Links 18 September 2020

Global Macro / Markets / Investing:





Leith van Onselen
Latest posts by Leith van Onselen (see all)


  1. Arthur Schopenhauer

    Well, tonight’s LibsSpill is showing the Victorian Libs play in the shallowest end of the talent pool.

    For all you non-Victorians bagging Dan, look at alternative we could vote for. It’s an il-Liberal party of happy clapper science denying nutters , IPA reality denying incel nutters and ‘honest’ friends of the mafia. It’s so Fkn Bullsh!t.

    BTW, Dan is sitting at 83% support on Liberal Tim Smith’s FB poll, after 18,000 votes. 😀 what a bunch of Dills.

  2. At this stage of the game it simply begs the question of whether it is the policy of the current Australian LNP government, headed by PM Scott Morrison, to completely trash the competitive basis of the Australian economy and to inflict lasting economic pain on all Australians.

    Further to that, if we think it was an ALP government (Gillard’s) which OK’d the Gladstone white elephant, and governments of both flavours which have looked the other way while Australian gas which once meant amongst the cheapest gas prices in the world for Sydney and Melbourne, and therefore cheap electricity, has become about the world’s most expensive – while both sides of politics try to nudge coal seam gas and fracking on a population all too aware of the environmental and health costs this entails – then the following question simply arise.

    Does Australia’s body politic – both mainstream sides including the Lberal Party, the National Party and the Australian Labor Party – have at its core an economic policy of completely trashing the competitive basis of the Australian economy and to inflict lasting economic pain on all Australians?

    Have Australian public sector data gathering, regulatory, and policy formulation organisations and departments been so corrupted that they do not identify the above? Have they been so neutered that they cannot report the above to Australian politicians?

    And at that point

    Are Australian political and public sector elites acting in the best interests of Australians? Are they accountable for acting in the interests and explaining their actions to Australians to a sufficient degree enabling Australians to feel that their politicians and senior policy makers are accountable to them? ….and if they are not, How can they be made more so?

    It is time for open revolt.

    I think it is time for a new political party which I would call putatively Bullshit Australia – the party to identify and deal with Australian Bullshit and to promote informed and data backed decisionmaking throughout the political and administrative bodies of Australia, and to hold politicians, public officials and corporate interests to account for past decisions made, starting with a permanent standing Australian Corruption Commission.

    Current Members
    Gunnamatta –(VIC)
    Forrest Gump (Secretary of the ‘No Bullshit’ wing of the Party)
    Bendy Wire – (WA)
    The Sling Shot Boys
    Haroldus (NSW)
    Ermington Plumbing (NSW)
    China Plate
    Arthur Schopenhauer
    Mining Bogan
    Gavin (VIC)
    Tassie Tom (TAS)
    Banana Man
    Totes BeWoke
    RaglanParade (VIC)
    Ukraine fn
    The Claw
    Happy Valley (NSW)
    my torana

    [Currently 41]

    I propose we aim initially – the next Federal election – at trying to get up 4 Senators from each state. I propose we get as far as we can up the nose of the current ‘elites’ by constipating their policy platforms in the Senate.
    I think/suspect we currently lack women…….

    Key Slogan
    ‘This is Bullshit!’
    Men and Women of Australia, Have you ever wondered about your energy costs ………‘This is Bullshit!’
    Do you wonder why your salary hasnt gone up in donkeys years? ‘This is Bullshit!’
    Do you work in a large organisation wondering why psychopaths inhabit the upper floors and you get stuck with meaningless KPIs? ‘This is Bullshit!’
    Do you worry about if your kids will get a decent education in a government school while ‘elite’ private schools get more funding from all levels of government than your kids school does? ‘This is Bullshit!’
    Do you wonder why your governments keep banging on about immigration needed for skills shortages when kids with Master degrees are joining the military as base grade grunts because there is nothing else for them to get into? ‘This is Bullshit!’
    Do you wonder why Australia, the worlds largest gas exporter has the worlds most expensive gas in Sydney and Melbourne? ‘This is Bullshit!’
    Do you wonder why foreign nationals traipsed on in and laundered money through Australian real estate so your kids need to move to Campbelltown to be able to afford a house, and hack out a 2 hour commute to a peanut paying gig every day? ‘This is Bullshit!’

    Every time a mainstream politicians opens his mouth (or her mouth) in the public domain, just point out ‘This is Bullshit!’

    Draft Policy Platform – for discussion/arguing about/ data provision
    I propose that the Bullshit Australia and the Macrobusiness cognoscenti run a full campaign in the upcoming election to get ourselves elected as the swing players, running on a platform revolving around (with negotiations/debate/argy bargy) the below…….

    – which would at least offer some sort of genuine left and data backed – and openly transparent – presence in parliament

    Policy Positions


    · Enshrine Medicare into Constitution

    · Enshrine ABC funding into Constitution

    · Enshrine Australian Bureau of Statistics funding into Constitution

    · Enshrine political party funding transparency into Constitution

    · Enshrine freedom from foreign influence legislation into constitution

    · Enshrine requirement for all candidates for every election in Australia to be approved by AEC prior to standing for parliament

    · Enshrine a National Crime & Corruption Commission into Constitution and give it investigatory powers.


    · End negative gearing

    · End capital gains tax dispensation

    · End health insurance rebate

    · Implement Federal Land tax

    · Remove PAYE taxation for those earning under 55K (but retain/create Medicare (4%), Defence (2%), ABS (1%) and ABC (1%) levy

    · Inclusion of family home in determination of access to the aged pension where the home is worth more than 500k.

    · Development and maintenance of publicly available database on Australian taxpayers [companies & individuals]

    Economic and Monetary Policy

    · Reinclusion of employee and community representatives on RBA Board.

    · Requirement for RBA to report quarterly to Parliament on monetary policy in relation to wages and housing costs

    · Requirement for RBA to report quarterly to Parliament on the effective use of taxpayers funds in relation to support for Australian banks and financial system entities.

    · Requirement for RBA, Treasury, and other government agencies (including ABS) to develop standards and monitor quality of life issues being faced by Australians (both on average and by decile) and report on how policies being adopted by them influence a range of demographics

    · Mandate the creation of new entity to be called the Australian personal public and corporate debt commission to produce analysis on the debt, indebtitude and debt servicing of Australians and Australian entities This organisation is to have representatives of the RBA, Treasury, State governments, local governments, retail banks and community organisations at a board level.

    · Requirement for RBA to report quarterly to Parliament on money creation and the beneficiaries of money creation over the preceding quarter and year, and forecast such into the future.


    · Commence federal government building housing

    · Implement competitive GST Bonus payable to states which do best on housing affordability and housing creation

    · Enshrine right to housing into Constitution

    · Enshrine a National Probity and Veracity test for all funds used for housing purchases.

    Urban Design and Construction
    · Establish a set of national standards for residential design and construction. Enforce these standards with criminal penalties.
    · Establish ‘Plot Ratios’ in the state planning systems to ensure adequate green space on residential blocks.
    · Establish a national policy to harvest storm water for urban parks and open spaces.
    · Establish access to natural light as a property right.
    · Re-establish the professional registration of building related engineering services.
    · Outlaw private building surveyors and re-establish the system of Municipal Councils administering building standards.


    · Mandate real time visibility of politicians allowances and outlays

    · Mandate Housing affordability requirement for all politicians to reaffirm whenever they propose legislation

    · Audit all payments to or on behalf of politicians

    · Mandate funding transparency for all levels of Australian government (Federal State and Local), and a donations and gifts declaration requirement for all persons above a particular level (about SOG C in APS) in all public services of budget funded organisations (including Universities)

    · Mandate rate of politicians salary at 2, 3 , or 4 times average full time earnings.

    · Mandate access to politicians super is only accessible by vote of the seat which politician represented each 5 years at rate of 25% 50% 75% or 100% of standard politician rate.

    · Mandate all politicians and all political aspirants seek and gain clearance from Australian Electoral Commission on suitability for office regarding S144 of the Constitution & fiscal relationships with the Australian Taxpayer

    Industrial Relations

    · Reintroduction of the Australian Industrial relations Commission with powers to intervene in cases of Award and Agreement transgression – whether brought before it by parties or now.

    · Additional role for revived AIRC will be to oversee employee superannuation payments, their payment by employers, and the effective deployment of these funds as regards to the interests of employees (and with a view to minimising longer term budget and pension impacts on government outlays).

    · Additional role for revived AIRC to oversee use of contractors, contracting arrangements, and corporate entities to ensure employees are appropriately addressed for entitlements.

    Climate Environment & Agriculture

    Mandate of Inland Water Commission

    Abolition of tradable water rights

    Audit of all inland water resources and adoption of real time water availability monitoring.

    An investigation into the viability of major water users in the Murray darling basin (eg cotton farming) and the impact these have on water for other water usage in the basin

    Mandate of Australian Native Flora and Land Clearance Commission and audit of all Flora on Australian landmass and adoption of real time monitoring

    General policies to proomote reforestation where Australian Native Flora and Land Clearance Commission designates appropriate

    Mandate of Australian Salt Office to promote annd monitor management of salt issues in land use


    · Mandate gas reservation policy to ensure globally cheap electricity and gas.

    · Mandate solar panels and hot water on all new dwelling construction

    · Mandate tax deductability of residential and corporate solar battery investment


    · Enshrine right to lifetime medical care for all Australians who have served in the military more than 7 years

    · Mandate immigration rights (for individuals and families) for those foreign nationals agreeing to serve 10 years in ADF

    · Mandate that no deployment of more than 200 ADF personnel to any particular offshore location or theatre of operations can occur without debate and vote in joint sitting of parliament.


    · Remove student visas from right to residence and housing purchase

    · Remove student fees from first degree in science, mathematics, finance, medicine

    · Increase training of medical practitioners and access to medical degrees

    · Remove all public funding for non government schools


    · Mandate economic diversity criteria

    · Mandate country of origin criteria so that applicants of no nation comprise more than 10% of the total immigration intake in any one year.

    · Enshrine 70k NOM per annum as Immigration base, with priority to refugees and families

    · Allow NOM above 70k per year only where economic diversity, debt, education, housing affordability, intergenerational quality of life and employment conditions are being met.

    · Allow temporary visas in circumstances (eg academic world, some science) where globalised workforce would expect it.

    · End temporary work visas unless companies can demonstrate they have made attempt to develop their own skills in their own workplaces, or made genuine attempt to source skills within Australia.

    · End Special Investor Visas (except where entity is contributing to export or import competing business in Australia employing more than 10 Australian employees)

    Free Trade Agreements

    · Mandate audit of all Free Trade Agreements entered into prior to signature and ratification by Australian parliament

    · Have productivity commission audit all extant FTAs Australia is signatory to

    Foreign Policy
    Foreign Aid with a focus on:
    – The Pacific
    – Supporting nations on the frontline of refugee crises to make safe camps there with the hope they can return.
    – Empowering women in developing countries to make decisions on family size.

    Public Service

    · Commence regionalisation policy for major APS agencies

    · National audit of all APS outsourcing since 2000

    · Mandate that no company identified to shift profits offshore can receive government contract (onus is on company to prove and gain certification from ATO)

    · Mandate that all contracted services in Australian public sector are audited and re[ported on to parliament for effective use of public monies, and with all transition costs (including relocations and redundancies) included in that consideration.

    · Mandate that selection for all Senior Executive Service Positions in the Australian Public Service be subject to approval of APS Probity Commission

    · Mandate creation of Evaluator General for all public policy proposals

    · Mandate all policy that can be based on empirical evidence should be so based
    · Mandate any policy that is intended as an interim measure have a review date and terms of review attached to it, and
    · Mandate that all policy Have a clear plan for the future of the nation at a federal and state level, so policy has a long term rather than short term vision

    Social Welfare

    · Make unemployment the same as study assistance

    · Re Establish Commonwealth Employment Service

    · Mandate requirement for all calls to all social welfare services be monitored, and answered within 10 minutes

    Internet Data

    · Mandate that all Australians own the data collected on them

    Royal Commissions

    · Royal Commission into the Tertiary Education Sector and Links to Foreign States

    · Royal Commission into Private Indebtedness

    · Royal Commission into the Funding of Australian Politicians

    · Royal Commission into Housing Affordability

    · Royal Commission into the advent of COVID 19 – its Origins, entrance to Australia, and effects on the Australian Public

    · Royal Commission into the value for the Australian people & Impact on budget of Australian Public Sector Outsourcing and the Embedding of Private Sector Providers into Australian Public Sector Service Provision

    · Royal Commission into Housing Affordability

    • Totes BeWokeMEMBER

      If Australians are given a solid choice at the election, they will dump LNP and Labor in a second.

      Most Australians are aware of how corrupt it is and want change but don’t know how to do it.

      It is ripe for the taking.

    • Add aml to housing, and something about foreign ownership rules and I’m in, you crazy bastards.
      Also I’d like to propose a three word slogan to be used when addressing lnp and Labor. Something like “you traitorous cvnts” works for me.

      • Totes BeWokeMEMBER

        I absolutely think aggressive inflammatory language would wake the electorate up. A good thing.

    • I laughed at the name.

      It is apt.

      Heads will kersplode in the MSM when having to announce Candidate Totes Be Woke on election night from The Bull$h1t party (DLS is going to have to whitelist that word!).

      At least the acronym flies : NBA (No Bull$h1t Australia) or TIB, etc.

      • Unfortunately I agree with r2m.

        @ gunna – when you find you’re not getting much traction, look me up. I can sh!t up the information commons so bad that neither side (lib/lab) can get anything done. At that point, the gravy train slows down, making the various vested interests more interested in cutting each others throats than gouging the public. At this point, your strategy could work.

        Note: Years ago I got kicked off [email protected] for being too much of an extremist. This qualifies me for the gig. You don’t have to pay me per se, will happily do it for the lulz, but budget would be useful for … well, stuff and things. Consider it a down payment for a guaranteed information war.

    • Stewie GriffinMEMBER

      I shall remain aloof – besides, I would not want to be a member of any party that would have me as a member.

      Lots of policies are just fine, but running as a credible opposition to the great Australian duopoloy would be the first step. It is a looooooooong time since Australia has had any opposition to the Corpratocracy.

    • Climate, Environment and Agriculture Recommendations
      – $20 per tonne of carbon captured in agricultural soils (stable soil carbon) or reforestation with tiered increases as farmers get closer to historical regional maximums. Rewards regenerative soil practices and tree planting.
      – APVMA testing changes to measure “as sold” products vs “active ingredient” in any active ingredient product which is in the top 10 most sold chemicals in Australia. (roundup 360 vs glyphosate as an example). Measures true toxicity of chemicals broadly in use
      – Bio-diversity incentives based on tiered performance scale on and measured as per Native Flora and Land Clearance Commission across 3 spheres (Soil, Flora, Fauna). Examples are pollinator strips in broad acre cropping, cover cropping, agroforestry, silvopasture, pasture cropping, permaculture food forests, animal species diversity, insect density, soil diversity.
      – Adjustment to the Food Safety Act to focus on end product testing rather than systems and processes during processing. Goal is to allow smaller producers to compete and sell direct to consumers assuming they can meet food standards.
      – Retail traffic light system on resource conversion ratios per item (Water, Feed, Fossil Fuels, Processing, Chemicals, Transport etc) to capture the full life-cycle associated with production informing the consumer and allowing choice of more sustainable options.
      – Manufacturer responsibility for full life-cycle of product production and its biodegradable potential. Plastic producers for example are responsible if their product is dumped. Goal is to encourage accelerated take up of 100% biodegradable items.
      – Accelerated research into end of life recycling with associated tax benefits for companies investing in such technologies. (Tyres and Plastics as a focus)
      – Rapid deployment of high grade mobile connectivity to reduce regional black spots and allow accelerated take up of high tech ag capabilities.
      – Fully funded capability between governments and Australian universities on Agricultural innovations with a focus on biological and automation capabilities.

    • Gunna, count me in.
      I will head up the Office of Evaluation of government investments in Oz and overseas (aid). I have done this work in many 3rd world countries. Our pollies would not be smart enough to survive in a 3rd world country trying to hide corruption.

  3. Phillip Coorey:

    Morrison did not disparage coal. He just didn’t talk about it.

    Trent Zimmerman, Dave Sharma and Falinski, who have argued against the government funding coal-fired power, told Guardian Australia the feasibility study should go ahead – not only because the study was an election promise, but because it would, if conducted “fairly”, conclude that there were cheaper and cleaner alternatives, such as renewables backed by gas.

    Three years ago last month, Morrison, then the treasurer, told a community policy forum at Wombat Hollow in the NSW Southern Highlands that the era of cheap, coal-fired power was coming to an end

  4. Totes BeWokeMEMBER

    Edit…meant to be reply to jacob above.

    I cannot comprehend how anyone thought Labor were going to win. Australia won’t trust them again, so it’s either form an alternative or we’re getting LNP again and again and again and again.

    Do not make the mistake of debuting too woke and progressive or the one chance is blown, and it’s all over.

    Believe me. The broad electorate does not want Labor levels of wokeness and progressive policy..

    • “The broad electorate does not want Labor levels of wokeness and progressive policy.”

      Agreed. But if there are no climate policies it will be dismissed as ultra-right and give the MSM the excuse to lump it in with One Nation.

      To have a reasonable platform of Climate Environment and Agriculture gives it integrity

      • “But The Sydney Morning Herald can reveal that under the terms of the deal Crown signed with Mike Baird’s government in 2014 to open Sydney’s second casino, the gambling giant is entitled to claim compensation worth 10 and a half times the estimated negative financial impact from “any action” the NSW government takes which changes, or has the effect of changing, its licence.

        Crown can claim the same tenfold compensation for any government action which has a material negative impact on its “assets, liabilities, properties … operating results, operations, reputation or prospects”, the deed says.”

        You’d think that this wouldn’t hold in the circumstance where Crown has brought this upon itself due to its behaviour, otherwise would it not follow that they could be as lax as they like and the gov would have to foot the bill?

  5. Vybrancy on the highway!
    Get your motors running!
    Don’t need no Aussie licence!
    It’s just a ‘cultural thing’

    A scooter rider who had just returned from India has copped a massive fine along with demerit points for multiple traffic offences in Sydney last week.

    The 67-year-old man was stopped by the Quakers Hill police on Wentworth Street in the north-western suburb of The Ponds after the police patrol was informed of a rider, who was triple riding with unhelmeted passengers, one of whom happened to be a child.

    When intercepted at around 2.35 pm on Thursday, the police found that the rider was accompanied by his 59-year-old wife and their 6-year-old grandson…

    And are you sitting down for this? I hope so…

    The rider produced an Indian driver’s licence …

    But where do those points go, you ask? Go back 12 months for the context here:

    But NRMA claims that while individuals are copping up demerit points and even cash fines, the points are not being attached to their accounts, enabling overseas licence holders to get away with traffic offences.

    “This is a huge legal loophole that overseas licence holders often exploit. It is applicable in cases where a driver is on a student visa and that allows him to drive on an international licence as long as the licence remains current and valid.

    “It appears that individuals break the law, notch-up cash fines and demerit points when they get caught. They then pay the fine and get away with the demerit points, which do not get attached to their accounts,” said Mr Khoury.

    As per the state traffic laws, if Mr Sekhon had an NSW licence, he would have been a P plater and would have been long banned from the road, as P platers with more than 4 demerit points end up with a suspended licence in NSW.

    Cue woke vitriol in 3,2,1 …