Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

A modest start to the week as Chinese equity markets react to the wet lettuce rhetoric from Trump on China’s boot on Hong Kong’s neck as most capital cities in the US burn, which should send housewares/DIY/retail stocks up when Wall Street opens later tonight. The USD is falling sharply, particularly against the Aussie dollar, now zooming to a fiver month pre-Covid-19 high above 67 cents.

In mainland China, the Shanghai Composite is up more than 2% in reaction to the non-reaction from the US on trade disputes with Hong Kong, currently at 2911 points, while the Hang Seng Index gapped over 3% higher to 23735 points. This brings price well back above previous firm support at the 23300 point level, after briefly toying with breaking back down to the March lows, but not yet out of the woods:

Japanese share markets also had a solid day despite a stronger Yen with the Nikkei 225 up another 0.8% to 22062 points, while the USDJPY pair began the Monday morning gap basically where it started on Friday night but has sharply retraced to the mid 107’s as USD weakens against everything:

The ASX200 popped back above the 5800 point level with a 1% rise to close at 5819 despite the Aussie dollar reaching for the stratosphere with a big surge up through the 67 handle and off to the moon as USD weakness widens:

Eurostoxx futures are up 1.2% or so with S&P futures gapping lower at the start of the session, but now flat as Wall Street discounts all the pain and suffering across the US – oh and the continue first wave of COVID-19 – and buys up broken window stocks:

Comments

      • And the motion is passed. On to the next order of business, shall we give ourselves a pay rise this year, or just increase the bonus payouts?

        • The Traveling Wilbur

          OK… !

          Take VI.
          Youse is all paying for my closet installs. And Peeechy and I (finally a me too on this) told youse this was commmmming. I’m stoked. Finally some govt handouts. Sucks if you rent but.

          Specifically it was you’d all be paying my mortgage before this was over. Funding the already scheduled closet upgrades will do nicely in that regard. Might get those LED lights and some fitout upgrades added on too.

          I believe Asisaiditwasgonnabe is the order of the day. It’s a seldom visited place adjacent to the valley of Whocoodanodeeh in Peeechistan.

  1. boomengineeringMEMBER

    As per Ermo’s earlier comment. Don’t really want to do this hoist job as they are builders and a certain bomb chucker ethnicity to boot.
    Didn’t realize till after I accepted it and now can’t give it back without having a duty of care to not relinquish it without it being safe. May have to demand a stat dec to deny liability .
    So hopefully it gets the go ahead and they pay or they leave it here

    • boomengineeringMEMBER

      Have never demanded any payment up front but this may be put in the quote .

    • DominicMEMBER

      Boom you really need to take more care whose business you touch — tough to resist some of it, but you should, for your own sanity if nothing else.

    • The Traveling Wilbur

      @boom
      I don’t understand. What have you got against the Irish?
      Is it because you know they’ll make you do the job twice?

      • boomengineeringMEMBER

        Without the Irish Australia would be a desolate wasteland devoid of usable mineral or exports It’s not called the lucky country by chance.

        • The Traveling Wilbur

          Australia never said no to a source of imported very cheap labour that spoke a language others found hard to understand. 😀

  2. robert2013MEMBER

    How likely and how long will usd stay down and AUD up? AUD has now crossed the upper bound of my descending channel drawn late 2018. I’ve heard convincing arguments both ways.

      • 67 was my uncle point and I moved the bulk of my USD back to AUD today. Still did ok because I bought it at 76 and 79c but man if I had been smart enough to move it when it was in the 50s…!

        In the end, for the first time in three years I am no longer sure of my macro outlook. I have been certain for the last three years about the direction of the AUD and I have only been wrong for the last six weeks of that. But I can’t stick with the play if I am not sure of the underlying position.

        The US economy does look increasingly toast and that Fed money printer / USD devaluation machine could get switched on as often as you like. And then with iron ore and China doing what it does, market economics don’t get a look in … looks like Aus will win the least-ugly contest for the meantime and that poo could just keep going up. I don’t think we are headed back to parity like post-GFC or even necessarily to 80c but the bleeding could go on for some time. And that money is my house deposit and I can’t risk it any longer.

        • robert2013MEMBER

          I’m in much the same position. Also transferred a big chunk today. I figured with US rates below AU rates again, it’s now a no brainer. Agree with you about Australia being the least ugly at the moment.

        • I think you’ve made a good decision. On cue, the USD will now boom 😉.

          I’m much less sure of my macro outlook, too. I still think we’re in a massive bear market rally, and that unemployment and solvency will be its undoing, but it might run for quite a while…can MMT keep kicking it along? Can MMT make a new reality?

          I’m not sure.

          For now, I’m thinking like a bear and acting like bull.
          My ‘investment’ timeframe has shrunk significantly, and for now I consider myself more of a trader than an investor – I want to be the latter but have so little confidence in any outlook, so debauched is the market now, with so much geo-political instability; now I’m just playing price action, whilst trying to get a better feel for the macro.

          • Sounds wise. I haven’t got the stomach to trade short term – I lose sleep AND money! – but I can take long term positions with almost zero stress IF I have a firm macro view.

            Needless to say I am now entirely in cash. Will now buy a house as soon as I find a decent one.

          • Please stop with the miss information, MMT does not advocate anything like what some around here ascribe it.

            A. it just informs what policy options are on offer and the rest is an administrative decision.

            B. Decisions are the result of what rolls around in the administration heads E.g. don’t like the choices then focus on the mindset of the people and not the money.

            Keltons new book should sort it out for you.

    • Well, on the basis of what happened after the GFC, dot com crash and 1987 there’s a case for it to be the start of bull run of many months / years now.

      That said, my opinion is that there’s a tech bubble in process right now which could well blow up and crash this year… However, the rest of the 490 odd stocks of S&P500 (outside of the tech behemoths) in aggregate doesn’t seem to be in a bubble at all in my opinion and looks likely to grow steadily.

  3. Goldstandard1MEMBER

    Economy headed for DEPRESSION
    Virus rampant
    China/US trade war beginning again
    Major cities on fire

    Dow futures up

    HAHAHAHA!! When reality catches up with markets it is going to make the drop 10 weeks ago look like a blip.
    Good luck all.

    • thinking same.. hence why I bought some NCM today even though they have risk exposure to S Merica. I start to think price of gold will be many times higher the BOA forecast of $3k. Many times higher and much sooner.
      Also buying some USDs and EURO ETFs to bet against the poo – as expected I am down.

      • I now hold no USDs…it’s been years since I did that…have feeling I will buy some more soon-ish, though, as I’m not sure how long this euphoria can last.

        I also hold a good deal of NCM.

    • DEEPRESSION

      instant heart attack

      Thinking Gawn has done a knee or some such

      Meh, just economy talk 😹

  4. Banana ManMEMBER

    I feel like i’ve been a bit ‘conspiracy theorist’ lately, so rather than take a break I thought i’d go even further and transmit some interesting information from my mate Hula Dave.

    Apparently Australia was founded on cannabis. The British Empire realised that naval superiority would equal world dominance, so they set about trying to secure resources. Timber for ships they had, but rope, the secret ingredient they did not. Lo and behold, in the quest for figuring out the speed of light through the transit of venus, the govs figured they may be able to cultivate the great southern land or so fabled. Word has it that the indica strain seed was supplied, which was of no use to anyone, until the beatles started singing about it. People were engaged to eradicate said weed from the outers of botany bay and the seed was spread via Kombi. Feel free to discuss.

    • Arthur Schopenhauer

      In the end it was easier to harvest flax fiber from NZ than try to grow hemp in and around Sydney.
      The flax trade supported the NZ economy before and during early settlement. Most of it was used by the British Navy for rigging.

      • The Traveling Wilbur

        I’ll second the NZ trivia history. Twas taught in schools and museums it was re the wonders of flax and applications thereof. Another key use, historically also, was basket weaving.

        Which were traditionally always passed from the left handside.

        • Wilbs, thanks for the tip on the Oban 14. Might make that my next bottle. Although the current one (Talisker 10) is so good it’s a strong contender for an immediate repeat…!

          • The Traveling Wilbur

            Welcs. Which would go very well with an Oban. Heh.

            I am making it my next bottle. I’ll let you know if it’s as good out of the bottle as it was where I somewhat randomly picked it the other day for a neat single.

            It’s better than how good Glenmorangie used to be 25 years ago.

    • darklydrawlMEMBER

      Hah… Been a long day it seems. I read that as “It seems Australia was founded on cannibals”. It was only with I read the last line that I realised why not much above was making sense! 😀

        • Ukraine fnMEMBER

          New Australians and illicit drugs .. reminds me of a story that my grandma told me about the police arriving on the front door step back in 1960 asking to have a look at the back vegie patch.
          She said ok and the cops pointed to this patch of flowering plants saying “you can’t grow that here in Australia” and proceeded to pull them out.
          She protested “why you do that ? I use the seeds for cake ! Poppy seed cake!!
          My grandma was growing opium !!!
          Cop’s must of had some fun times with the new arrivals back in the day LOL .

        • darklydrawlMEMBER

          Thanks Swampy! Appreciate you updating us (and posting the link to the original, which I had missed) 😀

    • BigDuke6MEMBER

      When I lived in gosford many years ago I got the impression it was under a haze of marajuana.
      The .gov have tried to get people onto alcohol for its taxability but I think buds will make a comeback.

    • drsmithyMEMBER

      Having one of your key resources on the other side of the world in the age of sail seems strategically questionable.

      • Banana ManMEMBER

        They had India, just looking for bigger and better. Hemp ponzi. Apparently NZ sorted it out as per Arty’s post above

      • The issue WAS the age of sail. Needed pine trees for masts, flax for sails, hemp for rope. None of it was in the UK.

      • Jumping jack flash

        This for sure, but Greenspan’s brain fart under pressure from Bush that interest rate manipulation couldn’t really be that bad a thing, and about a hundred years of economic theory that said never, ever, touch interest rates, ever, mightn’t be applicable any more, because Volcker did it and it all worked out, had a fundamental part to play in the debt euphoria leading up to 2008, in my opinion.

  5. Arthur Schopenhauer

    Why wait until 65 to buy a Ford Mustang, when you can live like a Boomer, right now!

    From credit reporter Illion:
    “ Analysis of the bank transactions of thousands of Australians who took out Super show some disturbing facts about those who withdrew it and what they spent it on. Many used the money to increase – not just maintain – their spending.

    Latest data from the Australian Tax Office (ATO) confirms 1.35 million early release superannuation applications have been approved.

    Nearly half (40%) of those who accessed their superannuation actually saw no drop in their income during the COVID crisis. There was no income check prior to allowing people to access their Super.”

    So I guess 60% went to a bank directly, or via a landlord, maybe?

    But 40%, boom, 🔥 Stimulus! Never doubt Peachy.

  6. Arthur Schopenhauer

    More:
    “ A third of this money was used up in the first two weeks. On average, people withdrew around $8,000 and spent an extra $2,855 in two weeks, compared with the same group’s average spending in a normal fortnight.

    Sixty-four percent (64%) of the additional spending was on discretionary items such as clothing, furniture, restaurants and alcohol.

    There’s also a group out there living very large on pizza and beer courtesy of tax-free Super. These are the most expensive pizzas they will ever eat! This money is available for anyone with a bit of Super who puts their hand up and it’s a situation that was entirely avoidable.”

  7. Arthur Schopenhauer

    And a bit more:
    “ Fourteen percent (14%) of the money was used to repay personal debts, including credit cards, Buy now pay later (BNPL) bills and other bills. Eleven percent (11%) of the money was spent on gambling.

    Based on the compounding nature and investment returns of Super, spending this amount of Super on low priority discretionary items such as fashion and gambling could have an impact worth potentially $100,000 when it comes to retirement.”

    • Sh1t! I didn’t claim because i had no drop in income, are they checking income at all yet? wondering if I should put a claim in

      • Here’s the tests:

        Citizens and permanent residents of Australia and New Zealand

        To be eligible for early release of super, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances:

        1. You are unemployed.

        2. You are eligible to receive one of the following
        jobseeker payment
        youth allowance for jobseekers (unless you are undertaking full-time study or are a new apprentice)
        parenting payment (which includes the single and partnered payments)
        special benefit
        farm household allowance.

        3. On or after 1 January 2020 either
        you were made redundant
        your working hours were reduced by 20% or more (including to zero)
        you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more.

        The reduction in turnover is a bit of a loophole. For a sole trader, that doesn’t mean a reduction in profit, just gross revenue.

      • A guy I know works at a meat processing plant where the turnover has actually increased he has accessed it so has ‘all’ his peers . He showed me the ato message on his phone confirming approval.

        I’m going to do it , missus is a health worker and she says her peers have tried and can’t.

        I reckon if you on less than 100k you’ll fit in with the heard.

  8. Dammit, the NCM share purchase plan was oversubscribed so they are allocating on a pro rata basis to your original shareholding (not on a first come first served or pro rata to the amount of shares you wanted or allocating a minimum to everyone and then some pro rata basis which would have been fairer).

    • BigDuke6MEMBER

      I thought you were being hopeful. It’s usually done on the size of your holdings. I’ve been through many a small silver producer who dilute all your value away with SPPs.

      • No, that’s what I wanted to happen. I have a small holding so was hoping to dilute those with a bigger one!

        What pisses me off is that there are no rules around what happens on oversubscription. Some firms close the offer early (MCR did this in December), some will scale everyone back according to their SPP applications, some like NCM, look like they will scale back according to current holding (which is effectively a rights issue which is underwritten by smaller investors); some will pay a minimum amount to all applicants and then scale back from there, others will cap it at a lower amount etc.

        ASIC really need to control these better.

    • DominicMEMBER

      I wouldn’t worry too much – you’ll be able to buy it cheaper over the next month or two. The miners are due a decent correction at some point before launching in Aug/Sep. No guarantees, of course, but probability is on your side.

    • First Amendment

      How on earth could you possibly think anything but pro rata is the fairest means of distribution ?

      Own 1 share, should get as much as someone holding 10,000 ?

      The self interested delusion is approaching Nathan Birch levels

      • What you are describing is a rights issue. A SPP is specifically meant to be a way for all share holders to buy fixed amounts. My complaint is that the rules are not set out before hand and you just see pot luck as to wha the board might do.

        • First Amendment

          I wasn’t aware there was any such proscribed definition

          In any case, if it’s so heavily oversubscribed it implies that the terms were far too generous
          And therefore against the best interests of existing share holders

          Why would you think it’s fair for the board to compound the insult of that dilution by advantaging the smallest holders ?

          It’s not in the interests of the company or shareholders in general

          Unsurprisingly , the company was not run to benefit some bloke holding 10 shares

          A good decision was made

    • Sounds like he said “Lloyd George” which is still wrong but not egregiously so.

    • so typical of any Oz business with CSL the only anomaly. Couple of more come to mind too.
      Example – Telstra had a chance to be Amazon but they blew their chances in 87 and 2000 crashes when they were cashed up and could buy content (couple of movie studios), set up another Amazon and start global streaming business. But what did they do? Invested in mobile phone business in HK (most saturated and competitive market in the world) because of their vast experience of being competitive – cnvts.

      • Didn’t that fvcken idiot Sol Trujillo leave Telstra in a bigger mess than he found it?

        • yes and no.
          Yes, he destroyed the customer service and T lost lot of customers to its competitors during that period. It also forced David T to spend over $1bn on compensation paying customers T stuffed up (better say tortured).
          On the other hand he pushed for 4G and got that delivered which allowed T to grow for number of years.
          But CEOs before Sol had absolutely no vision at all on how to grow the company. Same can be said for David T and Andy P who runs T now.
          David deserves credit for bringing customer service back at acceptable levels but like any other Oz executive could not see the big picture. He went into Indonesia and I still try to work out why? He too could not see importance of streaming and SDN in order to take advantage of the infrastructure he had at his disposal. He spent most of the time defending legacy products that are now causing T big problems. In short he was doing Kodak – literary.
          Andy P is literary bin counter and is now caught in vicious cost cutting cycle as he loses revenue and margins while trying to transition into something he does not know yet what. No vision or plan of where they want to go and what they want to achieve in the next 2-4 years. The only plan was to cut costs to certain levels and his thoughts were revenues would have been flat or growing slightly but because of reduced costs margins would have improved. And yeah.. digitization they talk about is not there – one day perhaps.
          Hence why I wanted to short them before Christmas when they traded ~$3.70.

    • They are just the first to accept reality………Tim Morgan has suggested that this will be how de-growth will go as the energy cost of energy keeps rising………rip out whole levels of middle management, the cost basis of most organisations needs to drop by 40%…..get that done however you have to………salary cuts are easier than wage cuts since salarymen have no rights. No matter how low interest rates get debt is the killer in de-growth.

      None of this even starts to deal with climate change dynamics.

      • I have half an idea that ripping out middle management prevents any effective management, yet another false saving.

        • 50% of middle management manages middle management.

          Once you sack 50% of middle management – the managers of middle management have nothing to manage and that makes a 100% middle management migration manageable.

          ..

    • happy valleyMEMBER

      Might as well shut RA down, unless Twiggy wants to come in and save the game in Straya?

    • reusachtigeMEMBER

      Actually, there’s a story of some Somali skinnies fighting off some wh1te antifa scum who had come into their migrant neighbourhood to encourage and direct looting and destruction but these skinnies were having none of that. They took out the commie scum!

  9. My sister has been dealing with centrelink as a covid induced jobseeker. Was made redundant so had to serve a waiting period before getting a payment and that was finally up last Friday and she was meant to get a part payment + corona supplement. As is tradition, they stuffed it up, no money was paid, hours of phonecalls with conflicting advice and then finally the part dole went in on a Sunday!?!? No supplement, she spent hours today ringing the numerous departments and got elevated from tele-pleb to manager on four seperate calls and got 4 separate answers/explanations.

    Two of em said yes you should have got it and will get it, two said your not entilted to it. They all had differing reasons and one of the not entilted was adamant she wouldn’t get it and on recorded call said he was forwarding the legislation and explanation to her mygov inbox. Turns out the first McManager had it right, system wide IT error, all fixed now, money in bank, entitled to it and will receive supplement as long as she still gets at least $1 in dole.

    To wrap this all up – yes things go wrong with IT and govt all the time, yes the system is strained under current conditions and some patience is required, but it’s insanity to have 4 different answers from supposed managers and the one who was most sure of themselves, to the point of being offering to send legislation, was the most incorrect. The system is totally broken.

    • Sounds like my experience trying to chase up an insurance claim with NRMA. A genuinely immoral organisation.

      • SnappedUpSavvyMEMBER

        Similar experience with NRMA they are straight out evil, made me chase a paltry $350 for 6 months then said I was lying about the original claim, then I lost it, then they paid up
        They rely on boomers renewing their comp insurance on the Camry every year without shopping around

      • I had my local bike shop snap a chain stay when installing a new crankset

        Nrma insurance in shop

        Payout in a week

        Business insurance but

    • As always, there is an inverse relationship between confidence and competence…

    • Well I have applied for some UBI. They made me jump through a million hoops, wanting lots of financial details. My application is waiting now been a month where they are reviewing it. I’m sure they are gonna say I’m not eligible, but good thing I’m not in a hurry. I haven’t spent much during lockdown. Been very conservative. Have a job interview this week. So may get a job before they even finish my application review .. useless. They are..

        • Thanks, couldn’t do much today with the rain because my gravel for the planter boxes was delivered at top of the property and I’m on a sloping block and I need to wheel barrow down a tall slope at the side which is very slippery when wet. I did most of it yesterday but fell on my butt after I was tired from several trips.

          Hopefully if it’s clear I can do more this week and then get the fertile dirt down the back and start adding plants in there. That part of my yard had no real purpose before so it feels good to put something productive there. I want to add a decking also at the end to take advantage of the nature reserve behind us and have an outdoor alfresco area. But for some reason we have quite a few mosquitos around even in winter, so need to figure out why so I can try to get rid of them.

          I do like having the time to do this sort of thing. Work can suck so much of your life away. It’s good to have a break and get a few jobs done.

          Also gotta go help my friend with his Prelude install a fuel pump this week. He’s not good at turning spanners unsupervised.

      • You should be fine. I was quickly approved after applying with significant savings (liquid asset test waiting period is waived)

        • Oddly enough my mum set up a trust for my northern and sisters and I, about 20 years ago. A lot of it has changed since then and she’s divested assets that were in it. Even though I haven’t received any income from it in 20 years Centrelink wants loads of details about it, which frankly are none of their business since it’s not something I control or derive any income from. But of course Centrelink being Centrelink are sending me in circles.

    • Your sister still doesn’t actually know who was correct does she? Just because she got the money doesn’t mean The Robbo Caller ain’t calling to get it back in a year or so!

      • We may never know why it all went haywire but I 100% know that she’s legitimately entitled to the payment. As a victim of the robot though, you can never be 100% on anything with centrelink, ya just gtta keep fighting.

  10. Mohamed A. El-Erian
    @elerianm
    The first round of layoffs in the US, and also in other advanced economies, was driven to a significant degree by small and mid size companies

    Judging from the news of the last few days, the current round is seeing a hand-off to larger companies looking to “re-size”/”right size”

    https://twitter.com/elerianm/status/1267196573198331904

    Whats the percentage of small businesses that go BK in 2 – 5 years in good times again… oh yeah over 90+%, that’s after getting crammed down by big dogs and suppliers … oops long lines of logistics and information due to globalism [reg wage arb] …

    Radical far lefties ….. chortle …

  11. The Traveling Wilbur

    OK. I give up. Maybe it is as simple as no one is allowed to reply to footsy anymore.

    A daring but possibly sensible editorial strategy.

  12. The ATO CPI indexation of uni debts has just come in at a whopping 1.8% in a repeat of last year.

  13. The US is a right sh$tshow.

    Will soon start a war with China, Iran or whoever. Only way to distract from its own putrefaction, and keep the kleptocracy going.

    Worst country to ever exist

    • darklydrawlMEMBER

      Every time I hear that the US needs to do something big / significant I think “hot war”. I suspect the ‘powers that be’ would prefer Iran over China, but they might not have a choice about it. Dunno. But it is greater than a non zero chance I suspect.

      • A hot war with China would be the end of the United States – China can out manufacture them at almost 50:1.

        Check Point Charlie would be in at the Arc de Triumphe – or maybe Piccadilly – Germany wanted Russia for her resources – China and Russia together will walk over Europe.

    • Cringe. Standard convict response.

      America is a great country. Its problem is its unfortunately essentially run by Israel.

    • Ronin8317MEMBER

      If you’re a billionaire and not black, the US is still the best country on Earth.

  14. The Traveling Wilbur

    Oh Shirely, you can’t be serious.

    It’s commmmming. With one ‘m’.

    • First Amendment

      Yes

      My probing questions about the MB superfund have led to me being banned

      “Weird question – the MB fund has done just fine”
      Yeah, if you’d listened to comming you would have been up 30% in April, not down 2%

      “Just fine”

      I was only trying to help people here , prevent them from continuing to lose (relative) money
      Wrong on the “bear market rally”
      Wrong on the AUD
      Wrong on housing
      Wrong on Covid
      etc

      Ok boys – please refund my membership fees (only fair since you nuked my account) and I won’t be back to ask any more difficult questions
      Deal?

      Signed,
      He who must not be named

      • The Traveling Wilbur

        Easy come easy go. Heh.

        But yes, certain subjects can get a very swift and heavy handed response round these parts.

        • First Amendment

          I think their failures just became too stark , they were impossible to deny
          They could only be ignored

          • BigDuke6MEMBER

            Dear Boy,
            You have to remember sites like this are full of fringe-dwellers and the views there-in may make perfect sense at the time but you can pay the price. ZH taught me that …expensively. But gold always come good. You should only be here if you love gold.
            An MB fund? LOL.

      • Surely if your account is nuked you can lodge a chargeback on the credit card charge

        In my view that’s really poor form

        What commenting guidelines did you break?

        • First Amendment

          https://www.macrobusiness.com.au/comment-rules/

          Didn’t break any of them

          Thank you
          Maybe I will pursue a credit card charge back , but no idea how they work or how to achieve it

          Of course the “contact” form doesn’t work
          Not that anyone would have the decency to reply anyway

          I was instead thinking of complaining to ASIC – more likely to get their attention

      • Trustme Imadoctor

        Yeah they are way over the top here. Turned me off giving them one cent, bought 600k gold instead near looked back. The fund still cold calls me…meh

  15. First Amendment

    https://www.zerohedge.com/markets/german-official-leaks-report-denouncing-covid-19-global-false-alarm

    https://amp.smh.com.au/world/europe/sun-s-out-lockdown-s-over-uk-police-say-public-will-do-what-they-want-20200601-p54y99.html

    Sun’s out, lockdown’s over: UK police say public will ‘do what they want’

    British police chiefs have advised the government that lockdown rules are now ‘unenforceable’ and the public will ‘do what they want to do’.

    No one cares about the virus anymore, look! Over there! Racism , and a riot!

    • happy valleyMEMBER

      Could someone ask good old Dave how those social distancing rules worked in that photo of him in the Sunday Tele yesterday on a boat with Karl S and others where there were at least half a dozen blokes all sitting very up close and personal?

      • If the balls weren’t touching they were safe… Ask Reusa about his ‘accidents’ which happen with frightening regularity

  16. https://www.news.com.au/national/politics/homebuyers-grant-how-much-money-you-will-get-from-new-scheme/news-story/a911b019f9c829fb59060b7e56fd1e2f

    Grant going to be 25k.

    True to form, the Morrison reno/homebuyer grants come with a string of conditions and shift responsibility to the states by using existing state based grant programmes.

    Also states that renovators will have to match the free cash on offer by more than a dollar per dollar. That means at least a 50k project to get full value of the grant. Doubt too many have a spare 25k lying around.

    • happy valleyMEMBER

      It’ll want to be done a bit quicker than the bushfire victim relief where the operative word seems to be: waiting, waiting, waiting …?

    • tripsterMEMBER

      Isn’t this only going to help the wealthy? Everyone in Mosman will be splashing cash on a new bathroom with $25k being paid by the government.

      If there is no cap on this scheme the cost to the budget is going to be insane. It’ll cost more than JobKeeper. And the prospect for rorts is going to be extreme.

      • Isn’t this only going to help the wealthy? You ask like it was intended to help the leaners lol? All these grants only ever help asset owners. And as 1 of those people who wants to build a garage I’m delighted at this Pork being thrown my way! If only they gave me JobSeeker too. I’d have it made. Lol.

        • ErmingtonPlumbingMEMBER

          Im gling to get my 7.5 x 3.5m asbestos garage demolished and a new one built.

    • First Amendment

      How are tradies going to do cash jobs , with all these government strings attached ?

      Seems like people wanting to use the grant money will be the customers of last resort – more lucrative jobs to be had

    • Arthur Schopenhauer

      Hmmm 🤔
      – Spa
      – New shed
      – Bling up old shed
      – New kitchen
      – New bathroom & walk in robe
      Soooo many choices!

      Looks like they are pushing administration onto the states. How’s that for a hospital pass.

    • Ukraine fnMEMBER

      I said wait for the details …. another nothing burger from SFM ..This will have stuff all take up .. like JobKeeper seem to do something while basically doing nothing.

    • What?
      “The Prime Minister is keen to use existing first homebuyer schemes already established in each state to deliver the grants.
      That means the same limits on the value of the family homes that are eligible for the scheme are likely to apply which will prohibit wealthy buyers using the grants to purchase million-dollar homes.”

      I don’t get it.. how is that going to help?? $750k in Sydney… damn was thinking parents would be eligible…

  17. Ronin8317MEMBER

    This has serious ramification for all Australian forums.

    https://www.smh.com.au/national/media-companies-lose-appeal-over-facebook-defamation-ruling-20200601-p54y8s.html

    The publisher a story is now liable for comments other people have written in response to the story. That brings defamation lawsuit to a brand new playing field.

    On a side note : I read in another post someone quoting Sun Tzu saying ‘appear weak when you’re strong, appear strong when you’re weak’. I went through the entire Sun Tzu ‘Art of War’ text just then and confirmed he didn’t say that anywhere. The closest I have found is ‘avoid fighting where the enemy is strong, hit where the enemy is weak’. ‘Appear strong when you’re weak’ is something a business-leadership-life-coach made up and attribute to Sun Tzu.

  18. So went to lunch at parents again on wkend.. first time in long time.
    Dad’s work mate, had bought 4 properties back in hay day. Sounds like he can afford it all a bit longer. But, 2 out of the 4 tenants, not paying rent right now. Dad said he would be right for a few more months… but gets hairy towards end of the year.
    This is the first I have known and heard of people not paying rent.

    • The Traveling Wilbur

      Just wait until the eviction moratorium is lifted. Then you’ll hear about a whole heap more of ’em.

  19. happy valleyMEMBER

    So, apparently, the gubmint won’t say sorry over the robobdebt debacle, but will seemingly make things right? Interesting notion relating to the dead?

    • Well, they’d better get cracking at making a robot which can qualify for a mortgage, ’cause they’re going to need it pretty fūckīng quick…

      • Robots buy stocks, why not houses? They’re not making anymore land. Even for robots.

        • Reus's largeMEMBER

          I do think that a lot of people do not actually understand how HFT trading works, saying that robots buy stocks is like saying that robots drive cars because you have a ECU that controls the engine.