A debt – defying week from our political asylums!
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It was more like an episode from Yes Minister, where both Fort Fumble (Federal Government) and Fort Crumble (NSW Government) tried to outdo one another at the Ministries for Incompetence and Implosion (what an art form they made of it). Fort Crumble is hardly flush with cash as it languishes in deficit yet it still manages to masticate on its scrapped CBD Metro for a north – west rail link which is now its tenth transport cancellation.
The Ministry for Incompetence and Implosion then asked voters to “take it on trust, because work would not begin until 2014 at the earliest”. Obviously nobody at Fort Crumble knows how to read a poll Confirmed: scrapped Metro cost $271 million because this would have to be close to the greatest stuff – up in NSW’s parliamentary history. To reassure voters, it then introduced a $30 – a – year – levy on motor vehicle registrations which is estimated to deliver $500 million over 10 years.Would it be improper to suggest that liquidators will be called in well before 2014? Yes Minister!
The Premier, Kristina Keneally was on a roll when endorsing a plan to build one of Sydney’s biggest hotels which just happens to be 100 metres out over Sydney Harbour. Harbour high – rise breaks all the rules but she insisted that this decision would not create a precedent that other developers would seek to follow? Well Sarah, (I mean Kristina) a precedent is defined as: any act, decision, or case that serves as a guide or justification for subsequent situations. Yes Minister!

Tim Mooney flew to Melbourne this week and why not? A fantastic shot of Melbourne CBD and the Yarra River.
The other Ministry for Incompetence and Implosion – Fort Fumble had The Emperor (Kevin Rudd) going somewhat batty when his rock star minister somehow lost his voice Peter Garrett dumps dodgy home insulation scheme. Call me a cynic, but I observed that the announcement was scheduled for 1.45 pm last Friday. Torah Bright won gold at the Winter Olympics in Vancouver at 1.00 pm in the half pipe – must have been either a coincidence or political spin. Yes Minister!
Whilst The Emperor accepts ultimate responsibility for his insulation debacle which has been linked to four deaths and 93 house fires, with another 80,000 houses at risk, this scheme cost taxpayers $2.500 billion and thousands will be out of work after insulation back flip. The Emperor was quick to appease a voter backlash so (he pledged another $42 million) to the (approximately) 7,500 businesses installing installation and 180,000 houses that have to be re-checked. The Emperor’s rock star minister declared that he can read music but not commissioned reports. When the Minter Ellison Report was handed to his stage hands in April 2009, it took ten months to arrive in the rock star’s recording studio – Yes Minister!
The Emperor had to move fast as Torah Bright had concluded her Olympic event – so out came the announcement $69 million for biometric checks in counter – terrorism. It was suggested that some are: Going batty over blah – blah. Paul Sheehan from the Sydney Morning Herald had a different spin: How Rudd the dud dropped Australia in alphabet soup. A horrific week for Fort Fumble: Collins subs top $7 billion of dud projects submarines don’t require Pink Batts). It was just not cricket when it was announced that the Victorian gocernment was flying 25 Indian journalists to Australia at a cost of $250,000 – business class flights, tours of the Melbourne Cricket Ground (our cricketers are in New Zealand), concert tickets and accommodation at top hotels – to show that everything is hunky dory Down Under. Despite some saying Indian money ‘could be better spent’ one would think that given the intoxication and obsession with governments to spend money that we are actually in surplus – (obviously they believe that we are).

The debate then moved to Australia’s mortgage debt blow – out when Chris Zappone wrote in the Sydney Morning Herald “The federal government relaxed its foreign investment rules for residential property early last year. Whilst the controlling body, the Foreign Investment Review Board, does not disclose the exact number of sales to overseas investors, anecdotal reports from would – be local buyers and real estate agents across the country point to a surge in spending from Asia – particularly mainland China. Agents are also setting up offices in China and arranging “property tourism” to tap the demand.” I am a strong believer that our real estate market needs to be local not international and it would be very interesting to see why The Emperor changed these qualification rules? Are they considering returning to the previous status quo?

Furthermore, under his regime will it remain in place given the economic recovery in Australia? The Housing Industry Association (HIA) noted that (home ownership was even more out of reach) when housing affordability tanked 18.4 per cent in the December quarter and was 22.3 per cent lower than twelve months earlier. The HIA is predicting a modest housing recovery in 2010 with about 152,000 dwelling starts and we need international competition?
Housing debt is in overdrive where the latest Reserve Bank of Australia (RBA) figures identify that housing debt hit $910.1 billion in December, which is up 17 per cent over the twelve months and up 92 per cent since December 2004. Total housing debt is set to reach $1 trillion within the next twelve months and rest assured, interest rates will be heading up not down.

The Emperor has plenty on his plate all in an election year Rudd, Gillard fight over who foots the bill for $1,800 canapés and champagne wow – when it rains it pours.
This week we broke a new Australian record when subscriber sales hit $904,079,220 and real estate agencies are just starting to know what a database can do! From the good, to the bad and ugly Estate agent Shannon Daniels made a real killing I can’t believe that somebody would be dumb enough to run his “Deceased Estate (Vendors Dying To Sell)” campaign given the vendors are very much alive and well.
Given the lodged complaints Shannon Daniels won’t be hearing – thank you, Mr Hooker!
Cheers ^__^
This week’s sales Mosman real estate, Cremorne real estate, Cremorne Point real estate, Balmoral real estate, Neutral Bay real estate, Cammeray real estate Click Here – the auctioneers hammer was silent in Mosman
This open for inspections – here












