Houses and Holes

39

China’s “social credit score” blocks 15m from travel

Your future is bleak, Australia, via the Dictator’s mouthpiece, The Global Times: A senior official argued that without due punishment, defaulters would only feel encouraged after it was reported China’s social credit system had blocked more than 11.14 million flights and 4.25 million high-speed train trips by the end of April. An improved social credit

30

Chris Joye’s infinity ATM

Via our Chris today, whose royal commission objections are mounting towards jihad: Labor fundamentally undermined the integrity of the financial system by partially shifting responsibility for repaying debts from the borrower to the lender, which is insane. Now lenders, not borrowers, are liable for understanding borrowers’ financial circumstances and verifying whether they can service a

73

Foley gets his “white flight” commuppance

Via The Australian comes the idiot: Mr Foley was forced to apologise over comments he made about “white flight” occurring in Sydney’s western suburbs on Thursday, which prompted widespread condemnation from both sides of politics. NSW Premier Gladys Berejiklian criticised Mr Foley in Thursday’s question time, describing his words as “divisive, offensive, dangerous and nasty”.

5

S11D disgorges

Via Creamers: Brazilian miner Vale expects iron-ore output at its premier S11D mine to reach 58-million tonnes this year, above an official forecast of 50-million to 55-million tonnes, a person familiar with the matter said. The expected increase is due mainly to selling more “canga,” or iron-ore with a higher grade of contaminants – along

19

Pascometer redlines on cheap housing

I’m still trying to be nice but it’s getting harder. The post-Domainfax Michael Pascoe has red-lined on houses being cheap: This won’t go down well with the housing crisis brigade, but housing affordability has not gone through the roof. It’s actually been fairly stable for the past quarter century And to the extent that housing affordability

55

Rich List reaches peak oligarchy

If you want an example of why the world’s rich are in deep trouble then look no further that today’s repulsive AFR Rich List write-up: It is Saturday night in late April at the luxurious Mar-a-Lago resort in the billionaires’ playground of West Palm Beach, Florida. Inside the dining room – a faithful replica of

29

“Beijing Bob” whines about China diplomacy he derailed

Give us all a break, “Beijing Bob“: Angela Merkel is the leader of America’s most important ally. The differences between democratic, US-aligned Germany and Communist-ruled China are real. China’s cutting edge industries now challenge Germany’s lead in manufacturing. But today Angela Merkel is in China, to talk to its leaders in Beijing and to promote

27

Australia’s worst nightmare is back…another global banking freeze

I’m sometimes skeptical of Ambrose Evans-Pritchard. His bearishness is so relentless and florid that it’s hard to keep up. But every so often he scribbles such a ripping piece that it is impossible to ignore. To wit, from The Telegraph comes Italexit: The EU’s gendarmes are now eyeing Italy’s rebel coalition with professional curiosity. This

6

Inside the Fed’s risks

Via Elliot Clarke at Westpac: The minutes of a FOMC meeting typically hold little significance for the market. In this instance however, there is cause for a closer look. This is because the May minutes provide a clear assessment of the risks that the US currently faces, particularly with respect to inflation; financial conditions and

19

WA Libs to keep Chinese funny money

Via The West: The WA Liberal Party will not return $400,000 in donations from a Chinese-born businessman at the heart of allegations he funded the bribery of a senior United Nations official. The WA branch of the Liberal Party accepted a $200,000 donation from a company associated with billionaire property developer Chau Chak Wing in

6

Woodside’s looming LNG shortage looks a lot like a huge glut

Via The Australian: Woodside Petroleum chief Peter Coleman has warned of further east coast gas price rises as a global LNG shortage hits markets in as little as two years — much sooner than forecasters were previously expecting. After visits to Asian buyers in recent months, Woodside has brought its February forecast of a global

15

Mortgage arrears resume uptrend

Via S&P: Australian home loan arrears rose in March. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages increased to 1.18% in March from 1.16% in February, according to a recent report by S&P Global Ratings. Mortgage arrears remained relatively unchanged year on year in March and are lower than the decade-long average

76

Why is the RBA telling Australia to kowtow to China?

Via The Guardian: Malcolm Turnbull has confirmed he has sought information from Australia’s intelligence agencies about the implications of the chair of parliament’s intelligence committee publicly revealing details of an FBI investigation provided by American officials in a private briefing. It comes as the governor of the reserve bank, Philip Lowe, called for Australia to “avoid

30

God bless Sanjeev Gupta

Via the AFR: British billionaire Sanjeev Gupta is accelerating plans to become Australia’s first large-scale manufacturer of lithium household storage batteries to take advantage of booming demand and to stop the country squandering another competitive advantage. …”We missed it on iron ore and steel and Australia can’t afford to miss it,” he said. “We’re investigating

16

Bitcoin smashed as India and China close in

Via Bloomie: India may levy Goods and Services Tax on cryptocurrency trading, according to people with direct knowledge of the matter, even as there’s lack of clarity about their legal status in the country. The government may levy an 18 percent GST, the people said requesting anonymity as they weren’t authorised to speak to the

25

Corrupt government declares moot anti-corruption watchdog

Via The Guardian: Christian Porter has given a strong indication the Coalition will not set up a federal independent commission against corruption, telling Labor there is no “persuasive evidence” that current methods of tackling corruption are insufficient. The attorney general has written to his Labor counterpart, Mark Dreyfus, arguing that the establishment of a national integrity