The Australian’s James Kirby has belatedly discovered that Australians are drowning in household debt, and that this places the economy at future risk: It must rank as one of the scariest numbers in the housing market, yet it’s rarely mentioned… The figure is the debt servicing ratio for households [from the Bank for International Settlements]
The news is grovelling for the billionaires, via The Australian: Two of Australia’s richest men will invest in an ambitious $20bn solar project supplying electricity from the Northern Territory to Singapore by a subsea cable. Iron ore billionaire Andrew Forrest – ranked 8th on The List – Australia’s Richest 250 with an estimated $7.34bn fortune,
Martin North and John Adams have challenged the notion that Australian dwelling values are rising strongly, claiming that dwelling values across three quarters of suburbs fell in value over July to October, according to Realestate.com.au data: This, they claim, challenges the narrative of a strong property rebound and represents a “pattern of unusual and fishy
Pity the quiet Australians, via Crikey: The Morrison government is on the cusp of passing a controversial bill that it promises will crackdown on union militancy. In reality, it could spell the end of workplace strikes. Under the Ensuring Integrity Bill, unions and their officials could receive demerit points for breaking existing laws. Enough points, and
With Australia’s population ballooning on the back of mass immigration, and projected to add around 360,000 people a year until 2066: And Sydney’s population projected to nearly double to 9.6 million people over the next 48 years: Water bills are set to rise as demand overruns supply: Sydney Water has submitted a revised submission to
Via FTAlphaville: Over the years bitcoin has frequently been touted as a “safe haven”. It’s an idea that seemingly doesn’t to want to die, despite the fact that its pretty much the most volatile things you can get your hands on and there’s been a stream of thefts and hacks worth hundreds of millions of dollars from exchanges and
Given the old bullyboy’s unhealthy hold over the national imagination regarding the future of Chinese ties, let’s explore where his vision would take us. Paul Keating would like to see Australia’s commitment to ANZUS modulated versus Chinese interests. That will mean a much more insecure commitment by the US to Australia so the first implication
It’s amazing that after 15 years of mass immigration: Australia’s business groups claim we are experiencing ‘skills shortages’ across almost every industry, the latest example being truck drivers: An impending truck driver shortage… [is a key theme] to emerge from the more than 60 public submissions made to a Senate committee reviewing safety and efficiency
In desperate search of quick cash to fund the state’s ballooning population, the Victorian Government is looking to sell-off the state’s monopoly motor registry agency, VicRoads, to private interests: Investment bank Morgan Stanley has won the role to embark on a scoping study for the Victorian Government to determine whether to sell its motor registry
As they should, at News: NSW hasn’t even entered what’s traditionally the most devastating period of bushfire damage. “We’ve got the worst to come,” former NSW fire commissioner Greg Mullins told news.com.au. …“So we need to brace ourselves. If we don’t get summer storms to wet everything down, we are in dire straits.” Mr Mullins,
Australia’s much maligned ‘skilled’ visa system is about to become even more unskilled, judging by Morrison Government’s new region visas: New regional visas have launched this week, giving migrants in more occupations a chance to stay in Australia… Migrants need to commit to life in regional Australia for at least three years… But if they
Via the ABC: Insolvency practitioners are offering a stark warning to Australian business: get your affairs in order, bad times are ahead. With their role in turning around failing businesses, or winding them up, the corporate undertakers are an indicator of the broader economy, so it’s telling that they’re hiring, expanding and preparing for a
Via the excellent Garth Aird at CBA: Overview Australian capital city dwelling prices, led by Sydney and Melbourne, have risen sharply since mid-2019. RBA rate cuts, coupled with extra borrowing capacity from the APRA induced changes to loan serviceabilityassessment anda surprise election outcome that removed some taxation risksaround housing causedhome buyer interest return in force.
RBA assistant governor, Michele Bullock, has played down concerns of Australia’s record household debt, claiming that the top 40% of income distribution account for three quarters of the debt load: “Three quarters of debt is owned by households that sit in the top 40 per cent of income distribution,” she told a conference in Melbourne.
Despite undergoing a record $93 billion re build, and selling-off nearly every public asset possible, NSW Treasurer Dominic Perrottet admits the state faces a massive infrastructure shortfall of $30 billion, as unrelenting immigration overruns Sydney: NSW faces a massive infrastructure funding shortfall of about $30 billion needed to drive projects critical to building the state’s
Via News: If you use ute sales as a marker of small business investment in Australia, you get the impression small business is terrified. Sales of light commercial vehicles collapsed in October 2019, down 11 per cent compared with October 2018. At the start of the 2019, sales were much the same as last year.
Wowsers, check this out from the AFR: Malcolm Turnbull was advised in a confidential memo in the aftermath of the 2016 election that the property boom was costing the Coalition support in the outer suburbs, regional cities and towns and the government needed to shift political strategy to avoid losing power. The analysis, by current
So says the FT: Demonstrators and police officers are experiencing a kind of epiphany when they realise there are no repercussions for smashing the thin veneer of civility. As a consequence, the range of acceptable behaviour has widened dramatically and the most brazen and outrageous actions are becoming normalised. This is fed by social media
Via News, this does not read well for anybody: A group of 23 former fire and emergency chiefs tried repeatedly for several months to warn Scott Morrison and senior government ministers of a looming bushfire crisis. Had they been successful in their requests for a meeting, the group would’ve urged authorities to immediately lease aerial
Not me, that’s for sure. The ABC investigates: Claiming victory on election night six months ago, Scott Morrison said it was “the Quiet Australians who have won a great victory tonight”. “It has been those Australians who have worked hard every day, they have their dreams, they have their aspirations; to get a job, to
Welcome to the future at the AFR: Sweden’s central bank said on Thursday (AEDT) it had sold off bonds from the oil-rich Canadian province of Alberta and parts of Australia because it felt that greenhouse gas emissions in both countries were too high. Riksbank Deputy Governor Martin Floden said the bank would no longer invest
Sydney’s water storages are plumetting at a faster rate than was experienced during the 2000s Millennial Drought, which was said to be the worst drought in Australia’s recorded history: This has authorities concerned that Sydney could soon face “day zero” – a time when the city runs out of drinking water: Sydney’s water storage levels
With Murdoch University under siege over its poor handling of international student enrolments and its lawsuit against whistle-blower Dr Gerd Schroeder-Turk, an enterprising individual going by the avatar of Murdoch Maven has published the above hilarious parody: “Murdoch Downfall”. Warning: the subtitles contain very explicit language. Enjoy!
NSW Planning Minister has attacked so-called NIMBY baby boomers for opposing high-rise development across Sydney: Baby Boomers are primarily responsible for hostility toward housing growth and density, Planning Minister Rob Stokes says, accusing the generation of being the drivers of so-called NIMBYism… Speaking to developers, planning bureaucrats and community leaders, Mr Stokes said growth had
May’s Four Corners “cash cows” report on Australia’s international student industry showed that universities have eroded both entry and teaching standards to entice huge volumes of lower-quality, full fee-paying international students: “In terms of attracting international students, universities will do whatever they need to do…they are the cash cows. There is no doubt about it.”
Via Peter Hartcher today: Yet Australia itself, where sane and centrist politics has largely prevailed, isn’t immune to the danger of a xenophobic populism in future. The Lowy Institute’s Sam Roggeveen has written an essay with the disturbing title Our Very Own Brexit. “The tacit agreement between among our political class to support high immigration
It’s a question that you need to ask because if present trends are allowed to develop then Australia will be the next Hong Kong within twenty years or more. Will you like it when Carry Lam is running the joint for Xi Jinping? Via Domain: Hong Kong chief executive Carrie Lam has labelled protesters the