Featured Article

33

Did “those MacroBusiness bastards” disrupt the RBA’s sanity?

Weeoo, weeoo, weeoo. Via The Pascometer: The RBA has been predicting higher wages growth ever since before it started weakening. Year after year after year, wages have been about to run higher, according to the RBA – but they haven’t. That the governor is reduced to a wan “some pick-up” might indicate how confidence in

32

Australia: The Once Lucky Country

Here’s an interesting take on Australia by American Joel Kotkin and the publishers of The City Journal. Cross-posted with permission: Few places on earth are better suited for middle-class prosperity than Australia. From early in its history, when it was a refuge for British convicts, the vast, resource-rich country has provided an ideal environment for

62

It’s official: No more Chinese international students Downunder

Via The Australian: The highly lucrative six-year boom in Chinese students is over. Australian universities now are focusing on the less-developed Indian market to meet budget expectations, exposing them to the risk of enrolling low-quality students with poor English. Ahead of the release of official figures, a senior Department of Home Affairs official briefed universities

35

The Guardian triggers largest mass extinction since Mesozoic

Is it an asteroid? Is it a plague? No, it’s The Guardian Australia: Australia’s major political parties are facing calls to explain what role they will play in securing a global deal to save nature after a major scientific report warned a million species across the world face extinction. The assessment by an international scientific panel

45

Greens hose $40bn at Australian migrant retirement village

By Leith van Onselen In an astonishing act of fiscal vandalism, the Australian Greens have pledged to make it faster and easier for migrants to reunite with their parents in Australia, vowing to clear the 97,000 strong backlog of migrant elderly parents seeking permanent residency in Australia.  From SBS News: The party wants to cap

17

Water storages plunging as Australia’s population balloons

By Leith van Onselen With Australia’s population ballooning on the back of mass immigration, and projected to add around 360,000 people a year until 2066, The Economist last week warned that Australia likely to experience a “severe water shortage” by mid-century. We won’t need to wait until mid-century, however, with dam levels across Sydney, Melbourne and

32

Future of the housing bubble goes to court

Via the ABC: Westpac and the corporate regulator have returned to court for the first day of a potential eight-day hearing on responsible lending, which could have wide ramifications for other banks and the home loan market. The Australian Securities and Investments Commission (ASIC) accused Westpac of breaking the law when it approved loans using

65

International student debacle is privatisation gone wrong

By Leith van Onselen Last night’s Four Corners special on Australia’s booming international student trade exposed a tertiary education system riddled with rorts, with universities lowering entry standards to push through as many full-fee paying students as possible to maximise profits. Among the most damning revelations was that some universities have waived their own English

27

Shock horror! Falling prices improves housing affordability

By Leith van Onselen With dwelling values across Sydney in freefall, down 14.5% as at end-April: Housing affordability across Sydney’s West and Southwest is drastically improving, according to CoreLogic data: New figures showed median prices in 20 suburbs — including Bankstown, Granville and Harris Park — are now affordable for those earning Sydney’s average full-time

19

How the CCP can control Aussie pollies on WeChat

Via the Saturday Paper comes Wanning Sun, professor of media studies at University of Technology Sydney: …It is still too early to tell whether a strong WeChat presence will translate into votes for Labor. Dr Chaoguang Chen, the president of the newly established Chinese Australian Multicultural Association, says these short live sessions are “largely symbolic” but

28

Shorten’s elderly migrant visas to push up hospital waiting lists

By Leith van Onselen Over the weekend, Labor leader Bill Shorten pledged $500 million to fix waiting times at hospital emergency departments: Mr Shorten will declare that Australian doctors and nurses “deserve the best resources in the world” and must receive more commonwealth funding. “This is what people pay their taxes to Canberra for. I

50

What does Make Australia Stupid Again want?

Via the Saturday Paper’s Mike Seccombe: Clive Palmer is not delusional. Those too-good-to-be-true promises, the 151 hapless, hopeless candidates running in every lower house seat, the risible “shadow minister” titles, have been set up to create the illusion of a serious party with a broad suite of policies and deep interest in the disparate concerns

42

Australia’s international student rort is about to be exposed

By Leith van Onselen Tonight is shaping up as a seminal moment for Australia’s bulging international student industry, with ABC’s Four Corners to run a segment tonight, entitled “Cash Cows”, which promises to expose how “Australia’s higher education system is being undermined by a growing reliance on foreign fee-paying students”: Academics and students are speaking

27

Final auction clearance rate stuck at 50

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 4.2% decline in the final national auction clearance rate to 50.4% – well above last week’s final clearance rate of 43.9%, which was negatively affected by

23

Welcome to Melbourne: Capital of Great Southern Canton

Via the ABC: British Prime Minister Theresa May has fired her defence secretary, Gavin Williamson, saying an investigation suggested he was to blame for leaking discussions about Chinese telecoms company Huawei from her National Security Council. An investigation was launched last week after the Daily Telegraph first reported that the security council, which meets in

45

ANZ demands RBA AND APRA cuts

As expected, it is the major banks that are behind the push to corrupt APRA lending standards, via the AFR: ANZ chief executive Shayne Elliott urged the prudential regulator to scale back the buffer requiring new borrowers have the capacity to pay a 7.25 per cent interest rate, warning it was forcing the bank to

45

Outlaw Davidphobia Now!

How do you spell “Oztraeliare” again? Via Crikey: Two Liberal Victorian candidates have stood down over, respectively, Islamophobic and homophobic comments written in 2018, while, in what has become a stacked 48-hours for social media political controversies, Labor’s Melbourne candidate Luke Creasey has apologised for sharing a rape joke on Facebook in 2012. Days after Labor NT candidate Wayne Kurnorth stood

66

One Nation disintegrates into smut

I suppose it was inevitable, via News: Another candidate for Pauline Hanson’s One Nation party is embroiled in a sleazy scandal, after sexist social media posts emerged overnight. Ross Macdonald is running in the north Queensland seat of Leichhardt for the right-wing party and is the latest headache for the embattled Senator Hanson. The Cairns Post today