https://www.smh.com.au/politics/fed...ion-from-mystery-sources-20220203-p59tg4.html Hidden money: Political parties rake in $68 million from mystery sources By Katina Curtis February 4, 2022 More than $68 million in unexplained money flooded into political parties in the past financial year, making up almost 40 per cent of all donations, with integrity advocates warning the secrecy around who donates to Australia’s political powerbrokers must end. An analysis from the Centre for Public Integrity published on Friday found the hidden money, which parties are not legally required to reveal the source of, is more than all other declared donations and other receipts combined for the 2020-21 financial year. High profile barrister Geoffrey Watson SC says the secrecy around political donations has to end.Credit:Rob Homer The amount of money spent in the coming election, which must be held by late May, is anticipated to again hit record levels. The major parties collected more money in 2020-21 than the previous year, and donations and fundraising are usually ramped up closer to an election. The Coalition faces pressure over integrity issues from Labor and a raft of centre-right independent candidates after Prime Minister Scott Morrison promised in 2018 to establish a Commonwealth Integrity Commission to investigate corruption. Three years later, the bill to introduce an anti-corruption watchdog is yet to go to Parliament. Mr Morrison says he wants Labor’s bipartisan support for the model, but the opposition says it is not up to standard. Geoffrey Watson SC, a director of the CPI and a former counsel assisting the NSW Independent Commission Against Corruption, says there is a “transparency void” in election funding when voters deserve to know who is backing political parties. “This secrecy needs to stop,” he said. He sees three “fundamental flaws” in the system: too much money being thrown around, it allows “rich people and big business to influence politicians”, and voters don’t know where the money is coming from. In documents published by the Australian Electoral Commission on Tuesday, political parties disclosed a combined $176.7 million of income for 2020-21. Of this, $15.5 million was in declared donations, $30.6 million “other receipts” – a category that can include tax refunds but also covers things such as money paid to a party for tickets to fundraising events – and $55.4 million in public funding. A further $7 million came through subscriptions, loans, capital transfers and party branches shifting money between themselves. The source of the rest of the money, some $68.3 million, is unexplained. Over two decades since 1998-99, the origin of nearly $1.4 billion out of $4.5 billion in political party income has been hidden. Almost 36 per cent of the Coalition’s reported income of more than $2 billion since that year is unexplained, while for Labor, 24.5 per cent of the almost $1.8 billion came from unknown sources. However, the latest figures published by the electoral commission cover only the year to the end of June 2021. If a donation was made to a party on July 1, or any time since, it won’t be disclosed until February next year — more than eight months after the election. Donations made directly to specific individual candidates (not those backed by party structures) during the election period will be disclosed in election returns, published almost six months after polling day. Ahead of the coming election, mining magnate Clive Palmer has said he intends to top the $80 million he spent in 2019 promoting his United Australia Party, for which he is running on the Queensland Senate ticket. The party’s yellow and black advertisements and billboards are already ubiquitous. “We’re getting to the point where individuals are now boasting – not threatening, but boasting – that they can influence political outcomes through sheer spending,” Mr Watson said. “It’s time for Australians to recognise that this is a really damaging part of our system.” “If I can get out of an Uber and be told within a minute or so, be given a receipt, I just do not understand why it’s now taking nine months or more for us to discover who’s donating to political parties.” At the federal level, political parties are only required to disclose identities of donors who give more than $14,500 in one go. This is significantly higher than the disclosure threshold in the states, which is set at about $1000 in NSW, Victoria, Queensland and the ACT. The next highest threshold is in South Australia, where donations over $5600 have to be declared, then Western Australia at $2500. Laws in NSW, Victoria and Queensland cap how much people can donate to a political party or candidate. In Victoria, Queensland, SA and the ACT, there are also limits on how much can be spent during election campaigns. Labor’s policy is to reduce the federal disclosure threshold to $1000. The new Centre of Public Integrity analysis doesn’t include money given to associated entities. These opaque fundraising organisations, which are either controlled by political parties or funnel money to a specific candidate or party, have given more than $1.2 billion to the Liberals and Labor over the past two decades.
https://www.smh.com.au/national/nsw...ndon-new-york-poll-shows-20220203-p59tfu.html Housing concerns greater in Sydney than London, New York, poll shows By Matt O'Sullivan and Pallavi Singhal February 5, 2022 Housing has emerged as a bigger issue for Sydneysiders than for people in New York and London, as a poll reveals overwhelming fears in Australia’s largest city about the cost of living and housing affordability. With inflation rising, 85 per cent of those polled in Sydney in early January were concerned about the cost of living, an Ipsos survey for urban policy think-tank Committee for Sydney shows. Concern is highest among women, those aged 35 to 49, and the unemployed. New York City, London and Sydney.Credit:Getty, Leonid Andronov, www.sydneyimages.com.au While people in Sydney are largely satisfied with their quality of life, the number who are dissatisfied has grown slightly over the past year to 10 per cent. Sydney’s quality of life is regarded as on par with other global cities such as New York, London and Toronto. In a worrying sign, 27 per cent of people say they frequently or always choose to go without essential goods and services because of the high cost of living. Sydneysiders rate their city highly for diverse shopping, leisure and dining experiences – but only 11 per cent believe it has decent, affordable housing. And, as the median house price nudges $1.39 million, 51 per cent ranked housing as the No.1 issue, followed by cost of living at 45 per cent. “The cost of living has emerged as a major issue,” said Ehssan Veiszadeh, the deputy chief executive of the Committee for Sydney, which is hosting a Sydney summit on Monday. “This is not surprising given stagnant wage growth, but this study shows that it is a major, major issue for people.” Housing and the cost of living rate also rate higher as an issue in Sydney than they do nationally. Healthcare and the economy are the first and second topics of concern across the country. Mr Veiszadeh said the survey suggested that cost of living was set to feature strongly in federal and state election campaigns. Ipsos director Stuart Clark said concerns about housing affordability rose substantially across Australia in other polling figures last year, as fears about health and the economy subsided. “The spotlight has definitely shifted over to housing affordability, which cost of living goes hand in hand with to an extent,” he said. Housing is a much bigger issue in Sydney than it is for residents in New York and London, with only Toronto residents being more worried. Concerns about crime featured highly in New York and London. Some 56 per cent of Sydneysiders support the building of more homes or apartments to drive down the cost of housing, while 20 per cent are against. Opposition is higher among those aged over 50. Priced out: Young Sydneysider Sophie Kerrigan.Credit:Janie Barrett Sophie Kerrigan, 23, an office worker who lives with her mother in Newtown, said the prospect of her ever buying a house was becoming increasingly unlikely. “Even with a great job and stable income, I can’t save enough money for a decent house deposit,” she said. Ms Kerrigan said anybody who did not have their parents to help them purchase a property would struggle to break into the housing market. “I don’t have that luxury. I would love to own a home one day, but I’m not sure if I will ever have the financial capacity to do it,” she said. Support is strong for greater urban density near trains stations if it means the government can improve open spaces in suburbs. Some 58 per cent support this, while 17 per cent are opposed. The survey shows more than a third of respondents support abolishing stamp duty and replacing it with an annual property tax. Support is greater among those aged 18-34 and higher income households. However, 28 per cent were opposed and a further 26 per cent took a neutral position, which Mr Veiszadeh said highlighted the political challenges the NSW government faced in winning the argument on whether to abolish stamp duty. Canterbury-Bankstown mayor Khal Asfour said cost of living pressures and housing affordability were major issues on residents’ minds. “A lot of my community lost their jobs or had their hours reduced, but the bills didn’t stop. They are really penny-pinching and saving wherever they can,” he said. In a boost for the Perrottet government, there was strong support for ending lockdowns. The greatest support is among those aged between 18 and 34, while support grew among those aged over 50. Some 71 per cent also support putting in place restrictions for unvaccinated people, while 13 per cent were opposed. Support was higher among retirees and western Sydney residents.
https://www.smh.com.au/property/liv...utside-to-get-to-the-loo-20220207-p59uex.html Almost a grand a week but you have to go outside to spend a penny By Kate Burke February 7, 2022 You have to step outside to access the bathroom, but that’s not stopping tenants from wanting to spend a pretty penny for this Rozelle terrace amid Sydney’s competitive rental market. The ad for the Napoleon Street rental – advertised for $940 per week – may read like a dream. A freestanding terrace a short stroll from popular Darling Street, with city views, four bedrooms, a large kitchen, separate living and dining areas and a garage. A four-bedroom house in Rozelle with an external bathroom and laundry is advertised for $940 per week. But there’s a catch to the “spacious family home”. You’ll need to head out the back door, and across the courtyard to pop to the laundry and bathroom, with no indoor alternative. “[These homes] are getting fewer and further between. It’s a bit of a rarity,” said Matthew Hayson of CobdenHayson, adding that most owners had modernised such terraces over the years to appeal to better tenants and secure better sale and rental prices. Still, the terrace drew 10 groups at its first open home, three of whom made rental applications for the two-storey terrace – which records show last sold for just above $2 million in 2017. The courtyard and external laundry and bathroom, pictured when the property last sold in 2017. “It’s got a reasonable floor space, but it doesn’t have any bells and whistles … they’ve had a bit of interest on it, it is clean, though everything is a little bit dated,” Mr Hayson said. Interest in the property has come from young renters looking for their next share house, with Mr Hayson noting it offered good value for money for the location. Tenants face a competitive market, with the rental vacancy rate in the inner west dropping to 2.1 per cent in January, down from 3 per cent in December and 3.4 per cent the same time last year, Domain figures show. While the rental market had started off with a bang in 2022, Mr Hayson said tenant demand had slowed down in the last couple of weeks, prompting property managers and landlords to adjust rents on some properties to encourage more demand. At $940 per week, the Napoleon Street rental is more expensive than it was this time last year, but is still priced below the $1000 per week it was advertised for back in 2018. By comparison a three-bedroom terrace a few doors down, also in an older condition, is currently advertised for $750 per week, while a renovated four-bedroom, two-bathroom terrace several blocks away is advertised for $1750 per week. Houses in the suburb had a median advertised rent of $800 last year, up 2.6 per cent annually, Domain data shows.
For those of you who think this speculation is unique, go look up ancient Rome's credit crisis. Literally caused by exactly the same thing but only after austerity was induced.
Think it is Mis' sippy and anyone thinking of moving there better have earned their money already. Because from what I hear they don't pay - y'all. In a 50 horse race they come in 51st.
Governments believe their chief enemies are overseas in some distant land. The truth is Government are their own worst enemy, sitting by placidly allowing housing prices to spiral "because its good for votes and good for taxes." This will bite everyone in the ass big time and then the blame game and duck shovelling will begin as if that will solve anything. Meanwhile those guilty of governing by neglect will be saying in their retirement "Well fuck you lot anyway, I'm ok, I'm sitting pretty" with no consequences.
https://thewest.com.au/business/com...base-of-australian-renters-launched-c-5575863 Database of Australian renters launched AAP Sat, 5 February 2022 There are now as many Australians who rent as there are outright home owners. Credit: AAP Renters are easily the fastest growing group of participants in Australia's $8 trillion housing market, yet little is known about them or the spaces they inhabit. The nation's cohort of renters grew 64 per cent over the first 16 years of the century, say researchers at the University of Adelaide. That's twice the rate of home ownership increase. In fact, for the first time in generations, there are now as many Australians who rent as there are outright home owners. Despite this, there is a huge knowledge gap about the life of renters "beyond the front door", according to Professor of Housing Research Emma Baker. "For a long time, we have lived with this notion that Australians are homeowners - now we have to adjust to the fact that future Australians are more likely to be renters," she says. "The problem is, we just haven't known much about who rents, why they rent or what they are renting." In the absence of a large-scale collection of information, Prof Baker has launched Australia's first national Rental Housing Conditions Dataset. Funded by the Australian Research Council and Australian Housing and Urban Research Institute, the project reflects the fact renting has moved from being a transitional proposition to something more permanent. Accessed via the Australian Data Archive, the information generated features descriptions of renting households from around the country. As well as revealing who the nation's renters are, what they want and what they can afford, it details the diversity of Australia's housing quality and conditions across the rental market. As an adjunct to the project, a citizen science initiative has been designed to profile images and descriptions of accommodation submitted by renters. Participants are asked where they live and whether they reside in a free-standing house, a semi, a terrace, a townhouse or a flat. They can also nominate how old the dwelling is and how many bedrooms it has, as well as list any repairs the residence might need or issues that exist between tenant and landlord. Prof Baker says the dataset fills in the gaps in mismatched data and small sample surveys that, until now, have been the only source of information on the realities of renting. "We now have a resource that will be invaluable in informing future policy on housing, community support and infrastructure spending," she said. Her research was conducted in partnership with UniSA, the University of Melbourne, Curtin University, UTS, Swinburne University of Technology and Torrens University Australia.
Someone mentioned to me that non-trivial amounts of the COVID budgets were redirected to special holding accounts/companies for these politicians in offshore companies. Never thought of that.
https://www.smh.com.au/property/new...-a-house-with-a-backyard-20220209-p59uys.html The lengths Sydney families are going to for a house with a backyard By Tawar Razaghi February 10, 2022 Owner-occupiers are paying top dollar for run-down homes, outbidding investors, builders It is a desperate bid to enter the housing market before they are priced out altogether Some are delaying building, renovating until they can shore up more savings Young families trying to crack the housing market are paying top dollar for run-down homes, as for many it’s their only chance of owning a decent slice of Sydney land. What once was an investor’s playground is becoming the realm of owner-occupiers, agents report, as soaring house prices – coupled with rising construction costs – means the economics of snapping up a ‘renovator’s dream’ in a bid to renovate, knock down or flip it is less lucrative in the current environment. Even homes deemed unsafe to inspect are not deterring desperate upgraders. Credit: Instead, experts say investors are being outbid by desperate owner-occupiers going hell for leather for original houses, despite having to sink more money in down the track in an effort to upgrade rather than be priced-out altogether. “People’s budgets are quite thinly stretched,” CoreLogic’s head of research Tim Lawless said. “If [the house] is well-located and fits the budget, it sounds like a good option for a lot of buyers who may not be able to afford a property in the same location that is of higher quality. “Buying a home that needs renovations comes with a lower price tag. Putting the renovation off to a later date or doing it in bits and pieces might be one of those strategies.” Buyers seem undisturbed by purchasing at the top of the market, as many bank on the fact it is a long-term family home, he added. “The old saying is not timing the market but the time in the market. Chances are, over a long period of time, the ups and downs will even itself out. That’s what we’ve generally seen historically.” While investor mortgages are rising, Mr Lawless said it’s unlikely that they are shoring up poor-quality homes that need a lot of work. “Flipping a property is challenging at the best of times, but at this stage of the market you’re buying at a high price and facing high construction costs and larger transactional costs. I can see how flipping is less likely. I think that would be the exception rather than the rule.” Sydney owner-occupiers are faced with the double-whammy of not only buying at the peak of the market but also coming up against record construction costs and supply shortages that see many homeowners delay renovations, time frames blown out and long wait times for builders. National construction costs increased 7.3 per cent over the 2021 calendar year, the fastest annual pace since 2005, according to CoreLogic’s Cordell Construction Cost Index. But for many owner-occupiers it’s worth the hassle and sometimes the only option to make the leap into the housing market when the price gap between units and houses has more than tripled in almost three decades. 12 Asquith Avenue, Rosebery sold for $3.3 million to a young local family prior to auction well above its $2.8 million guide.Credit: In Rosebery, a young local family bought an original three-bedroom house at 12 Asquith Avenue for $3.3 million prior to auction. The property, which had a price guide of $2.8 million and developers eyeing it for its potential, was snapped up for its 626 square metres. “They recognise the local area is up and coming, and it has tremendous growth potential,” Roger Wardy, of Ray White Touma Group, said. “They are planning to hold on to it for now and eventually knock it down and build their future home. “They see the long-term value in it. It’s not any short-term purchase. Even if they pay a little bit extra now, 20 per cent growth in the next 10 years … you’re still half a million dollars better off. The capital growth is going to surpass whatever you’re paying.” Mr Wardy said Rosebery was three to four years behind Kensington, which is now clocking $6 million sales. In Strathfield South, another young family bought a three-bedroom house at 139 Coronation Parade for $1,786,000, outbidding builders and experienced renovators. Guided between $1.4 million to $1.5 million, the property was deemed unsafe, preventing internal inspections. But that didn’t deter interested buyers keen on scoping out the 446-square-metre block. “A lot of people can get to that next-level home cheaper if they buy and build themselves … that’s the perception. It doesn’t always work out that way,” Forsyth Real Estate’s James Snodgrass said. “That’s the way for young couples to try and get ahead in a hot market.” Mr Snodgrass said builders were playing a number’s game and will only bid to a certain figure at auction. “It’s a different ball game. It’s more of a business transaction rather than an emotional transaction.” The six-bedroom property at 9 Wolfe Road, East Ryde sold for $2.65 million to a Hunters Hill family who want to build their dream home.Credit: Priced-out Hunters Hill buyers bought a six-bedroom house for $2.65 million in the bridesmaid suburb of East Ryde. The property, at 9 Wolfe Road, was as original as they come, but the successful purchasers bought it for the valuable 860-square-metre land holding, on which they hope to build their dream house. “We’re getting a lot of buyers from Hunters Hill, where land is at least $1 million more expensive,” McGrath’s Chris Pennisi said. “The underbidders were developers looking to build duplexes,” he said, adding that those who look for an immediate sale after construction were more conservative with their offers. Many builders or investors are wary of over-paying, with forecasts the market will soften in the next 12 months or so, Mr Pennisi added. Even in suburbs further afield from the CBD, young families are paying well above price guides for run-down properties they do not intend on renovating for some time. Even properties in suburbs further afield from the CBD like 61 Hector Street, Sefton are being bought by buyers who plan to rebuild in the future.Credit: In Sefton, a young couple expecting a baby bought a three-bedroom weatherboard house at 61 Hector Street for $1 million, some $100,000 above its guide. “The thing is, if you don’t buy this one you have to pay more for something a little bit better,” Joe Fares, of LJ Hooker Chester Hill, said. The young buyers of 21 Rosehill Street, Parramatta outbid 27 registered bidders, including developers. Credit: In Parramatta, another young couple paid $1,728,000 for a three-bedroom house at 21 Rosehill Street, outbidding 27 registered buyers, including developers. The 702-square-metre block was guided at $1.35 million to $1.5 million. “They are not sure what they’re going to do with the property at this stage. They only saw it on the day,” Sandra Aquilina, of McGrath Parramatta, said. “The value of that property was in the land.”
Does your house make more money than you? By Kate Burke February 19, 2022 House price growth in most NSW suburbs outstripped household incomes last year. Unit price growth in 25 per cent of suburbs also exceeded incomes. Trend expected to change as property price growth slows and wages pick up. Homeowners across NSW are making more wealth from their property than from going to work each day as new figures show rapid house price gains have outstripped incomes in most suburbs. House price growth exceeded incomes in more than four in five NSW suburbs last year, new modelling from Domain shows, with price rises in half a dozen pockets surpassing household incomes by more than $1 million. Bronte was among the 85 per cent of NSW suburbs where house prices grew at a faster rate than household incomes last year.Credit:Brook Mitchell Locations from Bronte and Bellevue Hill in the city’s east to Doonside and Fairfield Heights in the west, and Bathurst and Cessnock in regional NSW, were among the 85 per cent of analysed suburbs where median house price growth was higher than local annual median household incomes. Median income data was based on 2016 Census figures and adjusted in line with wage growth. Domain’s chief of research and economics Nicola Powell said the sharp and widespread rise in house prices — up about 33 per cent in Sydney last year and 25 per cent across the rest of the state — at a time of sluggish wage growth, had made it very difficult for first-home buyers to keep pace with the market. “This makes it tremendously hard for people to gain access to the market, for houses in particular, and shows what it can do to your financial position once you’re in,” Dr Powell said, adding such gains would change family wealth dynamics in areas where price hikes had significantly outperformed incomes. More...... https://www.smh.com.au/property/news/does-your-house-make-more-money-than-you-20220217-p59x6r.html