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 Re:Labor is more sincere
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By: puyi
27/07/2009
1:54 am Yahoo! Profile:
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Milanda Rout | July 27, 2009
Article from: The Australian
ANGUS Bissland thought he would have a relatively easy time buying his first home after working in Britain and the US and witnessing the impact of the global financial crisis.
But the 30-year-old, who works in finance, could not believe the state of the property market when he got home.
He thinks the combination of low interest rates, the first-home buyer grants and people still borrowing more than they can afford has created a false property boom that could come crashing down.
As Kevin Rudd warns of higher interest rates, Mr Bissland says he is concerned about buying in Melbourne at the height of what he calls a "false economy" and then seeing the market decline because of the impact of any rate rises.
"It's just madness at the moment," he said of the city's record 87 per cent clearance rates for the year.
Mr Bissland said the first-home buyers grant was artificially pushing house prices up and he was worried about the impact on the market when it ends.
"I call it the first-home sellers grant," he said. "It has led to a real sellers market and that is something of a false economy. It has pushed houses that used to be $500,000 over $500,000." |
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By: abacus_motel
23/07/2009
9:21 pm Yahoo! Profile:
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| please pull your sausage out of Kevs bum crack. |
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By: gary_mancuso
21/07/2009
9:23 pm Yahoo! Profile:
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| Sincere, my foot. Exactly what Rudd and his "nice guy" posturing was meant to have you believe... |
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By: puyi
20/07/2009
12:33 am Yahoo! Profile:
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Rudd told to focus on jobs
Kirsty Needham Workplace Reporter
July 20, 2009
THE Federal Government has been criticised for not moving quickly enough to tackle growing unemployment.
The University of Queensland economist John Quiggin will tell an ACTU forum in Sydney today a new stimulus package focused solely on job creation is needed.
The Rudd Government's limited steps on unemployment contrasted unfavourably with its rapid adoption of fiscal stimulus policies, said Professor Quiggin. He described the measures announced so far as just a small fraction of the expenditure allocated by the Keating government at the height of the 1990s recession.
While the $1.5 billion jobs and training compact would have a long-term impact, Professor Quiggin said it was not immediately helpful in a recession, and short-term training programs were of little use in pushing the unemployed to the front of the jobs queue.
Instead of focusing on capital-intensive infrastructure projects, the Government should directly create jobs in employment-intensive services such as health, community services and education, he argued.
Professor Quiggin said the May federal budget was striking for giving no increase in unemployment benefits, and few measures aimed directly at the unemployed, despite forecasts that the jobless rate would continue to rise to 8.5 per cent next year. |
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By: ctbiztone
15/07/2009
9:01 pm Yahoo! Profile:
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| Labor are out of touch with reality. Everything they do is meant to perpetuate their own greed and stupidity. |
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By: interscreener
10/07/2009
2:16 am Yahoo! Profile:
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Labor is more sincere. Liberals are meanies. They are all the same. Can't we realize that? How long do we have to play this stupid game of ping-pong? Are we really that juvenile?
Left, Right, Left, Left, Right, Right, Right, Left, Right, Right, Left...does this appear momotonous to you? I apologize if I seem rude. I would hate to offend anyone in these times of politically-correct-hate- crime-legislation ,but it's just so ridiculous! Can't we get past this inane left/right paradigm? Isn't it insulting to you that the political system thinks that your brain can only deal with two choices? No wonder we are domesticated, dumbed down and chemically altered. By the power of Grey-Skull somebody help us! |
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By: puyi
11/06/2009
7:37 am Yahoo! Profile:
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Housing fears as loan hits new high
Jacob Saulwick
June 11, 2009
SMH
THE average first-home loan in NSW has risen more than $50,000 in just over a year, climbing to $300,000 on the back of low interest rates and generous government grants.
But the surge in borrowing runs the risk of overinflating the lower end of the housing market. "We have just got to make sure that we don't get a recovery on the back of over-extended young couples," said Julian Disney, an affordable housing expert from the University of NSW.
The Reserve Bank Governor, Glenn Stevens, cited similar concerns last week, saying it would be counterproductive if low interest rates encouraged marginal borrowers to take on large debts. Yesterday's release came alongside a rise in consumer confidence, attributed to the resilience of the economy amid global recession.
Since then, the average loan for first-home buyers across the country has increased $50,000 to $283,000 - about $25,000 more than loans to buyers who already have a foothold in the market.
For NSW home buyers, the average first mortgage is $299,000, against $276,000 for existing home owners. Before October, there had been little increase in the average first mortgage for about four years.
Asked if the the market had been inflated by grants, the Treasurer, Wayne Swan, said yesterday's figures showed the benefits of the Government's economic stimulus packages. |
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By: puyi
25/05/2009
10:15 am Yahoo! Profile:
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Source: The Australian newspaper
By Nick Tabakoff and Joe Kelly | May 25, 2009
THE average loan size for first-home buyers has risen by $52,000 - or 23 per cent - in the past two years, raising fears that government incentives for young buyers are artificially inflating the market.
A report commissioned by Brandmanagement, a market research firm specialising in the finance sector, says the average size of loans being taken up by young home buyers is jumping by an "unsustainable" amount.
Brandmanagement's principal, Andrew Inwood, said the statistics - which indicate that property prices are rising in line with loan sizes - have raised questions about whether the grant was simply being used by consumers to buy into a bubble.
"What the government incentives appear to have done is transfer the money from the people who are borrowing money to buy their first homes into the pockets of those who are selling at a more attractive price," he said.
Mr Inwood hinted that this mini-boom in the price of properties would not go on forever.
"There'll be a collapse in those prices again," he said.
Australian Consumers Association spokesman Christopher Zinn said the rapid growth in loans to first-home buyers against the backdrop of the government incentives carried certain moral obligations for banks.
Even real estate agents admit that the government incentives are creating an unsustainable bubble at the more affordable end of the property market.
Legendary Sydney luxury property agent Bill Bridges said yesterday some agents on entry-level real estate were "loading the prices up" to capitalise on the first-home buyers scheme.
Mr Bridges is also pessimistic about the ability of many people taking up first-home buyer grants to service loans into the future.
He expressed concerns that if people are stretched beyond their means through incentives, "it will all end up like (the sub-prime mortgage situation in) America". |
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By: puyi
22/05/2009
12:18 am Yahoo! Profile:
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Re:FIRST TIME HOME BUYERS -ARE YOU BEING FOOLED?
Observations on the Cost of Housing in Australia
Anthony Richards
Head of Economic Analysis Department
Address to 2008 Economic and Social Outlook Conference
The Melbourne Institute
Melbourne - 27 March 2008
<<On the demand side, it is now widely accepted that policies that simply give people more money to spend on housing are likely to be capitalised into higher housing prices. On the supply side, efforts to improve housing affordability should be focused on policies regarding land use and on improving efficiency in the supply of land and housing.>>
The first Home buyers Grant does absolutely NOTHING to improve housing affordability and does NOT HELP first home buyers as taxpayers money is simply used to inflate the price of the properties.
Only policies leading to an increase in the supply of properties will genuinely help first time home buyers, builders, plumbers, electricians, gardeners, etc. And more affordable houses will lead to more property transactions both from first home buyers and property investors. And more transactions will lead to more jobs for estate agents and more overall tax revenue for state governments.
If products are priced too high, there is a very high risk of a fall in price and nobody would be interested to buy. And this will lead to no job and no commission for estate agents. |
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By: matesfromoz
20/05/2009
4:44 pm Yahoo! Profile:
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| More sincere, my a*se, now we're all disadvantaged because Rudd spent 67 billion buying votes, and have not created ONE job. Then to tell us that they had no money left to increase the pension so had to borrow, why didn't they just give the pensioners an increase from day one save the $67billion. All they've done for the disadvantaged is make us work two more years before retirement. I propose that it be law that no politician (state or federal) be eligible for any pension or entitlements until those bludgers are 67 years of age. |
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By: biglki
20/05/2009
12:54 pm Yahoo! Profile:
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| Did anyone noticed that while the Liberals complained heaps, they said little about what they would do if they were in the government's position. And I'd rather that surplus be spent so that it can contribute to the economy rather than be uselessly kept. I've explained this in the Labour Government thread. |
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By: vttrieu_70707
18/05/2009
3:02 pm Yahoo! Profile:
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| After experiencing through more than past 10 years of Liberal govt, I can conclude Labor Govt is more sincere and more concerned to Australians. Mr Rudd can do what he can do to keep his promises rather than to mislead by unnecessary lies. I would think all he can do has been done to his best in the current difficult financial global crisis. At least he has tried to do something to help the disadvantaged ones.... The alcopop tax is acceptable, because the taxpayers are not happy to see the drinkers and the smokers become ill, and then become a burden to the budget. |
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