Register a SA Forums Account here!
JOINING THE SA FORUMS WILL REMOVE THIS BIG AD, THE ANNOYING UNDERLINED ADS, AND STUPID INTERSTITIAL ADS!!!

You can: log in, read the tech support FAQ, or request your lost password. This dumb message (and those ads) will appear on every screen until you register! Get rid of this crap by registering your own SA Forums Account and joining roughly 150,000 Goons, for the one-time price of $9.95! We charge money because it costs us money per month for bills, and since we don't believe in showing ads to our users, we try to make the money back through forum registrations.
 
  • Locked thread
Freudian Slip
Mar 10, 2007

"I'm an archivist. I'm archiving."

Doctor Spaceman posted:

Yeah, I was a bit inaccurate.

Homeowners and non-homeowners have different thresholds for the asset test but the primary residence itself isn't a part of the asset test.

I knew what you meant. One of the biggest issues at the moment is that the value of the home is not taken into account. Someone living in a $120,000 granny flat in Nambucca heads is treated the same as someone living in a 5 million dollar home in Hunter's hill.

By treating the family home as an asset, even on a generous sliding scale, would help with this inequity. It would also remove the barrier that older people have when it comes to downsizing their home. At the moment, when the person in my example in hunter's hill sells their place they lose their pension. Whereas if it was already being counted as an asset they would not have this mental block.

I would also like to see a Government program to assist with reverse mortgages.

Adbot
ADBOT LOVES YOU

starkebn
May 18, 2004

"Oooh, got a little too serious. You okay there, little buddy?"

Multi billion dollar engineering project designed in 6 months Mr Speaker. Nothing could go wrong.

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.

The ABC posted:

Gaming company Tabcorp has been fined $45 million for breaching anti-money laundering and counter-terrorism financing laws.

It is the highest civil penalty in Australian corporate history.


The Federal Court found that Tabcorp broke the law on 108 occasions over five years.

Australian Transaction Reports and Analysis Centre (AUSTRAC) CEO Paul Jevtovic said Tabcorp had not done enough to ensure it was not being used by organised crime groups or terrorists to fund illegal activities.

"Its money laundering and terrorism financing function was at times under-resourced and Tabcorp senior management didn't regularly receive reports in relation to the money laundering and terrorism finance compliance," Mr Jevtovic said.

"It wasn't until AUSTRAC drew these deficiencies to the attention that they have been found out.

"This was a serious failure in the corporate governance and the size of the penalty reflects a significant and extensive noncompliance.

"In my view, the noncompliance arises from a corporate culture that is indifferent to money laundering and terrorism financing requirements."

In 2015 AUSTRAC said Tab Limited, Tabcorp Holdings Limited and Tabcorp Wagering (Vic) Pty Limited had been given a number of opportunities to improve standards and compliance but failed to make necessary changes.

In a statement at the time it said the nature of the non-compliance provided opportunities for organised crime to exploit vulnerabilities.

I'm not a fineologist but that seems like a pretty solid 'you done hosed up son'

MysticalMachineGun
Apr 5, 2005

The Before Times posted:

This government likes to harp on about intergenerational theft and this is the hugest projection because they're robbing the young to feed the pensioners as we speak

You Am I
May 20, 2001

Me @ your poasting

G-Spot Run posted:

To clarify I wouldn't either, but I think I've had pretty average earnings and time worked for a mid 30s woman and I have less than $50k in super. I would need to pull it all for a house deposit at current medians, and that would leave me retiring with maybe $100k? I don't even know how much you're meant to have but it doesn't seem like that's how much you're theoretically supposed to have. So it's just setting up another Boomer-esque pension crisis or starvation as above

Realistically you need at least $100k deposit for most home loans these days :smith:

Holy gently caress Weatherill has really pissed him off. That's gold. Maybe Dandrews should jump in for some extra poo poo stirring.

chyaroh
Aug 8, 2007

Freudian Slip posted:

I knew what you meant. One of the biggest issues at the moment is that the value of the home is not taken into account. Someone living in a $120,000 granny flat in Nambucca heads is treated the same as someone living in a 5 million dollar home in Hunter's hill.

By treating the family home as an asset, even on a generous sliding scale, would help with this inequity. It would also remove the barrier that older people have when it comes to downsizing their home. At the moment, when the person in my example in hunter's hill sells their place they lose their pension. Whereas if it was already being counted as an asset they would not have this mental block.

I would also like to see a Government program to assist with reverse mortgages.

You'd have to factor in the fact that a person might have bought that $5M house forty years ago for about $20k, worked their arse off then to pay it off and have been simply swallowed up by urban expansion and insane house/land price inflation. Just because their house is worth a lot now isn't a great reason to kick great-gran and great-pa out on the street because their "millionaires".

open24hours
Jan 7, 2001

I can understand a desire to be generous with these things, but $5m is really getting up there.

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.
Alternatively the state could own all the property and rip down old buildings as areas become to sprawled out. No one has to worry about house prices or having somewhere sensible to live :redhammer:

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.
In light of the fact that breaking the law is reprehensible now that unions want to apply sense to it have a bunch of laws that are still valid in WA

TFA posted:

Did you know it is illegal to challenge someone to a duel under WA’s Criminal Code? Even more remarkably, there have been nine charges resulting in a conviction under that archaic offence over the past 10 years.

I would blow Dane Cook
Dec 26, 2008

Bogan King posted:

In light of the fact that breaking the law is reprehensible now that unions want to apply sense to it have a bunch of laws that are still valid in WA

Hey that's still illegal in tassie too.

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.

I would blow Dane Cook posted:

Hey that's still illegal in tassie too.

If you get caught trying to dual someone you deserve your punishment. Just punch on ya fucker.

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.
Looks like WA has one thing going for it, no one can travel there with Dutton. It's an offence to travel with more than 50kg of potatoes

edit: This was fixed as of 31/12/2016 so you may get Dutton'd

Bogan King fucked around with this message at 06:55 on Mar 16, 2017

I would blow Dane Cook
Dec 26, 2008
Duelling was actually an example in my law degree of a strict liablity offence.

trunkh
Jan 31, 2011



So has this kind of reactionary response from federal government/leaders to state leaders / policy announcements occurred before? I don't have a memory of such occurrences and it seems so petty.

Freudian Slip
Mar 10, 2007

"I'm an archivist. I'm archiving."

chyaroh posted:

You'd have to factor in the fact that a person might have bought that $5M house forty years ago for about $20k, worked their arse off then to pay it off and have been simply swallowed up by urban expansion and insane house/land price inflation. Just because their house is worth a lot now isn't a great reason to kick great-gran and great-pa out on the street because their "millionaires".

That's why I am suggesting Government intervention on reverse mortgages. If you have a $5 million and decide that you want to draw down at $1,000 a week. You would be able to do so for far longer than your life expectancy. No need to kick them out of home, but there is an incentive for them to move into more reasonable accommodation. One of the many issues with house market is octogenarians living alone in massive houses, which are not designed for their stage of life. Some hold on because it's the family home, others fear losing the pension.

Urcher
Jun 16, 2006


I would blow Dane Cook posted:

Duelling was actually an example in my law degree of a strict liablity offence.

So you can be convicted of dueling even if you didn't know you were dueling? Sounds odd to me. How often do people get into unwitting duels?

The Deadly Hume
May 26, 2004

Let's get a little crazy. Let's have some fun.

trunkh posted:

So has this kind of reactionary response from federal government/leaders to state leaders / policy announcements occurred before? I don't have a memory of such occurrences and it seems so petty.
Not sure if this counts but when ACT legalised equal marriage they got the tonne of bricks treatment.

JBP
Feb 16, 2017

You've got to know, to understand,
Baby, take me by my hand,
I'll lead you to the promised land.

Urcher posted:

So you can be convicted of dueling even if you didn't know you were dueling? Sounds odd to me. How often do people get into unwitting duels?

Ignorance of the law is no defence.

Urcher
Jun 16, 2006


JBP posted:

Ignorance of the law is no defence.

Strict liability is about ignorance of what you were doing, ignorance of the law is different.

Schneider Inside Her
Aug 6, 2009

Please bitches. If nothing else I am a gentleman
Can't duel somebody

Can't cowardpunch somebody

loving political correctness gone mad mr speaker

DancingShade
Jul 26, 2007

by Fluffdaddy

aejix posted:

Jay Weatherill moves from laying down the gauntlet to completely loving roasting Frydenburg at a press conference:

https://www.facebook.com/abcnews.au/videos/10156358043999988/

Paging Mr Frydenburg, Mr Josh Frydenburg, please report to the burns unit immediately

If only we could replace the brilliantly described bag of flour Bill "easy now don't rock the boat" Shorten with this guy we'd have a lot more to look forward to.

Quality.

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.
Fun fact, if Weatherill was in WA he would have been arrested for murdering Fartenberg in todays duel.

JBP
Feb 16, 2017

You've got to know, to understand,
Baby, take me by my hand,
I'll lead you to the promised land.

Urcher posted:

Strict liability is about ignorance of what you were doing, ignorance of the law is different.

It's a joke due to that being a commonly used phrase and we are talking about duels.

DancingShade
Jul 26, 2007

by Fluffdaddy

Bogan King posted:

Fun fact, if Weatherill was in WA he would have been arrested for murdering Fartenberg in todays duel.

Is a one sided beatdown considered a duel?

How about verbally taking the steel cap boots to someone's ribs?

Your Honor my client wishes to plead the incident was a thrashing, not a duel.

V for Vegas
Sep 1, 2004

THUNDERDOME LOSER

Urcher posted:

So you can be convicted of dueling even if you didn't know you were dueling? Sounds odd to me. How often do people get into unwitting duels?

Not "a" duel. Duel. The old Steven Spielberg movie. A friend of mine attacked me with the video case. Some stupid argument about who had the coolest bicycle clips. I got him back though. I peed in his mum's steam iron. He had yellow T-shirts for a week.

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.

V for Vegas posted:

I peed in his mum's steam iron. He had yellow T-shirts for a week.

:stonklol:

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.
Came here to post the new FDotM but got distracted by pee iron

Bogan King
Jan 21, 2013

I'm not racist, I'm mates with Bangladesh, the guy who sells me kebabs. No, I don't know his real name.
And the other new FDotM, inspired by the original FDotM

DancingShade
Jul 26, 2007

by Fluffdaddy

V for Vegas posted:

Not "a" duel. Duel. The old Steven Spielberg movie. A friend of mine attacked me with the video case. Some stupid argument about who had the coolest bicycle clips. I got him back though. I peed in his mum's steam iron. He had yellow T-shirts for a week.

That's sick. What kind of monster irons t-shirts anyway?

BRB putting pleats in my t-shirts and picking out some suspenders to wear with my shorts.

gay picnic defence
Oct 5, 2009


I'M CONCERNED ABOUT A NUMBER OF THINGS

Bogan King posted:

https://twitter.com/SkyNewsAust/status/842181014600400897

And the boomers stealing money from the young train keeps chugging along.

I wonder if they're poo poo scared of the bubble popping before the boomers have a chance to use their houses to fund their retirement homes

I mean greed and fear of the inevitable recession happening on their watch may be also be big motivations but needing to fund 10-15 years of aged care for old farts with little equity in their homes would be a pretty big burden on whichever department pays for that poo poo

gay picnic defence
Oct 5, 2009


I'M CONCERNED ABOUT A NUMBER OF THINGS

Solemn Sloth posted:

So Victoria has been floating some potential changes to the Residential Tenancies Act including support for 5/10 year leases, limiting rent increases, allowing long term tenants to make modifications and banning no pet clauses.

The Real Estate peak body is having a fit, the funniest bit of which is threatening that some landlords will exit the market and invest elsewhere, as if lovely landlords not outcompeting potential owner-occupiers would be bad for anyone other than the parasites themselves.

what are they going to do? stop renting out their houses and cop the new vacancy tax?


speaking of which, I'm trying to get my landlord/agent to fix some poo poo and it's been dragging out even though I've sent in one of those notice to landlord forms. The handy man has checked it all out, should I just say gently caress it and get consumer affairs to get involved? I'm not fussed if I don't get offered a renewal on this place at the end of the lease

Cartoon
Jun 20, 2008

poop

JBP posted:

It's a joke due to that being a commonly used phrase and we are talking about duels.
Humour? :monocle: Not on MY AusPol :toughguy:

Urcher
Jun 16, 2006


Cartoon posted:

Humour? :monocle: Not on MY AusPol :toughguy:

It's OK. They didn't know what they were doing.

DancingShade
Jul 26, 2007

by Fluffdaddy

gay picnic defence posted:

what are they going to do? stop renting out their houses and cop the new vacancy tax?


speaking of which, I'm trying to get my landlord/agent to fix some poo poo and it's been dragging out even though I've sent in one of those notice to landlord forms. The handy man has checked it all out, should I just say gently caress it and get consumer affairs to get involved? I'm not fussed if I don't get offered a renewal on this place at the end of the lease

If they're 7 property mortgages in debt to own everything they can't afford to leave anything vacant anyway.

I would blow Dane Cook
Dec 26, 2008

quote:

Superannuation for housing deposits would facilitate intergenerational theft


If rumours out of Canberra are true, we may be about to see one of the greatest intergenerational hospital passes in Australian history.

Coalition backbenchers have been calling for the Government to allow first home buyers to access their superannuation to help fund a housing deposit.

The idea is being "actively considered" by the Prime Minister's office, according to Sky News.

If that's true, let's hopefully cut that consideration short, well before we get to May's budget, when the Government has promised to announce measures to improve housing affordability.

The superficial logic of allowing young Australians to use their super to help get into the housing market is beguiling - after all, the money is just sitting there, they won't need it for several decades and desperately need it now for a step up onto the property ladder.

But the problems are manifold, and well explained in this piece by ABC News Online; the biggest concern is that Australian property is a wobbly ladder.

Housing on shaky foundations
It rests on the shaky foundations of record and still rising household debt, much of which is sourced by Australia's banks from overseas.

Holding up those foundations are the hunched backs of households burdened by one of the largest household debt-to-income ratios in the world at 187 per cent, and the confidence of faceless foreign investment houses who are lending to those households, mainly via the big four banks.


At some point a straw will break that back - it could be an international event that causes the foreign investors to rapidly withdraw their financial support, or a domestic economic deterioration.

One reason the major banks have put forward for opposing a royal commission is that it could undermine confidence in Australia's banking system.

If they were confident in their business practices, surely they would have little to fear?

However, a wide-ranging royal commission might expose to the world at large the true scale of lending to people who can't really afford to borrow the money.

Australian property Ponzi
So, if the property ladder is wobbly, why would our national leaders encourage us to start climbing it?

It all makes perfect sense if you view the current Australian property market as sharing many of the traits of a Ponzi scheme (prime example Bernie Madoff).

A Ponzi scheme is an investment where profits for the early investors come from getting more new investors to put money into the pyramid.

Those at the top thus can jump off with a profit. Those lower down need to find a new and even bigger group of investors to get on board to earn their profit.

These schemes don't earn any, or much, income from the funds invested. The returns are simply based on more and more people putting money in.

The Australian property market has been exhibiting a growing likeness to such as scheme, where the income from rental is nowhere near enough to cover the costs of the debt most people need to buy in, especially in Australia's two biggest cities.

This is measured through rental yields - the annual return an investor gets from tenants relative to the purchase price - which are at record lows below 3 per cent for houses in Sydney and Melbourne.

If you're an investor and not making a profit from rent then you must be hoping that the value of the property will increase.

The only way this happens is if demand keeps growing - i.e. more people keep entering the market to pay higher prices to get onto the bottom of the ladder.

Hence why the Australian property market has Ponzi features.

Final act of intergenerational theft?
Of course, a Ponzi scheme collapses as soon as people realise what it is and want to get their money out or when it simply runs out of enough new recruits to keep the profits flowing for existing investors.

That is why using super for deposits could be cynically viewed as the latest, and potentially greatest, intergenerational theft by the baby boomers from generations X, Y and Z.

You see, many baby boomers didn't take their profits from the earlier stages of the property Ponzi, not recognising it as such.

Instead these investors doubled down on their bets, or much more in many cases, expecting property price rises to last forever.

Allowing first home buyers to access their super for a deposit will create a fresh pool of buyers.

That will prop up the Ponzi for a while, and allow many of the cannier investors to jump out with a big profit - at the expense of young first home buyers.

Thus we could be left with thousands of formerly investment apartments in the hands of first home buyers, just as Australia's big cities enter a widely acknowledged apartment glut.

When the smart investors have left and most young people who can buy have been enticed into it there will be no fresh pool of buyers to prop up the Ponzi and it will fall down, either slowly or spectacularly.

The smart boomers will walk away with the biggest profits, having been in the market the longest, while recent younger buyers will be left with more housing debt than equity and no superannuation either.

Thus the intergenerational transfer will be complete.



http://mobile.abc.net.au/news/2017-03-16/super-for-housing-deposits-intergenerational-theft/8360890

Solemn Sloth
Jul 11, 2015

Baby you can shout at me,
But you can't need my eyes.

DancingShade posted:

If they're 7 property mortgages in debt to own everything they can't afford to leave anything vacant anyway.

They'll have to sell to the people they outbid who were just looking for a place to live

I would blow Dane Cook
Dec 26, 2008


"I'm going to shirtfront, Mr Potter"

ModernMajorGeneral
Jun 25, 2010
Using superannuation for your first home deposit is fine when you are never going to be able to retire anyway :shepicide:

gay picnic defence
Oct 5, 2009


I'M CONCERNED ABOUT A NUMBER OF THINGS
I wonder how you'd go about organising some sort of homebuyers strike where no current or would-be owner occupiers bought property for a few months

Adbot
ADBOT LOVES YOU

norp
Jan 20, 2004

TRUMP TRUMP TRUMP

let's invade New Zealand, they have oil
Put interest rates up a few times?

  • Locked thread