Joe Hockey's Fury

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greennick said:
No, that's MY considered opinion. I base it on the following...

- Every other major property bubble hasn't looked like us, we've had a fairly consistent price to income ratio as our average incomes have increased a lot over the past decade.
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- In Sydney less than 5% of home owners spend more than 30% of their income on their mortgage, so there is plenty of scope for interest rate increases to be absorbed, when they happen in the coming years. Our mortgage repossessions are as low as they've ever been in a few decades. Usually before a collapse, delinquency rates, mortgage repossession and loan impairment expenses start to creep up.

- We will have continued high population growth, our average rate of 1.8% recently is many times the OECD average. We're predicted to have a population of 10% more in 5 years, while that doesn't equate directly to 10% more homes, it equates to as many as we're building, so demand will continue to at worst match supply.

- Demand for property in Australia will continue to be higher than local fundamentals suggest, as we're seen as a stable investment compared to many of our neighbours.


What do you base your opinion we're in a property bubble on?
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I'm not interested in your opinion. This is about a Treasurer contradicting himself on housing within the space of six months, and a government disagreeing with central bank and treasury officials who believe there are problems in certain sectors of the housing market. This is in addition to their financial system white paper which recommended resolving issues with negative gearing to fix problems in the housing market.

Every single government does well in a buoyant housing market, this government wants it to continue, despite other economic fundamentals being weak.
 
clogged said:
I'm not interested in your opinion. This is about a Treasurer contradicting himself on housing within the space of six months, and a government disagreeing with central bank and treasury officials who believe there are problems in certain sectors of the housing market. This is in addition to their financial system white paper which recommended resolving issues with negative gearing to fix problems in the housing market.

Every single government does well in a buoyant housing market, this government wants it to continue, despite other economic fundamentals being weak.
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Treasurer with a law degree but not history of economics or accounting. You couldn't make this stuff up.
 

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Power Raid said:
32-34 was pretty colourful and I seem to remember something happened between 39-44
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So we need to build up our industrial and military capacity in secret and then annex the former Australian territory of PNG before trying to conquer South East Asia and New Zealand?

Because if that's the case the current government's economic policies are really screwing up the plan.
 
I guess theres an incredibility factor here.

Govt is so talentless and bad that people cant acually believe it is actually true,

Derision can never reach the level it should
 

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Going back to the OP about small business red tape which is what he blew up at the local mayor over, he has a point. I have a relative who is trying to set up a restaurant currently in Melbourne. The amount of red tape she is going through with the local council is a joke, no wonder local councils need to keep upping rates every year, they are so incompetent it isn't funny. Multiple inspections for different things (building, planning, health, all multiple times), the forms that are required, permits for setting up tables on the street, I'm amazed anybody bothers setting up a small café or restaurant there is that much involved and the delays are just ridiculous, it took less time to get the liquor licence than the council health department sign off on the kitchen.

We've heard Abbott and Hockey talk about cutting red tape and pointing fingers at Labor, but the problem isn't something that Labor is causing, it is local council. That is why we need to get rid of local councils they are a complete waste of space and if you created one large council covering all of Melbourne you'd save hundreds of millions in money being wasted currently by incompetent councillors and council employees.
 
Slax said:
Going back to the OP about small business red tape which is what he blew up at the local mayor over, he has a point.
We've heard Abbott and Hockey talk about cutting red tape and pointing fingers at Labor, but the problem isn't something that Labor is causing, it is local council. That is why we need to get rid of local councils they are a complete waste of space and if you created one large council covering all of Melbourne you'd save hundreds of millions in money being wasted currently by incompetent councillors and council employees.
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I think most of us can see the bureaucratic & inefficient mess that Councils represent. I've said b4 that we should dump state & local Gument for just two levels, national & regional Gument. Would be more accountable & more efficient as a result.
 
madmug said:
I think most of us can see the bureaucratic & inefficient mess that Councils represent. I've said b4 that we should dump state & local Gument for just two levels, national & regional Gument. Would be more accountable & more efficient as a result.
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At least we should sack all local councillors and just have a State government appointed administrator, that alone would save tens of millions a year.
 
Pessimistic said:
I guess theres an incredibility factor here.

Govt is so talentless and bad that people cant acually believe it is actually true,

Derision can never reach the level it should
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I agree with this - its gone beyond apathy now and into contempt. I was listening to Greg Hunt being interviewed by Tom Elliot - the talk back was universally negative about there stupid position on the Clean Energy Finance Fund. I could not believe my ears. Trouble is people also think Labor are inept and hate Bill so it hardly converts into Labor votes
 
Gough said:
Nobody is listening to Hockey, I've never seen a Treasurer so irrelevant. I suspect this suits the government, their economic record so far is appalling, and totally at odds with their rhetoric in opposition.
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Short memory
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Waaayne Suuuurplus Swan
 
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