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Fair Work mass raids poor old Melbourne cafes

Via The Australian: Fair Work inspectors are conducting surprise visits at dozens of restaurants and cafes in popular Melbourne city dining strips today following concern about the widespread underpayment of workers. Inspectors are currently in Degraves Street and Hardware Lane, speaking to business owners, managers and employees to check that workers are being paid correctly.

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It’s the recession you have to have, Gotti

Via Gotti today: I have described previously how at the dramatic FINSIA regulators’ lunch in Melbourne it was clear that the Reserve Bank, APRA and ASIC, in their desire to quickly improve bank balance sheets, had little understanding of the downturn they would create and its implications. But the share market now fully understands the

40

Whyalla births green steel export powerhouse

Yes, you read that right, from The Australian: British billionaire industrialist Sanjeev Gupta, backed by heavyweight Chinese investors, plans to build one of the world’s largest steel plants in Whyalla, 380km north of Adelaide. Flanked by Scott Morrison, Bill Shorten and South Australian Premier Steven Marshall at this morning’s announcement, Mr Gupta said construction of

68

Chinese tourists and students abuse Australia’s protection visas

By Leith van Onselen The great Australian immigration rort has hit a whole new level of ridiculousness today, with Chinese tourists and international students helping to drive an absurd 311% increase in asylum seeker claims. From The ABC: Key points: People claiming to be Christian, LGBTI and love children are among those seeking asylum All

47

OECD: Australia must prepare for house price “hard landing”

From the OECD today: The latest OECD Economic Survey of Australia, to be released on Monday 10 December, assesses the continuing robust growth of the Australian economy, as well as the challenges to ensuring sustainable and more inclusive growth against a backdrop of globalization and technological change. The Survey discusses how Australian can limit financial sector risks,

39

Sydney property losses crash through 10%

By Leith van Onselen Yesterday, the Sydney housing market hit an important milestone, recording a peak-to-trough decline of 10% after falling for 17 consecutive months: Already, this is the second worst housing correction experienced in Sydney over the past 40 years: It is also happening at a much faster rate than Perth’s housing correction, which

27

Scanlon Foundation hoisted upon own immigration petard

By Leith van Onselen I noted last week how the Scanlon Foundation’s mouthpiece, professor Andrew Markus, rubbished most recent opinion polling, from a variety of sources, supporting lower immigration into Australia, including: Australian Population Research Institute: 54% want lower immigration; Newspoll: 56% want lower immigration; Essential: 54% believe Australia’s population is growing too fast and

55

Australian dollar smashed by Huawei arrest

Via the ABC: Canada has arrested Huawei’s global chief financial officer in Vancouver, where she is facing extradition to the United States on suspicion she violated US sanctions against Iran, reports say. Meng Wanzhou, who is one of the vice chairs on the Chinese technology company’s board and the daughter of company founder Ren Zhengfei,

32

Final auction clearance rate crashes to 2011 low

By Leith van Onselen Last weekend, CoreLogic released its preliminary auction clearance rates, which revealed the following results: Today, CoreLogic has released its final auction results, which reported a large 5.7% decline in the national auction clearance rate to 41.3%, with Sydney’s auction clearance rate diving 9.0% to 41.6% and Melbourne’s falling 3.1% to just

20

Useful hypocrite, Greg Jericho, deepens worker betrayal

The reason we give Greg Jericho such a hard time is that it is obvious that he knows the truth about Australia’s rampaging class war. More than any other media commentator he gets that living standards are falling in an unprecedented fashion: Given that in the past year inflation grew by 1.9%, it means that

106

Kouk: RBA to slash rates, Australian dollar to crash

Via the Kouk today, given he and MB are the only ones to have gotten this right: In the wake of the September quarter national accounts, and with accumulating information on house prices, dwelling investment, the global economy and spare capacity in the labour market, I have revised my outlook for official interest rates. For

49

Curing the curse of negative equity

Via Martin North: As home prices fall, the risk of households with mortgages falling into negative equity is rising. This has the potential to have significant economic consequences for households and the community more generally. I discussed this with Frank Chung from new.com.au yesterday who posted an article based on the DFA analysis. As house

12

Toxic Turnbull is going to bury the Government

The story goes that Malcolm Turnbull turned down joining Labor because he was not offered a safe enough seat. One wonders, rather, if he did not hatch a plan with Labor greybeards to destroy the Liberal Party by joining then gutting it from the inside. From Domain just now: The federal government’s efforts to craft

22

Dodgy Scanlon Foundation survey underplays immigration backlash

By Leith van Onselen While almost all recent opinion polls show the majority of Australians want immigration to be lowered, including: Australian Population Research Institute: 54% want lower immigration; Newspoll: 56% want lower immigration; Essential: 54% believe Australia’s population is growing too fast and 64% believe immigration is too high; Lowy: 54% of people think

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Deutsche: Australian property to crash like Ireland

Via Deutsche’s new banking analyst Matthew Wilson: At best, mortgage growth will continue to slow as deleveraging works its way through the economy constraining house prices and discretionary spend, but it’s unlikely to be beautiful. At worst, we confront the Irish-like scenario. However, we think it’s unlikely to reach the Irish heights of 25 per

10

Morgan Stanley: Trade war to end, Australian dollar soar

Here is Morgan Stanley via Forexlive on the G2o and Australian dollar: there is a reasonable probability of a constructive statement emerging or even a pause in escalation. Markets would likely interpret such an outcome at the G20 as positive. Absent this type of pause, though, the previously-announced tariff rate increase to 25% on January 1 would

43

Adani green lights coal war

Via the AFR: Indian energy giant Adani has finally pulled the trigger on its controversial $2 billion Carmichael mine and will fund the project itself, with construction planned to begin before Christmas. After eight years of court challenges from environmental activists and delayed approvals, Adani Australia chief executive Lucas Dow on Thursday said the company

35

Domain mocks Murdoch salaries but should it?

They are preposterous: The Herald revealed on Wednesday that a staff member had, by accident, widely emailed sensitive personal details of pay and redundancy provisions of senior staff members, including the $357,000 salary of The Australian’s prominent economics columnist Judith Sloan. For one  article per day, pfft. But can Domain take the high road? The rumour

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Sydney’s house prices are collapsing

By Leith van Onselen It’s been a disastrous month for Sydney’s housing market. With two days left, dwelling values have tanked by 1.3% – the biggest monthly decline since May 2004: Quarterly growth has also deteriorated, down 2.7% – the sharpest decline since July 2008: Whereas annual price falls have steepened to 8.0% – the

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ATO goes soft on illegal foreign home buyers

By Leith van Onselen Yesterday, a Senate hearing into Managing Compliance with Foreign Investment Obligations for Residential Real Estate heard that Victoria (read Melbourne) is the nation’s hotbed for illegal foreign purchases of Australian property. It also heard that the ATO has gone soft on enforcement. From Domain: Victoria has seen 877 breaches in foreign

41

Mass immigration extremists driven to the fringes

By Leith van Onselen Some bloke named Rob Scott has written an extraordinary tirade on Junkee interviewing a host of pro-mass immigration extremists who claim population growth has no impact on congestion, and that Australians are “racist” for even contemplating moderate cuts to its near world-leading immigration program: So it looks like Scott Morrison has decided that

30

Terry McCrann defenstrates self over negative gearing

By Leith van Onselen Just when I thought he’d hit peak stupid in the negative gearing debate, Terry McCrann has launched another embarrassing attack on Labor’s policy. From The Herald-Sun: Treasurer Josh Frydenberg has nailed the double-sided disaster that the Labor duo Bill Shorten and Chris Bowen’s attack on negative gearing would be for both owner-occupiers

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Infosys creates 1200 Aussie IT jobs as 457s are cut

It’s a skills shortage and racism disaster at ITNews! An already hot market for technology talent in Australia is set to intensify after Indian technology services and outsourcing behemoth Infosys committed to creating another 1200 positions within its local operations in the wake of the abolition of 457 skilled visa class. The favoured tech body shop of

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House price scenarios deteriorate

Via Martin North today: We have revised our scenarios based on the latest data from our household surveys, and other available information. Scenarios are a way of exploring different futures, and to consider the consequences, not as a forecast, but to facilitate understanding and debate. None of these scenarios may turn out to be right….