Related … the LIBERAL COALITON has introduced its religious discrimination bill yet have no conviction to instigate a Federal Integrity Commission!
WHY is this so?
The 7th Commandment: Thou shalt not steal.
The 10th Commandment: Thou shalt not covet thy neighbor’s goods
The Prime Minister has strong personal ties to the Federal development lobby group the Property Council of Australia … having written their policy before entering politics!
IT would appear that development is all about riding roughshod over thy neighbours … it is even happening in the Southern Highlands! Revealed in this SMH report:
“Developers hiding in plain sight: Battle for the future of Southern Highlands“
“Karingal” built by the locally renowned Alf Stephens in 1927. “Karingal” occupied more than 3000 square metres close to the centre of Moss Vale …
AND long into the 12 month settlement the vendors learnt of the buyer’s plans included a subdivision and 8 townhouses cheek by jowl with the original home. And that the buyer worked for an international property developer!
Planning law changes have long been underway in NSW in concert with the Federal Liberal Coalition policies of high immigration to feed the need for development … pushing up house prices … and creating another market for alleged ‘affordable housing’ without placing ‘undue demand’ for more infrastructure …
These deve-lopers benefit from having it both ways having conspicuously moved into the Southern Highlands alongside SydneySiders moving in during the Pandemic.
The area was projected to grow by a mere 5 per cent between 2016 and 2041. Now forecasted for a 27 per cent population growth by 2041. Not that long ago elderly people remained in their family homes … what is it with so many people now falling into line with ‘retirement villages’ and ‘community housing’ and the negative fine print … paving the way for developers?
A 109 hectare Burradoo property sold for almost $50M with buyer plans to redevelop this rural land into residential.
The first 80 blocks of property south of Moss Vale sold in under 3 hours for $40M …
This influx of SydneySiders has led to subdividing large town blocks. And just like Sydney suburbs Bowral with its $2 – $2.5M homes are now threatened with deve-lopers buying up neighbouring homes to build apartments.
Some life-long locals have taken objection to these high profile Sydney buyers exerting authority in local politics. Yet other high profile SydneySiders who have said “ … it’s not saying ‘no development’, it’s saying, Just do it well.”
Are they naïve, or is it again about what’s in it for them? Afterall deve-lopers are about covering every spot of land …
Sadly it is up to NSW INC whether it extends the heritage order on ‘Karingal’ …
IT has now come to light that the original buyer of ‘Karingal’ sold his option to a former business partner a month before the property exchanged! And has denied Mr Manning’s account of what happened! And has declined to comment further!
There seems to be a pattern here … with nasty politics and excessive desire, or inordinate love, for wealth, status and power.
READ MORE!
Developers hiding in plain sight: Battle for the future of Southern Highlands
“NAB chief executive Ross McEwan has also called for more action from APRA, and when you have
someone in that position to call for further tightening,generally speaking, it’s already in the planning
stage.
“Put it this way,if the Australian housing market does not slow down by mid-2022, APRA will keep intervening until it does.We cannot afford another year of 20 per cent plus gains across the national housing market.”
-a lot of money spinning around the economy; a lot into housing pushing up prices
-Sydney and Melbourne significantly over-valued; the most over-valued ever seen!
.with significant risks
-the financial regulators: the RBA and APRA acted in early November
-and will step in again to avoid a hard landing in our housing market
–the risks are the massive gaps between prices and income *
-in Sydney only 15 suburbs with a median house price under $1M; extraordinarily over-valued
–if this market continues to rise anor 20% in 2022; likely we will have a hard landing
-likely regulators will step in again until the evidence is there the market is slowing down
–inflation at 3%; thought to rise another half a percent to 3.5%
-regulators to focus on investors through multiple steps
-with house prices out of control it will force a hard landing that affects the rest of the economy
.expect regulators will target the rate of growth
.lessowner buyers in the market
–FHBs not seen since mid year
–investors now taking up the larger proportion of the buying activity
–a typical phenomenon we see towards the end of a housing cycle
–2022 expect an increase in demand for units; because they are more affordable
-international borders opening to overseas students and migrants who traditionally invest in units
-with lockdowns assumed to be over many will return to the big cities from the regions seeking more amenity in the cities
-6 to 8 months after the downturn started a good call for FHBs
-SQM not in a position to tell people when they should buy their home
-belief that the market will soften next year; not going to crash
-that the regulators will stop the crash if they can
CAAN: Sadly with our borders opening up for migrants and international students this will increase competition once again for Australian home buyers!And in the jobs market maintaining low wages!
THE ‘Court of Public Opinion’ … where does it come from? From Polls conducted by RESOLVE. And influence from Sydney Morning Herald articles like this perhaps based on ‘Resolve’s’ Polls … “Berejiklian’s halo has not slipped, survey shows”
WHO are Resolve?
Resolve Research, a company with strong links to the LIBERAL PARTY; founded by Mr Reed, a director of CT Group formerly Crosby Textor
Further described as a political strategy firm, a lobbying firm, providing political consultancy. And social research, corporate strategy and political polling services (for the Liberal Party) FFS!
ASK …
Where was the poll conducted?
Was it in her electorate alone?
Was it conducted with Liberal Party members?
What is the size of the sample?
Will we ever know?
‘Much of the court of public opinion thinks she simply has bad taste in boyfriends, rather than being corrupt.’
Who buys this?
Gladys had a five year affair with Maguire … at least. She would have been in her mid 40s when this began … not a naïve young woman …
Following her high school education she spent several years studying at the campuses of the University of Sydney and NSW … well known for sex scandal ridden colleges. At the very least Gladys would be aware!
At 23, Gladys joined the Liberal Party in 1993, and progressed to become President of the NSW Young Liberals … Campaign Director for the State seat of Willoughby in 1999 … and worked for the Commonwealth Bank as general manager ….
ASIDE from this SMH report based on the Resolve Survey, her alleged popularity would appear to be somewhat contrary to her government record of running roughshod over much of Sydney’s communities … and this is what her ‘hardworking persona’ has meant for these communities!
Her beau Daryl engaged with developers including Chinese-owned ‘Country Garden’ that led the way for the high density high-rise precincts across Sydney with the North Ryde ‘Ryde Garden’ despite community-wide objection …
-the latest … the demolition of WILLOW GROVE!
-Heritage Windsor and the Windsor Bridge demolition to make way for sandmining (for concrete for more high-rise development)
.another community in the Hawkesbury to be impacted by the Richmond Bridge Project
–raising the Warragamba Dam Wall (for overdevelopment)
–Appin and the only chlamydia free Koala Colony threatened with extinction due to mass development and fencing to contain them
-widespread negative impact of WestConnex and NorthConnex across a huge swathe of Sydney; residents subject to compulsory acquisition of homes and businesses at below market rates … cracking in their homes; now privatised toll roads; costing Western Sydney residents some $6,000 per annum
–Sydney light rail bill passes $3 billion; known as the ‘Light Fail’
-the Sydney Metro owned by MTR Hong Kong Consortium; closing much of our public heavy rail network
–high rise high density precincts robbing low rise communities of their amenity; services all full-up!
-the heavy policing of the 12 LGAs with High Covid numbers
Gladys alleged ‘hardworking public servant persona’ put to good use to bury her major error with the ‘Ruby Princess’ when almost 2,700 passengers – some coughing and spluttering – were allowed to leave the ship at Sydney Harbour, catching trains, buses and even overseas flights to get home that led to the spread of Covid across the country!
Three days ago … ‘the leaked email revealing how Gladys Berejiklian split Sydney in TWO – forcing the west into a draconian curfew with soldiers on the streets while the east and north roamed free’
Her government ignored Dr Kerry Chant’s advice to apply the same rules across Sydney
Dr Chant told Brad Hazzard to use consistent restrictions
IS Old Harry seeking to set his apartment developments apart from ‘the rest’?
With ‘Viciniti’ in Cottonwood Crescent, Macquarie Park?
THERE have been so many negative headline print and television media reports across the country and overseas about Australia’s defective residential apartment developments could Meriton now be seeking to capitalize, and exploit such an opportunity?
AND it will cost less in not having to deal with the Building Commissioner … having to redress the Mess … and the unfavourable PRESS!
AS with this sample lot here!
ToplaceGroup (incl. Parramatta Rise, Riviera Apartments, Skyview Apartments Castle Hill, Vicinity in Canterbury) … Ecove (Opal Tower) … Ganellan … 82-84 Belmore Street Pty Ltd, a subsidiary of Holdmark Group … Merhis Group … Four of the five developer companies were deregistered … BBC Developments (Station Road; by former Clr. Ronney Oueik; with fire safety issues and the roof blew off!)
JB Elias Pty Ltd owned by Hanna and Susie Elias continue with Sydney projects (Mascot Towers) … Brookfield Multiplex (Chelsea tower) … 16-30 Bunn Street, Pyrmont (original builder: BJ Metro Pty Ltd, was deregistered in 2008) … Palermo, Baywater and Savona Drive, Hill Road and Nuvolari Place, Wentworth Point, Sydney …
Payce Consolidated (Palermo) … Raad Group, also known as Lansari (Centenary Park) … Meriton* (World Tower; Regis Towers in Castlereagh Street, the Summit in George Street and the Mirage in Bunn Street, Pyrmont) … DeiCorp (Star Printery) …
In its Promo with ‘Viciniti’ Meriton has the pick of locations in Cottonwood Crescent beside Wilga Park, the Cottonwood Reserve and Shrimptons Creek. Two 12 storey luxury suites, and a state of the art childcare centre! Unlike Meriton’s ‘Destination’ with its view of the M2!
‘Viciniti’ is close to Macquarie Shopping Centre, the Metro, University and a private hospital! In the midst of a business and commercial park, and traffic too!
How many walk-ups have MERITON now eyed-off, and bought-up in and around Cottonwood Crescent?
For those not in the know … MERITON can advertise it won the Property Council of Australia’s (the PCA) Best Mixed-use Development for 2020! That is the Federal Property Developer Lobby Group where they’re all Mates, and Sc.mmo wrote their policy before he entered politics …
WHAT has prompted MERITON to push its 100% Australian owned? Could it be a ‘pang of conscience’? Throughout this deve-loper Building Boom in residential apartments thousands of home buyers have been left bereft indebted far beyond their mortgage, and unable to on-sell their homes due to not only structural issues but defective materials …
THERE maybe a cost saving here for Meriton to build with ‘Australian Made’ with shipping delays due to the Pandemic, the likelihood of more of them, and Scomo’s War with China … and with Australia having imported for decades now … inferior and defective overseas made inflammable cladding, fixtures, fittings, electricals, plumbing that do not meet Australian Standards or the Building Code. Has this finally proven to be a false economy?
WHAT $$ does it come down to for ‘The Buyer’?
For a one bedroom apartment a range from $670,000 to $755,000 … Off the Plan one bedroom one bathroom, air conditioning, gym, indoor spa and more!
–one bed with parking from $875,000 to $910,000 with a study, secure parking, air conditioning and more
Two bedroom apartment from $990,000 to $1,220,000 with two ensuite bathrooms and more
Three bedroom apartment from $1,340,000 to $1,670,000
Four bedroom apartment from $2,150,000 to $2,205,000
Where will the Buyers come from? Will HT bring in more migrants from Hong Kong … Singapore and …
WHY have some Sydney suburbs become less liveable and others more so?
PERHAPS why some in Western Sydney rate where they live with a liveability score of 64 … 4 points below the national average of 68 …
… because this stems back to the fact that much of Western Sydney was developed much later than the Eastern and North Shore suburbs?
WHY was the infrastructure not developed prior or simultaneously with the new subdivisions? Did the deve-lopers get off Scot-free?
PERHAPS through political donations deve-lopers have gotten away with so much?
THE established burbs have public transport, ready access tohealth facilities, schools,
shopping centres, parks, gardens, kerb and guttering …
Lane Cove Council and not specifically Lane Cove scored 76 for sustainable urban design? Lane Cove itself has streets of high density with problems of waste collection; with cars parking out those streets. Cars are damaged with tight parking and falling branches! The housing market is expensive as are rents! It has the amenity of a shopping centre, a library, schools, sewerage, a motorway, a bus service
A commentator wrote that he grew up in Balmoral Beach in the 60s and compared it with that of today with its ‘Super rich’ residents; choked with traffic and people; parking police collecting revenue, and the loss of its community!
SOME COUNCILS like RYDE have a ‘Street Tree Planting Program’! And invite residents to participate!
PERHAPS other Councils are also involved … and your Burb can look leafy like Hunters Hill … Wahroonga… Pymble … Turramurra … too?
DESPITE the efforts of ‘progressive Mayors’ to tackle the heat sinks, and urban crush …
the learner Premier Major Dom proposes400,000 more immigrants per annum for five years ffs!
WHERE is it proposed that they live? The Planning Department ‘Central City’ of Parramatta, The Hills, Cumberland and Blacktown Council Areas to deliver 40% extra housing over the next five years! 60 Kms from the coast and the CBD with more apartment blocks and urban heat islands!
AND ANOTHER DEVE-LOPER HOUSING BOOM!
WESTERN SYDNEYSIDERS need protect what they have … the Nurrangingy Reserve and the Wianamatta Regional Park (the last of the Cumberland Plain bushland) and the nearby Blue Mountains …
PARRAMATTA has its theatres, parks, University, and nightlife.
PENRITH/Jamisontown with family activities incl kayaking, skating rink, bowling, sports, the river, nature and the Joan Theatre …
The Eastern Suburbs beaches have their issues of storm/sewage runoff, traffic, parking, parking fines, gridlock. The Inner West with air traffic noise …
IT’s time to vote the donor recipients out! Because Sydney was nice back in the 80s until the late 1990s before ‘the vandals and their crush took over’!
Opportunities now arising for change with imminent Local Government elections, and in 2022 for State and Federal Governments!
It’s rigged, isn’t it? A Sellers Market, and set to benefit Investors, Foreign Buyers, Money Launderers and especially apartment deve-lopers …
With house prices in Sydney, Canberra, Hobart and some regional areas shooting up by more than 30% in 2021 … let that sink in …
A recent study by the McKell Institute found:
‘The average Australian worker would be earning $254 more a week if wages growth had continued at the rate achieved under the last Labor government, according to a new analysis.’
Since the Liberal Coalition Government gained power in 2013 wages have grown 2.5% compared to 4.6% in 2007 to 2013 with the Labor Government.
Average weekly earnings for men would be $310 higher if the average rate of wage growth from 2007 to2013 had been sustained since 2014 to 2020!
And women would be earning $152.23 more a week! Why were our wages suppressed? This study blames a suite of Liberal Coalition policies including the public sector pay freezes, an increase in Visas for temporary migrant workers, inaction on wage theft, the GIG economy, and this government failed to press the Fair Work Commission for bigger minimum wage increases
First Home Buyers who did not have the ‘Bank of Mum and Dad’ were locked out in 2021.
HOW can they save more than 80% of their annual wages for a deposit?
Where are the ‘cheaper rents’? Say less than $420 per week? That is $1640 per month …
WHAT is left to get over the deposit hurdle and prices skyrocketing … ?
YET the ANZ predicts that house prices are to continue to rise by a little more than 6% in 2022 prior to falling some 4% in 2023 …
WT ##
HOUSING IS UNAFFORDABLE IN 2021 …
AS the real estate go-between persists pushing up house prices … to the liking of vendors and the bankers …
IT is reported that more homes are coming to market, and a rise in fixed mortgage rates and a slight reduction in maximum borrowing may slow this down … ?
The RBA wages growth forecast of a mere 3% by end 2023 … half that of the additional 6% house price rise and …
IF house prices fall 4% as ANZ predicts by the end 2023 housing would be 27% more expensive than at the end of 2019!
WESTPAC’s senior economist predicts an 8% house price rise for 2022 with wage growth of 3% …
IT appears that the Morrison Government First Home Buyer schemes were created to boost the demand, and fill the coffers of apartment deve-lopers as these schemes cut out at $800,000 in Sydney. The Sydney median house price is now $1,499,126!
The hope for more listings in 2022 to outstrip demand from buyers appears to be dashed with the Perrottet Government ‘Plan’ to bring back International Students
“This is a significant milestone in our roadmap to recovery and I can’t wait to welcome back such an important part of our community,” Mr Perrottet said.
AND the Morrison Government post-COVID economic recovery plan includes the return of skilled migrants.
“We are going to have a business led recovery here in Australia.”
YES, obviously, it does with increased competition for jobs!
IT was the Howard Government that introduced TEMPORARY VISAS … for Workers and Students which replaced Australia’s Permanent Migration of 70,000 people annually
PRIOR to the PANDEMIC there were 2.3 MILLION VISA HOLDERS of which 1.6 MILLION were VISA WORKERS in AUSTRALIA!
… willing to work for slave rates and conditions … with the goal of gaining Permanent Residency and a new life here …
THIS has led to high unemployment and underemployment of Australians …
‘The one million Australians forgotten in the unemployment statistics‘
IT would seem that too many Employers are exploiting the desire of temporary migrants to come here to gain residency by working in jobs not linked to their qualifications but in cleaning, hospitality, and fruit picking for three or more years before gaining employment in their chosen vocation.
‘Since the borders shut in March last year, more than 500,000 temporary migrants have left the country,’
SO what did Employers do since the Pandemic? It appears they have held out with few offering better wages and conditions, and continue to push for the return of high immigration of Visa Workers! Alleging skilled worker gaps …
IT appears the lowest wages growth for more than 60 years … is being maintained!
These temporary and student permits (Visas) ‘make people more vulnerable to exploitation by employers’ because employers can threaten them with deportation or punishment so these temporary migrants can be underpaid in exploitative work!
‘This can go on to depress wages in that sector: something seen through large-scale wage theft and rip-offs in hospitality and the agricultural sector.’
Foreign Buyers have continued to flock to Australia during the Pandemic … not in as many numbers … but they have not only been coming from China’s ‘Mainland’ but Singapore and Hong Kong too!
It is not just Harbourside Mansions they seek … or the Upper North Shore … and the Elite Eastern Suburbs but High-Rise PRECINCTS across Sydney Town … built specifically for this foreign buyer market!
Take a wander or a drive and see for yourself …
… Meadowbank Top Ryde North RydeMacquarie Park Wentworth ParkRhodes! It goes forever!Melrose Park, and heaps more! These precincts are largely owned and occupied by Chinese people.
It is reported there are only 1.2 Million Chinese people here … how credible? Very outdated reports.
HOW many more times do we have to read this from Monika Tu?
She said key drivers were lifestyle, education and business prospects.
‘And despite the Covid pandemic, she said her business – which has an annual turnover of $200m – “keeps growing”.’
WHAT does Australia’s stable political environment, strong economy and good education amount to?
In fact underlying all that Ms Tu speaks of … Australia’s real estate market is awash with ‘Black Money’ … much of it coming from China …
READ MORE!
‘Who are Pushing Back Against Tranche 2 Anti-Money Laundering Laws?‘
‘Would these attractions be about the access gained by wealthy Chinese business people having not only acquired residential property to gain Permanent Residency, but also investing in commercial businesses, and access to either free education or the opportunity to send their children to ‘private schools’.
Obviously this huge influx has led to much competition not only for our housing market, but also investment in business! And contemplate the consequences …
Apparently Chinese homebuyers allege they ‘are getting picked on’ yet Ms Tu ‘notes the attractiveness of a friendly community’ … ?
Yes, they like what we have …. Or is that what we had?
The proximity to their China and clean air … here for the time being …
– Ms Tu also addresses a “misunderstanding” around the influx of wealthy Chinese property purchasers. And rejects that her clients and numerous others are taking opportunities away from Australians … well how good was it before this huge influx?
It was very good! Before ‘Visa workers’ we had Award Wages and conditions … and 70% home ownership among Australians …
The only competition for housing was a more sustainable 70,000 permanent migrants arriving annually … not Hundreds of Thousands with a temporary Visa to exchange for Permanent Residency after buying our real estate …
IS it any wonder ‘Chinese love the properties’? And continue to buy up Australia because they can …
The Morrison Government has facilitated this … influenced by the developer lobby groups, The Property Council of Australia, The Urban Taskforce and others …
The Foreign Investment Review Board (the FIRB) is the avenue through which this all takes place. It was around 2008 that an FIRB ruling allowed developers to sell 100% of ‘new homes’ to foreign buyers .. not content with providing housing for the incumbents they looked to the overseas market particularly of China with its 1.4 Billion people …
With the Howard Government the Middle Class Chinese were lured to buy our real estate and/or education to gain ‘Flexible Citizenship’ which led to a Housing Boom in the early 2000s … 2004!
And so it has continued … increasing the supply of housing for the ‘foreign demand’ locking out Australians …
The increased supply of ‘new housing’ is for foreign buyers … it is not for the Australian home buyer …
Aspiring First Home Buyers had a brief look-in with the Pandemic … those that had wealthy parents to back them …
WHY is it that there have been so many reports of Australians ready with a deposit and/or ‘cash buyers’ unable to secure a sale for 12 months or more? Having spent every weekend attending auctions with 100 or more around them competing …
Let alone the stories untold!
The International competition for Australian Homes, it appears, began when the FIRB was established in 1976 during the Liberal Fraser Government to advise the Treasurer and the Government on Australia’s foreign investment policy, and its functions are only advisory. The responsibility for making decisions on Policy and Proposals rests with the TREASURER!
Thus it would seem that the Property Sector and the Government of the Day ‘work hand in glove’ ….
SEARCH for ‘Chapter 2: Regulation of Foreign Investment in Housing’
The Spin …
‘Australia’s overall foreign investment policy usually encourages overseas buyers to purchase residential property and, as a result, increase the supply of new housing.
Without foreign investment, many new building projects would become unviable.’
Many of us still remember Meadowbank, Top Ryde, North Ryde, Macquarie Park, Wentworth Park, Breakfast Point, Rhodes, and Melrose Park low-rise residential, and/or commercial/industrial areas where our communities lived and worked before storey upon storey deve-lopers made a motza selling overseas … that’s how viable these high-rise precincts are for deve-lopers.
Australians have had no say about high immigration through the backdoor of property investment … a consequence of lobbying and political donations …
We doubt very much the Chinese having gained residency are at all concerned … more likely they are well pleased … smug even …
The FIRB reported a drop in Chinese investment in 2019 due to the Pandemic however with so many having flown here over the past two decades and acting as Permanent Resident Onshore Proxies … perhaps we will never know how much Chinese investment has occurred?
And Ms Tu says that since the Pandemic her business keeps growing!
READ MORE!
‘Real estate: Chinese homebuyers ‘are getting picked on’
–‘Disappointing’: Big four banks to skip financial crime inquiry
NOVEMBER 7 2021
The Senate approved a motion by Labor Senator Deborah O’Neill in June to launch a formal inquiry into the effectiveness of laws, regulators and companies tasked with preventing financial crime. The committee has since called on a range of law enforcement, academic and industry participants to participate in two days of public hearings. ….
Senator O’Neill said major banks play a key role in defences against money laundering and terrorism financing and provide AUSTRAC with much of its intelligence.
“It is disappointing that Australia’s major banks have chosen not to appear at a Senate inquiry into the important issue of money laundering, given their prominent role in the Australian economy and involvement in several recent high-profile money laundering scandals,” Senator O’Neill said.
The major banks detailed the level of investment needed to uplift anti-money laundering (AML) processes when appearing before the economics committee in September. “It would be helpful for the inquiry to know how these upgrades are progressing, when they will be completed, how they will continue to be upgraded and how effectively they’re currently operating to prevent criminal activity and money laundering in Australia,” Senator O’Neill said.
–‘Devastating impact’: Austrac warns banks against ditching crypto dealers
NOVEMBER 9 2021
“The effect of debanking of legitimate and lawful financial services businesses can increase the risks of money laundering and terrorism financing and negatively impacts Australia’s economy,” Austrac said in its statement.
“For this reason, Austrac continues to discourage the indiscriminate and widespread closure of accounts across entire financial services sectors.”
A Senate inquiry into Australia becoming a financial services hub recently heard evidence from small businesses specialising in trading cryptocurrency on the impacts of debanking – a now industry-wide practice.
*A second Senate inquiry into Australia’s anti-money laundering laws is this week hearing evidence from finance industry participants and regulators about whether to expand our transaction reporting regime to include real estate agents, accountants and lawyers.
The head of Transparency International Australia, Serena Lillywhite, says money laundering creates “devastating impacts” for the country.
“Australia has become the destination of choice for illicit financial flows … which too often end up in the property market,” she told a Senate inquiry on Tuesday.
“It can reasonably be argued that it is driving up property prices in Australia and locking Australians out of owning their own home.”
Sudanese generals, Malaysian bankers, Papua New Guinea elites and Chinese high rollers were all signalled as people using the Australian property market to wash funds.
Criminals are able to use family members or other third parties with no criminal record to buy property in Australia in their name.
Australia’s financial watchdog AUSTRAC flagged in one of its analyses $1 billion of suspicious property transactions from Chinese investors, the inquiry heard.
Ms Lillywhite questioned what it would take for Australia to close loopholes being exploited by criminals to launder their money after Crown Casino was able to keep its licence despite adverse findings from a royal commission.
“How much evidence of money laundering in Australia will it take before the law is changed and enforcement ramped up?” she said.
Ms Lillywhite called for the strengthening of the financial watchdog and broadening its scope as well as the closure of legal loopholes that allow criminals to conduct business in Australia.
The hearing was told Australia’s financial markets were attractive to criminals because of the ease at which they could hide funds through the creation of trusts and shell companies.
Labor senator Deborah O’Neill said the evidence shocking, quipping that rock band AC/DC had it right.
“You can do dirty things cheaply in Australia,” she said.
“A $2 company and off you go, no one will know what’s going on.”
–Russia’s shock note as crims use Aussie high-flyers for dirty cash
NOVEMBER 10 2021
Russia has revealed how Australia has ignored money laundering`, as organised crime gangs put $50b through unregulated lawyers, accountants and real estate agents.
-‘Of course there are examples’:Criminals laundering billions throughAustralian housing market
NOVEMBER 10 2021
Austrac national manager intelligence partnerships Bradley Brown said.
“The logical economic consequence of an unequal market means that if a person like you and I was competing next to a person who had illicit proceeds of crime, then it’s an unfair situation,” Mr Brown said, responding to questions from Senator O’Neill.
But allegations that home buyers were potentially competing with crime gangs came as a surprise to the real estate agents lobby group, with the REIA president, Adrian Kelly, saying he had not seen any evidence that Australian real estate was particularly vulnerable to money laundering.
“To suggest that money laundering is pushing house prices up, I’m not sure that’s something that could be substantiated,” Mr Kelly said. He added the REIA was supportive of providing information to agencies to assist in their investigations but the industry was wary of the cost impost of being formally brought within the money-laundering laws given many agencies were small businesses. *
His concerns were echoed by Liberal Senator Paul Scarr who said some of the information being sought from real estate agents could be provided by conveyancing lawyers processing transactions.
… ‘thou doth protest too much’ … ???
Afterall it is the Real Estate Agents who engage with Buyers … whether it be locally at home inspections, with Onshore Proxies and/or Online!
The Foreign Investment Review Board (the FIRB) has facilitated foreign buying of Australian Property AND the Morrison Government has created a large number of Temporary Visas enticing foreigners to invest in our property market to gain a Permanent Resident Visa!
AND the Morrison Government exempted the Real Estate Gatekeepers from the Second Tranche of the Anti-Money Laundering Laws in October 2018!
Those Real Estate Agencies, small businesses, appear to have never flourished so much as they have throughout 2021 with the house price hike of 21% to date in 2021!
Perhaps they could employ an administration person to investigate?
Labor senator Deborah O’Neill said during the hearing that money laundering was costing the economy upwards of $50 billion a year, with funds linked to drug and sex trafficking and child exploitation being legitimised domestically.
“This is quite significant for Australia as an international global citizen that we come to the party and catch up to the game,” Senator O’Neill said.
Australia might be ranked first for money launderers, but for climate policy we are ranked last.
Needless to say, these rankings aren’t something we should be proud of.
–Widespread Money Laundering is contributing to Australia’s inflated Property Prices, a Senate inquiry has heard
NOVEMBER 10 2021
WITH ill-gotten cash laundered through a corporation, a business and secure in a sound investment of housing! Extremely difficult for law enforcement to take it back!
AUSTRALIA is at the bottom … non compliant with FATF global standards along with Haiti and Madagascar
The AML Laws were implemented in 2006 Yet the Second Tranche was shelved from then until October 2018 when the Scomo Govt exempted the Real Estate Gatekeepers despite the rise of the dark web transaction exchanges using cryptocurrency!
How burdensome would it be for Agents to employ an Admin person paid $50K a year when they command Sales Commission of $30K plus for each house sale?
The ABA said the ability of banks and Australian law enforcement agencies to detect, deter and disrupt financial crime will be enhanced if the Australian regime is aligned to international standards!
NOVEMBER 11 2021
Transparency International Australia CEO Ms Lillywhite told the Committee:
“It has devastating impacts both in Australia and overseas and can be reasonably argued it is driving up property prices in Australia and locking many Australians out of owning their own home,”
While she noted:
-it would be difficult to track down records or documentation
“We know that we do have this gaping hole in our law, that does mean that Australia is a more attractive destination than others,” she said.
-TI has called for reforms to target Australia’s “weak” anti-money laundering (AML) regime and to introduce a public register of beneficial ownership
–AUSTRAC reaffirmed to the committee that the “use of real estate is an established method of money laundering internationally”
-and reported criminals may also renovate and improve real estate – thereby increasing the value of their properties and potentially profiting if they sell
–Australia is one of a few countries that are yet to introduce the Tranche 2 reforms to its anti-money laundering laws; including lawyers, accountants and real estate professionals
REAL ESTATE AGENCIES ARE TURNING OVER HOW MANY SALES WEEKLY?
SO if there is to be no implementation and enforcement of the Second Tranche of the AML LAWS to return our Housing Market to Our Families … it would seem that the Morrison Government ought lock out Foreign Buyers from residential property in Australia …
Transparency International Australia (TI) CEO Ms Lillywhite told the SENATE Committee:
“It has devastating impacts both in Australia and overseas and can be reasonably argued it is driving up property prices in Australia and locking many Australians out of owning their own home,”
While she noted:
-it would be difficult to track down records or documentation
“We know that we do have this gaping hole in our law, that does mean that Australia is a more attractivedestination than others,” she said.
–TI has called for reforms to target Australia’s “weak” anti-money laundering (AML) regime and to introduce a public register of beneficial ownership
–AUSTRAC reaffirmed to the committee that the “use of real estate is an established method of money laundering internationally”
-and reported criminals may also renovate and improve real estate – thereby increasing the value of their properties and potentially profiting if they sell
–Australia is one of a few countries that are yet to introduce the Tranche 2 reforms to its anti-money laundering laws; including lawyers, accountants and real estate professionals
.only Australia, Haiti and Madagascar
HOWEVER the Real Estate Institute of Australia (REIA) has pushed back against the government implementing the Tranche 2 reforms.
-insisting that the changes could impose burdensome costs on 47,000-odd agencies; which could be passed on to home buyers and tenants
REIA president Adrian Kellyrejected that the cost for each Australian agency would correlate with that of New Zealand practitioners, totalling around $10,000 for Kiwi firms.
-and submitted it would be closer to $50,000 for an Australian real estate agency
The cost of an Admin Staffer annual salary for $50,000 would not be an insurmountable sum for these agencies …
A sample sales fee (agent’s commission) at 1.8% incl GST estimate for a sale at $1.8M = $32,000 … with increased commissions for sales at $2M = $36,000 and more!
Plus marketing costs for the Vendor! Amounting to $Thousands!
REAL ESTATE AGENCIES ARE TURNING OVER HOW MANY SALES WEEKLY?
SO if there is to be no implementation and enforcement of the Second Tranche of the AML LAWS at the Behest of the REIA and the Law Council of Australia what then?
… do Our Families remain locked out of Home Ownership? Do they have to wait for their Parents to die to share in the Family Home (if lucky)?
IT is apparent the MORRISON GOVERNMENT has therefore no alternative but to lock out Foreign Buyersfrom residential property in Australia … so why did this government exclude the real estate gatekeepers from the second tranche in October 2018?
COMMUNITY ACTION ALLIANCE FOR NSW (CAAN): HOUSING INEQUALITY WITH AUSSIES LOCKED OUT! 