DFA Live Q&A Replay: Cameron Murray: Mates, Power, Politics & Economics

This is an edit of a live discussion with Dr Cameron K. Murray, an independent economist who publishes at Fresh Economic Thinking https://www.fresheconomicthinking.com/. We discussed housing policy and economics in general.

Here is the link to Cameron’s new book, out February 27th 2024 https://www.amazon.com.au/Great-Housing-Hijack-keeping-Australia/dp/176147085X

He recently republished his book from 2017 Game of Mates: How favours bleed the nation as Rigged “How Networks Of Powerful Mates Rip Off Everyday Australians”.

This book will open your eyes to how Australia really works. It’s not good news, but you need to know it.’ – Ross Gittins

‘You’ll be shocked at how far the Mates have their hand in your pocket.’ – Nicholas Gruen

Australia has become one of the most unequal societies in the Western world, when just a generation ago it was one of the most equal. This is the story of how networks of Mates have come to dominate business and government, robbing ordinary Australians.

Every hour you work, thirty minutes of it goes to line the Mates’ pockets rather than your own. Mates in big corporations, industry groups, government departments, the halls of parliament and the media skew the system to suit each other. Corporations dodge taxes, so you pay more. You pay more for your house and higher interest rates on your mortgage, more for your medicines and transport, and more for your children’s education and insurance, because the Mates take a cut.

Rigged uncovers the pattern of political favours, grey gifts and information-sharing that has been allowed to build up over two decades. Drawing on extensive economic research, it exposes the Game of Mates as nothing less than cronyism on a grand scale across Australia and how we have fallen behind other countries in combating it.

https://www.bigw.com.au/product/rigged-by-cameron-murray-and-paul-frijters/p/235646

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
DFA Live Q&A Replay: Cameron Murray: Mates, Power, Politics & Economics
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The Grinch Who Stole Cash: With Robbie Barwick…

A final 2023 chat with Robbie Barwick from the Australian Citizens Party. We look at the RBA’s latest outing on cash usage, the Senate review of the RBA’s independence bill, and the formation of a National Investment entity.

On 7 December 2023, the Senate referred the Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 [Provisions] to the Senate Economics Legislation Committee for inquiry and report by 21 March 2024.

The critical issue is that the Treasurer is walking back Government’s power to intervene with RBA decisions if they do not agree. This power was put into the constitution years ago but has never been used.

Without it, the Technocrats will be able to take over, and follow the lead of the Bank For International settlements, to the potential disadvantage of ordinary Australians and businesses.

Make a submission to make the case for this power to be retained! The closing date for submissions to this inquiry is 2 February 2024.

https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/TLABRBAReform2024

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

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Digital Finance Analytics (DFA) Blog
The Grinch Who Stole Cash: With Robbie Barwick...
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Its Edwin’s Monday Evening Property Rant!

More from our Property Insider, as Edwin and I discuss the latest from the markets. The numbers are falling in the approach to the end of the year, significantly. We also look at a prime example of the need to lookout below!

http://www.martinnorth.com/

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.

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
Its Edwin's Monday Evening Property Rant!
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DFA Live Q&A HD Replay: Latest Household Financial Stress Modelling And Analysis

This is an edited version of my latest live discussion as I explore the latest from our surveys, with a focus on post code level analysis.

Original live stream and chat here: https://youtube.com/live/f_3K6ehCqvg

Go to the Walk The World Universe at https://walktheworld.com.au/

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Digital Finance Analytics (DFA) Blog
DFA Live Q&A HD Replay: Latest Household Financial Stress Modelling And Analysis
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Cash Ditched From Some Branches…!

More reports of banks removing cash services, at a time when the Senate Inquiry into Regional Branch closures highlighted again the need for access to cash.

https://www.news.com.au/finance/business/banking/no-longer-anz-ditches-cash-in-some-branches/news-story/56e1572f93eed4afdd835123aa193bce

According to the Bank of England, cash is still important for several reasons. Cash is a fast and convenient way to pay. It is widely accepted. It is helpful for budget management. Cash payment is entirely anonymous.
Moreover, cash is a stable currency system that is resilient in times of crisis and reflects a nation’s identity . It is also the most secure means of payment.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
Cash Ditched From Some Branches...!
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Its Edwin’s Monday Evening Property Rant!

More from Edwin Almedia, our property insider, as we look ay the latest “announcables” relating to housing and migration… how much is smoke and mirrors? The latest from the Treasurer makes the point!

The outlook is higher construction costs, a tilt towards migrants with more capacity to buy property, and the risk of more low quality construction, as high-rise height limits are relaxed.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Today’s post is brought to you by Ribbon Property Consultants.

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
Its Edwin's Monday Evening Property Rant!
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The Next Chapter In The Household Financial Stress Story…

Ahead of our upcoming live stream on Tuesday at 8pm Sydney (12th December) I run through our latest analysis based on our surveys, We see that many households are in a pickle with regards to cash flow, and over time this can lead to significant consequences, with defaults expected to rise in the months ahead.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Today’s post is brought to you by Ribbon Property Consultants.

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
The Next Chapter In The Household Financial Stress Story...
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More Than Half Of NSW Strata Buildings Have Defects!

A new report has revealed 53 per cent of NSW buildings have had serious defects over the past 5 years, with only half resolved within one year.

The number has risen from 39 per cent in 2021 with the most common defects including waterproofing, fire safety, structural and key services issues such as lifts and plumbing.

The report, by The Strata Community Association (SCA) NSW and the Office of the Building Commissioner, has revealed that more than half of all strata buildings had serious defects between 2016 – 2022, with an estimated $79 million spent by owners corporations to fix the issues.

The average cost of rectifying serious defects was $283,000 per building.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Today’s post is brought to you by Ribbon Property Consultants.

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
More Than Half Of NSW Strata Buildings Have Defects!
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Paying Tax And Interest Through The Nose In A Deep Per Capita Recession!

The Australian Bureau of Statistics (ABS) has released the June quarter National Accounts, which were an unmitigated disaster and confirmed that Australia is in a deep per capita recession.

The economy as measured by real GDP grew by only 0.2% in the September quarter, driven by increased government consumption and capital investment over the quarter and badly missing economists’ expectations of a 0.4% print: Growth over the year was 2.1%, less than population growth over the same period. While the population surge earlier in the year has supported demand overall, it is now rolling over and will not provide the same support in 2024. Or as Luci Ellis, at Westpac put it The Australian economy limped along in the September quarter.

Real per capita GDP has fallen for three of the past five quarters, with the March quarter revised up to flat. Accordingly, GDP per capita fell 0.3% over the year. Expenditure by households was dead flat over the September quarter and would have fallen by around 0.7% per capita. By contrast, growth in both household consumption and GDP over 2023 slowed due to sustained cost of living pressures and higher interest rates. Household consumption would have fallen even further had the savings rate not fallen to just 1.1%, which is the lowest level since December 2007.

The savings rate is now well below the ‘par’ of 6.5% and notionally implies a draw-down on the ‘additional savings’ accumulated during the pandemic – estimated at around $260bn – running at about $12bn a quarter. In total, about $43bn, or 16.5% of this reserve now looks to have been drawn down. Of course these are not equally spread across households, with many now having no buffers at all.

As Westpac put it. the policy drag on Australian households is clearly biting.

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
Paying Tax And Interest Through The Nose In A Deep Per Capita Recession!
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A Significant Year Of Breakthroughs… With Robbie Barwick!

I caught up with Robbie Barwick from the Australian Citizens Party to review the recent hearings into Regional Bank Branch closures, and more broadly about the progress made this year.

We look at the underlying issues which have been brought to the surface through the inquiry, and consider what happens next.

And here is the link to the paper which was discussed in the hearings: https://citizensparty.org.au/sites/default/files/2022-06/aust-hamiltonian-credit.pdf

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
A Significant Year Of Breakthroughs... With Robbie Barwick!
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