Full Interview: Economist Ross Garnaut

24 06 2013

PUBLISHED: 02 JUN 2013 10:34:04 | UPDATED: 03 JUN 2013 05:06:57

Financial Review Sunday

http://www.afr.com/p/business/sunday/full_interview_economist_ross_garnaut_PA6Wf2Qr68TTNcOh2wSUCN





Auckland Anatomy of a Housing Bubble

24 06 2013

http://www.macrobusiness.com.au/2013/06/auckland-anatomy-of-a-housing-bubble/

All the elements of a bubble are evident, including:

  • Panic buying by first home buyers for fear of missing out;
  • Rampant investor speculation and “no money down, get rich” investment seminars;
  • Expectations that Auckland house prices will continue to rise, with claims of a further 30% upside to prices;
  • Easy credit mixed with land supply restrictions; and
  • Heavy buying from foreigners.

Watching this video reminds me of Australia in the early-2000s, when the likes of Henry Kaye were running investment seminars teaching buyers how to buy property off-the-plan without a deposit, and a spate of property flipping shows graced our TV sets.

I can’t see how this can end well for New Zealanders, who already hold a disproportionate amount of their wealth in housing (see below IMF charts), or their (our) banks.

Original: By Leith van Onselen 

http://www.macrobusiness.com.au





How Australia Can Be Saved From The Government

21 06 2013

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Wage pressures all round

19 06 2013

Written by admin on June 18, 2013 – 8:27 pm 

On Saturday, the Herald Sun reported the average W.A. job seeker has experienced a fifteen per cent fall in hourly rates from the same time last year. The average hourly rate is now $51.6 a hour, down from $59.8 a year ago.

Geologists have seen the largest falls and can now expect $52 an hour, down from $71 last year. The hourly rate for an engineer has fallen from $80.40 to $70.70.

But it’s not only the mining and resources industry taking a hit.

Today, Car manufacturer Holden has given their staff the ultimatum – Take a pay cut, or suffer the same fate than Ford. This time last month, Ford announced it will close its manufacturing plants in Australia in 2016 with a loss of 1200 jobs.

In the announcement today, Holden Managing Director Mike Devereux said it costs $3,750 more to build a Holden in Australia than overseas. $2,000 is due to high labour costs.

» FIFO workers accept pay cuts – Herald Sun, 15th June 2013.
» Holden seeks worker pay cuts in Adelaide – The Australian, 18th June 2013.
» Holden warns of exit if pay cuts rejected – The Sydney Morning Herald, 19th June 2013.

Original: http://www.whocrashedtheeconomy.com/