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Costs mount as Sydney’s light rail farce mushrooms

September 3, 2018 - 10:00 -- Admin

By Leith van Onselen In the wake of the massive cost blow-outs and delays hitting both the Parramatta Light Rail Project and the Eastern Suburbs Light Rail Project, the former head of Infrastructure NSW, Paul Broad, in June described the Eastern Suburbs Light Rail Project as a waste of money and a vanity project that should have never been

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Domainfax demands mortgage fraud continue

September 3, 2018 - 09:15 -- Admin

MB has long observed Fairfax Media’s descent from objective journalistic house into rent-seeking property parasite. Today we get that in spades at the AFR as it rallies growth lobby allies to the cause of preventing bank reform aimed at stopping mortgage fraud: Chief executives from outside the financial services sector are concerned reforms flowing from the

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Australia’s population bubble will burst

September 3, 2018 - 00:16 -- Admin

Bob Birrell appeared at The Australian to ask a sticky question: Bob Birrell, president of the Australian Population Res­earch Institute, has warned that the eastern seaboard infrastructure binge may be overcooked because of the potential for fewer people to enter the country than under the existing intake. Speaking after Victoria vowed to pump $50 billion

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A rich Alan Kohler bewails Labor’s tax reform agenda

September 3, 2018 - 00:15 -- Admin

Via Alan Kohler: If the Labor Party wins the next election — which it definitely would if it wasn’t for the contents of this column, which make a Labor victory less certain — Bill Shorten and Chris Bowen will bring about one of the biggest tax reforms this country has even seen, possibly the biggest.

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Is northern dams plan more political pork?

August 30, 2018 - 13:15 -- Admin

By Leith van Onselen When the Coalition came to office in 2013, development of Australia’s North was placed back on the national agenda. The Coalition released its 2030 Vision for Northern Australia green paper in 2014 and a white paper in 2015, which revived old debates. Now, scientific analysis by the CSIRO has concluded that

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Dwelling approvals down heavily in July

August 30, 2018 - 12:42 -- Admin

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of July. At the national level, the number of dwelling approvals fell by a seasonally adjusted 5.2% to 18,185. The overall decline in approvals was broad-based with both the unit & apartment segment (+6.6%) and detached house

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Moody’s warns on interest-only mortgage reset shock

August 30, 2018 - 11:39 -- Admin

Via Moody’s: Summary Australian mortgage delinquencies will increase over the next two years as a record number of interest-only (IO) mortgages convert to principal and interest (P&I) loans, a credit negative for residential mortgage-backed securities (RMBS). Refinancing interest-only mortgages is also becoming more difficult, which will contribute to an increase in mortgage delinquencies. » A

NSW realtor numbers tumble with volumes

August 30, 2018 - 11:30 -- Admin

By Leith van Onselen With the volume of residential property transfers and sales crashing across NSW: And Sydney dwelling values falling: NSW real estate numbers have fallen for the first time in five years, chart from The AFR: Yet another partial indicator confirming Sydney’s housing correction. unconventionaleconomist@hotmail.com

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Kouk: AUD to crash amid “unexpected and outsized” rate cuts

August 30, 2018 - 11:30 -- Admin

Via the Kouk: Three downside risks to the AUD A certain calm in currency markets, including for the Australian dollar, was briefly punctured in early August when the Turkish lira collapse spread to other emerging markets and sparked a jump in the US dollar. Since early 2015, the AUD has traded over 90% of the

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PM Morrison gives China free hand in Pacific

August 30, 2018 - 10:30 -- Admin

Via Domainfax: The former minister responsible for the Pacific says the Morrison government is jeopardising Australia’s influence in the region at a time when China is wooing island nations with infrastructure and loans…The new ministry no longer includes a dedicated minister for the region. Instead, Mr Morrison named Anne Ruston as an “assistant minister” –

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