Was there ever a centrist and reasoned Malcolm Turnbull? From The Australian: Malcolm Turnbull has categorically ruled out bringing the asylum-seekers detained on Manus Island to Australia, warning against becoming “misty-eyed” about the plight of more than 900 asylum-seekers and refugees in limbo on the island. Although his Immigration Minister Peter Dutton has chosen his
The Project’s Waleed Aly is a national treasure. On last night’s program he ran the above segment completely demolishing the Turnbull Government’s support of negative gearing and the capital gains tax (CGT) discount. One particularly interesting slice from the video is the below graphic, which shows that Malcolm Turnbull’s own electorate of Wentworth is the
Fresh from Essential: Q: If a Federal Election was held today to which party will you probably give your first preference vote? If not sure, which party are you currently leaning toward? If don’t know -Well which party are you currently leaning to? Total Last week19/4/16 2 weeks ago12/4/16 4 weeks ago29/3/16
Prepare for a Gotti and Highrise Harry conniption, from the AFR: Westpac Bank and all banks in the Westpac group including St George Bank, Bank of Melbourne and BankSA have ceased lending to all foreign residential property buyers. The bank joins ANZ and the Commonwealth Bank in the latest round of foreign lending tightening. “In line with Westpac Group’s responsible lending practices,
From John Daley at the AFR comes another slaying of our increasingly lost and hapless PM. In his blogged response to the Grattan paper, Turnbull argued that: The paper claims that negative gearing “goes beyond generally accepted principles for offsetting losses against gains”. But this is factually incorrect. The ability to deduct interest and other
It’s a rhetorical question because you just did. From defense expert Brian Toohey: …everything is wrong about the Turnbull government’s decision to build 12 extremely large submarines in Adelaide. …The government’s refusal to go with an off-the-shelf design will cost more billions, because the first of new submarines won’t be operational until after 2030 and the
I don’t want to write about Bozo Turnbull again today but I have no choice. From Ross Gittins: Labor claims its “reforms” to “negative gearing” would do wonders to make home ownership more affordable for our kids. But Malcolm Turnbull says vote for high-taxing Labor and the value of your home will crash, while rents
Nothing stirs the passions of our Prime Minister like criticism of negative gearing. So much so he’s blogged a reply to the Grattan Institute today: John Daley’s paper recommends major changes to Australia’s negative gearing provisions. Firstly, it proposes to only allow deductibility of net rental losses against other investment income. This is despite the
Anybody that has read Matt Taibbi’s legendary take on Goldman Sachs will remember this: The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. Over the years I’ve offered my own version of this colourful metaphor in my descriptions
When the Turnbull Government decided for political reasons to reject Labor’s pledge for a no-brainer Royal Commission into banks – owing to a staggering string of scandals in BBSW, insurance and financial planning – it wedged itself by having to return funding to ASIC that it had itself cut just two years earlier, as well
Japan has released its full financial year LNG imports: Japan’s imports of liquefied natural gas dropped 6.2 percent in the fiscal year that ended March 31, preliminary data from Japan’s Ministry of Finance showed on Wednesday. The world’s largest buyer of chilled gas imported 83.57 million mt of LNG in the fiscal year spanning from April 2015-March 2016, as
From the always excellent Adele Ferguson who exposed much recent banking malfeasance: To get to the root of unethical conduct requires more than creating a strong regulator. It requires a systemic review, which would look at vertical integration, whistleblower legislation, a review of remuneration structures, a review of the many compensation schemes in place, as well
If it’s delivered all of this “public good” then it’s not a political stunt, right?
Another day, another hospital pass from Prime Minister Turnbott to Treasurer ScoMo, via the AFR: Australia’s banks will pay $121 million over the next four years to fund sweeping new powers and resources for the Australian Securities and Investments Commission. The funding, which puts backs the $120 million the Abbott government took from ASIC in
Mr Fixit on the run that is, from The Australian: The Turnbull government is set to restore funding to the corporate watchdog, enabling it to conduct high-intensity surveillance of hot spots for misconduct in the financial services industry. The government’s package of measures, which respond to an ASIC capability review and are designed to neutralise
By Leith van Onselen After gutting its funding by $120m over four years in the 2014 federal budget, and severely reducing its enforcement capabilities, the Coalition Government is now looking to restore the Australian Securities and Investments Commission’s (ASIC) funding in a bid to stymie Labor’s call for a banking Royal Commission. From The Guardian:
From the AFR: Australians will go to the polls on July 2 in the first double dissolution election in almost three decades after the Senate refused to pass a key industrial relations bill designed to boost the regulation of unions. With Labor and the Greens opposed, and the government needing the support of at least six of the eight
Cross-posted from The Conversation: When Malcolm Turnbull decisively ousted Tony Abbott, it seemed Australia might have the longed-for leader who would set a clear agenda and lead Australia out of a period of policy inertia. Under Abbott, it the country appeared stuck in a policy rut, frozen by fear about the future. Neither government nor
From Newspoll today: The Turnbull government heads into today’s critical recalled sitting of parliament and a likely July 2 election trailing Labor in the latest Newspoll, as two-thirds of voters say reducing government spending must be Canberra’s priority. Malcolm Turnbull yesterday reaffirmed his determination to go to a double-dissolution election if the Senate sticks by
I’ve recalled for readers before a description offered by Paul Kelly about the John Howard view of Australia’s strategic bind vis-a-vis the US and China. Kelly used the old Yogi Berra phrase, “when you come to a fork in the road, take it”. That is, Howard was determined to not choose sides at all. He
The Turnbull Government has degenerated into a circus. It’s somehow actually worse than the Abbott Government. At least the latter had method even if misdirected by troglodyte ideology. The Turnbull Government has no discernible values at all and no method, either! Witness the progression of policy since Malcolm Turnbull’s rise. He came to power with a very clear vision: Ultimately,
From Fairfax: Fifty prominent Australians have written an open letter to Prime Minister Malcolm Turnbull declaring “Australia doesn’t need lower taxes” and calling for the federal government to place fairness at the heart of the 2016 federal budget. The letter is signed by former Reserve Bank governor Bernie Fraser, ACTU president Ged Kearney, former Labor premier Carmen Lawrence,
Cross-posted from Essential Poll: Q: If a Federal Election was held today to which party will you probably give your first preference vote? If not sure, which party are you currently leaning toward? If don’t know -Well which party are you currently leaning to? Total Last week 5/4/16 2 weeks ago 29/3/16 4
By Leith van Onselen The Coalition just can’t let go of the highly spurious BIS Shrapnel negative gearing modelling, which has been slammed by all and sundry (for example see here, here, here and here). Instead of letting the modelling wither on the vine, as it should, the Turnbull Government has instead followed the partisan
By Leith van Onselen Is there a more politically one-eyed newspaper in the country than The Australian? Headlining the paper today is a one-eyed column by Sid Maher trying to attack shadow Treasurer, Chris Bowen, for proceeded with Labor’s negative gearing and capital gains tax policy supposedly against the advice of BIS Shrapnel modelling showing
From PM Turnbull over the weekend brainwashing some Victorian LNP party members: Now my friends we are at a pivotal moment in our history as we transition from an economy that has been fired up by an unprecedented mining construction boom as we transition to the new economy of the 21st century. In this election
Very faint but evident, from Mark the Ballot: This morning sees further declines in the probability of a Coalition win at the next election according to the betting markets. House Coalition Odds ($) Labor Odds ($) Coalition Win Probability (%) 2016-04-09 Betfair 1.33 3.00 69.28 2016-04-09 CrownBet 1.27 3.75 74.70 2016-04-09 Ladbrokes 1.27 3.50 73.38
I really can’t face tearing apart Son of BREE’s quarterly forecasts again so late in the week but here’s the table for iron ore prices: Note that these are FOB prices so add $5 for CFR. That is, according to Son of BREE, the iron ore price is going to rise serenely from here through 2021
From Fairfax: As many as one in five federal politicians are using their travel allowances to supplement the cost of second homes in Canberra. Politicians are entitled to claim $273 a night when they travel to Canberra for Parliament or other business and many keep second residences in close proximity to Parliament House. Representatives for ministers
From the ABC: A furious Western Australian Treasurer Mike Nahan says the state has been fleeced by the Commonwealth Grants Commission, which has recommended an increase of just $148 million in GST revenue. The commission has recommended WA’s share of national GST revenue increase from 3.3 per cent to 3.4 per cent in 2016-17. But
