Oz Federal Election 2013 - Discussion and Comments

[drsmithy]

The only exception is cash buyers, but even then it is borderline.

Indeed. When you can pick up a 4%ish return, essentially risk-free, on a liquid asset like cash in the bank, why would you buy an "investment" property which, today, would struggle to make _any_ return even if you ignore the risk and substantial acquisition costs ?

Just to include something about politics for relevance: election betting now Coalition 1.08, ALP 11.

Property prices are absolutely relevant to the politics. They're one of the most important issues facing Australia at the moment.

Consequently, they are almost entirely ignored by most of the candidates and the media. Far more important to focus on relatively insignificant issues like refugees and carbon pricing.

 

[Pukka]

Indeed. When you can pick up a 4%ish return, essentially risk-free, on a liquid asset like cash in the bank, why would you buy an "investment" property which, today, would struggle to make _any_ return even if you ignore the risk and substantial acquisition costs ?



Property prices are absolutely relevant to the politics. They're one of the most important issues facing Australia at the moment.

Consequently, they are almost entirely ignored by most of the candidates and the media. Far more important to focus on relatively insignificant issues like refugees and carbon pricing.

I remember when I lived in the UK lots of people were funding expensive purchases (luxury cars etc) by taking equity out of their houses, it even caused a price explosion in Spain with people buying holiday homes. Then came the GFC and it all came crashing down massive numbers in negative equity etc.

So I do hear what you're saying but I don't think any party that wants to be elected is going to suggest for one minute that they will implement policies which will cause house prices to drop it would be political suicide.

The banks should be more responsible though; a guy that works for me is on about $80K a year, married with a pregnant wife (already has a 2yo) who's work is almost entirely commission based has somehow been approved for a $480k mortgage with a 3% deposit!!

 

[spudseamus]

Speaking of the GFC ,I see that Greece has asked for more bail our money from the EU ! But the interiesting thing is that with all the troubles they have ,we are constantly told how good a job the ALP government did saving us from that melt down , their deficit at the moment is 300 billion ! How much are we in debt ? Ohh 300 billion !!! Hhhmmmm

 

[ozbeachbabe]

Speaking of the GFC ,I see that Greece has asked for more bail our money from the EU ! But the interiesting thing is that with all the troubles they have ,we are constantly told how good a job the ALP government did saving us from that melt down , their deficit at the moment is 300 billion ! How much are we in debt ? Ohh 300 billion !!! Hhhmmmm

I remember back when Paul Keating was PM & was quizzed about a similar deficit his answer was "well that's about what we expected it to be"!

 

[Pukka]

Speaking of the GFC ,I see that Greece has asked for more bail our money from the EU ! But the interiesting thing is that with all the troubles they have ,we are constantly told how good a job the ALP government did saving us from that melt down , their deficit at the moment is 300 billion ! How much are we in debt ? Ohh 300 billion !!! Hhhmmmm

Well the USA debt ceiling is apparently approaching the limit again mid October a mere $16.4 trillion

 

[amaroo]

Talking about debt and ceilings.......

 

[ComeFlyWithMe]

Indeed. When you can pick up a 4%ish return, essentially risk-free, on a liquid asset like cash in the bank, why would you buy an "investment" property which, today, would struggle to make _any_ return even if you ignore the risk and substantial acquisition costs ?



Property prices are absolutely relevant to the politics. They're one of the most important issues facing Australia at the moment.

Consequently, they are almost entirely ignored by most of the candidates and the media. Far more important to focus on relatively insignificant issues like refugees and carbon pricing.

You ignore the lack of supply held up by state and local government planning issues, which is the real reason for inflated prices, if you believe they are inflated, and most prominent economists aren't drinking the cool-aid on that one.

 

[drsmithy]

You ignore the lack of supply held up by state and local government planning issues, which is the real reason for inflated prices, if you believe they are inflated, and most prominent economists aren't drinking the cool-aid on that one.

I don't ignore it at all. I'm pretty sure I've previously highlighted it as the single biggest reason for our property bubble.

 

[ozbeachbabe]

Meanwhile back at the ranch Barry O'Farrell is livid at Kev's plan to close the Garden Island Naval Base to BNE which will come at the expense of 4,000 jobs in NSW & confronted him during his meet and greet saying that he should have phoned & that Julia always did.

There were metaphors flying thick and fast on Ten's The Project when describing TA's plan for the gambling industry to be overseen by the gambling industry "dracula in charge of the bloodbank", "fox in charge of the henhouse" & "ambulance at the bottom of the cliff".

 

[Skyring]

I think that Kevin Rudd should be the last person to lecture anybody on temperament.

Plainly Rudd hopes that Syria is his own "Tampa moment", but Rudd has had his own career in diplomacy, and for a diplomat he spends a lot of time getting people upset over ill-chosen words.

The Chinese, for example, where Rudd pretty much wrote the book on how to get them offside with pungent public comments. If words are bullets, then "ratf*uckers" was the wrong one to use like a burst of machine-gun fire.

 

[Pushka]

I think Rudd lives, as I heard last night, in a parallel universe. It's like he has forgotten there is video evidence of his dreadful rant when he was taping that speech. Which no doubt will be shown for the third week in a row on Gruen tonight.

 

[medhead]

$15500 payments to long term unemployed. No incentives for business to employ people. Throwing money at policy on the run as a massive bribe. Well done Tony.

 

[Skyring]

Meanwhile back at the ranch Barry O'Farrell is livid at Kev's plan to close the Garden Island Naval Base to BNE which will come at the expense of 4,000 jobs in NSW & confronted him during his meet and greet saying that he should have phoned & that Julia always did.

Rudd wants to move the thing to his own electorate. He would be absolutely devastated if he lost his own seat.

More policy on the run - it seems the Defence Department hadn't been given a phone call about this either.

 

[ozbeachbabe]

Rudd wants to move the thing to his own electorate. He would be absolutely devastated if he lost his own seat.

More policy on the run - it seems the Defence Department hadn't been given a phone call about this either.

Isn't that what's known as 'pork barreling'?

Kevin wouldn't be the first PM to lose his seat - remember the former Liberal seat of Bennelong.

 

[whatmeworry]

Clive Palmer last night on "The Drum". Almost accused of all the economists in Australia of being in a circle j@#k.
Clive Palmer talks to the Drum - ABC News (Australian Broadcasting Corporation)

 

[Pushka]

He was on our local radio today. Clearly knew nothing about anything SA and kept banging on about the Mining Tax. Heaven help us!

 

[whatmeworry]

Clive Palmer tells radio host to "get stuffed".
'Get stuffed': Clive Palmer hangs up on ABC radio host

 

[drron]

Why is anyone interested in what Clive P does.Just insert the P into does and that sums up the Palmer party.
Much more relevant especially in a couple of QLD seats is Katter.

 

[Skyring]

Why is anyone interested in what Clive P does.Just insert the P into does and that sums up the Palmer party.
Much more relevant especially in a couple of QLD seats is Katter.

Palmer bought his way into the "Living Treasure" thing, and thinks he can buy his way into Parliament. He'll get a few votes, to be sure, but he's making no traction with the general population. And, considering the uninspiring nature of the major party platforms, that says a lot.

Katter is investing in his candidates and he knows politics from deep immersion for decades. Queenslanders - especially those outside the cities - will find his message resonant and attractive. Katter's party could well upset even Antony Green.

But at best, no more than a handful of seats. That's being wildly optimistic, in my view. And even a handful will not be enough for a balance of power situation, not unless there is a major upset over the next week.

 

[Mal]

Yep. Katter knows what Nth Qld (in particular) wants and will win some seats. I don't really like him overall (and I have seen him swanning around in Cairns) but overall he is what many people align with.