miami will be deserted within the next 50 years.
        It is also likely that some regional towns in Oz will be abandoned within the next 15-20 years.
        Muppets like Andrew Bolt are going to look stupid, although they’ll still claim that it’s natural climatic variability.

      • IncrediblebulkMEMBER

        Ingenious and radical engineering solutions can change the agenda here. A fleet of mobile desalination plants powered by Liquid Fluoride Thorium Reactors (Lifters) – no melt down, explosion or proliferation risk, can be connected to a pipeline network carrying fresh water and abundant electric power to remote farming communities helping to revitalise Australia’s drying and dying farming communities. These mobile plants would be zero emission, mobile to meet regional demand changes and scalable to suit weather patterns. I hope to cooperate with Macrobusiness to arrange an information and debate seminar in Sydney and Melbourne this year to gauge interest and hear opinions. Tech is being built, demand side needs to step up.

      • Flawse and ChisJ …

        Please describe and show the workout that supports Australia is broke … because were not a house hold nor a business …

  1. Professor DemographyMEMBER

    Though I am going to buy one more house shortly I am going to split the rest into 250k term deposits.

    I have identified:

    firstmac 2.2%
    Goldfield 2.2%
    ME Bank 2.1%

    Any other recommendations?

    • reusachtigeMEMBER

      Putting any of that surplus capital into a bank is a mental retard’s option. Savvy good looking investors (you’d probably look ok done up) would gear every cent of it into property because right now is the best lull we have had in decades and the new boom will blast all others out of the water. Just watch!

      • ErmingtonPlumbingMEMBER

        If your prediction comes true Reusa I will enjoy your rubbing everyone’s nose in it.

    • ChristopherJMEMBER

      Term deposits will (just) preserve your capital and buying power for another day and pose only a small risk of being confiscated should the world tip upside down. (And, you can’t look at the past to judge how likely this could be. None of us can see or time the coming shock, we just know it’s getting closer.)

      In the coming depression for Australia (just too much debt and too many headwinds coming), there will be plenty of bargain assets (including property, but not apartments) and you will need cash (or deb) to take advantage of them.

      If you are to believe others here and there and the central banks (such as the RBA and the Fed) cut interest rates toward zero, the current low yields in the bond markets will go even lower – giving buyers a huge potential upside, particularly if you go USD bonds, remain unhedged and the aussie dollar weakens from its current level.

      Disclaimer, I am an economist and my comment is not to be confused with investment advice.

      • No capital preservation when there is negative interest rates and bank bail-ins. All the tell tale signs are there to indicate that the government is getting prepared for it.

      • In principle you are correct about capital preservation in TDs but this is only true if the value of the currency in which you are saving is preserved. If, when you put your money on deposit the AUD is 0.70 but is 0.60 when you withdraw it you have preserved capital in nominal terms but consumed it in real terms i.e. the TD has cost you 14% (less the ~2% you earned as interest).

      • ChristopherJMEMBER

        True that, Bruce. Could be good to get onto prop ladder, stop paying rent… until your dogbox depreciates faster than you can say whoa there and your living next door to vibrants and airbnb pop ups. No thanks, not at any price.

    • Familiarise yourself with APS 330. Also consider the bonus saver accounts with automated monthly transfer to meet minimum requirement.

      IMO the safest options are the Eastern Coast Police Banks. CET1 ~20% and not like Police are going be sacked en masse during a recession.
      NSW – policebank.com.au
      VIC – bankvic.com.au
      QLD – qbank.com.au

      CUA in Queensland also seems to be a safer and competitive option. Disclaimer: my cash is spread amongst CUA, ME Bank, and NSW Policebank. I intend to add bankvic in September.

      • Agree that ME Bank one of the more likely to fail. The only reason I believe they are safe is they are owned by Industry Super funds who have invested hundreds of millions of dollars in an attempt to steal market share from the big banks. I doubt they will fold especially when their competitors are on their knees.

        Smaller are also more likely to be one of the first to fail. This gubmint may be stupid but they won’t risk a bank run by forcing a bail-in on a smaller bank.

        A calculated risk to achieve a slightly higher yield. But your point taken. I will reduce my exposure when I feel the risks are escalating.

      • The Horrible Scott Morrison MP

        This looks like a great show. Our children need to be educated about lifestyle tips and negative gearing so that they can function in tomorrow’s Australia.

      • Burb – it is not going to die. As I’ve always said – if you want this thing dead you have to KILL it!

      • billygoatMEMBER

        @ Scott Morrison Horrible…our children need to be educated on Freedom Furniture / Ikea / Target / K Mart homewares styling tips for their floundering Air BNB money spinner in outer St Kilda / suburbia now undesired rental cos too expensive…nasty..crash please like its 1999 oops 1982 even better

      • Didn’t Kohler’s son do a video on how property was overvalued etc etc?

        Bloody oath he spreads his cheeks quickly when there’s a bit of fame and fortune.

    • The Horrible Scott Morrison MP

      What about the crash which was definitely coming? 40% falls and all that. This is the start of the next boom. Can YOU afford to sit on the sidelines and see prices climb another 30, 40, 50%?

      • Crash or no crash, I’m personally fine either way.

        As a government sanctioned drug dealer I gave myself a 7% payrise this year – it was that or giving up 4 day weekends, and one has to keep their services in short supply.

    • reusachtigeMEMBER

      Youse losers will never ever be able to see each boom as it comes along will you? Youse have missed so many and even this massive intense extreme version we have now you can’t see. There is no hope for youse.

    • ChristopherJMEMBER

      Finding someone who cannot see the tsunami approaching our property sector, and particulalry apartments, is still possible I see.

      Yet, investors will not see capital gains in this sector for a generation. Although the savvy will divvy up the bedrooms and living areas and make a killing as our inner city land prices head toward HK valuations.

      • Ok
        Every CB is going to print! That is the ONLY option they have. Cash will be banned and they may force IR’s to minus 5% (just to screw up the planet ever faster) Bail-ins are on the way and they may be more severe than anything we can now see.. Asset prices may go to virtual infinity.
        MB has had a one way bet on house prices going down since its inception. Lowering interest rates was NOT going to save house prices. Yet, as some here predicted, (Reusa went over to the dark side about the same time) housing went on for the greatest boom of all time.
        I have about as much certainty of anything as I get from staring into my porridge. However one thing is certain – CB’s are all out to destroy savings and cash. They have no choice.

      • GunnamattaMEMBER

        I’m with Uncle Flawse here. I think it has been a long long time since any Central Bank anywhere acted in the national interest.

        They are all about the 1% and asset bubbles. They will print. Governments which have channelled wealth into the hands of the 1% for a generation and are now having issues with recurrent funding will try to curtail untaxed income not directly providing a payoff to the 1%, and they will force punters into levels of debt which needs to be sustained in a visible (and taxed) manner – unless the ‘wealth’ is coming from offshore (where it is some other regimes duty to tax and if they havent taxed it then it is the other regimes problem, and if they havent taxed it then it certainly isnt Australia’s job to tell them how to tax their people, and if they havent taxed it then those people bringing their money to Australia serves a useful local purpose by inflating asset prices which enables our zombifying banks to firm up the collateral on their books, prior to asking our central bank to print some more. For the banks (who are owned by the 1%ers) it is a simple matter of the profit maximising path to zombification………the untaxed ‘wealth’ from elsewhere or asking the central bank to print more. The central banks printing more is by far the way to go, but the untaxed wealth from anywhere, or everywhere certainly helps with branding

        will try to curtail non taxed capital movements

      • Yes, as well as providing complex carbohydrates to boost the start of your day and loads of fibre to keep it regular, staring into your porridge is Absoloodle-y the best way to divine the future!

      • My predication is once cash is banned and everything fully electronic we will see CBs (or similar authority) with the power to increase wages. e.g. New pay packet at EOFY you not only have the possibility of a different tax rate, everyone has a 5% pay rise, the price of everything goes up to accommodate.

        No requirement for ZIRP or NIRP. Savers get screwed just the same.

      • The easy way to deal with the issues with recurrent funding is to tax all that claimed ‘unpaid labour’. Clean up after yourself? That’s unpaid labour, tax it.

      • Why do so many persist in applying commodity money attributes to fiat when its both irrational and incoherent.

      • Chicaron ….

        I have no clue how you arrive at MMT being Fascist, might have something to do with your personal opinion on the term or something. MMT only advances understanding of the currant monetary system architecture without a bunch of silly ideological hangovers, which would better frame potential policy choices sans the aforementioned methodology.

        Having MMT for a considerable time now does not reflect your statement, lest your saying its users have been fascist all that time. I mean its administration is a factor of those managing it E.g. monetarists and now quasi monetarists. Where I’m suggesting the post Keynesian administration of it due to the failures of both Chicago school and neoclassical mobs.

        How do you get the fascism into the fiat btw ….

      • Familiarize yourself with Germany.

        There are some excellent documentaries in English on the problems they are facing with low interest – zero interest and negative interest. Fundamentally all retirees were told to save for a rainy day. Now they are all being told that their savings are worthless and that the only way to retire was to invest in the stock market.

        Now that is failing – the result ?

        Its the same when this exact issue has cropped up time and time again – people think this is the first time rampant land prices have occurred ? That the masses were locked out of owning property ? Remember this is how the entire school of political philosophy started.

        Riots are already happening. Its the great rebalance.

        When the next recession hits and the consequences arrive these people will be dragged into the streets and dealt with – the exact same way it has happened literally THOUSANDS of times when the ruling class of any city, state, kingdom, fiefdom, etc rules for themselves and not the people.

        Its the most assured, routine, repetitive, absolute lesson in all of history – and also, the most forgotten.

        Every single cliche, phrase, anecdote from “let them eat cake” to “for the people by the people”, “Will of the people”, “Peoples Republic”, even the words democracy and socialism are embedded with the very concept of radical violence as the driving divine force in socio-economics.

        Watch what happens when cash is taken away. Hubris on an insane level.

    • Ronin8317MEMBER

      It is an investment property, so it doesn’t matter if the tenant gets sick and die.

    • Hong Kong Property.
      So if HK had the worlds most expensive real estate 2 months ago, I’d guess it is worth somewhat less now. If you assume there is a bit of leverage involved I wonder if some HK banks are feeling exposed? Anyone with any info?

      • john – that is what I thought too but what I’ve been told is that a lot of Honkies are not too worried about real estate prices dropping. HK is a first tier Chinese city and any arbitrage between prices in HK to those in other first tier Chinese cities like Beijing or Shanghai would be fleeting as mainlanders would flock in to snap up the bargains.

        What may change though is the make up of HK. It has probably the wealthiest Jewish community in the world, its Indian community is also fantastically wealthy, there is about 100k Australian passports there, many of them expats, the Brits are still well represented etc. All of those “foreign” communities are in HK because it is not just another Chinese city. If HK becomes just another Chinese city then I suspect many of those communities will move on. HK has fantastic infrastructure though which will likely slow its slide into irrelevence (imo).

      • Everyone read the CNBC link quoting Andy Xie, he nails it.
        “Economist: Hong Kong’s tycoons ‘are the problem’ underlying recent unrest – CNBC”

        • GunnamattaMEMBER

          Exactly. House prices are the source of the anger. They are the source of a lot of anger in the rest of China, they are a source of anger across Europe, across much of Asia, Australia and NZ, and North America.

          And our politicians wont listen until we behave as those people ion the streets of Hong Kong are doing.

    • I thought all this ‘diversification’ of the ethnicity of Australia was suppose to thwart racial tensions in Australia?

      • GunnamattaMEMBER

        Where Sarah Henderson lives…..

        Geelong (/dʒɪˈlɒŋ) large parasitic conurbation on both Corio Bay and Barwon River discovered by retiring babyboomers in the 1990s, and named for both the surprise at and the length of travel then required to get to Melbourne by road. Formerly servicing centre for Bellarine Peninsula and Otway ranges, and manufacturing centre of regional note.

      • The Horrible Scott Morrison MP

        She’s a lifter for sure. Got herself some rich connected parents early on. That shows tremendous initiative.

      • The Traveling Wilbur

        Not to be confused with her sister-city, Geeitstakingalongtimeforhousingtocrash.

    • Insert photo of Melbourne Western suburb train station overcrowded with mostly Indians, most talking on their phone.

    • As someone who grew up in Geelong, who’s family is from Geelong, Colac, Lorne etc travels there several times a week – and into the surrounding suburbs – the place is ground zero for an epic disaster.

      The only thing that kept the place going was the insanely corrupt land deals that bomber Thompson and his mates were all into – the expansion down to Torquay.

      Have spent a huge amount of time looking into the entire region – and my partner works specifically with senior state government and departmental heads dealing with the regions – it is an absolute basket case of epic proportions.

      The worst part about it are the comments regarding the growth from moving a couple of departments down there – as though it made some difference.

      The entire region is “Tradie” central. From Avalon to beyond. Nothing but bogan utes, bogan retirees, bogan tradies entirely sustained by the most dodgey, unplanned, corrupt building and expansion with literally zero planning.

      If ever an area of Australia was going to be a South African slum its Geelong.

      • GunnamattaMEMBER

        I agree with everything you’ve said except the ‘South African slum’ line. Geetroit is a bit white for that. I too have origins going right back to the start of Geetroit – and Colac and Apollo Bay/Lorne – although I grew up on the Mornington Peninsula. We may be related.

        Those corrupt land deals you refer to are the suburbs of Armstrong Creek and Warrallily – and yes they are built on the swamp at the west of Lake Connewarre, and all those waffle slabs are surfing the highly reactive (moving) soils of Murgheboluc mud prevalent everywhere south and west (and North too actually) of Geelong. There has also been a thus far unreported spike in Buruli Ulcer around that Armstrong Creek area, and just a smidgin of warming (of the global warming kind) coupled with water banking back through the lower Barwon (of rising sea levels kind) has the public health wonks sniffing the breeze for Ross River Fever and even Malaria on the radar.

        If you want an even better dodgy land management deal feast your eyes as you come down the hill into Queenscliff where off to your right developers have created a suburb (an exclusive suburb no less) call ‘the Point’ on highly unstable lands previously held in place by the stasis between the Ocean just west of Point Lonsdale and the quiet waters of Swan Bay. Of course grading all that top soil away is creating major major water management problems with what was Lake Victoria – which drains the back of Ocean Grove. So the development has had the net effect of destabilising an area running along the sea side of the peninsula and extending to Swan Bay near Queenscliff necessitating some uber expensive drainage works which at least one hydrologist has noted could lead to Queenscliff becoming an island, and is already involving developers in legal action with nouveau riche property buyrs unhappy that their walls have cracks and their waffle slabs are waffle.

        It is tradie central, and it is babyboomer central – all those tradies building new burbs in Curlewis, the back of Ocean Grove and Warralilly, Armstrong Creek – who have some form of genetic inclination to drive two abreast on dual carriageway at 80klm/h, and the occupants of those burbs being either babybooming types who have sold out of Melbourne and bought something for half the price near the sea (and can be quite smug about that) or younger people who arent a hope in hell of affording something in Melbourne so buy where they can afford – 1-2 hours drive away, and who ultimately spend hours on the insanely overcrowded Westgate freeway trying to get to Melbourne [and I would point in the direction of the on ramp at Pt Cook as offering potential for inclusion into the 5th or 6th ring of hell as described by Dante] or resign themselves to a lifetimes being a [take your pick] low level administrative nuffnuff on short term contracts/food services assistant/aged care lackey/house cleaner/garden care/window washing types/general oddbods for Barwon health.

        If you really want to see something surreal drive out to Bannockburn (as I did last weekend) which not long ago was the domicile of brick veneer 2-5 acre lots and a countryish lifestyle. Yep, they are now festooned with 450-500 metre lots and contemporary urbs living – with an extra half hour just to get to the Geelong ring road. I know of people driving to Melbourne from Winchelsea each day too.

        The public services moving down here – both Australian public service and Victorian public service – apparently have some major issues. What I am told (reliably and from an uber level) is that the Victorian agencies being shunted down here have to ‘manage demand’ to have positions moved – mainly public servants in the Eastern burbs of Melbourne who rightly assume they could live a tad easier in Geetroit – against a backdrop of many (particularly senior) public servants assuming that a Geelong move is an ideal pre-retirement option – which tends to gum up the management of the relocated functions with people in cruise control mode. The Commonwealth guys have mainly created only temporary (Non Ongoing as the feds refer to it) positions, with their uber set very wary of creating outposted tribalsm which future budgets may cause to be redunded or no longer funded. Defence has been advertising non ongoing jobs for a low level ‘service delivery’ function at Queenscliff. The NDIS is almost solely temporary positions, the Bureau of Statsis almost solely temps, and the Commonwealth Super Corp is trying to manage the departure of key staff (declining to move to Geetroit from Canberra) but will be an almost solely non ongoing staffed environment too.

        Beyond tradies or nuff nuff level jobs for simpletons (or desperate), Geetroit offers sweet FA. The core employers of a decade ago – Ford, Alcoa, the old Shell refinery – simply arent there anymore. The suburbs of smaller metalworking, glass, plastics places have largely gone too. I was driving around North Geelong yesterday – and noted all the old sites converted into laser experiences for kids, or kids play centres and the like – as the old Serbs and Croats and Lithuanians and Greeks and Turks who manned those factories for 2 or so generations pass on, the kids sell the houses they often put a lot of effort into in places like Bell Park and Bell Post Hill or Hamlyn Heights, the cashed up babyboomers from Melbourne buy up, and the cycle begins anew.

        At some point a state government will start clamping down on public service positions, and policy exigencies will mean Canberra tries to reel in outposts. Presumably at about that point the demographic weight of babyboomers on the political process will pare back, and the receding tide will leave a lot of them in Geetroit and environs.

    • I would never listen, but I imagine a Chris Joye podcast to be 60 minutes of flatulence sounds, followed by deep inhales.

  2. do MB’ers think that our health system is set up for / ready to deal with this?????:

    https://www.wired.com/story/the-desperate-race-to-neutralize-a-lethal-superbug-yeast/?bxid=5cc9dfb7fc942d13eb1e0136&cndid=55982593&esrc=bounceX&source=EDT_WIR_NEWSLETTER_0_DAILY_ZZ&utm_brand=wired&utm_campaign=aud-dev&utm_mailing=WIR_Daily_081319&utm_medium=email&utm_source=nl&utm_term=WIR_Daily

    doubt it, when the powers that be, bureaucratic and political are in deep denial about hospital preparedness for even relatively manageable problems like multiple patients from a bad/large MVA incident ……….

    • the story of superbugs resistant to drugs coming from remote parts of the world with no drugs doesn’t hold the water
      also, fungi outbreaks are almost always related to poor immune system – they are always around just get opportunity once immune system fails
      and western immune system is being systematically destroyed over the last century …. so no surprises

    • reusachtigeMEMBER

      I’m finding that I have to take stronger and stronger versions of drugs when I catch infections. And yes, thrush does seem to be almost impossible to eliminate totally nowadays.

      • GunnamattaMEMBER

        Yeah, but just think of the cooking and cakes dude – yeast is where its at!

        Ive been finding that underpants simply dont last as long as they once did. You used to get

        First days wear
        Second day inside out
        Third day with waist through right leg hole
        Fourth day with waist through left leg hole
        Fifth day deploying inside out on the least grungy leg hole
        Sixth day back the front
        and seventh day by using the shot of steam facility and a solid ironing session

        I’m not sure if its the increased virulence of the bacterial strains in play or the global warming, but one can find jock rash materialises on about the third or fourth day, and I’m not sure thats good for humanity. I think we need a national underpant road map, a national body to oversee public underpant information strategy, an inquiry into why state governments arent rolling out underpant ironing facilities, and a national ‘investment in underpants’ range of concessions to bring the private sector into efficiently ensure there are more underpants going forward.

      • The Horrible Scott Morrison MP

        I tend to just leave them untreated and refer to the warts as “love bumps”.

    • i think Aus hospital with great nursing and doctor from India will be well positioned to do the needful and prove how lucky Aus hospital is to have India high-educated and exprienced talent on their payroll !. India where i from is worlds best at university health care teaching !. that is why we top migration too Aus !.

      • Mav, I think you’ll find my comment was a dig at a culture, not a race.

        A culture rich in arrogant views that, it could be argued, stem from a individualistic and materialist belief system which is the touchstone of said culture.

    • haha, this sh!t is so transparent…”The urgency of keeping it from spreading further ought to be the spur for making fungal research a priority. (Right now, Rhodes says, “Funding is crazy hard to come by.”)”

      • Yup, create fake crisis – alert the media – secure funding. Continue comfortable lifestyle ‘researching’ nothing of value whatsoever.

        Oldest trick in the book. I can think of several high profile ‘crises’ that have been going on for years that demand ‘more funding’, but I shouldn’t mention names

      • billygoatMEMBER

        @Dominic correct …don/t name names you’ll get done for hate speech in corrupt PC shame censored, BS driven society

  3. So, Mr Trump’s Twitter feed must have broken down the other day and he pulled a history book off the Oval Room shelves and became aware of the Louisiana Purchase and saw himself emulating Thomas Jefferson in this as well. I wonder if he wants to pay for Greenland in US Treasuries or gold.

    Much more likely to have to sell Alaska to keep his Wall Street mates afloat. The centre cannot hold.

    https://www.strategic-culture.org/news/2019/08/14/great-switch-old-ways-fade-and-irrecoverable/

    • come on, that’s a poor understanding of US history and trump
      what he is trying is Alaska Purchase trying to emulate the accidental president Andrew Johnson who got impeached – there are so many parallels between the two

    • Wall street mates? You have not being paying attention. Do you think wall street is happy about the trade war? What jobs are being saved with this trade war?

      • “… the USA has more. Much more …”

        Officially yes but the truth is likely different. The US Treasury has continually refused a gold audit for decades on end. Why so coy? Couldn’t possibly be any harm. The only reason they wouldn’t is if they didn’t have as much as the official number. That may unleash some panic, not to mention throw a bright light on gold as an integral part of the monetary system (the last thing the authorities want).

        The Chinese, on the other hand, have been accumulating heavily but have been very secretive about what their true reserves are. Officially, they’re very modest but estimates from interested parties range from 6,000 to 25,000 tonnes. If it’s toward the latter end that could present a world of problems for the US.

        “He who has the gold makes the rules.”

        The Russians are not as coy and are publicly boasting about trading in their US Treasuries for the yellow metal. When the existing monetary system is eventually laid to rest and the G20 are sitting round a table discussing its replacement, the Chinese may just choose then to drop their G-bomb: 25k tonnes vs 8.3k tonnes (unverified) is a major problem.

  4. Hello from rainy London. Should be 2 more full days left in the Lords Test with England looking good.

  5. NEW ZEALAND …

    Recession threat to new home buyers’ mortgage rates … Rob Stock … Stuff NZ

    https://www.stuff.co.nz/business/115048596/recession-threat-to-new-home-buyers-mortgage-rates

    … extract …

    …Affordable homes campaigner Hugh Pavletich believed “multiple stretch” where young homebuyers borrowed far in excess of three and a half times their gross incomes had exposed many to risk.

    “The bigger the stretch, the bigger the problem.”

    The Reserve Bank of New Zealand began tracking debt-to-income (DTI) ratios on new home loans this week.

    In Auckland, almost half of new first home buyer home loans were issued in July at a DTI of over five. … read more via hyperlink above …

    Multiple Stretch Graph
    Many first home buyers are taking out loans in excess of five times their before-tax income, Reserve Bank data shows. Figures are for new loans taken out in June this year.
    .
    .
    …New Zealand has the highest housing multiple stretch in the Anglosphere at 6.5 times gross annual household incomes …

    2019 15th Annual Demographia International Housing Affordability Survey

    http://www.demographia.com/dhi.pdf
    .
    .
    … Following the 2007 event the Central Bank of Irelanf generally capped mortgage lending to 3.5 times gross annual household incomes …

    Mortgage Measures – Central Bank of Ireland

    https://www.centralbank.ie/financial-system/financial-stability/macro-prudential-policy/mortgage-measures

    • … Kiwis supporting more affordable cruise holidays big time … as they demand more affordable housing too in ‘the flight to affordability’ … refer 2019 Section http://www.PerformanceUrbanPlanning.org

      … Further reasons why New Zealand must urgently deal with its land use regulatory environment (abolish urban limits / increase land supply and properly debt finance infrastructure) … so that much more competitive property markets are allowed to evolve and visitors and tourists get better value for money … like the inspirational and dynamic customer focused cruise industry …

      Cruise ship numbers and spend swell … Statistics New Zealand
      h/t Interest Co NZ

      https://www.stats.govt.nz/news/cruise-ship-numbers-and-spend-swell

      Cruise ship spending is going full steam ahead, swelling 28 percent to $570 million in the year ended June 2019, Stats NZ said today.

      The $125.2 million lift in annual cruise spending reflected a surge in the number of cruise voyages, port calls, and passengers. This followed an 11 percent increase for the June 2018 year.

      “Cruise ship spending has risen every year since 2015, but the annual increase in the latest 12 months is the biggest in both dollar and percentage terms,” national accounts senior manager Gary Dunnet said. … read more via hyperlink above …

      Bumper cruise ship season nears as other tourist sectors slow … Grant Bradley … New Zealand Herald (behind paywall)

      https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12257887

      The tourism boom is over, prepare for visitor numbers to flatline … Amanda Cropp … Stuff NZ

      https://www.stuff.co.nz/business/114639609/the-tourism-boom-is-over-prepare-for-visitor-numbers-to-flatline

    • It sure is ‘priced for perfection’. One small bump and it could all topple over. The Govt will save the banks but no one will save the borrowers.

  6. Reusa is designing hotel rooms:

    Do luxury hotels really believe guests want to watch each other using the loo?

    https://www.telegraph.co.uk/travel/comment/hotels-open-plan-bathrooms-sacrifice-privacy/

    In a Guardian article about transparent bathrooms, writer Emine Samine admitted to extreme measures in order to maintain dignity – “I had to use the loos in the communal areas. Judging by the queues, I wasn’t the only one who had a problem with the in-room version.”

    http://buzztrips.co.uk/posts/no-hiding-place-the-transparent-trend-in-hotel-bathrooms/

  7. Hey… Where’d everyone go….?

    There must be another site popping up to fill the vacuum left by MB .

    • Everyone’s staring at today’s Corelogic numbers; 20% of us are colourblind so you actually have to read the digits.

  8. reusachtigeMEMBER

    Saw this in a comment above –

    “I’m completely the wrong person to ask mate. I think traveling to Congo and bringing back some ebola virus looks like about the only plausible option for bringing change”

    This is why youse are all the evil characters in a James Bond movie brought onto a blog comments page!!

    • The Horrible Scott Morrison MP

      This is the evil ideology of the left all over. They’d destroy the entire World before they’d see someone else make a dollar more than them. Plus they’re butt ugly.

  9. pyjamasbeforechristMEMBER

    This GE fraud thing could be a bigger issue that it appears.

    GE has about $150b of debt. Most of it in the BBB bond debt markets. If that amount of BBB debt gets down graded to junk it could blow up the $1T junk bond market (where the buyer are totally different and much more limited than the BBB bond buyers)

      • Everyone’s first priority is to protect the ‘system’, this includes the rating agencies. They will further degrade themselves to do so.

    • The GE story was a thing long before the GFC. If they’ve managed to keep the fraud under wraps for that long good luck to them.

      I’m not saying there isn’t smoke here, it’s just that you’d think the lid would’ve been blown clean off this situation by now.

      The main story with them is that they were once an industrial powerhouse that morphed into a finance company (with a diminished industrial arm) i.e. they realised it was much easier to make money selling mortgages and financing auto and furniture purchases.

  10. ChristopherJMEMBER

    My Uncle is eking out his days in a nearby Bupa facility – and I don’t have any complaints, good people, caring staff… even if the food is a bit institutionalized… They keep confiscating his lighters (making it hard to light a dart at night), but that’s his only real complaint. I’ve only got a spot left each week out of his money and all of it (and more) go on ciggies. And that’s my only complaint….

    So, an observation from just one of many aged care facilities in Australia is that the new hires are all asian, Filipinos, Indos, etc. (which matches the existing workforce) I have not seen the company and others advertising much for staff, but know there is huge demand as new facilities open and staff churn. As I understand things, there are agencies out there who’ll get you a work visa and you’re in. Aged care certificate? Don’t worry about that, learn on the job. A booming sector that seems to be more and more closed to young Australians. Or don’t we want to do that job?

    Uncle tells me they are very respectful toward him – he was in a good space yesterday

    (Time to get off arse and up hill.)

    • I don’t buy the line that aged care is work Australian born don’t want to do. Where I work we see a lot of NDIS people and a very large proportion of the carers are born here (of all ethnic backgrounds) and of a wide variety of ages and both male and female. Some are obviously older women re entering the workforce but others are young men and women. I’d imagine the same should hold true for the aged care industry. However it’s obvious these people all have their qualifications

      • Mum’s in an aged care facility in Townsville. I mentioned on a visit the foreign nurses, who domain excellent job I must say, are hard to understand on the phone. The Aussie (read whities) staff said it’s hard to attract whities to the aged care sector, it’s just not appealing, there’s better money and profile positions elsewhere. Staff said the Asians and Subcontinents actually handle the cantankerous better than the whities which is a big plus in that industry. From my experience, there is an element of truth in that statement.

  11. ErmingtonPlumbingMEMBER

    For my nephew’s 5th birthday I smashed up 20% of his presents with a hammer to teach him how it feels to be a casualty of the gender pay gap.

    He was so grateful he actually cried.

  12. Arthur Schopenhauer

    A good article, by contemporary standards:
    https://www.theage.com.au/politics/federal/growing-pains-australia-s-squeezed-suburbs-20190814-p52gwc.html
    There is still a tone that population growth is a ‘fait accompli’ and not by political design, but at least there is acknowledgment of many of the problems.

    The thing articles like this fail to address is the environmental reason why Australia’s population has aggregated in the major cities.

    Unlike Europe and North America, Australia does not have a consistent annual climate cycle with consistent monthly precipitation (in addition Australia has very poor/ancient soils that don’t retain moisture). What we do have, is a roughly 20 year cycle of droughts followed by flooding rain. This cycle makes it hard for regional centers to support their agricultural economies and consistently store water, in contrast to say, the mid-west of the US or eastern France.

    So when the inevitable drought arrives, farmers go broke, regional businesses close and people drift to the large coastal cities. This has been a consistent pattern over the past hundred years, and it’s why most of our population clings to the costal fringe of the continent.

    A costal city needs a large natural water source and a natural port. All of those locations around australia have a city. Queensland probably has the most sites, which is why it has the most distributed population. It’s not rocket science. 😀

    (Historically, Australia has stored the most water per person of any country, just in case we, you know, ran out.)

    Moving mass immigration to regional centers is as thoughtless and myopic as any current political brain fart. It would require building a myriad of dams to hold water that doesn’t exist in locations with geology unsuitable for storing water. But hey, as you all know, we have a circus cretins allegedly running the country!

      • I stopped drinking Asahi when I read the label as saw that it’s brewed in China. I can only imagine how polluted the water is that they use to brew the beer and the chemical ‘purification’ process the water goes through to meet the ‘safety’ standards.

      • Apparently Guinness is made in Nigeria now.. Not sure how good the water is in that country, but can’t be that good I’d imagine?

      • wait, what, I need to start reading labels when buying beer or Guiness now just to be sure it doesn’t come from the third world. For fvcks sake.

    • The Horrible Scott Morrison MP

      I’m sure those 4200 dollar fines will put the fear of God into them.

      • Yeah I can’t see how grey nomads have managed to buy into crypto. They don’t even know how to check their Gmail.

    • Im not sure if you’re retarded, or just a shill

      “An SMSF involves an individual taking charge of their own retirement fund investment decisions, rather than relying on a professional fund manager. It is a major growth area for cryptocurrency businesses in the country, with a combined value of around AUS$7 billion ($4.5 billion).”

      Completely unclear what this sentence even means
      $7billion = value of cryptocurrency businesses in Australia?
      $7billion = value of SMSFs in the Australia?
      Least likely – $7billion = value of cryptocurrency in SMSFs in Australia

      Like all crypto, its built on bullsht and waffle

      • The Horrible Scott Morrison MP

        An excellent summary. Crypto can’t even be negatively geared which means it’s not a viable investment for anyone. You run the risk of making lots of money in it and then you’d need to give the government a check instead of them giving you one. I mean, what kind of investment is that?!

  13. NEW ZEALAND … UPDATE …

    … LOOMING DEBT TO INCOME LIMITS ON MORTGAGES ? …

    Finance Minister Grant Robertson now tight-lipped on whether the RBNZ should be able to limit bank lending based on borrowers’ incomes, having previously opposed such restrictions … Jenee Tibshraeny … Interest Co NZ

    https://www.interest.co.nz/banking/101220/finance-minister-grant-robertson-now-tight-lipped-whether-rbnz-should-be-able-limit

    Finance Minister Grant Robertson won’t say whether he’s keen on the Reserve Bank (RBNZ) having the power to regulate banks’ lending with debt-to-income (DTI) restrictions.

    As a part of the second phase of the Reserve Bank Act review, Treasury is consulting on whether a DTI tool should be added to the banking regulator’s macro-prudential toolkit.

    While Robertson has in the past expressed his opposition to DTIs for first-home-buyers at least, he’s now tight-lipped on the matter.

    “The RBNZ is considering the use of macro-prudential tools and it is too early to say what its thinking is on the matter,” he told interest.co.nz.

    “In any case any decisions made about the use of those tools would be a matter for the RBNZ.” … read more via hyperlink above …
    .
    .
    Recession threat to new home buyers’ mortgage rates … Rob Stock … Stuff NZ

    https://www.stuff.co.nz/business/115048596/recession-threat-to-new-home-buyers-mortgage-rates
    .
    .
    … Following the 2007 event the Central Bank of Irelanf generally capped mortgage lending to 3.5 times gross annual household incomes …

    Mortgage Measures – Central Bank of Ireland

    https://www.centralbank.ie/financial-system/financial-stability/macro-prudential-policy/mortgage-measures

    • Narapoia451MEMBER

      Can’t see that getting implemented, even if it does national will just repeal when they next slime their way into government.

      • … NEW RESIDENTIAL & COMMERCIAL DEVELOPMENT REVVED UP BIG TIME NEXT WEEK BY GOVERNMENT …

        Councils, govt, mana whenua agree on Auckland-Hamilton development | RNZ News

        https://www.rnz.co.nz/news/national/396809/councils-govt-mana-whenua-agree-on-auckland-hamilton-development

        New Zealand’s first urban growth agreement between central government, local councils and mana whenua has been signed to manage development in the area between the country’s two fastest-growing cities, Hamilton and Auckland. … read more via hyperlink above …
        .
        .
        Awaiting major urban development announcements from Minister Phil Twyford this coming week … dealing head on with urban limits abolition / land supply and proper debt financing of infrastructure.
        .
        .
        Check out too Environment Minister Parkers recent RMA announcement. Massive changes ahead.

  14. Oh, something of note… I thought that was mostly a ‘ledgend’, but yesterday I got my first case lodged by an Indian, which ended with the now, not so funny ‘Please do the needful’

    … *sigh* …

    • Ha! Only when you experience it first hand you can grasp the true misery of dealing with subcontinentals in a corporate setting.

      It’s payback for colonialism, I suppose.

      • Never dare ask them to do their job, you always get a ‘sigh’ in return. Plus they love ingratiating themselves with a ‘mate’ or talking about cricket in lieu of doing their assigned jobs.

    • I work with a bunch of them it’s not a legend, it’s a reality. Hah.

      See also “the costumer” I guess someone who makes costumes.

      Please advice – to which I always follow with be good to your mother.

    • I got a lovely response of ‘it would be too complicated to explain’ when dealing with an IT ‘Unhelp’ Desk ‘Analyst’ from the subcontinent.

  15. interested party

    Ever work out why Trump is always going on about Biden being soft on china?

    ” Sen. Chuck Grassley (R-Iowa) named Hunter Biden as the source of a potential conflict of interest as part of a congressional inquiry into the purchase of an American maker of anti-vibration technologies. The company was acquired by a Chinese Communist Party-owned aviation company and an investment firm with ties to the party. ”

    “CFIUS approved the transaction even though the Chinese aviation company was reportedly involved in the theft of sensitive data related to the Joint Strike Fighter program. The stolen data ended up being incorporated into China’s J-20 and J-31 aircraft. ”

    https://www.theepochtimes.com/hunter-biden-faces-congressional-scrutiny-in-probe-of-chinese-acquisition_3044715.html

  16. Elizabeth Farrelly back to full psycho babble mode

    https://www.smh.com.au/national/there-s-a-con-in-congestion-it-s-not-caused-by-what-you-think-it-is-20190815-p52hjp.html

    True. People complain about immigration, population, height, density, congestion. Also true, if there were no people there’d be no issue. But unless we’re actually talking forced sterilisation here, that’s not a helpful insight.


    Reducing immigration may reduce the demand for infrastructure. It may save the putative $38 billion “congestion costs” that Infrastructure Australia threatens by 2031 and the $600 billion spend.

    Then again, maybe it’s the other way around. Maybe we need the immigration in order to justify the infrastructure spend that will keep the economy alive.

    But wait, there’s more

    So, what to do? First, recognise two things. One, that height, density and population are not the key problems. That’s the con in congestion. Much bigger, denser and more populous cities than ours are exhilarating places to be.

    Said by exactly no-one who has caught a train in Sydney recently, or been into a hospital and seen ward after ward filled up with recent non english speaking ‘family reunion’ over 65 year old migrants.

  17. [email protected]#$%kk me

    https://www.abc.net.au/news/2019-08-17/anzsco-occupation-lists-need-updating/11413518

    So now the purpose of maintaining a skilled vacancy list is to suit the aspirations of would be migrants? Just stuff the interests of the country??

    Zerub Roberts, who has recently completed his masters at Deakin University, came to Australia from India to pursue local education and work in data science, alongside his partner Neelima Pallanti.
    ….
    “If I don’t manage to secure permanent residency in two years, that would be very unfortunate,” he said.

    “I just hope we won’t end up regretting this major decision we took two years ago to come to Australia.”

    So did you come here to study, or to get PR?? Go and get f#cked. It is not as if we will miss you or even notice you not clogging up our roads, trains or hospitals.

    This place is seriously f#$%$#@ked and the sooner the economic collapse arrives and it all comes crashing down, the better.

    • It’s been going on for years. Back when taxis were driven by Indians only, you’d ask what they are studying. They would say I’m getting my master’s. I’d ask why bother getting a master’s? They said it was because a Master’s would get them PR. Sigh..

      • I know, but I feel of late the sense of entitlement just beggars belief: like ‘Australia, you owe us PR and a good experience for the privilege of us deciding to come and live here and shame on you if that does not transpire.’

        GTFO.

      • @Paint it Black – their entitlement comes from their caste system / religious beliefs, plus actually believing lies from Australian immigration that we are in need of their ‘skills’ because we have a ‘shortage’ that is keeping us back as a country and economy.

        They walk around and don’t dare look at the locals in the eye (particularly the lighter-skinned females), we are beneath them and they are our saviors.

    • reusachtigeMEMBER

      Yeah but data science is one of those types of jobs self respecting locals won’t do.

    • Yep. There should be no occupation list at all. Instead, there should be a massive tax on every work visa. $1000 per week per visa.

      And allow no more than 20% of the IT degrees here to be given to foreigners – so that Aussies can get IT jobs again.

      The fake Greens have turned the IT sector into a low wage dystopia while the fake left says “job guarantee”.

    • @footy
      What’s the TL:DR crowd please? Am I in it? I’ve never been in a named crowd and would like to be in one if possible.
      Transmission Line : Digital Ready?
      Trans Longing : Dildo Ready? (not entirely me, but I could try to fit in)
      Thoreau Liking : Descartes Rejecting?
      Must be one of those, surely…
      (and I told you already, don’t call me Shirley)

  18. The Australian Debt Crisis Playbook
    ‘…I didn’t think the GFC would be (the long term reckoning), for Australia in fact I advised people to buy housing in 2009…’
    Houses n Holes.
    14:45 https://youtu.be/b9qqL5_0bn8?t=885
    Does anyone recall HnH advising people to buy housing in 2009?

    • Top bloke, he’s given the creaking minutes to the new owner. A bit like selling a car with a bunch of defects and sharing the list of items needing attention after it’s been sold.

      • Mining BoganMEMBER

        I’d like to know the thought process of the buyer. At what stage did he accept that this was a good deal?

    • If a building is making creaking and groaning noises like that, you have to wonder how long it will be before fatigue takes it’s toll and something breaks.

    • A few things don’t quite add up here. When we bought our townhouse, part of the conveyancing is the body corporate report that should reflect body corporate issues that effect the owners collectively. In this case, either the body corporate is with holding information, the conveyancer is incompetent and the owner just plain stupid for not doing their due diligence or combinations thereof. It wouldn’t surprise me in Victoria if their was no requirement to report significant structural issue in the body corporate report to protect the market for dud investments.

    • I have heard of a few people doing it who have professional jobs and flash cars and at first you think ‘really? why would you? are you in a financial mess or something?’

      It does seem per the ATO info, turning on the app and cruising around [no, not the sort of cruising for rough trade that Reusa does] even if you don’t get a job can produce deductions. This includes parking whilst waiting for a job. I do wonder if people are doing this in order to get deductions when they are really just using their cars privately? Obviously you would need do to the occasional job to produce income to make the ATO happy. I am not sure if the numbers would add up or not though and how much the ATO would chase down Uber for your data.

      Addit: Sorry @Coming – beat me to it with that thought and more succinctly too

    • Clearly not all his dogs are barking, Probably got done over on the finance for that heap of German junk.. Oops racialist.

  19. May I ask if anyone has software recommendations for 1) ASX share record keeping; and 2) software for investment analysis valuation methodology BFS etc.

    Or excel/sheets templates could be good.
    I don’t mind paying for something decent if reasonable.
    I am interested in equations.

    I need to be more organised, and less faulty.

      • interested party

        That outdoes my claim to fame…….all I got to do was keep Johnny Farnham awake after one of his concerts…..with a jackhammer in the condo next to his…….we had quiet words….and he was good about it. I kept going. Been calling him “jackhammer johnny” ever since.

      • TailorTrashMEMBER

        My claim to fame …
        ………..I once sat 2 seats behind Lee Kuan Yew and Madam Yew on a Singapore Airlines flight …….surrounded by his detachment of goons I confined myself to only one G and T ………lest I get into trouble as white trash ……………

      • MB, had a client bbq with Merv Hughes as the guest. After the clients left, Merv was happy to stay on with the five odd staff and Mrs Nut and we knocked back quite a few beers. As the bees flowed do did the stories. Got the good oil on the Keg on Legs epic drinking stint and other stuff. Great night, top bloke.

      • ChristopherJMEMBER

        In the after party of the opening of the Sydney Entertainment Centre, I had my hands on the last jug of beer and spent time talking to Molly. Told him to do himself a favour…

        He was comfortable around people, gave me respect and I remember that night well

  20. The Traveling Wilbur

    How many vegans does it take to cook a decent serve of suausages?

    A: Just two of them. But you need to add an enormous amount of salt for flavouring.

  21. Chortle …. lots of heads popping around here and there today …

    Anywho …

    Donald J. Trump
    ‏Verified account @realDonaldTrump
    Aug 14

    We are winning, big time, against China. Companies & jobs are fleeing. Prices to us have not gone up, and in some cases, have come down. China is not our problem, though Hong Kong is not helping. Our problem is with the Fed. Raised too much & too fast. Now too slow to cut….
    18,874 replies 18,743 retweets 84,518 likes

    Donald J. Trump
    ‏Verified account @realDonaldTrump

    ..Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!

  22. ErmingtonPlumbingMEMBER

    Mal Turnbull on aging 2GB commentator Alan Jones,
    “He is an appalling misogynist in the way he talks about women – this is the man who said that Julia Gillard should be put in a chaff bag and dropped off the Heads, then he goes on to urge Morrison to shove a sock down Jacinda Ardern’s throat.

    “I mean this is appalling language – and at a time when we are doing everything we can as a national priority to stamp out violence against women and children, you have this broadcaster who uses the language of violence against women as part of his regular rhetoric.”

    “It is disgraceful.” Turnbull went on,

    But,

    “Mr Turnbull declined to say if Jones should be taken off-air, saying that it was a matter for his employers”

    See, the thing is, IMHO, these little slap stick social Conservative v Social progressive factional battles within the LNP are a way of always playing both positions on a myriad of issues to maintain the LNP broad voter base.
    It almost sounds as if these battles are planned and scripted before hand to play the public.
    There was a Shyte load these Concocted factional battles before the election on 2GB and I can’t think of a more loyal partisan media organisation to the Liberal party than Jones’s outfit.

    Maybe I just smoked to many Hong Kong’s when a lad.

    Either way Alan is becoming a bit of Nasty, gaff prone radio version of Rex Mossop and making quite a fool of himself.
    Its clearly time for him to go.
    How weak as Piss is Turnbull for “declining” to say so.

    • reusachtigeMEMBER

      I have a lot of respect for Alan Jones and his no fear attitude towards tyrranical women!

    • Trout à la Crème

      We’ve heard enough from Lucy. Lucy needs to consider if words are violence, how then can a voter be fully informed without receiving injury. Also, Lucy needs to consider ending violence *by* women.

    • Anti white, or reverse racism, does NOT exist. It’s simply not a thing. White privilege, on the other hand, is VERY MUCH a thing.
      Check your boxes, Karen…I mean, Pauline

      I can’t stand people who claim racism only works 1 way. It’s utter nonsense and worse when peddled by white people who somehow believe it is not a thing.

      Honestly it’s idiots like this who give Trump’s voter base motivation to go out and vote. Or vote for Hanson in the first place. The more idiots like this continue with this rhetoric the more it pushes me to vote or at least give a preference vote for folks like Pauline.

      • Mate look up the definitions of terms and then square that with history … FFS …

        Please read – Democracy in Chains: The Deep History of the Radical Right’s Stealth Plan for America, by Nancy MacLean

        Youtube does not cut it …

      • @Skippy, that’s the thing I agree the system is rigged. But it’s not rigged just against black folk, plenty of whites are suffering under the same corrupt system. Focusing on skin colour is merely a distraction and this idea that racism against whites doesn’t exist is as toxic as the system itself. I know that many black communities, particularly in the US are disadvantaged. But that doesn’t make it the case in all countries or societies and doesn’t mean that other forms of racism are less valid.

        You can bet there is many racists in South African who want to harm white South African’s in the name of “revenge”. But that gets nobody anywhere and claiming racism against a particular group is a form of gaslighting IMHO. There is racism all over the place if you look close enough.. but the typical narrative is that it’s white’s vs black’s, the reality is there is plenty of racism amongst Asian groups, amongst different groups in the middle east etc.. the world isn’t black and white.

      • Just like Pauline, you are presenting a false equivalence fallacy.

        (Complaining that “the world isn’t black and white” while attacking people trying to highlight that – ie: the whole “intersectional” thing – is a bit daft as well.)

      • Problem for some people is time and space from the – singular perspective – with a side of environmental biases being applied with cookie cutter optics. Not to mention geographic locations experienced or depth of social immersion in the potential social strata of said locations.

        Gav I can say without hesitation that blacks in America have experienced a long time line of epic levels of being structurally diminished and vilified [super predators ring a bell], sweet as freshly picked blackberries cobbler on the farm Grandmother from Iowa was both scared and suspicious of all blacks, not that we only had one black family around in a whole county. Their baptist church had a sister church from east St Louis Missouri, every year they would visit their church and the white fright was palatable, yet these were the nicest people that were not shy in expressing the love for their god.

        Anywho … I would recomend – Blue eyes, brown eyes: What Jane Elliott’s famous experiment says about race 50 years on

        https://www.azcentral.com/story/news/local/karinabland/2017/11/17/blue-eyes-brown-eyes-jane-elliotts-exercise-race-50-years-later/860287001/

        So as all can see I’m observing this whole shimozzle from a completely different perspective – at onset. Would recommend actually watching the original doco where kids in a class room conducted week long trials based on assumed superiority over the other half of the class and then switch.

        Trout à la Crème …

        Your personal unsupported opinion without anything to back it up has no compelling aspects vs. Nancy MacLean’s approach.

        Personally I have no dramas with Praline getting her comeuppance after making packet based singularly on pushing “race” based hot buttons, didn’t see skin colour or sex being a issue in the twitter thread.

  23. SnappedUpSavvyMEMBER

    How much cadmium has to be in the rice for people to want to protest for LESS freedom 🤪

    • Please define the quantitative aspects of freedom and how they are arrive at and by who … E.g. freedom for whom …

      • SnappedUpSavvyMEMBER

        lol I’ve been saying for years, move to chyna country shopper, you’re made for it 😁

      • Thank your for your considered response – of some sort – sans an intellectual response. I mean your camp has some issues with CT like deep state and at the same time are fighting commies and socialist everywhere …. what a pickle …

        Back up your statement or pound sand …

      • SnappedUpSavvyMEMBER

        How’s your credit score skippy? Seriously, what’s it like to be denied overseas travel and the amount of kids you can have….. honestly you’re trolling right? A decade ago I had a business meeting in chyna and they asked me about my family, anyway long story short lady beside me (translater – about 45 years old) left in tears after telling me she could only keep one child…..

        Please immigrate to chyna skippy, please

      • The plural of anecdotal is not fact and you seem to have a hard time of answering simple direct qestions – see above your considered response to enlighten me about what you believe quantifies freedom and attribute where your notion of it is from …

  24. reusachtigeMEMBER

    So savvy. She even looks new age and ready to boom things along. This new boom is gonna excel beyond imagination. Youse sick negative losers of poor mind ain’t seen nothing yet!

    https://www.domain.com.au/news/sydney-auctions-young-investor-splashes-1-26-million-on-run-down-lewisham-house-310000-above-reserve-871041/?utm_campaign=strap-masthead&utm_source=smh&utm_medium=link&utm_content=pos5&ref=pos1

    Now look. I hate inner west people of Sydney. They are THE scum of society. They wish to impose beliefs upon everyone and they are sick beliefs without God. This young winner hopefully represents their eventual extinguishment.

  25. If you could pick your top 2 for the democratic nominee who would they be?
    For mine:
    Andrew Yang (not from the establishment and seems human)
    Bernie Sanders (like most of his policies, seems human but may die soon)

  26. Auction market looks healthy :p

    https://www.realestate.com.au/auction-results

    VIC
    Reported rate 77%
    279 sold, 554 scheduled = 50%

    NSW
    Reported rate 79%
    214 sold, 435 scheduled = 49%

    QLD
    Reported rate 46%
    44 sold, 212 scheduled = 20%

    SA
    Reported rate 64%
    9 sold, 53 scheduled = 17%

    WA
    Reported rate 63%
    5 sold, 13 scheduled = 38%

    • That article is complete rubbish and the reason is because none of the “downturns” they studied were actual recessions, they were Mickey Mouse weak spots propped up (successfully) by giant stimulus.

      Marketing? Sports instructors? Baristas? Those are discretionary and DOOMED in a proper recession.

      This article just goes to show how little the mainstream understands of how MASSIVELY f#cked we’d be in a proper recession.

      Safe jobs? Try debt collectors, car towing businesses and (they got this one right) mental health workers.

      • I know, because I saw how bad it was in Ireland. Nobody was spending or hiring in those fields. Many people didn’t have jobs for a long time. 1-2 years+

      • In times of recession the defence force is told to recruit like crazy. You then need something for those extra armed personnel to do…

    • The Horrible Scott Morrison MP

      They missed out lawyers. All the M&A guys get moved into Insolvency teams. All the guys working on Residential Construction get moved to Government Projects. Industrial Relations guys get super busy. An hour is the same value no matter what’s happening in the economy.

    • tech jobs save?

      lol
      ATM half of tech jobs are in bubble never making profit businesses and the other third is working on projects “helping” incompetent CEOs to improve productivity (they have to show they are doing something to improve businesses)
      in case of recession, only hard core technical maintenance staff is going to survive

      • That’s the truth. Tech jobs are definitely not recession proof
        The basic problem is that risk capital (as in Venture funding) dries up long before the recession kicks off
        That means that all the “start-ups” active during a recession are self funded or operating on very tight budgets
        If you want to work as a techie during a recession be prepared to work free (aka supply sweat equity for zero pay in the hope of one day selling the company) If you have to do this than do it but don’t delude yourself about the chances of success.
        the other big negative is that companies which typically accumulate successful start-ups don’t have to compete hard to buy the best which translates into low exit prices (often forced on the start-up by the venture capital wanting to take a small win)
        Basically there are lots of reasons why recessions are bad news for Tech workers and only one reason why recessions are good news and that’s the availability of Talent that otherwise wouldn’t be interested in your pi55ant project.

      • @Fisho agree 100% on that. Lots of tech jobs are superfulous anyways, so can easily be chopped during a recession.

  27. 4 Corners doing the apartment building defects next Monday.

    I wonder how many small developers will go to the wall as the supply of suckers to buy overpriced sh!te quality crap dries up because of the media coverage?

    Can’t happen soon enough in my view but I do wonder about the knock on effect. Would not want to be a mezzanine funder who had tempted by > 10% interest rates thinking it was to be a quick buck once OTP contracts settle. How much it burns the majors is another question.

    Anyhoo, it has never been a better time to be a bitter looser renter …

    • And yet idiots appear to still be buying them. Even after being warned of creaking and groaning noises… The mind boggles. A friend of mine asked some folks in Dubai if the tall towers ever had similar noises or problems. Their response was no because building standards were high and never heard stories of problems like that.

  28. The Traveling Wilbur

    “trouncing” the ABC used the word “trouncing”.

    I can live with that in terms of word choice.

  29. reusachtigeMEMBER

    Oh wow. Boom times confirmed. It’s great news. There’s so many articles this weekend about the new boom that I would be spending all night quoting and linking so I won’t. If you are still one of those extremely retarded types that denies the booms then you will die of your illness in extremely massive intense ribald pain.

    • The Traveling Wilbur

      And alone*.
      And ugly^.

      *Your missus will have left you for someone with an IP and none of the kids she had with you will visit your nursing home since they’re not interested in your estate/will^.

      ^As you don’t own real assets like property.

    • The Horrible Scott Morrison MP

      Prices will crash by 10%… in 10 years after they’ve gone up another 50%. This man Reusa talks complete sense and you would be wise to listen to his sage advice on property, chicks and life.

  30. Randomly contacted on a dating app tonight. It’s a skinny Asian girl. I’m not interested because she has no bio in English. She contacts me and immediately starts asking me what I think of Hong Kong. Everything I ask her (it) is met with a generic answer. Are Chinese bots infiltrating via dating apps?

  31. Complex Carbon Unit

    Lol lol lol lol, Boom times ahead !, you will have a cock that looks like an hour glass soon if you don’t leave it be, lol lol lol lol

  32. Auction anecdata – was at this one today https://m.realestate.com.au/property-house-nsw-lambton-131560126
    2 bidders, one a buyers agent and other that didn’t seem serious. Bidding started at 635, 2 bids then stalled at 650. Negotiations then started and the buyer, for an unknown reason decided to give the vendor an extra 30k.
    Personal market thoughts: not much out there, but what is seems to be moving OK. See what happens come spring but demand seems solid atm. I f*cken hate that I’ll purchase something 40% over priced, but my resistance is losing credibility by the minute

    • Agent today (Canberra) told me they have broken their all time record for contracts signed for new listings for this coming Spring.

      Flood of stock is what we need to test this “new boom”.

      Bring it on.

      • no new stock on the market is needed.
        Stock on market is almost completely irrelevant – it’s monthly supply (the ratio of stock on the market and monthly sales) that matters and that’s still super high
        stock on market halved during the bust in USA yet prices halved

        what is needed is there – global fear

      • Disagree DocX. To smash the new boom mentality there needs to be a blow to seller sentiment and make them feel the first flickering of fear. A lot of unsold listings will do that.

    • My opinion is that the recent interest rate cuts have given some velocity to the market, but it will be short lived (maybe 12 months at best), I think there is too much momentum in the opposite direction, I’m actually looking forward to moving out of my dump rental and living at my mum’s place in the country for a bit. Anything to avoid the madness of Sydney/Melbourne markets.

      We needed a bull market before the whole thing collapses proper.. we’ve already had the biggest pull back in 30 years and there is still some stupidity out there. A “back to normal” mentality. But the fundamentals are broken now.

    • And in the opposite corner I am starting to like my savings more and more and getting harder and harder for me to give them to the bank for a debt I will not be able to repay in my lifetime.

    • Arthur Schopenhauer

      Anyone under 40, maybe even 45, has never experienced a severe recession during their working life. Unless they had leveraged shares, or worked internationally, the GFC barely touched them.
      There is a strong belief among the P&C parents that the way to make money is through property speculation, not building a business (foolish) and certainly not via wages (really foolish).
      Who can blame them, it’s been true for 20 years.
      Add easy credit to that fertile ground and it doesn’t take long for prices to bloom. Springtime has certainly arrived early in Melbourne’s NE.

    • Still a lot of people with their blinkers on atm, they see the rate cut at face value and think boom without any other thought. 2 friends just bought in the last few months, one bought an IP with a total 1mil loan while wife is preggers and hubby just lost his job, she spilled the beans to me while drunk believe it or not. Second just bought an upgrade house with a 700k bridging loan plus their 500k existing loan, trying to sell but having trouble, hubby just got out of hospital from bowel perforation, 4 kids and she is at home. Another friend with two IPs just bought a Landcruiser+van 150k all on finance 10% interest. A lot of people are still in fairy land.

      • I know a bloke trying to buy a house in the 1.6-1.8 mill range as an upgrade to the family home. He’s not selling his existing house (he’ll rent that out for the tax breaks) and was rejected by the banks for a loan, so went to a 3rd tier lender to borrow $1.75 mill. He went to an auction last week and was outbid in 5 mins. He’s got 2 kids and a wife that works part-time and from memory borrowed last year to upgrade to a CX9 or something. He just shrugs his shoulders and says “I can afford it” whenever anyone questions him.

      • JohnR its ok it was that good quality specufestor wine so no probs. I believe they sell it in a cardboard box at Costco these days

    • Also in Newcastle and have spotted quite a few houses that sit on the market for 3-6 months.

      I’m also hearing of multiple organisations handing out redundancies, and I’m noticing sentiment shifting a little, with more people concerned about a recession and asking how to prepare..

      Will be interesting come Spring..

  33. Complex Carbon Unit

    I live in Melbourne outer east, drive in closer to Melbourne today to pick up a part, No wonder their is no housing left for us locals the amount of vibrants I sore was depressing ! the governments have sold us out and really we had no say in it, it’s not the vibrants fault l, it’s the stinking greedy political system that has grown like a cancer feeding of the big end of town….

  34. reusachtigeMEMBER

    If I were a Chinamen student, or whatever, living in Australia I’d totally become a dago and build up my export business (unless I was a hot chick then I’d do massage etc). Locals are unwilling to invest into their new born children as extensively as Chinamen are so I’d snap up all the baby formula and make massive profits.

    Knowing that nothing will really ever be done to stop local babies from starving due to profits being the most important thing in society, who wouldn’t become a dago (or a massage-like chick if hot enough)?

    https://www.dailymail.co.uk/news/article-7366961/How-international-students-making-fortune-selling-baby-formula-overseas-huge-mark-ups.html

    • I have a couple of probably silly questions:
      Is there a shortage of the raw materials to make Baby formula in Australia?
      Is there a shortage of manufacturing capacity to make Baby formula in Australia?
      OR maybe
      Are there commercial agreements in place to maximize profits by not flooding the market with product (baby formula)
      From a total manufacturing capacity perspective, who cares if Australian Baby Formula is exported by the manufacturer themselves OR by students buying this at the local supermarket. The total volume of baby formula consumed locally and the total volume of exported baby formula are presumably the same meaning it is just the export channels that differ …ah but with one difference, in the one case the Aussie manufacturer themselves, selling their product in China, gets to charge the local price for imported baby formula (which is several times the local Aussie price) whereas in the other the market advantage gets arbitraged by these International students.
      What is fundamentally wrong with this arbitrage? Why is it being painted in such almost criminal terms by the Australian press? What stops the Aussie manufactures just ramping up their local deliveries to meet this increased demand, if shortages within Australia start to occur?
      As I said at the beginning, wtf do I know about Baby formula, but that said, I do know a lot about markets and market Arbitrage and the reasons why manufactures create market shortages in one country to maintain margins in another.

      • Yep It’s a strange world where solid export demand for your product (at several times the local price) is a negative.
        Why not double your output to properly support this demand?
        Maybe this increased demand would result in premium pay for Dairy farmers (they’ve been doing it tough for a long time) . Maybe it would result in the development of alternate Baby formula distribution channels within Australia (who wouldn’t want to cut Wollies and Coles out of the game) direct sales etc …wow that means even higher margins for the makers.
        Maybe manufactures / Installers of factory style milk processing would be able to leverage this solid demand to double their size and double their work force
        What exactly is this cost that Aussies are avoiding by not securing as much of the Chinese Baby formula market as we possibly can (using all available marketing channels) ?
        Solid Demand is demand is demand and it’s always good news if you’re a producer.

      • Fisho, Chinese buy infant formula the way they buy cars – largely for prestige and appearances. Foreign brands are perceived as better – even though Audi has been made in China for more than 35 years. A2, Blackmores and similar brands rely on marketing to create the perception of being better (and also a smaller risk of being counterfeit :))

      • Ah I think I understand just a little about Chinese buying preferences (especially rich Chinese preference)
        So yes they do buy for prestige but that in no way changes the nature of this product Demand as seen from an Australian perspective.
        If some Chinese choose to buy their Baby formula in Australia than it’s really no different to Australian families choosing to feed their babies formula until they’re 6 months older OR Australia having double the number of babies wanting formula. BOTH are examples of increased demand, if the demand is sustainable (you have good reason to believe it is repeatable not a one off thing) than as a Baby formula manufacturer you increase your production OR in the absence of ingredients (milk in this case) you than increase your price to adjust position on the supply/demand curve.

    • “Hondurans are rightfully furious about “the neoliberal austerity measures supported by our country and the IMF.” It caused massive layoffs, increased costs of basic goods and essentially made their lives suck down there, Camp reminded viewers.”

      So the issue seems to be neoliberal economic policies, which IMO then begs the question of why they are used, and then how they were concocted, let alone become dominate in so much Western economic institutions.

  35. More fun with numbers vs. gnashing of teeth and pulling hair …

    “Ever since 2009, when the recession and the stimulus package pushed the annual budget deficit to a peak of nearly $1.5 trillion, it has been falling steadily. Last year it came in at $680 billion; this year it is projected to total $492 billion.”

    That is using the phony-baloney “headline deficit numbers”, so let’s look at the actual ones, shall we? Here are the total-new-debt-issuance numbers for the past 10 FYs, rounded to the nearest $0.01T:

    FY ending 9/30 of year Total Debt Outstanding
    2018 $1.27T
    2017 $0.67T
    2016 $1.42T
    2015 $0.33T
    2014 $1.09T
    2013 $0.67T
    2012 $1.28T
    2011 $1.23T
    2010 $1.65T
    2009 $1.89T

    https://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

    But interestingly roughly equals the total budget for the military-industrial-surveillance complex … snicker ….

  36. … BUSINESS LEAVING CHINA …

    Uncertainty hangs over Foxconn’s newest China factory as trade war and economic slowdown take a toll … He Huifeng … South China Morning Post

    https://www.scmp.com/economy/china-economy/article/3023244/uncertainty-hangs-over-foxconns-newest-china-factory-trade

    • Guangzhou facility was supposed to begin operations next month, but now everyone involved is ‘a bit embarrassed’ over its uncertain future

    • A firm linked to Foxconn founder Terry Gou has reportedly been trying to sell the plant, which was supposed to boost China’s role in the global value chain … read more via hyperlink above …
    .
    .
    Recent Sydney Morning Herald articl;e

    ‘Brutal consequences’: Ansell warns China over exodus of manufacturers … Darren Gray … Sydney Morning Herald

    https://www.smh.com.au/business/companies/brutal-consequences-ansell-warns-china-over-exodus-of-manufacturers-20190812-p52gat.html

    Ansell chief executive Magnus Nicolin has warned China of “brutal” consequences as manufacturers leave the country over rising costs and fears at the escalation in trade war with Donald Trump.

    “So many manufacturers are moving out of China at breakneck speed. You don’t see it in the China-reported GDP growth numbers yet. I suspect that sooner or later it will be visible,” Mr Nicolin said. … read more via hyperlink above …
    .
    .
    Google NZ Search ‘Business Leaving China’

    https://www.google.com/search?source=hp&ei=vopYXYCsNZfQvQTSkaeADQ&q=business+leaving+china&oq=business+leaves+china&gs_l=psy-ab.1.0.0i13j0i13i5i30.2940.10121..

    • Ahem … leaving to just outside China and not the U.S.A. but this takes more than a few years to accomplish and per the American experience will just mean the rich just get richer …. golf clap …

  37. While I find the enthusiastic normalisation of sex work a bit weird having regard to the general concern with regards to attitudes of men to women (surely normalisation of sex work means the normalisation of buying sex services), the reference to low pay and long hours in retail work caught my eye.

    Are the locals kids now resorting to sex work to avoid the wage theft that is endemic in our franchise / retail / hospitality industries?

    https://www.smh.com.au/national/alexis-s-story-from-eastern-suburbs-private-school-to-sex-worker-20190816-p52hp6.html

    • Students were working as strippers and prostitutes when I was at uni 20-odd years ago, for much the same reasons ($$$/flexibility). At least one high school student in the small town I grew up in was as well.

      It would be interesting to have some hard (sorry) data on whether it’s more common now than it was, but to be honest I’d surprised if it was much of a difference – and I’d be willing to bet most of the change is due to shifts in legality and technology rather than social attitudes.

      I’d propose to you that the type of men likely to view sex as a “service” will do so regardless of how “normalised” sexytimes are. That’s more to do with attitudes towards women in general and is usually the stuff the “enthusiastic normalisers of sex work” (and feminazis in general) are trying to change.

      • Lots of students in L.A. back in the 80s.

        Should add it seems highly correlated to Universities being run as for profit business.

      • drsmithy,

        How did you know people were working as strippers and hookers? I had a pretty colourful range of acquaintances and I don’t recall anyone volunteering that as a source of income but then we are a chaste lot here in Sydney.

        Normalising prostitution (or sexytimes) as opposed to decriminalisation hardly seems like an advance for feminists.

        If supplying and purchasing sexual services is just another service like dentistry I expect that a larger group of men would consider it reasonable to enquire whether they can pay for what they are unsuccessful in securing otherwise.

      • True story, A few year back while in a regional town I attended a bucks party (which is a very infrequent event for me) and was surprised to discover that my daughters Chinese Tutor was also maintaining herself by other means. Our business relationship was never quite the same… there’s something about having had her 7its rubbed in my face that lessened in my mind her suitability as a Mandarin Tutor.

      • Girl I went to school with became a Stripper. (we graduated in year 2000). So nearly 20 years ago.
        https://www.youtube.com/watch?v=_SD6PsnYLfE
        Got shot by a Bikie Gang member in Melbourne CBD in 2007.
        She came from a Malvern East private school background.

        I heard stories of other girls I knew in class becoming prostitutes, but no idea if there was any shred of truth to the rumours.

      • Trout à la Crème

        @Pfh ‘Normalising prostitution (or sexytimes) as opposed to decriminalisation hardly seems like an advance for feminists.’

        Why? Haven’t you heard the feminist slogan ‘my body my choice?’ Isn’t telling a woman that she doesn’t control over her body and cannot legally exchange sex for money oppressive? I mean what sort of control over one’s body is legal abortion but not exchanging one’s body through sex for money? I mean isn’t making prostitution illegal telling women what they can and can’t do with their body?
        That’s why you see the sloganeering feminists fighting to legalise prostitution … right?

    • RecessionImminent2

      Nothing against s3x work really, but it’s pretty sad that it’s now a mainstream thing for young women to do in Australia. We’re sh1ttifying sooooo fast.

      • Yes, decriminalisation was essential to reduce harassment, violence and the involvement of organised crime. But that is a big difference to endorsing it as just another career choice.

        This is one service that might be best left to the robots.

      • RecessionImminent2

        Would be good to see the conservatives do something about this instead of trying to restore feudalism. But they are not trying to conserve anything that is recognisable to me…

      • Its not an Australian thing, not to mention its facilitated by social apps and internet platforms I.e. previously one could only assess their local market and contend with whatever market dynamics [bad] were present. This tech has enabled sole operators to operate from a more discrete position, but also a heightened security factor. Per se top operators usually find a small number of steady clients that they are comfortable with and leave it at that. Its the young newbies or adventures that put themselves in high risk situations due to lack of knowledge and experience.

      • Why is it sad?

        Sad because men have to pay for something that is one of the most basic human needs?

    • reusachtigeMEMBER

      LOLOLOLOLOL! Typical wowserism going on in here. There’s no need to feel sad about s3x workers. No need at all. Trust me.

    • Our populist turds will do that here eventually and immediately cook the unemployment numbers such that U/E never hits the trigger point. No different to what they did with inflation data.

  38. I recall that the economists that frequent MB all agreed that almost by definition the US cannot lose the trade war with China. Maybe the war, but what about the battles? Antway, it’s often how these things are perceived that decides the outcome. Winnie is president for life whereas Trumpy has an eleciton to win or lose in less than 18 months. There is no reason for Mr Xi to blink first.

    https://fortune.com/2019/08/16/trump-china-trade-war-winner-data/

    • interested party

      So true….in fact, if I were him, I would wait out trump and re-align chinas and wall streets interests back to the theft model that was in place before trump got in. Biden will ensure this takes place. The deplorables can all go back to being broke and ignorant.
      Sleepy Creepy Joe for Potus 2020.

  39. Apparently amongst all the changes introduced when the ACT labor government spent 3/4 billion bucks buying the sole Green vote in the local assembly – otherwise known as the light rail project – was the decision to get rid of weekend penalty rates for their bus drivers with part of the trade-off being a pay rise. Also as part of the deal they made weekend work on a volunteer basis. Now, bus drivers being rational players, hardly any of them volunteer to work weekends. So all the kids who have no choice but to work weekends in the low paying retail and food sectors keep getting stranded at bus stops when scheduled buses don’t turn up from lack of drivers.

    • reusachtigeMEMBER

      Had to go to Canberra to get some business done with some politicians of interest. The tram was always packed when it went by. Always. Very popular. Great investment indeed. All I could think of was the losers on here whinging about its lack of potential. Probably because they themselves have no potential. And lack where it counts, ie, balls.

    • Yep, heard through the vine that kids in Gungahlin no longer look for salve wage jobs in Belconnen because the bus service is irregular and unreliable. Andrew Barr’s royally fvcked this place.

  40. Jarryd Roughead. If you could combine top bloke with legendary footballer this guy is easily top 10 of all time.

  41. Funny thing Gav, Castro went to D.C. post winning, was congratulated, rub came when he was told [tm] that he could do as he pleased as far as running the country as long as the corporations got their way with business. He declined.

    • I read a book he wrote a few years ago. Had a lot of respect for what he tried to do. Although I think his country suffered as a result. I wonder if the new Cuba will be happier than the old Cuba. Be interesting to see what people’s mental health is like as the country changes.

      I suspect the country will be happier when poorer, but when wealthier they will have more mental health problems. Kind of like South Korea.