Houses and Holes

26

Fake Greens disgorge fake housing affordability plan

Via Domain: All new Sydney developments would be subject to a minimum 30 per cent affordable housing target in a bid to address the city’s housing crisis under a NSW Greens proposal. The Saving Sydney package, announced on Friday by Greens MP and planning spokesman David Shoebridge, would also abolish priority precincts and restore planning

34

Dodgy lending class action “will not be the last”

Via Banking Day: The plaintiff law firm said the class action was being run in the Federal Court on behalf of people who, after 1 January 2011, were given “unsuitable loans” by Westpac, in breach of its responsible lending obligations. …Principal lawyer and managing partner with Maurice Blackburn, Ben Slade, said: “This case will seek

11

Why the Australian slowdown is much worse than the global one

There is one big difference between the global and local slowdowns right now. It is that while much of the world is entering an industrial recession with services economies holding up, Australia is the complete opposite. The US is seeing an industrial slowdown with services booming: Same in Europe exemplified by Germany: Same in China

11

APRA sits on Macroprudential 3.0 egg

Via Banking Day: APRA fronted the Senate Economics Legislation Committee – better known as the Senate estimates committee – yesterday and covered a grab-bag of topics, with the overarching theme that this year will be a much tougher brand of regulation. APRA and ASIC will need to be tougher, in order to justify a raft

3

Where will the next Chinese bubble be?

Cross posted from Investing in Chinese Stocks. With the January surge in liquidity looming in the distance, the Chinese real estate market is hitting an important turning point. iFeng: 2019年楼市或加速分化 楼市成交整体走低 According to the statistics of the Krui Real Estate Research Center, during the Spring Festival, the data of more than 40 key monitoring cities showed that

26

Phil Lowe maintains Futureboom! charade

Right on cue in Parliament comes the Governor of the Lunatic RBA: My colleagues and I welcome this opportunity to share our views on the Australian economy and the RBA’s important policy responsibilities. These hearings are an essential part of the accountability process. Two weeks ago, we released our latest forecasts for the Australian economy.

26

In case of emergency break glass for Recessionberg

In case of emergency break glass for Recessionberg, via Bloomie: Australia’s Treasurer Josh Frydenberg downplayed reports that a major port in northern China has banned coal imports from Australia and says trade ties between the two nations are “exceptionally strong.” Frydenberg cautioned against “jumping to conclusions,” after Reuters said Dalian Port Group has imposed an

121

And there’s the external shock to finish off housing

There it goes. The Australian property bubble is bursting and it is not going to be pretty. MB has previously posited an ultimate fall in house prices of 20-30% in nominal terms from respective city peaks over two price fall periods. That could translate to a 40% fall in real terms over the long term.

67

Australian dollar hammered as China bans Aussie coal

Well, don’t say we didn’t warn you. Via Reuters: Customs at China’s northern Dalian port has banned imports of Australian coal and will cap overall coal imports for 2019 through its harbours at 12 million tonnes, an official at Dalian Port Group told Reuters on Thursday. The indefinite ban on imports from top supplier Australia,

50

Australian jobs boom gets even stronger

The ABS is out with January Labour Force and the news is amusing: SEASONALLY ADJUSTED ESTIMATES Employed persons increased 39,100 to 12,751,800. Full-time employed persons increased 65,400 to 8,743,100 and part-time employed persons decreased 26,300 to 4,008,700. Unemployed persons increased 6,600 to 673,500. Unemployment rate remained steady at 5.0%. Participation rate increased 0.1 pts to

3

Australian flash PMI plunges into recession

Recession anyone? Via CBA: Business activity in the Australian private sector decreased fractionally in February as a dip in services activity outweighed continued growth in manufacturing. New orders also ticked down, but employment continued to rise solidly. On the price front, both input costs and output prices increased at sharper rates than in January. Companies,

7

Glencore breaks from coal

Via the AFR: It says everything about the intellectual savvy and raw power of the global anti-coal lobby that it has corralled Ivan Glasenberg into a profound public concession on coal mining. His ear-battered competitors say the softest thing about Glasenberg is the enamel of his teeth. Glencore’s chief executive and senior shareholder is hard.

38

McGrathmageddon: “Exceptional” property market “resurgent”

This is how one McGrathmageddon realtor summed up the property market this week: 2019 looks more promising than many would have thought. November and December were very tough but in January things really picked up. Buyer enquiry has been exceptional. The negative media reports preaching that it’s a great time to purchase must be prompting buyer

82

Corruption swamps Scummo Government

Tony Wright sums of the death of our Westminster system of government today: With fast-gathering regularity, ministerial responsibility appears to have all but decayed to no responsibility. Daily now the nation is assaulted by revelations of conduct that would get the cold shoulder in a shearer’s pub. It is as if Prime Minister Scott Morrison’s