Robbie Barwick from the Citizens Party and I discuss the potential inquiry into ASIC after the Sterling First debacle and the broader issues of financial oppression which hits so many.
Around 4,000 people die each year from Asbestos related disease, including around 800 from mesothelioma, perhaps the most vile of the cancers. The asbestos ban in 2003 in Australia was ‘a significant victory for the trade union movement’ … [but] ‘unfortunately represented a story of the lack of political will by governments at Federal and State levels to act in the health interests of their community.’
Our survey of more than 43,000 Australian households found that knowledge about the following basic facts is very poor:
The level of exposure to asbestos that is dangerous.
The period of exposure to asbestos that is dangerous.
The deadliness of exposure to asbestos.4. The annual death count from asbestos-related diseases in Australia.
Most Australian households have not been properly warned about the risks and impacts of legacy asbestos, do not know that their lives are at stake, and are not using licensed asbestos professionals. Further, most Australians readily exclude themselves from any of the ‘at risk” categories and most think the death count from asbestos-related diseases each year is below 50.
Overall, the survey findings are consistent with inadequate public information, education, and warnings in Australia on asbestos threats and consequences.
Our broader research points to longstanding key messages that have been promulgated by James Hardie Industries Ltd “James Hardie”, CSR Ltd “CSR”, and the federal and state governments in Australia to downplay the risks of asbestos exposure outside of workplaces and to mask the scale of deaths from asbestos-related diseases.
Messages that are commonly portrayed within official and public health sources in Australia include the following:Half Truths or Misconceptions:
Instances of mesothelioma and other asbestos-related illnesses are rare and have peaked.
The numbers of historical deaths from asbestos-related diseases are uncertain.
Public health messaging on asbestos risks should be disseminated on a limited basis, so as not to scare the community.
Current cases of asbestos-related disease result from historical settings that no longer exist today.
The risks of asbestos-related diseases are largely confined to working-class older men.
Asbestos-related diseases require (or usually involve) intense exposure over long periods.
The risks of asbestos-related diseases are largely confined to people with occupational exposure to asbestos.
Much of the exposure of the Australian population to asbestos (and the comparative incidental exposure levels used in scientific modelling) is caused by naturally occurring asbestos.
Legacy asbestos products that are bonded or encased are safe and best left in position.
It is safer to “manage” than to remove in situ asbestos.
In this show, Asbestos Awareness Australia discusses the first eight of the above messages.
The last two claims are more complex and will be debated in a future one. We ultimately categorise these messages as misconceptions or half-truths because they are incomplete and misleading when not conveyed with proper context.
And ask yourself, why are these misconceptions are still commonly used?
Public and unequivocal acknowledgement by the industry and the federal and state governments of the continuing risks of legacy asbestos in homes, and the associated deaths arising from exposure to asbestos outside of workplace settings, would have serious repercussions. Such public recognition of the asbestos crisis would bring asbestos concerns to the forefront of the public mind.
Asbestos Awareness Australia Ltd is a registered not-for-profit company limited by guarantee, is a registered charity, and has endorsement from the Australian Taxation Office as a gift deductible recipient. The company was set up:
To enhance public awareness and knowledge of the dangers of asbestos threats.
To promote measures and policies that prevent or minimise the harms from asbestos-related diseases.
To achieve these objectives, the company provides public access to widely sourced information on asbestos risks and impacts, including the associated medical, legal, and political debates.
I caught up with Steve Mickenbecker from Canstar to talk about APRA’s changes to mortgage buffer rates, how lenders have tweaked their mortgage rates, credit card usage and the apathy tax. So many moving parts in the financial landscape.
Steve Mickenbecker is in Canstar’s Group Executive Team, bringing more than 30 years of experience in the Australian financial services industry. As a financial commentator for Canstar, Steve enjoys sharing his expertise across topics such as home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and more.
In today’s show we look at the latest from the markets, as uncertainty continues to stalk the halls. Many though are just admiring the beauty – as exemplified by Bitcoin 25% rise this week – while others worry about the beasts of inflation, faltering economic growth, higher energy prices and the Chinese property sector, to name a few. Wall Street had closed sharply higher Thursday on the back of the U.S. Senate approving legislation to temporarily raise the federal government’s debt limit and avoid the risk of a historic default.
US stocks fell and Treasury yields gained on Friday after weak jobs data upended bets on the Federal Reserve’s policy plans. The S&P 500 and NASDAQ 100 declined in turbulent trading as data showed employers added far fewer jobs than anticipated last month. While the report is unlikely to deter the Fed from announcing cutbacks to its bond buying next month, it may remove pressure for the central bank to raise interest rates any time soon.
The latest edition of our finance and property news digest with a distinctively Australian flavour.
00:00 Start 00:15 Introduction 00:50 US Markets 03:15 Non-Farm Payroll Shock 07:00 Gold flat 09:00 Oil 10:30 SP500 Moving Averages 11:30 European Markets 12:39 IPO’s stall 15:00 Asian Markets 15:40 Energy crisis 17:50 Evergrande (again) 20:35 Japan BOJ eases QE 22:40 Australian market 25:30 Crypo booms 31:40 Global food prices jump to 10 year high 32:40 Conclusion and close
Go to the Walk The World Universe at https://walktheworld.com.au/
The Victorian Government announced an expanded new $500m Homebuyer Fund will see tax payers own part of up to 3,000 homes. Most recipients of the Victorian Homebuyers Fund will need to have a 5 per cent deposit, with the government chipping in up to 25 per cent on top of that. The government will keep that stake in the home until the property is sold or the owner buys out its share. However, the opposition has accused the government of giving with one hand and taking away with the other because of hikes in stamp duty and land tax.
We discuss why this is a bad idea, and a million miles from the strategic approach to home ownership which is required. It also pulls in the opposite direction to APRA’s tightening this week!
Go to the Walk The World Universe at https://walktheworld.com.au/
The RBA released their Financial Stability Review today, and we look over the main points and highlight some of the issues. https://www.rba.gov.au/publications/fsr/2021/oct/
There is a risk of excessive borrowing due to low interest rates and rising house prices. Most borrowers’ income has recovered, but others may struggle with loan repayments.
Go to the Walk The World Universe at https://walktheworld.com.au/
We look at the latest DFA survey data relating to how parents are helping their kids to enter the Australian property market. The totals are growing fast, despite the risks. But there are a number of questions to be asked, and trade-offs to be considered.
Not least the relationship between BOMD and Lenders Mortgage Insurance. https://digitalfinanceanalytics.com/blog/what-you-should-know-about-lmi/
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.
Buying property, is both challenging and adversarial. The vendor has a professional on their side.
Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.
Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.
Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.
Funny how a small country (which was badly hit by the GFC a decade plus ago) seems more in tune with macro-prudential and home price growth risks. Perhaps the RBA can learn something?
The New Zealand Reserve Bank lifted the cash rate today. And expect more rate rises ahead. This could get eye-watering very quickly! Stagflation alert?
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.
Buying property, is both challenging and adversarial. The vendor has a professional on their side.
Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.
Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.
Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.
APRA has told lenders it expects they will assess new borrowers’ ability to meet their loan repayments at an interest rate that is at least 3.0 percentage points above the loan product rate. This compares to a buffer of 2.5 percentage points that is commonly used by ADIs today.
