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SA rejoice: You’re failing to attract migrants

This is totally perverse from the ABC: South Australia is losing a very important battle — to win the hearts and minds of those migrating to Australia. Premier Steven Marshall wants to gain some ground by attracting skilled migrants to the state rather than Victoria and New South Wales, as the State Government holds a


Should I buy property now?

Via Martin North: In short, no, although I never argue that owner occupiers try to time the market. It causes too much agonising in Australia’s busted political economy. That said, these are the worst headwinds for Australian property in my lifetime. I’m not so shy about saying that investors should push property away with a ten


Labor pushes for massive banker penalties

From SBS News: Bankers found guilty of serious corporate crimes could be jailed for up to 15 years and shonky corporations may face fines of up to $525 million, under legislation proposed by Labor. In the wake of the damning banking royal commission, the federal party wants to significantly increase penalties against financial institutions who


Fake news: Property investors charging back into market

Get ready for an avalanche of this fake news, via the AFR: Property investors are chasing falling prices, bargain-basement fixed rates, rising rental yields and bigger discounts as they rush to beat a Labor government’s negative gearing changes, agents and analysts said. Anecdotal accounts from real estate agents, representing sellers, and brokers’ agents, representing buyers,


Coalition & Co to crowd fund new Tampa (with sharks!)

Lots of hysteria around borders today as the Coalition friends set up for another Tampa election. Paul Kelly personifies the neurosis nicely: Labor has changed its stance, its policy and its heart on border protection. This is the enduring ­element in the present dramas. It is high-risk politics and misconceived policy by Bill Shorten that


Labor immigration extremists go all in on “Big Australia”

By Leith van Onselen With Australia’s permanent migration program already an insane 180,000 in 2017-18 – more than double the level at the turn of the century: And net overseas migration (NOM) running at more than triple the historical average, which is projected to continue for decades to come: Many of us have been hoping


Tim Wilson running franking bucket shop for fundie mate?

Geez, mate, a poor look, via Domain: Experts believe Liberal MP Tim Wilson may have breached privacy laws by failing to tell hundreds of people who signed up to a petition that their names, addresses, phone numbers and emails would be transferred to a multibillion-dollar fund manager. The backbencher’s taxpayer-funded inquiry into Labor’s franking credits


Higher education has become a key Australian visa rort pathway

By Leith van Onselen A fortnight ago, the Victorian Government called for a review of entry requirements into Australian universities after growing evidence had emerged that foreign students with poor English language proficiency are badly eroding education standards and placing undue strain on lecturers and university staff. This was immediately followed by academics admitting to Fairfax


Melbourne house and land market melts down

Recall late last year at the AFR: Melbourne housing lot prices will “quickly” tumble up to 10 per cent as Uber-driving speculators and foreign investors default on thousands of sales contracts, Financial Review Rich Lister Nigel Satterley has warned. …”We believe that over the next 30 months 5000 growth-area lots (about 165 lots a month) will


Flammable cladding more widespread than first thought

By Leith van Onselen The fallout from Monday’s fire at the 41-storey Neo200 building on Melbourne’s Spencer Street continues, with information emerging that residents of the 60 buildings deemed to be at the “highest risk” due to deadly flammable cladding have not been notified for fear that arsonists and/or terrorists could target their buildings: Stephen Raff,


REDRUM: Lunatic RBA slays economy

Policy error is the name of the game at the Australian central bank. Witness: house prices in Australia’s two largest cities are in outright crashes; it is spreading steadily to other capitals; building approvals are crashing coast to coast; infrastructure investment has topped out; credit is swiftly falling towards zero; the NAB business survey has


ACTU: Henry, banks, Scummo colluded to shape Hayne

Is this why Justice Kenneth Hayne was so disgusted at the handover of his report? Via Sally McManus on Twitter: EXPOSED: ACTU uncovers secret letters between the big banks and Scott Morrison https://t.co/RSn0Uu6nLx — Sally McManus (@sallymcmanus) February 5, 2019 What on earth happened to the once lovable Ken Henry?


SQM: Property listings “abnormal and concerning” after “terrible spring selling season”

By Leith van Onselen SQM Research has released its stock on market report for January, which posted a tiny seasonal decline in listings over the month but a large 8.0% increase in listings over the year: Over the year, for sale listings rose across all markets except Hobart (-1.9%) and Darwin (-0.6%), and skyrocketed in


NSW Government replaces locals with Indian IT workers

By Leith van Onselen Australian governments’ pretend concern over Australia’s universally weak wages growth (see above chart) has been exposed again, with the NSW Government explicitly mandating that the winning bidder for its Roads and Maritime Services IT contract – Indian outsourcer Wipro – employ 30% of its workers from India to keep costs low. From


No mortgage relief in Hayne

The Hayne pain is here. The most important finding for the economy in the final report is the Commission’s view of the Household Expenditure Measure (HEM) on which its find is quite subtle: 1.2.1 The NCCP Act When dealing with particular case studies in the Interim Report, I concluded that there had been conduct that


High-rise “slums” are a symptom of mass immigration

By Leith van Onselen Last night, Martin North from Digital Finance Analytics appeared on 60 Minutes where he warned that “Australia has built a generation of properties that could become slums in just 20 years”: Mr North criticised developers and the housing industry for “throwing up” high-rise buildings at such alarmingly fast rates. He warned viewers


Flammable cladding fear as fire rips through Melbourne high-rise

By Leith van Onselen Australia’s apartment market is literally going up in flames, with another high-rise apartment block in Melbourne’s CBD catching alight and believed to be constructed using the same flammable cladding used on London’s Grenfell Tower and Melbourne’s Lacrosse Tower. From The Age: This morning’s apartment fire was at the Neo200 building on


What does Justice Kenneth Hayne’s anger mean?

Justice Kenneth Hayne has delivered his final report on banking crime to Josh Recessionberg and the footage is priceless: Why so pissed, Ken? The AFR offers one explanation: “I remember the number of times in Parliament, the current Prime Minister, he would wag his finger and say you’ll never get a banking royal commission,” Mr