Oh dear – when discovery can potentially drown the recovery

Oh dear – when discovery can potentially drown the recovery

Never one to miss an opportunity we had to investigate these “need for greed” accusations pointed directly at our very own Fort Crumble (NSW government). The Fort Crumble draw-bridge is now drawing attention to corruption, and we are not talking about “water under the bridge”. Stateline NSW published “The Land Bribe” another compelling read. “Tonight, a leading Sydney barrister specialising in planning and environment laws – he advises his property developer clients with contentious project to circumvent local councils and take them straight to the Minister for Planning because they won’t receive close scrutiny.” Now it gets interesting as for some unimaginable reason (you can be the judge), Fort Crumble changed its planning legislation. The dogs are barking from within their respective property kennels.

Tim Mooney Photography


Barrister Tim Robertson told Stateline “The changes that have been made since 2005 have concentrated enormous power in the hands of one person, the Planning Minister, and it has returned the state to the position we were in about 1965. If you remember, the Premier of the day was a fellow called Askin, and we are now in the position with our planning system, that we have returned to the days of Bob Askin.” For the younger readership the late Bob Askin was referred to as a “deal or no deal” Premier. Maybe it has become contagious, as this week The Sydney Morning Herald ran this “Mamma mia, you know too much”.

The Emperor, otherwise known as Kevin Rudd, whilst basking in record high approval ratings, would be throwing chop sticks, dim sims and bok choy at his Fort Crumble counterparts. Despite the ongoing political calamities businesses are focussed on what is actually happening in our economic playground – where our report cards are most impressive. The Westpac-Melbourne Institute leading index of economic activity is on the improve minus – 7 per cent in May, minus – 3.3 per cent in June and minus – 1.8 per cent in July. The Institute predicts a tepid recovery in the second half of 2009 and a much brighter 2010.

Interest Rates




The Emperor is perplexed and we are not talking indigestion either, as he faces an election next year. Fort Crumble is of major concern to his popular Fort Fumble, given he possibly stands to lose five seats at next year’s election. A wobbly, as the Fort Crumble electoral Yum Cha is poisoning the diners and knives instead of chop sticks have become the preferred choice of NSW diners. Forget salmonella, it’s rather a case of political poisoning, where The Emperor should be forging ahead with a double dissolution.

The Emperor is focussing his efforts as the Master Chef of economics and his recipe to recovery is not only tasty but is receiving rave reviews. When our economy is doing well – we all benefit along the economic road to recovery.

Warren Buffet announced this week “the terror of last year is gone and that’s thanks in part to the Government.” You will no doubt note he said “in part to the Government” which is exactly what happened in Australia where businesses responded energetically to the economic landscape – some much better than others. Bear in mind that when the share market starts running, the property market follows suit – success leaves clues.

Share market


Aussie Dollar


First home owner hangover is in retreat, as for the second month running, the percentage of first home buyers taking out new loans has fallen to 25.7 per cent of the market, down from its peak of 28.5 per cent last May. The Real Estate Institute of Australia (REIA) identified that “New South Wales remained the least affordable state or territory in which to own a home, with the proportion of income required to meet loan repayments at 31.1 per cent”.

NSW Treasurer Eric Roozendaal told Business Spectator. “The average mortgage in New South Wales is between $80,000 and $100,000 more than the other states. The average mortgage is around $400,000, so we felt the impact of the higher interest rates before we saw all of the cuts out of the Reserve Bank of Australia (RBA) combined with the GFC particularly on our financial services sector.” So NSW has the highest mortgages, so why does Fort Crumble inflict the highest taxes on its constituents?

Back to The Emperor’s Nation Building “Chippie and Sparky” program, where you go to a school and demolish three class rooms then build another three. Australia has a chronic shortage of available homes, calculated to be 56,600 homes in 2009 alone – construction remains on the decline. The only problem with this analogy is that The Emperor can’t place his construction plaques on a residential house. The Emperor needs to embrace that Australians live in houses not schools! Is Nation Building better defined as modern day Electoral Gilding?

You may have noticed that our Subscriber Sales have dropped from $933,919,250 to $841,266,000 which is due to all sales being added to the total. We corrected this glitch and our subscriber sales are now at $866,059,220 – over the last ten days we have posted $30,000,000 in house and apartment sales.

The first edition of Virtual Realty News went out into the www on September 15, 2000 where from memory our email list was 37 recipients – this week we celebrated our ninth birthday.

Cheers ^__^

For this week’s recorded Mosman real estate, Cremorne real estate, Neutral Bay real estate and Cammeray real estate sales www.rwm.com.au/news/

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