Links 16 January 2020

Global Macro / Markets / Investing:





Leith van Onselen


  1. TheRedEconomistMEMBER

    Been family camping for the last week with my Gen X friends I went to school with.

    I started conversation about music and I asked if there were any tunes today that provided the youth of today a platform to discuss how they are getting screwed royally. I was asked why would they be angry. I mentioned excessive house prices mainly but avoided climate change as most are deniers and it would have been a huge Barney.

    When I said I don’t care what my house prices does and that I wanted my kids to have an opportunity to buy something close to where we live (Sydney north west) they looked at me if I was crazy.

    They felt increased house prices was good for them and that it would be ultimately beneficial for their kids. I said .. how about kids education and lower levels of debt would assist the economy as retail sales is anaemic. Basically they didn’t care and the casual racist amongst them said that cause all the Indians at her work had investment properties, she felt compelled to buy and IP also.

    When I mentioned the tax system benefited speculators against young people trying to buy a shelter over there head. They just replied they needed to take advantage also and the smart way thing to do. The old .. “I am right Jack… Don’t care for anyone else.”

    House price gains for them was the only thing in town. It was all that matter. Collateral damage of there kids futures was secondary.

    • it’s because of poor education and media brainwashing
      they don’t understand that investing in housing is zero sum game – a transfer, not creation of wealth
      no transfer of wealth scheme can make more than few % of people rich and they are definitely not that close to the wire to enjoy the heat

    • Way to make a week of awkward camping with a bunch of ‘I’m allright Jack’ cvnts… that’ll teach ya to broach these subjects with no escape plan! 😜

        • Stewie GriffinMEMBER

          Excellent – starting uncomfortable conversations with those around you, that run against the popular narrative.

          I award you the Stewie medal of Kuntingness.

        • Oh, nice then… leaving them with a steamer in their sleeping bag! I whole-assedly approve this approach!

    • That’s right, TRE.

      Those jokers on here who think that the environment has changed and people are spooked of houses and feeling overindebted are deluded. Clearly haven’t been to any camping trips or barbecues lately.

    • Don’t stay silent. It is important that people know when they are being screwed. My eldest certainly does and is leaving the country,

    • I’m sure I drove a lot off – all ages! Lately, quite a few are starting to see somethings out of whack for themselves & are coming back to the subjects to sound me out….. it seems they go away with their heads full & shows they’re more willing to take it in now, but they’ve got a way to go. Green Shoots maybe…..? Still a lot welded onto the main meme.

  2. Guess what NT. Some vibrancy coming your way!

    Chief Minister Michael Gunner speaks to reporters in Darwin and says he wants to see more international students in the Northern Territory. “This is an important area for us,” he says. “We are targeting a big number, 10,000 by 2025. “We know that a CDU campus in the CBD will help drive those international student numbers. “This is good for the Territory economy. Every student is worth about $40,000 to the Territory economy.

    • Aaaaand there you have it! Turns out you can put a price on a person, and it’s not that high, after all.

    • They need to start by transforming Charles Darwin University from being the sh1test uni Australia. Still have friends and family up there and we know it’s not uncommon for first year students to repeat the year on transfer to another uni because the standards are so low. Could you imagine coming to Australia for a better education only to find the bust a$$ uni down the road from you back home had better standards? Probably what’s happening now come to think of it.

      • UTAS and JCU are similar. All have their own strengths yet the cash is in getting people, locals and from overseas, who either aren’t ready or up to it to sign up. It is a tragedy.

      • Locus of ControlMEMBER

        CDU is reviled by many in the NT ATM. They’ve cut education/ training delivery to locals and seem to have diverted their focus, almost exclusively, to getting some of that sweet, sweet international student lucre (so far unsuccessfully). They’re relocating their campus to Darwin CBD on the grounds that “students find city-living attractive and we need to compete with all the other cities with city campuses”. Puh-lease – Darwin CBD versus Sydney CBD or Melbourne CBD offers no comparison. For a start the Darwin CBD is dead (for lease signs litter the city and there are some entirely vacant multi-storey office buildings!). CDU has sold their soul and they didn’t even get a good price!

        • Seems the same MO as for the port of Darwin! Sold, not much for it, fritted away in less than 3 years … All gone!

        • Not to mention the loss of the tree in the post office car park. From my understanding the city campus is still a maybe and they chopped it down anyway. Not to mention that its preservation had yet to be formally ruled upon.

          • Locus of ControlMEMBER

            Many people incl. me angry about the loss of the Milkwood trees. They had stood for more than a century and shade from big trees is invaluable in a hot, tropical climate (especially in that car park which is now a parched treeless desert). There are still concerns for the iconic boab on the site. They say they’ll protect it, but not many trust them (i.e. could well see it being poisoned overnight or something – it has happened before).

            Unfortunately Darwin CBD lost a lot of its older, tropical architecture and low-rise skyline between 2010 and 2018 or thereabouts and now it’s just sterile, soulless, block-y, lack-of-airflow (and therefore predisposed to mould) residential units and commercial premises, indistinguishable from any other city anywhere. No wonder tourist numbers are down – there is legit no point of difference any more between us and anywhere else. Also parts of the city and some suburbs are becoming increasingly ghetto-ish – public drunkeness, interpersonal violence, antisocial behaviour, etc. Always been an issue, but seems more visible now, especially when contrasted against an absent retail/ commercial environment (i.e. you can’t look past it and see ordinary business operating in the background as you once could).

        • Having just returned from a week in Cairns after 12 months in Darwin I was struck by the lack of greenery here. My move to Darwin was from Melbourne, so it was always going to seem greener and comparatively underdeveloped. The number of empty shops throughout the Darwin CBD is absolutely staggering. Only the Air Raid Arcade seems to have added shops in the short time that I’ve been here.

  3. Effen hilarious!

    A Ugandan imam was shocked to learn his new wife was actually a man after “she” was caught stealing a television from a neighbour.

    Sheik Mohammed Mutumba, 27, who has since been suspended from his duties as a mosque cleric, became suspicious four days into his marriage when his wife wouldn’t “undress while they slept”.