From Unherd: Welcome to Thought-Police Britain Kafka predicted our age of petty tyranny Mary Harrington is always worth reading.
Open Thread – Mon 2 Oct 2023
- Open Thread – Weekend 23 Nov 2024
- Open Thread – Thurs 21 Nov 2024
- Open Thread – Mon 18 Nov 2024
- From darkness to the promise of light
- Open Thread – Weekend 16 Nov 2024
A couple of things before I piss off to Melbourne with the kidlets: 1/ This shit with our er, foreign…
I don’t think the visa issues will be well received. It will be yet another case were the government doesn’t…
Vikki Campion cont’d: WIND FARMS ARE DESTROYING THE ENVIRONMENT IN ORDER TO SAVE IT We’re famously the nanny state of…
And Bud Light.
I may be wrong, but I am a Sarah Henderson fan.
I certainly would not take her on in a stouch.
She comes across as balanced and level headed. Our ‘retired diplomat’ must have really lit her fuse.
Of course the term ‘retired diplomat’ is applied to anyone who had a red passport including admin and security sraff.
Onc eagain the NRL shows off its “Sunday park footie” management style when dealing with 251s ….. Latrine Mitchell wasn’t considered for Kangaroo selection last week cos Soufs informed coach Mal Meninga he was unavailable cos “injury” ..
Latrine played over the weekend in the Koori Knockout competition ..!
But that’s, apparently, OK wiv Mal cos and to quote him,
“I was a bit surprised but I think the club gave him permission to do that.
“Knowing Latrell he loves the Koori knockout, he always gets involved, always wants to be part of it all.
“He’s a very proud First Nations person. Obviously he’s got through that tournament well and I look forward to him having a good off-season and playing well next year.”
These people know what they’re buying into, at least:
‘Australia’s future is Asian’: Chinese buyers splash $3.4bn on Aussie property, $1bn rise in past financial year (3 Oct)
One might say from frying pan to fire though. Escaping communism is getting harder and harder.
Roast pork?
I may be wrong, but I am a Sarah Henderson fan.
I certainly would not take her on in a stouch.
She comes across as balanced and level headed. Our ‘retired diplomat’ must have really lit her fuse.
Of course the term ‘retired diplomat’ is applied to anyone who had a red passport including admin and security sraff.”
Ummmm yep. I’m a bit of a fan too. There’s more to this story.
Not long until owned, developed but unoccupied properties are hit too, as well as Air B&B.
When Air B&B is banned or taxed to be unprofitable, a lot of mortgages could go south.
“Just tax it until some money falls out of it…”
The problem is, that our governments/ruling classes see you as a tax serf or a pinata.
Indeed. Also, notice the poor training and low morale of the Russian soldier we are told endlessly about by the MSM.
The new Mother Russia. Daughter Russia?
“Retired diplomat”?????
The voter outlined their long career as an Australian diplomat, serving in Africa and Asia for several decades, before working in remote Aboriginal communities in the areas of health and education.
Sure they did. Picked up a couple of tickets in “health” AND “education” and nipped out there…
“I am embarrassed that the poverty I have witnessed and experienced in Australia is worse than anything I have seen across the Pacific, Asia or Africa.”
Could have gone far. Communities in “the Pacific, Asia or Africa” would dream of Centrelink, provided facilities in health, education and policing AND mining royalties. Some of them even pick up their own rubbish.
Sounds like a sting operation which Henderson and staff picked up on and called out.
At the risk of going full Razey san, time to leave folks.
Costa Rica Declares State of Emergency
“President Rodrigo Chaves of Costa Rica has declared a state of emergency, but not due to anything happening in his nation per say. People across the globe are passing through Costa Rica en route for the USA as the borders are open to all. Our president is not concerned, but other nations see the threat to national security this presents.
“The people that arrive are passing across Costa Rica trying to get to the United States, basically,” President Rodrigo Chaves stated. The International Organization for Migration (IOM) said that border crossings have increased 55% in one month alone, with 84,490 people passing through in August. Migrants are crossing the Darien Gap, a jungle terrain connecting the nation to Panama and Colombia. The IOM believes a quarter of a million people have made their way through this area in 2023. Worse, only 20% of those traveling are children, which means that the women are likely not traveling through either. This is a planned invasion of military-aged men.
The environmentalists are at a crossroads. The mass crossing through untouched land is harming the environment.
Biden met with Chaves in August to discuss the issue. Unfortunately, Biden could not tell Chaves that this is a deliberate attempt to destroy America from within and he has no intention of halting crossings. I also want to thank you for deepening our security cooperation, that’s one of my objectives, and I hope one of yours, including on organized crime,” our embarrassment of a president told Chaves. Biden’s policies are so dangerous that they have caused other countries to declare a state of emergency. Biden and Harris do not care about America.”
https://www.armstrongeconomics.com/international-news/costa-rica-declares-state-of-emergency/?utm_source=Newsletter&utm_medium=Email&utm_campaign=RSS
Before they impose a state-based exit tax on your property.
Victoria’s Allan government will expand the tax on vacant land to include areas outside Melbourne and plots in the city that have sat idle for five years in a bid to encourage development and housing supply.
https://www.afr.com/property/residential/develop-or-sell-labor-widens-vacant-land-tax-in-victoria-20231003-p5e9as
….now’s your chance to snap up some land in Bonnydoon… 😛
The news.com.au story has now printed the diplomat’s letter in full. Sometimes it pays to call out sneaky journos.
It’s an artificial product and not real leather. How much CO2 is released to make it?
LOL.
Les than 30 seconds to watch –
https://www.youtube.com/shorts/ybSkZwtTwUo
Um
How can you do this if the land isn’t improved?
Anyway, the economically sound taxation system works on unimproved capital values.
Wow. It really isn’t just land either.
Again – how do you calculate CIV on a vacant block?!
We’re going…to Bonnie Doon!
Retired diplomat eh? Retired foreign affairies officers tend to be Tony Kevin, Kevin Rudd, Bruce Haigh types. A truely obnoxious, useless department that could only come from Canbra.
How’s the serenity in the Melbournibad CBD?
But not in relation to her (and her maaaaates) salary and superannuation.
Nomenklatura, doncha know.
Ask the Victoriastan Treasury Deeming Officer (appointment pending).
Does it include land under Native Title?
Neither the ALP or LNP has the guts to take on the big end of town.
I wonder who this “Robin” person is. The contents sound very…emotional.
Also, the point was that should continued correspondence of this type be received, it would be reported. “Robin” is on notice to tone down the rhetoric.
I suppose it’s only when Lefties get aggressive letters that it’s a problem.
Some good questions Dot, I’m sure Allan hasn’t thought of….or doesn’t care.
I’m just not sure how a vacant land tax applying to land in rural Victoriastan (that nobody actually wants to buy) improves housing affordability in Melbourne…
I think that admin and security staff might have got green “Official” passports?
Retired diplomat eh? Retired foreign affairies officers tend to be Tony Kevin, Kevin Rudd, Bruce Haigh types. A truely obnoxious, useless department that could only come from Canbra.
Bruce Haigh.
Pompous old windbag. Loved trying to bait John Anderson, but Anderson perpetually flogged him in elections. He had a rather irritating Tony Windsor like demeanour. His Wikipedia page I’m guessing was written by himself in a self-congratulatory manner. He has now gone to his reward, however that works out for him.
And you wonder why Housing Development Costs?
https://www.northsydney.nsw.gov.au/downloads/file/93/development-application-checklist-and-declaration-form
Not on your nelly. This will be for people with the odd block purchased yonks ago for retirement…now in juicy coastal or “hip” rural settings.
Pick a number…any number.
As long as it’s sufficiently punitive.
Vacant residential land tax can presently be assessed at up to 90% of the CIV as a penalty measure for disregarding notification requirements in certain areas of Melbourne.
Ah riiiight…. I see where Allan’s policies are coming from:
Ozzie, that’s just the “checklist”. The amount of documentation for even the simplest of developments (like a shed) have to be seen to be believed.
There’s a whole industry developed around gettin these things organised for Council. Often involving ex-council types who (taps nose) have contacts. Or at least knowledge of the way through the labyrinth.
All of yesterdays exercise in paranoia started when I answered Old Ozzie’s post:
Robert Sewell
Oct 2, 2023 12:49 PM
I answered with:
And the reason I answered this way was because I couldn’t remember the latin term “Cui Bono” which set JC off.
JC needs a psychiatric consult if he can see in that innocent phrase a reason to go nuts for eight hours… and I’m still catching up.
Indeed. So you’ll get taxed to death for not doing anything on your property because the local council want to wrap you up in red tape whilst charging you like a wounded bull and, should you manage to survive or outlive that experience, you then have to negotiate the State planning and approvals process which also includes paying indulgences to the climate gods.
New slogan for Victoria numberplates: Give up! You can’t win.
This doesn’t bother me.
The Sistine Chapel ceiling has had a few makeovers over the journey to make it more appealing to tourists.
As long as they don’t invent some tale about the paint not fading because it is protected by the rainbow serpent.
Winston, there are juicy profits the whole way down the bureaucratic line (cf. council applications discussed above). All contributing to making costs prohibitive.
If you can, get out of the cities. There’s a better standard of living in the countryside (not measured by income, but lifestyle), there appear to be plenty of jobs going begging. Raise your children somewhere pleasant, not an urban zoo.
A lot of 10 sq m. tin sheds being built in sicktoria. Don’t require a permit and government can’t say its not developed. Then again they say a cock in a frock is a woman.
Ceftainly, in the Embassy that I was most familiar with, Paris, the senior admin and security folks carried red passports.
From the anthropologist’s view, once it’s been “touched up” it’s lost its integrity as a cultural artefact.
I thought that would be the easiest exercise.
Look left or right and if there are no development close by then look further out.
Or as Roger said, dream on, what you could build on it and pick a number.
Both work splendidly but the second option is more profitable.
I can see a Catch 22 coming with the Big New Tax.
State Government taxes you for not developing the land.
Local Government forbids you from developing it in any viable way.
Quite so. It’s like painting a bikini on Venus of Willendorf.
I have expressed my doubts here before about the authenticity of aboriginal rock art/drawings. What did it for me is that these artworks were merely on rock walls, not even in caves and yet were claimed to be ancient. Weather erodes even rock but leaves aboriginal drawings intact? Yeah, nah.
As far as I am concerned, anything touched up is not authentic, merely tourists kitsch.
Ouch.
Who can forget “Ecce mono”? Yikes!
KRuddy set public opinion on retired Foreign Affairs types back decades. If not longer. Best to keep that information for Canberra dinner parties where it will receive a more favourable reception.
We have a residential properties crisis yet this is allowed to go on. Why is the federal government not changing the law to stop this? Of course the other option is to stop all immigration until we catch up with the building effort.
No wonder the Voice referendum has to happen to deflect attention from what they are doing or not doing.
Not to mention that it’s also illegal.
Imagine the ruckus if a white fella was found doing it.
I can see a Catch 22 coming with the Big New Tax.
State Government taxes you for not developing the land.
Local Government forbids you from developing it in any viable way.
This got out of the lab before it was ready.
They are trying to thread the needle introducing a respective tax that doesn’t impact the top end of town.
At the time when the electorate was so easily conned into ‘four year fixed terms’, it was easy to predict that extremist Governments would use this protection to implement destructive social and financial policies that would be very difficult to overturn after being in force for a number of years.
But even an alarmist like me would never have predicted how extreme state Governments would become.
Of course the ABC was a major force behind this Left anti-democratic coup.
NSW Cats may recall the years of frustration when the last Labor Government was absolutely dead electorally but continued passing apalling legislation right up to the time of their electoral massacre.
The guiding principle in response to any Government electoral policy initiative must be – say no and then ask what the question is.
Allan’s outfit will obviously use up any residual Dan goodwill but Victorians will cop it for another three years. In the case of idiotic Victorians, that is probably a good thing.
Robert Sewell
Oct 3, 2023 12:07 PM
All of yesterdays exercise in paranoia started when I answered Old Ozzie’s post:
Robert Sewell
Oct 2, 2023 12:49 PM
OldOzzie
Oct 2, 2023 8:30 AM
Ok not only an Australian Problem
Homes Are “Unaffordable” In 99% Of US Counties
I answered with:
Find out who’s profiting and you’ll find out who is causing the problem.
Yes, and I chipped in with a post that stated that according to the CEO of Brickworks, 40% of the cost of building a new home including the cost of the land that it is built upon results from Guv’ment charges, levies and taxes (or words to that effect).
On a lefty site I tried to point out that in the current economic climate the Voice was a very bad idea. Comments not posted.
Try buying land in China. The immigration push is purportedly driven by skills demand. I’d like to see the numbers crunched on that because years ago I noted under the Visa “skills shortage” scheme I had an Israeli, Japanese, South African, and Spanish barber; all from the same shop. Australian governments have to stop being afraid of putting Australians first.
A friend with decades in residential development construction gave nearly the same value.
The relationship between certain businesses and immigration certainly warrants investigation. Any idea that Australian immigration is predominantly skills based is fanciful.
The withering of the family
Basic unit of human relationships is worth saving
By Editorial Board – The Washington Times
Those closest of blood ties are meant to inscribe indelible lines in the book of every family’s life, but seldom have people been more inclined to write themselves out of their familial story.
With jarring social trends designed to scatter their households in different directions, Americans can do no better than to shield their families from those withering forces.
A Pew Research Center survey last month lays bare the “shifting social norms” that leave many Americans pessimistic about the condition of the family.
Asked to peer into the future, 40% express pessimism about the institution of marriage and the family. And 29% are lukewarm — neither pessimistic nor optimistic.
Only 26% say they’re optimistic.
Key trends diverging from traditional marriage generate ambivalence among respondents.
Fewer people getting married, more couples cohabiting outside of marriage, and couples having fewer children elicit a collective shrug. Only the phenomenon of fewer children being raised by two married parents strikes a chord, with 49% viewing it as a negative.
Another 39% have mixed feelings, and just 12% see it as a good thing. The hopelessly myopic alone haven’t noticed the unhinged behaviors of kids raised by TikTok influencers rather than a mother and father.
Perhaps most appalling are the factors Americans attribute to living a fulfilling life.
Enjoying one’s job or career is ranked as extremely or very important by 71%.
In stark contrast, having children would rank last, at 26%, if not for the lowliest of opinion regarding marriage, considered essential by only 23%.
Sadly, the United States is creeping along the path of inhumane movements that believe destroying the family — the fundamental unit of human relationships since time immemorial — is the key to enacting radical social upheaval.
In particular, the enduring influence of long-dead Karl Marx, who viewed the family as an institution whose only purpose is to promote capitalism, finds modern expression in public school campaigns to block parental oversight of children’s education and infect students with libertine sexual and gender fads.
Americans can witness the same dismissive view of family values building in the legislative antics of trendy California.
The General Assembly’s recently passed Bill 957 called for judges presiding over custody proceedings to consider whether parents were supportive of a child’s gender identity. The measure would grant the state the power to strip custody from a parent objecting to a minor child’s yearning for medical treatments that might include puberty blockers and sex reassignment surgery.
Fortunately, Gov. Gavin Newsom vetoed the measure. The far-left governor had supported the bill, but other eventualities — including a possible challenge to President Biden as the Democratic Party’s 2024 nominee — counseled caution when toying with humankind’s most enduring institution.
Undergirding American culture has been a religious belief that each individual is made in the image of the Creator. Marriage, which allows man and woman to participate in an act of creation with the birth of a child, has no equal in filling life with dignity and purpose.
Today’s Americans should guard the door against invasive forces that contribute to the withering of familial relationships, imperfect though they may be.
There is no downside to upholding the family.
I am sure that sec 139(c)(iv) of the new Act will contain “equity provisions” to ensure “culturally sensitive, carbon neutral developments with social housing elements”* are not penalised.
….
* developments by maaates.
The problem with the boom in international students
Contrary to pandemic-era claims, international students are back in a big way. The Albanese government wants to clamp down on visa rorts and shonky agents, but that’s only part of the challenge.
Jennifer Hewett Columnist
The COVID-19 era led to predictions of an end to Australian universities’ increasing reliance on attracting ever higher numbers of international students – and the revenue they provide.
Some universities even conceded they had become too dependent on this business model, with international students accounting for 27 per cent of total university revenue, and a much higher percentage in many instances.
Scratch that idea.
International student numbers are already greater than they were in 2019, with 655,000 student visa holders as of July – 200,000 more than at the beginning of 2023.
Around 330,000 were enrolled at universities, and about 230,000 in vocational education and training.
This is higher than the previous peak of 634,000, and double that of a decade ago.
Another 200,000 are on temporary graduate visas – more than double the number for that category in 2019.
It’s clearly a booming market. Revenue from international students for the first six months of the year amounted to more than $21 billion, according to the Australian Bureau of Statistics.
But overall numbers have become a very sensitive issue politically, particularly when rents are so high.
This is certainly compounded by the unprecedented level of net migration, driven in large part by surging international student arrivals.
A new report from the Grattan Institute points out that even pre-pandemic, the number of international students in Australia relative to the size of the population (20 per 1000 people) was nearly triple that of the UK and Canada, and nearly seven times the figure for the US.
Since then, there’s been a reduction in the percentage of international students from China, but they have been replaced by an influx of students from South Asia.
That has corresponded with a jump in the numbers of students coming for “non-genuine” reasons, mainly to get work, and often shown how to achieve this by unscrupulous education agents.
Many international students come in on higher education visas, for example – which are more easily approved – and then promptly switch to cheaper vocational training courses or private colleges. Some never even turn up to their initial student placement, and never intended to.
The Albanese government is determined to short circuit this, announcing a raft of measures aimed at preventing “shonks” and rorting of the visa system. These include prohibiting colleges from paying commissions to “dodgy” agents who encourage students to shift institutions and toughening up quality standards for colleges.
Cross ownership of agencies and colleges will no longer be allowed. This adds to changes in August requiring students to spend at least six months at the university or college they enrolled in before moving to another.
Plenty of doubts
But there are plenty of doubts about the effectiveness of the regulators to clean up the system.
Abul Rizvi, former deputy secretary of the Department of Immigration, says it always boils down to details of how this is done and funded.
He fears that without adequate funding and clear benchmarks, the two regulators – the Tertiary Education Quality and Standards Agency for universities, and the Australian Skills Quality Authority for vocational education – will continue to be slow and weak in their responses.
Even assuming improvement, Australia’s enthusiasm for more international students comes with broader costs than the notion of sham agents and dubious colleges.
As ministers hasten to say, international education is an extremely valuable export for Australia that also offers major social, cultural and economic benefits to the country.
But universities in particular are reluctant to acknowledge that the experience for domestic students can often suffer due to the size of classes and lack of personal attention in Australia’s mega universities.
The additional funds from high fee-paying international students, for example, are used primarily to subsidise research in order to obtain higher international rankings … to attract more international students.
At the same time, many international students are disappointed with the quality of their educational experience, including the work opportunities afterwards.
Rizvi nominates the widespread practice of universities offering relatively low-quality, low-cost business courses that charge high fees to international students but translate into few job offers in Australia.
The Grattan Institute report, Graduates in Limbo: international student visa pathways after graduation, notes that many international students stay on after graduating but struggle to pursue chosen careers.
“Only half secure full-time employment, most work in low-skilled jobs, and half earn less than $53,000 a year,” it states.
One result is that many return to further study, usually in cheaper vocational courses, to prolong their stay but are then stuck in visa limbo with increasingly limited prospects for being granted permanent residency.
According to the report, current settings suggest graduate visa holders will nearly double to 370,000 by the end of this decade. That may well be an underestimate.
Public trust eroded
“Encouraging so many international graduates to stay and struggle in Australia is in no one’s interests,” says Brendan Coates, the report’s lead author
“It erodes public trust in our migration program. It hurts the long-term prospects of those graduates who do stay permanently. It’s unfair to those graduates who invest years in Australia with little prospect of securing permanent residency. And it adds to population pressures in areas like housing.”
Among other recommendations, the report calls for a cut in the duration of post-study work visas, raising English language requirements, and only offering visa extensions to those earning more than $70,000 a year while providing a direct path to permanent residency for the most talented international graduates.
That’s all a lot more complex than cracking down on dodgy agents and colleges. And even that is going to be hard enough.
“We’ve heard this mantra many times before,” Rizvi says. “Let’s see how they do.”
But…who’ll deliver the Uber Eats?
If only you could ‘pass on’ Allen’s new tax like a power company passes on Dan’s easement tax.
The Australian Energy Regulator (AER) today published its determination on AusNet Services’ cost pass through application to recover costs related to a change in easements tax payable to the Victorian Government incurred for the 2023–24 regulatory year.
Our decision is to approve AusNet’s proposed pass through amount of $55.9 million ($nominal, GST exclusive). This will allow AusNet to recover the material increase in its forecast easement land tax from transmission network users in the 2023–24 regulatory year.
Nigerian scam merchants have nothing on this lot.
Allan’s – lest I get accused of spelling sexism.
About ten years ago I was working for a global firm. A senior manager returned from the ME and brought three of his besties with him on 457s.
One of them was a sub-continental bids and proposals manager whose spoken English was unintelligible and his written English was worse.
He happily spent four years here putting his kids through school and pulling handsome allowances.
We eventually discovered that his “value” in the ME was that he was tapped into a network of his countrymen in procurement departments of customers and managed to get intel on competitors bids. Without that network in Oz he fell back to his baseline level of useless.
The point was, none of these 457s had skills which couldn’t be found in Australia or, in fact, within the same firm.
A total rort.
Knuckle Dragger:
I’m really looking forward to the “Most Trusted Professions Award” this year.
It may just have several upsets.
On the vacant land tax:
Our best and brightest in action.
Family Home Invasion, Stabbing in SE Melbourne 2020 – update.
The last offender of dark demeanour to go before the judge has ducked and weaved his way thru the system. He was found guilty a few months back after running out of all other legal avenues (so is now referred to as the Offender). Since then he has been appealing against the mandatory sentencing cos ‘ADHD’ made him do it. FFS.
Anyways his final hearing was in the last few days. We now know since he has been out on bail he stole another vehicle and robbed a bottle shop. The Judge (and the offenders lawyer ) now being aware of these latest offences, will take this into account (along with his ADHD defence) and will hand down a sentence by the end of the month.
Initial thoughts…FFS how long does this take? The poor victim and her family have been living this legal process/nightmare for 2 years now. At last contact the feeling was the chap was going to get off with a slap on the wrist. The mood appears to have changed.
Final thought: We are nearly at the end. Hopefully Justice will be served.
Stay tuned.
Secret Service agent waits 60 years before releasing book which claims two shooters took down JFK:
https://www.dailymail.co.uk/news/article-12586167/JFK-proof-two-shooters-secret-service-agent.html
On what basis do you assess that a vacant block in rural Vic is suitable for development?
A few missing links:
Water
Power
Sewerage
Zoning
Road access
Environmental overlays
Flood overlays
This ain’t about housing.
At least they can count.
What they can’t seem to do is convince Victorians it would be different and better under them.
As with almost every other (probably all) govt or public service statistics, the deliberate misleading of the genpop is mind-boggling.
“Skilled” migration for any particular year can be 80% or more, of totally & completely unskilled, functionally non-English speaking people who will never hold a job. Ever.
For not only do “immediate dependents” of a skilled migrant count, so do all later “family reunion” entries they subsequently bring in.
Immigration spokeswankers will look you straight in the eye & tell you that a planeload of useless Fatima, her parents, children, siblings, etc. , totally unable to speak English & with a collective IQ of 100, are “skilled migrants” “needed” by Australia.
The public, were they fully aware of the nature of the con job, would reach for piano wire & with immi officers pinioned in armlocks, go looking for lamp posts.
Sounds like Tim Pallas is somewhat annoyed at not getting to be Deputy Premier. The Vic cabinet might yet descend into a stitch and bitch session.
Caught sight (at night) of a fully grown fox in the backyard last week (suburban location, there’s a small pocket of bushland a km or two away). Perhaps it was attracted by the neighbour’s chickens. Or the local possums. Or rabbits.
Anyway, reported the sighting to the local Council, on the assumption they might note such info when planning control programs. Council officer eventually rang back, with general information, yes they do run a control program, coordinated with various bodies. One of which is the RSPCA.
The conversation also revealed that such control programs only start strictly after breeding season so that “fox cubs have the chance to become independent”, because “the RSPCA doesn’t want to create orphaned fox cubs, they might starve, that’s inhumane”.
So here we have it – the “authorities” time the control programs to let more cubs grow bigger (and more destructive, and hey, maybe even have a chance to breed some more).
Cynics might suggest that urban fox control is a bit of a self-perpetuating “industry”. Of course, I could be wrong.
NSW Cats may recall the years of frustration when the last Labor Government was absolutely dead electorally but continued passing apalling legislation right up to the time of their electoral massacre.”
Correct. Fixed four year terms have been disastrous for right of centre parties and a boon for left of centre parties. Whilst you can make the argument for four year terms, fixed terms run contrary to how the Westminster system works. Fixed terms allow for no circuit breaker. Victorians have another three full years of Jacinta, who I suspect will make Dan look benign.
But…who’ll deliver the Uber Eats?
With a cost of living crisis, learn to cook healthy and cheaply at home.
No more about last night please.
Immigration spokeswankers will look you straight in the eye & tell you that a planeload of useless Fatima, her parents, children, siblings, etc. , totally unable to speak English & with a collective IQ of 100, are “skilled migrants” “needed” by Australia.
The public, were they fully aware of the nature of the con job, would reach for piano wire & with immi officers pinioned in armlocks, go looking for lamp posts.
Every Migrant should either know English before they come here or have to learn English when they get here. And, know how to swim or then be taught how to swim when they are here.
Agreed.
In the not too distant future Victorians will look back fondly on Dan of the Dead’s reign.
Of course they’ll only be able to do it during daylight hrs.
Quite correct JR.
Peter Abelson used to track this in the 2000s and 2010s and consistently got 40% to 46% for Greater Sydney.
Then you have to realise your employer pays payroll tax and you pay income tax BEFORE you can pay out the mortgage payments.
“Why can’t people afford housing? I know, let’s tax it MORE!”
It’s an insane society we suffer to exist in.
These comments, people, are why we should never legalize recreational drugs.
Recall elections and CIR to strike down bad laws can go a long way here.
Caught sight (at night) of a fully grown fox in the backyard last week
Down in Melbourne last Christmas at a rellie’s. They have two pet chickens in a coop on the front verandah – this is a suburban house mind you, in one of the trendy inner suburbs, near the Yarra.
Eldest daughter was awakened by noise at the front. Got up and turned the outside light on to see two foxes, one standing on the roof of the coop.
The local council wasn’t interested.
Calli:
This restoration?
Crossie:
How many politicians have a major source of their wealth tied up in increasing property values?
Most of them.
Which is why there is no effort to deal with the immigration housing problem, and every sign the problem will get worse – it’s deliberate.
Wait until the homeless problem gets a bit of momentum up.
RBA leaves rates at 4.1pc, flags further increases
Sarah Jones
The number: The Reserve Bank of Australia left the cash rate at 4.1 per cent for a fourth straight month, as widely expected.
The statement: ”Inflation is still too high and will remain so for some time yet.“
Why it matters: The RBA has lifted interest rates 12 times since last year to combat inflation which still sits above its 2 per cent to 3 per cent target. This is also the first meeting under new governor Michele Bullock.
What has changed: A surge in the oil price since July and a lurch higher in global bond yields to multi-decade highs.
What next: Australia’s key September-quarter consumer price index report scheduled for release on October 25.
More to come.
Wait until the homeless problem gets a bit of momentum up.
I see that Bunnings are now doing a good line in pitchforks. Made in China of course.
The immigration push is purportedly driven by skills demand. I’d like to see the numbers crunched on that because years ago I noted under the Visa “skills shortage” scheme I had an Israeli, Japanese, South African, and Spanish barber; all from the same shop.
The Barber of Seville?. And Sweeny Todd from London?.
Tennis Elbow, come on down, it is time for your haircut.
Just did some shopping and was knocked over by the price of fresh Tassie salmon. It has almost doubled in the last six months.
Looking at the shelves, the “cheapest” stuff is, of course, junk food. Pre-prepared, low nutrient, high calorie. No wonder people are getting fatter.
“Recall elections and CIR to strike down bad laws can go a long way here.”
Yeah well, I have a faint recollection of the NSW Liberals, prior to their 2011 election win, promising “recall elections”.
Of course, as with everything to do with the Liberals, it was all talk. You know, the Liberals are really good at talking, they’re not very good at walking.
Further to Liberal losers, if this referendum goes down, it’ll be thanks to two people…..
1. Senator Jacinta Price
2. Warren Mundine
and one or two others, like Senator Kerryanne Liddle. I also take my hat off to the Nationals under Littleproud, who came out against this race based referendum last year, and have stood by Jacinta Price and had her back.
Back to Jacinta and Warren, it is they who’ve put their necks on line to fight, at great personal cost, this racist Voice proposal. If it’s rejected, and we must pray it is, it will be no thanks to the useless, spineless, empty suit Liberals.
Made me laugh, Johnny.
Doesn’t inflation usually go up as we near Christmas??
…sorry that question wasn’t properly worded… on inflation and RBA rate hikes, I meant that spending usually goes up as we near Christmas so when there’s an upward inflation trend on it doesn’t usually help at this upcoming time of the year (given extra spending)??
Well said Mr McCrann, from The Daily Telegraph….
Woodside’s Scarborough gas project halted by ‘black tape’
Woodside joined with much of the big end of town in supporting The Voice. But recent events show it could become one of the ‘Yes’ vote’s biggest losers.
Terry McCrann
In the words of famed but now forgotten American humourist and bitingly accurate social and political commentator HL Mencken, the board of Woodside, led, for want of a better term, by chairman Richard Goyder and CEO Meg O’Neill, voted for it, and well and truly deserved to “get it, good and hard”.
Another word also springs readily to mind: schadenfreude. That’s to say, the Woodside board and management’s financially painful discomfort is, well, delicious.
Woodside had joined with much of the ‘big end of town’ in supporting The Voice, under the overall umbrella of big biz’s Business Council.
But precious little good that has done it, when the whales are telling just one ‘traditional owner’ that Woodside’s seismic testing will disrupt their songlines.
The Federal Court has called halt on Woodside’s multi-billion dollar Scarborough gas project, nearly 400km off WA’s northwest coast, because one Mardudhunera woman claimed she had not been consulted over the impact of the seismic testing.
Woodside had consulted plenty of traditional owners, although I’m not quite sure how you get to be a traditional owner of the sea 400km off the coast, but not this one.
Nothing could better demonstrate the devastating consequences The Voice would have in exponentially expanding, in both time and breadth, literally to infinity, the existing black tape that resources projects have to traverse.
Proponents of The Voice keep saying that it’s ‘only advisory’.
But the Woodside example and the earlier Santos case, where the Full Federal Court, not just a single judge as with Woodside, put a halt to its multi-billion dollar gas project, over 100km away from the Tiwi Islands off Darwin, give the lie to that.
Santos’s ‘failure’ was exactly the same as Woodside: it had failed to consult one single Tiwi islander, even though it had consulted a number of islanders through the Tiwi Land Council itself.
Voice proponents want to have it both ways.
You only have to ‘consult’; you are not bound to have to accept and indeed then act on what you are told, we are soothingly advised.
But The Voice is also claimed to give Aboriginals the agency they supposedly don’t have now; and for agency to be meaningful, that means acted on, or a pretty damn good reason why not.
The Woodside and Santos cases show they already have to be consulted; and both big time and all-but unlimitedly so.
The Voice would make that ‘consultation’ infinite. And imposed not just by legislation but, for the first time and so utterly unpredictable in its legal outcome, constitutionally.
Don’t chairmen, CEOs and boards understand the powerful, entirely negative, ability of activists to already meld red, green and black tape?
Red: the traditional mountains of bureaucratic nonsense.
Then add green tape, the myriad of environmental hurdles, some valid, most fantastical: with ‘climate change’ now providing a whole, limitless, new field of obstruction.
Finally comes black tape, going through the processes of ‘consultation’ with and approval from traditional owners.
Put the three together, written into the constitution, and all I can say is: good luck corporate Australia.
Indeed, good luck Australia.”
I think McCrann has said it best.
You reap what you sow Woodside.
Markets live: ASX wipes out all its gains of 2023, Australian dollar sinks to 11-month low as RBA puts a hold on rate rises
ABC
“sow”
Apologies, that should be “sew”.
Cassie of Sydney
Oct 3, 2023 3:05 PM
Well said Mr McCrann, from The Daily Telegraph….
Woodside’s Scarborough gas project halted by ‘black tape’
The lunatic black skank who brought this action is only the beginning; the real culprits are the Judges.
Tassie salmon is expensive because the sector is heavily government regulated with an eye to closing it down.
The imposts led to the bankruptcy of Huon Seafoods in August 2023.
As usual, governments will fnck anything they touch.
And Sweeny Todd from London?.
That brings back memories. I performed a song about him at Cannington Senior High School in 1986. I was in primary school at the time. I remember walking out on stage to hundreds of people. I nailed the lyrics after months of rehearsing.
Cheers for the memory trigger, Johnny Rotten.
Rates on hold, the best outcome for the RBA would be for inflation to go up again, this would preserve the current status quo that suggests that adjusting interest rates actually works too tame inflation. Should inflation kind of not change or go down, the idea that the government of the day can just change to RBA governor to someone who will go along with the vibe that suits their particular political narrative.
he Federal Court has called halt on Woodside’s multi-billion dollar Scarborough gas project, nearly 400km off WA’s northwest coast, because one Mardudhunera woman claimed she had not been consulted over the impact of the seismic testing.
Good start to coverage of this by Credlin last night…. How the Greens have weaponized the Aboriginal claims. Should the race based referendum get up, there will be no gentlemans agreement about the vibe, the Greens will weaponise Da Voice as well and shut down any and all mining within Australia …and surrounding waters. HTF Albo could do this to a country he leads is either negligent or wilfully treasonous. I’d say both.
Bastards.
—
ADH TV:
Apocalypse now: renewable-industrial complex targets pristine Australian mountain range
Big mistake by the RBA. They should’ve tightened now with the Inflation rate nudging upwards through 6% and way above the target.
Their problem is that if we end up with an economically dead China, our currency is heading south in a big way and we end up catching higher import energy prices through a lower currency and slower economy. What then? Raise rates in that sort of environment? We’ll be picking up pieces on the strewn over the road. We should be ready the ease if China blows up.
Cassie,
you were correct the first time.
Reap what you “sow”, as in sowing seed.
Sew, as in sewing machine.
😀
Re the proposed Vicco tax if you don’t develop your land.
Where are they going to magick up the tradies and supplies and council approvals to make this happen?
Shades of the debacle mandating non-existent nurses to old folks’ homes, causing several of them to close.
It is frightening how disconnected from reality these people are. They really believe that all you have to do is pass a law to make impossible things happen.
Speaking of judges:
Disgraceful: Leftist Judge Starts Laughing During Trump Hearing in New York City as Crazy Letitia James Glares at Trump (VIDEO)
Thanks Barry.
Good quality food only for the wealthy again. I had a feeling the dead hand of government was behind it.
So much for “health” crocodile tears.
It appears, the new RBA governess is prepared to tolerate a higher inflation rate in order to appease the government. This could be interpreted at appeasing the Liar’s government prepared to tolerate a higher inflation rate. We’ll see how that works out, if we’re heading back to the 80s.
And…sewistas always avoid “you rip what you sew”. Otherwise known as “reverse sewing”.
Big mistake by the RBA. They should’ve tightened now with the Inflation rate nudging upwards through 6% and way above the target.
Rubbish comment. Go back to sleep or starting paranoid ravings again. You pompous windbag.
This is supply side inflation and not speculative inflation. FFS.
“Pogria
Oct 3, 2023 3:29 PM
Cassie,
you were correct the first time.
Reap what you “sow”, as in sowing seed.
Sew, as in sewing machine.”
Thanks Pogria. I hope it’s not early dementia!
It’s the Dreadful Heat. 🙂
Turtlehead, you don ‘t have a right to demand a single thing here. For that matter, you brought it up again this today.. in the afternoon no less.
Of course, I will reply to any of your dishonest nonsense. And stop begging the blog owner for help, you dependent.
If you didn’t want any further discourse, you could have left it alone, but you couldn’t. You’re a clown and that’s irrefutable.
Dreadful heat is so last week. Its Boiling heat, please keep up.
The pilot is running amok!
—
Elwyn R:
3 Oct 2023
Watch how the Raptor dances in the sky, flips on a sixpence and falls in a maneuver called falling leaf!
F-22 Raptor Falls from Sky in Stunning Display Pacific Airshow Huntington beach all under control
Yes, JC you idiot – I addressed that issue BEFORE the Request.
You wrote about it AFTER DB asked for no more.
On the subject of quality food…a quick scan of the cold section and freezer shows that I can buy fresh salmon for $18 or the same amount of frozen crumbed, par fried “whiting bites”* for less than half the price.
One of these foods is not like the other. The “whiting” is calorie dense and nutrition poor, but I imagine families are opting for this thinking it’s at least fish. Low information types might also equate fish with “healthy”.
It’s just a small example of how regulation is doing the very thing other government departments spend our money on to avoid via education and health services. An endless loop of inanity and graft.
* that’s what it says. I struggle to believe it. My suspicion is that it’s farmed something else cut up to be less identifiable. Also “packed in NZ” doesn’t quite guarantee what it used to.
“It’s the Dreadful Heat. ?”
Global boiling!
Actually, I rather like this heat
Okay, thanks for the alert, Turtlehead. Didn’t know. Works for me. You’re so needy, it’s funny. Now give yourself an uppercut just for breathing.
Well, the referendum is over. I’ve voted I great big NO.
Transnational Gangs – America is Under Attack
“America has been invaded; no one is safe. The media has stifled reports that groups of migrants are targeting upscale residents and burglarizing homes. Biden provided these people with entry under the Visa Waiver Program. These people are trained and committing these crimes on behalf of their respective gangs. Oakland County Sheriff Michael Bouchard is one of many sounding the alarm over these “transnational gangs.”
“They typically hit homes from 5 to 9 p.m., they seem to want houses where nobody’s home, and they usually come in through windows in the back,” the sheriff explained. “They do a lot of surveillance, we believe, before they commit a crime,” Bouchard continued. “Usually, it’s two or three people working together, with one of them stationed outside as a driver.” Bouchard said they are targeting individuals rather than communities, and watching their whereabouts before attacking. “They don’t recognize jurisdictions or borders of a country, a state or a county,” he confirmed.
As if our tax dollars were not enough. The majority of people illegally entering America do not have good intentions. US Immigration and Customs Enforcement has also recognized these transnational gangs spreading the nation. “Gangs strike fear into our local neighborhoods, commit violent crimes against our citizens and facilitate criminal activity such as narcotics and firearms trafficking, sex trafficking, human smuggling and trafficking, and corruption,” the agency states on its website.
The enemy is within and the current administration deliberately invited them. Only the politicians in tune with the plans for the Great Reset understand why these illegal aliens are coming in droves. Hence why even Democrats are begging for border security now and wondering why nothing is being done. What will these people do when America is weakened after a government shutdown? The government can no longer be trusted to protect the people. Communities must ban together and protect one another from the enemy within.”
https://www.armstrongeconomics.com/international-news/transnational-gangs-america-is-under-attack/?utm_source=Newsletter&utm_medium=Email&utm_campaign=RSS
JC, you really need to do something about the voices inside your head. Seek help dude.
There’s no shame in seeking help when the black dog bites. None at all.
I’ve been out and haven’t had a chance to read back so I’m not sure whether this has already been mentioned. Wouldn’t it just be nice to get rid of McCarthy.
Jake Sherman
@JakeSherman
GAETZ: “DECLARING THE OFFICE OF THE SPEAKER OF THE HOUSE OF REPRESENTATIVES VACANT.”
He has filed his motion to vacate.
and
Your viewer’s guide to the McCarthy-Gaetz showdown
Okay Driller.
Thanks for the advice. Will do.
Now go clean the mold.
We’d be better off if the cash rate was set at 6% permanently.
Change my mind.
Dot
Oct 3, 2023 4:00 PM
We’d be better off if the cash rate was set at 6% permanently.
Change my mind.
I didn’t know that you had a mind to change. LOL.
Okay, Let me try. Nominal GDP falls to zero as a result of China’s economy heading into the sewer. Our aggregate income collapses. We have government imposed labor rates with the highest mini wage in the world and a labor market as constipated as anything in the developed world. You want to wade into that pool of shit with a fixed o/n rate set at 6% and a massively inverted yield curve?
Furthermore, how would you know that an interest rate of 6% is tight or loose?
Calli,
Aldi has frozen individual portions of imported Atlantic salmon for $28/kg. Good for dishes where texture is not of overriding importance.
How about just letting the market set the interest rate?
Or is this a statist blog?
JC, you could benefit from spelling lessons. Perhaps enrol in an adult literacy course at TAFE. No matter the meaning, the word is spelt: “mould“.
You’ll feel so much better in social situations & avoid embarrassing yourself in front of any lefties you’re abusing at a dinner party. 😉
hzhousewife at 1:39
Most Liar governments usually end when the level of corruption gets too much for the population or an internal argument over the division of the spoils.
Also consists mainly of breadcrumbs. Coles whiting fillets are to fish what Spam is to steak.
Now go clean the mold.
Mold or mould? Take your pick.
https://www.youtube.com/watch?v=aO5GWJJP3FM
Appropos Drillsie.
Both can be used I think.
Nice to see you’re adding value.
The “whiting” is calorie dense and nutrition poor
Also consists mainly of breadcrumbs. Coles whiting fillets are to fish what Spam is to steak.
Real whiting as in freshly caught is the way to go. A great fish.
JC
Oct 3, 2023 4:11 PM
Nice to see you’re adding value.
Well I have to as you most certainly are not.
Good point. Scott Sumner, is in my opinion one of the best minds in the world when it comes to monetary economics. I strongly recommend his books. He taught at a small US college, but don’t let that scare you as he went to Chicago University, possibly the best place to learn about monetary economics.
He argues that the central bank should allow a futures market to predict nominal GDP and then add or remove reserves through open market operations in order to always try and hit the target.
The RINOs are in turn trying to get Gaetz expelled from Congress. Sadly I think that’s more likely than McCarthy being ousted, even though he reneged on the agreement that got him the Speakership.
The Purple Party is rolls ever onwards.
Belt and Road fisheries.
Oops, I should read and edit…anyway here’s the story.
House GOP members seek to expel Gaetz amid renewed threat to vacate House Speaker McCarthy (1 Oct)
Most Liar governments usually end when the level of corruption gets too much for the population or an internal argument over the division of the spoils.
And in this case, they are going to be arguing over a Sictorian carcass. The money has all gone.
Can someone kindly re-post dovers warning? Travelling at the moment and phone searching is a bugger.
JC, if you’re unsure which country you’re in, your passport may contain information that will help you.
Barry
Oct 3, 2023 4:08 PM
How about just letting the market set the interest rate?
The Market has always done that. It’s called the Long Term Interest Rate with Bonds/Gilts and the such like.
Another lunatic murderer let loose to terrorise the peasants so they will demand more draconian measures to keep them safe.
Annualized GDP is currently at 3.4% and corresponding CPI is 6.2%. This means we’re traveling down the road with nominal GDP at 9.6%, when we should be possibly no higher than 5%.
Houston, I think we have a problem.
Makka
Oct 3, 2023 4:19 PM
Can someone kindly re-post dovers warning? Travelling at the moment and phone searching is a bugger.
No need as there is a nice discussion going on at the moment.
Us bankrupts aren’t affected.
How is this a problem?
I didn’t see it Johnny , is why I asked. Is it a secret or something?
Market’s don’t set the short term rate and central bank sets the tone through forward guidance. Long term rates respond to that, Wodney.
If in doubt go ask Marty’s sentient AI.
JC
Oct 3, 2023 4:23 PM
Annualized GDP is currently at 3.4% and corresponding CPI is 6.2%. This means we’re traveling down the road with nominal GDP at 9.6%, when we should be possibly no higher than 5%.
Houston, I think we have a problem.
What Country or Planet are you on? Australia is struggling even with loads of Immigration to grow in even nominal terms and in real terms is way down the shute.
Look at the latest numbers. If you cannot see it then you need to go to SpecSavers.
Thanks Nakkas. Didn’t see it until you posted about it. Just to get it straight, you’re traveling , in the car and reminding us/me? I certainly hope you stopped the car. It’s so caring of you to do this.
Makka
Already done it, Makka, but again:
I’m off for the rest of the day killing weeds. More productive.
You put that so much more eloquently than did I.
(This is why we come to the Cat, to see masters ply their craft)
Which numbers did I get wrong, Wods?
Specsavers? Really, that’s for riff like you I get my specs in NYC. What are the numbers you think, or Marty’s AI thinks are right?
My point wasn’t about whether moving interest rates to conquer inflation had utility, it was about whether the RBA will be snookered by the government’s actions. Essentially, events outside of everyone’s control will now determine whether the recent tradition of letting the RBA be the emergency backstop for the economy when the government is not prepared to use the levers at it’s control to moderate inflation may now come to an end.
If the prevailing paradigm that interest rates can fix the current malaise with inflation are correct, we are in for a bumpy ride if not, then every future government will appoint a new governor when it’s politically expedient to do so.
No shortarse. Not reminding of anything. I just wanted to see if you’ve been pinged for your vile posting.
Market’s don’t set the short term rate and central bank sets the tone through forward guidance. Long term rates respond to that, Wodney.
If in doubt go ask Marty’s sentient AI.
The Markets don’t need the short term artificial rate to tell them what to do right now. The Markets are looking at the amount of unpayable Sovereign Debt right now and will adjust the long term interest rate to suit the risk of lending and being able to be repaid.
The World Central/Reserve Banks have lost control.
Thanks RS.
. +1
Most of the weeds have seeded for the year. I’m mainly down to thistles and various wind blown stuff. Can’t really do too much about this. Any gap with sunlight seems to be enough.
Salvatore, Iron Publican
Oct 3, 2023 4:33 PM
Johnny Rotten Oct 3, 2023 4:31 PM
You put that so much more eloquently than did I.
(This is why we come to the Cat, to see masters ply their craft)
Thanks for that but “Jer Cough Cretin” is not the font of all financial stuff on this Blog. And neither am I BTW.
However, wot’ “Jer Cough Cretin” knows about finance, you could write a book.
What he doesn’t know, you could fill a Library.
Just Stop Oil – But not until My Flight is over!
I’m fine with that but then people get a hard on for tariffs.
To be honest a cash rate set at around the long term average would be a lot less damaging. Lowe ruined the credibility of MP. His heir now has raised long term expectations of inflation. It wouldn’t matter if they targeted 3% and we got inflation for 240 months straight from 2000 to 2020.
There are still mechanisms such as bank leverage, the FX rate and so on as well as market competitiveness on rates.
When do truly market rates go below 6% as lending rates?
The best real world monetary policy is from Panama then El Salvador (BTC but it may be too activist).
Panama were completely passive. Their macroeconomic data was truly enviable with consistently very low inflation. They had no central bank and just used USD.
A 6% cash rate just makes new hard currency endogenous.
Really? You don’t believe looseness or tightness in the sort term rate (even if it’s by your claim that it’s artificial)l doesn’t impact markets? How does that work, I wonder? Please explain how a zero o/n rate or a 5% o/n rate wouldn’t impact bond prices and the shape of the yield curve?
Really, that’s all market’s look at, do they? Markets don’t look at
1. Forward guidance
2. GDP projections
3. Short term interest rate behavior
4. Current and projected inflation rates.
etc…
Explain this then Wodney. Japan has the highest level of government debt in the world as a percentage of GDP. It’s over 250% of GDP.
The 10 year jap. bond rate is currently at .76%. That’s a point in front of the 7, which means it’s below 1.
US government debt is around 130% of GDP and about half of Japan. The US bond rate is 4.68%.
If sovereign debt is the all important factor then please explain this truly massive divergence.
Have they? How so?
I actually think you’ve lost control. Now go ask Marty’s AI about what I said.
Makka
Oct 3, 2023 4:26 PM
I didn’t see it Johnny , is why I asked. Is it a secret or something?
No not a secret, but Dover said not to mention what went on yesterday afternoon and last night.
He didn’t say anything about today which is a new day. LOL.
Anyway, today is being about nice and technical even if somewhat opinionated.
Buc
Good points..
I do have a little more faith in the Libs with respect to the RBA than I do the Liars. Ultimately, nothing is free in this world and the inflation rate will have to be brought down within target. I can’t tell you when in terms of timing, but I can tell it will have to happen.
My point earlier was that RBA is allowing nominal GDP to hit above 9% when it should be no higher than 5%. This is a dreadful situation as if it persists the only repair job is much tighter policy in the years to come.
“Jer Cough Cretin”.
The Market Place is raising Long Term Interest Rates irrespective of the US Federal Reserve. Guv’ments are now having trouble borrowing any more money.
Time to stop all that crazy spending with money that you don’t have.
Try doing that with your local Bank. Mr and Mrs Normal Person.
Dot, the only way to have a fixed interest rate would be to peg to gold as they did in the old days. A gold peg would only work if domestic prices such as labor markets weren’t sticky, but completely free. Goods and services markets would also have to be open with zero intervention.
Is that sow?
I just find it all sew confusing.
JC
What I mean is very literal.
A 6% cash rate set forever would have been better than the roller coaster of MP we’ve seen – although not ideal as policy or as a choice among alternatives.
I don’t know why we’d need a peg simply to set the cash rate. That’s the point, the FX rate could ameliorate, along with bank leverage expanding and contracting.
Say it ain’t so! As you so so shall you weep.
That’s an interesting observation, Wodney. So quantitative tightening, with the Fed removing US$80 plus billion out of the market each month and forward guidance (by the Fed) has no impact. The market ignores these “small” nuances, does it? Has Marty taught you this as it sounds very unique thinking.
Do they? You mean Western governments presumably, and not say governments in Africa.
Can you point to us one single bond auction in the western world where a government had difficulties recently?
I’ll say, but that’s another subject.
I don’t have a legal printing press nor do I have the same credit rating as a western government. Do you. Wodney? I cant go out next week and borrow $20 billion, nor can I even borrow anywhere close to what the government can.
Ask Mary’s AI.
Marty, not Mary,
If the cash rate is set for a month at x, do we peg to gold or the USD at x’ – no we don’t!
Because GDP is too unstable to allow a fixed rate that doesn’t allow for adjustments if there’s a demand or supply shock.
Also, there would be no credibility. The market wouldn’t believe any government fixing the interest rate. It would need to be anchored to something like gold.and this would allow the gold flows to stabilize the interest rate.
Lastly every major price in the economy would have to be market driven and shocks would have to be absorbed through adjustment to labor rates and goods and services.
Look, go tell your employees you’re cutting their wage rates immediately. Wages are very, very sticky.
But you said, you would peg it forever and that’s what we’re referring to. In point of fact, we do right now peg the rate for a month at least.
The green lobby has been waging war against Tasmanian salmon producers for years. If you follow TheirABC Online, which, for my sins, I do, all of the evidence is there,
Quelle surprise, nothing is ever good enough for them, and the moment they get a win, the goalposts are shifted for the next one.
In the typical paradox that they never acknowledge, they are totally against harvesting salmon from the sea, but they are even angrier about farming them.
I don’t mind salmon, but prefer delicate whitefish like John Dory and Whiting. Fresh and lightly cooked.
Although a chunkier type in a green Thai fish curry is very acceptable, 🙂
Downtick!
Some decided to punish me for being ‘pun’-ish.
Had Ling green curry last week. John Dory is one the best pan fried fish.
Ok thanks Johnny.
ML you deserve one but I don’t give downticks or thumbsdown if you please. Puns ok, Dad jokes, no
I love all those delicate white fishies also. My point was that regulation of our fisheries has meant that they are priced out of the range of many…many families, who must choose imported garbage or nothing.
Salmon was at least affordable.
We have a barra farm just down the road. They do sell to the public, but it’s dear as poison and farmed barra isn’t a particularly yummo fish. Just about everything they produce is shipped to Sydney. Same for the local fish shops – lucky to get anything caught locally.
What was once our patrimony (cheap and plentiful fish) is now only for the well-heeled. Thank you government, always here to help.
On the subject of food, Thai green curry for dinner tonight. Chook with eggplant and water chestnuts. Mmmmm.
Tip – use Vietnamese fish sauce, not the Thai. Better, less rancid flavour.
Never had Coral Trout until the other day.
A grilled piece and it was terrific.
It sure is. Gez, Next time try and get a load of NZ cod. Trust me, it won’t disappoint. We’re NZ codding this evening.
Raising interest rates won’t make oil and gas more plentiful. It won’t make more residential property available for rent. Higher rates won’t magically appear more skilled workers. It certainly won’t stop price gouging by coleworths.
Govts, being parasitic, absolutely hate higher interest rates for fear of being blamed and booted. So they are now spending and subsidising to ease the pain on beloved voters. Increasing inflation pressures.
The inflation we have is predominantly a supply issue; oil, gas, skilled labour accompanied by the impacts of quasi mono/duopolies and corrupting green policies. Higher interest rates will fix NONE of this. Maybe the new RBA boss is signalling just that.
Test!
True, calli.
As for the abomination that they call smoked salmon … desshpiccable!
On another note, had the opportunity to listen to half a dozen tradies chatting and having a few beers earlier,
They talked about work, their families, girls, consumer products, cars/trucks.
Not a mention of Da Voice or other political subjects.
Political tragics here do tend to miss things.
In the long run?
In the last 3.5 years, roughly, M0 (“currency”) grew by 49.5% each year, compounding away. Basically the supply of M0 is up 400%.
Makka
Oct 3, 2023 5:39 PM
Raising interest rates won’t make oil and gas more plentiful. It won’t make more residential property available for rent. Higher rates won’t magically appear more skilled workers. It certainly won’t stop price gouging by coleworths.
Very well said Makka. Raising short term interest rates any higher will wreck the Economy. However, I fear for Australia as it’s the Long Term Interest rates that we are now hostage to.
Re fresh fish – one of the worst governmental (with certain vested interests) decisions was that all seafood caught in NSW waters had to go though the Sydney Fish Markets.
So, in a fishing village like Ulladulla, the trawlers would unload the fish to be sent to Sydney, and if you ordered fish in a local reastaurant, it had been frozen, shipped to Sydney, and found its way back.
It is illegal for locally caught seafood to be sold direct to restaurants or consumers. Bit like the WA potato thing.
Might certain interests be benefiting? Perish the thought!
There are open market operations but it doesn’t only trade FX.
If you want to peg the FX rate you can’t control the CB interest rate. I’m suggesting as a thought experiment (sort of) that a completely endogenous CB rate isn’t reliant on a pegged FX rate. The benefit is it is around the long term mean and avoids excesses and poor credibility issues.
As for the credibility of an endogenous rate, that’s only real problem. In my ideal, if market cost of wholesale credit goes below 6%, then there is no CB lending. If that and retail rates go way above, it goes up and up. The FX rates will adjust either way.
If you’re arguing that CB policy should adjust minimum wages down to the market clearing rate, you’re going to have an even worse rear vision mirror problem.
What if you set policy based on data vector X but the reservation wages exceed the minimum wage (vector X’)?
You could assume that MW growth is too high compared to prevailing MP. All you end up doing is push the reservation wage up again! This would make labour supply anaemic or prolong a post stimulus and inflation era of bottlenecks.
Re fish:
Barramundi is over-rated.
Discuss. 🙂
Tucker Carlson Tonight 10/2/23 E.P 27
Explain how given how much commercial and residential lending is originated in bonds which the vast majority of are foreign funded.
The reality is unless we engage in QE we really can’t alter the credit market in Australia significantly.
I’ve been hit up by lads steaming back into port with bluefin tuna. We said no despite the silly amount of money offered. I hope they had a willing seller and then turned a huge profit.
As for Baz Mundy, he’s both the best and worst fish I have eaten.
Puns should always be downticked. Which is why I take care in identifying mine.
On the subject of fish I would add WA bald chin groper to the mix.
Yes. Yes it is.
It is nice, but no nicer than a variety of piscatorial delights.
There are better eating fish around.
A new military documentary, Top Ender eat your heart out.
https://fb.watch/nrsH_PdAdY/?mibextid=NnVzG8
You may as well eat boiled cardboard.
No it wont Nakkas, but tightening and loosening policy does impact on the inflation rate and CPI expectations. (I love how you’ve become a hall monitor by the way. So KGB.)
Perhaps, but as I said above, changes in monetary policy certainly moves inflation expectations as well as future income expectations too. You appear to be very, very confused with what monetary policy is expected to do.