Ominous signs in Australia


#2661

Election time. Some marginal seats to be had…high migrant cohorts…

https://www.macrobusiness.com.au/2019/05/labor-visa-earthquake-to-trigger-elderly-migrant-tsunami/

https://www.macrobusiness.com.au/2019/05/peter-mcdonald-labor-to-welcome-2-million-elderly-migrants/

2-8 million

Meanwhile the bubble bursts and labour, likely to win , courts china using WeChat
https://www.macrobusiness.com.au/2019/05/property-sentiment-plunges-hell/

https://www.macrobusiness.com.au/2019/05/beijing-campaigns-for-labor-to-govern-great-southern-canton/

https://www.google.com/amp/s/amp.theaustralian.com.au/nation/politics/lets-wechat-shorten-in-direct-pitch-to-chinese/news-story/a76499955d211bb3ba49546516a6d2d8

There is the added element of fake posts on wechat … potentially influencing the election


#2662

https://www.macrobusiness.com.au/2019/05/sa-declares-itself-migrant-slave-special-economic-zone/

Concessions for occupations vary and include:

Just when you thought Australia’s ‘skilled’ migration settings couldn’t get more farcical we get this.

The appallingly low $53,900 wage floor for ‘skilled’ temporary migrants is apparently too high, even though it is $32,700 below the current average full-time Australian salary of $86,600, as well as way below the median full-time wage of $68,620, both of which comprise skilled and unskilled workers.

It is also unreasonable to expect migrants to be able to speak good English, and to come to Australia at an age where they can contribute for a decent period of time before transitioning to permanent residency, retiring, and claiming health and aged care benefits.

Nor does SA need more low wage migrants when its labour underutilisation rate is running at 14.8%, with underemployment above the 1991 recession:


#2663

https://www.2gb.com/podcast/labors-reckless-uncapped-visa-for-parents/

https://www.macrobusiness.com.au/2019/05/labors-elderly-parent-visas-open-100b-budget-black-hole/


#2664

#2665

Interesting stuff here from an Irish in Oz perspective…


#2666

https://www.macrobusiness.com.au/2019/06/lunatic-rba-blames-bargain-hunters-retail-recession/

RBA is in so much shite
Cheerleader #1
Don’t talk down the economy…


#2667

Record low interest rates after another rate cut


#2668

Well, this should be interesting. In the past few weeks there have been two interest rate cuts with at least one more forecast; the banking regulator loosening minimum servicing standards so people can take out larger mortgages; a property speculator friendly Liberal government re-elected and a tax cut pushed through parliament.

So expect the free for all in the property market to re-start over the next few months. Strong chance prices will be back above their previous peak within the next 12 to 18 months. Where things will go beyond that I’ve no idea, there’s no long term plan around any of this.


#2669

God help them.


#2670

Madness


#2671

Crikey!


#2672

Wow.

Despite a housing bubble that has shown cracks, the median outstanding mortgage in Western Australia is $315,000. The median mortgage in Victoria is $260,000 while it is $265,000 in NSW.

The single largest age group of new mortgages were those aged between 55 and 64, suggesting as the housing market falters - older adults will experience the most financial pain.

When I was living in WA I was surrounded by Aussies who had piled into property during the mining boom, any talk of a bubble was swiftly tutted away in polite society.

When those 55-64 try to sell up it’s going to be a disaster. Plus those using negative gearing have to sell upon retirement as the tax break only offsets against income tax.

The whole frenzy sped up would look like a mass beaching of whales.


#2673

Did I hear the news correctly? Superannuation which currently is compulsory is going to be voluntary to boost house prices?


#2674

https://www.treasury.gov.au/consultation/c2019-t395788


#2675

#2676

So you can’t pay for anything in cash more than 10K. Seems reasonable. What’s the rule in EU?

Edit: need to report anything over 15K but still think you can accept it
https://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/money_laundering_in_ireland.html


#2677

unconventional, negative rates? limit the use of cash - check…


#2678

#2679