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Morrison Government mired in corruption

A little summary from Crikey makes the point today: Attorney-General Christian Porter will lead a review into the community sports grants scandal despite the program netting his own electorate nearly one million dollars. Porter’s announcement follows revelations by the ABC that Scott Morrison’s local soccer club boasted about essential funding for a project weeks before the grants were announced. Morrison, whose office

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China unleashes first home-made aircraft carrier

Via SCMP: China’s first home-built aircraft carrier was officially commissioned by President Xi Jinping on Tuesday as Beijing flexed its military muscles. The new warship will be called the Shandong and its formal entry into service is a significant milestone in the country’s efforts to build up its naval power. This drive has been viewed

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Deluge of lenders offer tax-payer backed sub-prime mortgages

Vai The Advisor: Twenty-six additional lenders have been appointed to the initial panel of the government’s First Home Loan Deposit Scheme, including major bank, Commonwealth Bank. The National Housing Finance and Investment Corporation (NHFIC) has announced its full panel of lenders taking part in the federal government’s First Home Loan Deposit Scheme (FHLDS). Following on

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ScoMo coughs lies from Sydney’s smoking climate crater

Via your burning PM today: “I’m a Sydneysider and I know how unusual it is to see that haze across my city, and I know how distressing that has been, particularly for young people, who wouldn’t have seen that before.” “And I can understand that is deeply unsettling to a lot of Australians, particularly those

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How Kevin Rudd destroyed the Australian economy

Ironically from by the AFR, kernel of evil for business parasitism, comes Productivity Commissioner Michael Brennan: Productivity Commissioner Michael Brennan says destructive rent seeking and a lack of entrepreneurship by business has stalled productivity and wage growth and that trying to fix the issue won’t be helped by reform nostalgia or economic pessimism. While business

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A ‘Big Australia’ means more expensive everything

One of the most profound changes affecting the Australian economy and society this century has been the massive lift in Australia’s net overseas migration (NOM) and population growth under the multi-partisan Big Australia policy. This rapid population growth is projected to continue for decades to come, if current policy settings favouring high immigration continue. The

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No end for drought as Sydney disappears into smoke

Sydney has disappeared, at The Guardian: The New South Wales environment minister Matt Kean has split from his federal Coalition counterparts, arguing climate change is behind the bushfire crisis and calling for greater emissions reduction. Kean’s intervention piles pressure on Scott Morrison to do more on emissions reduction and disaster management after his predecessor Malcolm

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Harris Scarfe goes bust

More retail carnage: Harris Scarfe has been placed into receivership with Vaughan Strawbridge, Kathryn Evans and Tim Norman of Deloitte Restructuring Services appointed voluntary administrators on Wednesday. Operating nationally, but best known in Victoria, South Australia and Tasmania, Harris Scarfe retails bed linen, kitchenware, homewares, electrical appliances, and apparel across 66 stores. The business employs

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Holden Commodore read last rites

After ceasing local manufacturing in 2017, Holden’s interim chairman and MD Kristian Aquilina has confirmed that the Commodore sedan will be discontinued, ending 41 years of sales where more than three million Commodores were sold. The announcement comes after sales of the Commodore fell to just 5,417 for the first 11 months of the year:

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Mathias Cormann looses dodgy security tsunami in LICs and LITs

An income-dependent Boomer mate recently asked me what I thought of Listed Investment Companies and Listed Investment Trusts (LIC and LITs). He’s being pushed to invest in them by a financial planner because his term deposit income has fallen. I didn’t know enough about it be useful so set about investigating for him. What I

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Australian dollar sags on trade rumour mill

DXY slumped last night: But so did the Australian dollar: Gold firmed: With oil: Copper is trying: Miners firmed: With EM stocks: And junk: Treasury curves flattened: Bunds steepened: Aussie split the difference: Stocks are stuck: Westpac has the wrap: Event Wrap US NFIB small business survey rebounded more strongly than expected to 104.7 (est. 103.0,

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ASIC moves mortgage lending beyond HEM

The Australian Securities and Investments Commission (ASIC) has released a “principles-based” responsible lending road map that seeks to replace the flawed Household Expenditure Measure (HEM) – a relative poverty estimate – used widely by banks in the lead-up to the Hayne Royal Commission: ASIC commissioner Sean Hughes said the examples provided by the regulator were

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The rise and rise of the SUV

The biggest change to Australia’s motoring landscape over the past decade has been the massive shift away from passenger motor vehicles (PMVs) to sports utility vehicles (SUVs): In the decade to November 2019, PMV sales fell by 41%, whereas sales of SUVs surged by 163%. Moreover, a decade ago PMV sales outnumbered SUV sales by

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Sad old men condemn Aussies to shit economy

For once in my life I agree with Australia’s rent-seeking CEOs, at the AFR: Australia’s top chief executives say the federal government must intervene to stimulate the economy through infrastructure spending and tax cuts, and have lamented the nation’s failure to properly tackle climate change and to develop a strong innovation policy. While the nation’s

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The decimation of Australian manufacturing

The latest quarterly data from the Australian Bureau of Statistics (ABS) has revealed in all its hideous glory the decimation of Australia’s manufacturing sector. First, last week’s September quarter national accounts revealed that real manufacturing output has declined for 11 years, and is now tracking at the lowest level since 1999 – a 20-year low:

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75% of Aussies think politicians are scum

Ian McAllister says the level of satisfaction with democracy in Australia is at its lowest level since the constitutional crisis in 1975 that led to the dismissal of the Whitlam government. McAllister is the co-author of the ‘Australian Election Study’, released by the Australian National University in the wake of the May federal election. The

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Cold War 2.0 accelerates as “silicon curtain” drops

Via the FT: Beijing has ordered all government offices and public institutions to remove foreign computer equipment and software within three years, in a potential blow to the likes of HP, Dell and Microsoft. The directive is the first publicly known instruction with specific targets given to Chinese buyers to switch to domestic technology vendors,

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IMF: Australian economy developed world’s worst

Inside Story’s Tim Colebatch has penned a ripping article on how Australia’s economy is forecast by the International Monetary Fund (IMF) to lag the world’s 12 largest developed nations on per capita GDP growth: …the International Monetary Fund is forecasting that in 2020 Australia will have the highest growth rate in GDP (gross domestic product)

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Unions: Migrant wage theft “part of the day-to-day business”

It’s been more than three years since the Senate Education and Employment References Committee released its scathing report entitled A National Disgrace: The Exploitation of Temporary Work Visa Holders, which documented the abuses of Australia’s temporary visa system for foreign workers. And still the exploitation continues with a large supermarket pizza manufacturer the latest to

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Australian retail pulls another donut

The September quarter retail sales data from the Australian Bureau of Statistics (ABS) revealed the first annual decline in retail sales volumes since the early-1990s recession: Now, the ABS has released retail sales figures for the month of October, which recorded zero growth in the value of retail sales over the month in seasonally-adjusted terms,