Links 20 November 2019

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Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

Latest posts by Unconventional Economist (see all)

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  1. AUCKLAND NEW ZEALAND …

    New home completions in Auckland up 25% on a year ago … Greg Ninness … Interest Co NZ

    https://www.interest.co.nz/property/102642/new-home-completions-auckland-25-year-ago

    The number of new homes being built in Auckland continues to increase at a substantial clip.

    Auckland Council issued 3534 Code Compliance Certificates for new dwellings in the third quarter of this year, up 12.2% compared to the second quarter, up 25.1% compared to the third quarter of last year and up a whopping 82.4% compared to the third quarter of 2017. … read more via hyperlink above …
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    Property owners and developers want more councils to be directed by Government under new planning rules … Marta Steeman … Stuff NZ

    https://www.stuff.co.nz/business/116615782/property-owners-and-developers-want-more-councils-to-be-directed-by-government-under-new-planning-rules

    … concluding …

    … (Local Government New Zealand says …) … The real obstacles to development were a restrictive planning regime, too much risk on councils regarding building and the inability to open up land for development because of poor infrastructure funding and financing tools.
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    … By a country mile housing is THE major public policy issue in New Zealand … and has been for a long time …

    The IPSOS New Zealand Issues Monitor – July 2019

    https://www.ipsos.com/sites/default/files/ct/news/documents/2019-08/6th_ipsos_new_zealand_issues_monitor_released_1_aug_19.pdf

  2. It looks like the Housing supply restriction message hasn’t filtered through to seven year old’s.
    https://www.bbc.com/news/uk-england-merseyside-50464534
    I mean honestly she thinks Santa can bring her family a house, like wtf
    Houses are not something that a family is suppose to be able to afford, houses are investments and Investors need to make adequate returns with government guaranteed capital appreciation.
    Like how is it possible that a seven year old doesn’t understand that she was born into a family of rent slaves and a rent slave she will remain, that’s assuming her family can find the dosh (sorry rental bond) otherwise it’s off to the workhouses, Uncle Scrooge and his close friend Paedo Pell have some fun plans for young girls whose families can’t afford the rent.

    • yeah, a property investor is santa who by buying an existing property as an investment provides a home to a needy tenant who cannot afford it on his own …
      and that’s why government (via NG and other tax laws) is helping investors to achieve this noble goal – almost a charity

      this is self-evident and obvious

      • I like to think of it as: the natural order of things.
        There was a time 30 years ago when hard work was all one needed to do to put a roof over your family’s head, how’s anyone going to make a profit on RE if another persons labour and willingness to work hard are all that limits their ability to buy a house? My moldy Investment Property would be worthless if the Mum’s and Dad’s of this world could simply exchange their labour for a house at historic pricing multiples…completely worthless…and where would that leave us. F’me there’d be no line of desperates willing to pay an arm and a leg for my totally moldy oldy ….stupid little girl, still believes in Santa and the housing fairy… and here was me thinking that they taught RE basics in British kindergarten,

    • Love it! Good to see the vast majority of comments on the SMH site on this article have pointed out the immigration elephant.

      Pretty tough for the politburu to spin this one away from the more bodies = more demand for water line.

      I wonder if (and hope that) the stark concept of not enough water and a long hot summer and then increased prices will get a critical mass of punters thinking it is finally time to speak out more loudly against mass immigration. FVCK knows the roads, hospitals, schools, trains congestion thing does not seem to have sunk in ….

      But what I really wonder is: how long till we see the vibrants toting 40L water containers from Kmart to/from to the drinking fountains in the various western Sydney parks get free water for cooking and washing?

    • As far as I’m concerned we don’t have a water crisis or anything close to it. If we did, we wouldn’t be importing 400,000 people a year and then trying to send them to regions with low dam levels.

      When they stop mass immigration, I will follow the water restrictions, not until then.

    • Mining BoganMEMBER

      Pfft…not one of those commenting are part of Scummo’s quiet Australians. No, the quiet Australians are out watering their lawn at midday, just keeping themselves busy.

  3. NEW ZEALAND … CHEAPER (PUBLIC SERVICE) BOSSES …

    … It is well known New Zealand public servants are generally overpaid … but by how much ? …

    A review of things you need to know before you go home on Wednesday: more rate cuts, rising dairy prices, Westpac holds reputation hand grenade, lower farm sales, higher house price expectations, swaps lower, NZD firm, & more … David Chaston … Interest Co NZ

    https://www.interest.co.nz/news/102661/review-things-you-need-know-you-go-home-wednesday-more-rate-cuts-rising-dairy-prices

    … extract …

    … CHEAPER (PUBLIC SERVICE) BOSSES

    The State Services Commission is crowing that it is forcing down the pay of the chief executives in the public sector. The average pay for public service chief executives increased +1.2% in 2018/19 compared with a +2.3% increase for chief executives in the broader public sector and +2.9% in the private sector. “Overall, however, the Commissioner’s conservative approach has resulted in the average salary package paid to public service chief executives decreasing -4.3% in 2018/19. The average salary package paid to public service chief executives in this year’s report is $478,000, compared with $500,000 in 2017/18 and down from $504,000 in 2016/17. This represents a -5.1% decrease since 2016/17”.
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    … In at least 5 States of the United States (as this writer recalls) it is mandatory that public servants individual salaries are disclosed … to illustrate … Texas …

    Government Salaries Explorer – The Texas Tribune

    https://salaries.texastribune.org/

    Use The Texas Tribune’s Government Salaries Explorer to review the compensation of hundreds of thousands of state and municipal employees in Texas, including those working for state agencies, counties and public universities. This data is obtained by requesting salary records from those public entities through the Texas Public Information Act.

    The Tribune publishes this information because its journalists believe that disclosing how tax dollars are spent is in the public interest. To date, this database contains: … read more via hyperlink above …
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    … By how much are New Zealand public servants generally overpaid, when the appropriate ‘standards of living’ adjustments are made to specific jurisdictions (noting for example the wide variance within the United States) within the Anglosphere ? …

    List of countries by GDP (PPP) per capita … Wikipedia

    https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

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