The reports we had seen on the news only featured Scott Robertson ICAC Assisting Counsel, examining.
However the camera then crossed to Arthur Moses SC seated there, and we were wondering what role he had in this inquiry?
We now see that Arthur Moses SC was there representing Gladys Berejiklian!
This is interesting … what a tangled web of property developers, real estate gatekeepers, the Law Council of Australia, and MPs … because back in February 2019 a report appeared in the Australian Financial Review that REAL ESTATE AGENTS with the backing of the LAW COUNCIL OF AUSTRALIA were able to weasel their way out of the Anti-Money Laundering legislation allegedly on the basis that imposing the full AML/CTF (the second tranche of the AML Laws) may create conflicts with the lawyer’s duty of confidentiality and the principle of client professional privilege!
‘President of the Law Council of Australia Arthur Moses, SC, said their profession was already extensively regulated by the states and territories under a comprehensive and robust regulatory system.
“The Law Council is concerned that imposing the full AML/CTF regulatory regime may create conflicts with the lawyer’s duty of confidentiality and the principle of client professional privilege, as well as increasing the cost of legal services to the community,” he said.’
At the time CAAN asked these questions …
WHY is it with the purchase of real estate there should be some difference compared to buying or selling a vehicle, why is it different?
Why is it difficult to apply laws to the purchase of real estate?
Why is that compromising a lawyer? Why should real estate be any different to any other matter?
If there are laws governing real estate so be it. It should not make any difference to a lawyer. If lawyers have a matter before them that involves a crime they have two choices:
-do it for their client knowing their risk
-not do it
View: ‘Labor to Target Lawyers, Accountants, Real Estate Agents’
These reports reveal why we should care about money laundering apart from the fact that our real estate market has been awash with ‘Black Money’ from money launderers lured by the reward of Permanent Residency … and the consequences of a whole Cohort of Australians locked out of home ownership in Australia!
FinCEN files reveal suspicious transactions were waved through despite red flags
By the International Consortium of Investigative Journalists
Posted and updated 21 September 2020
Banks moved more than $2.7 trillion in payments they believed were suspicious over 18 years
Some of the biggest banks in the leaked files continued to wave through suspect payments despite promises to government authorities to improve money laundering controls
Donald Trump’s former campaign manager Paul Manafort features in the documents
CAAN Photo: 10 townhouses under construction where a home was demolished
‘It may be time to revisit the credit controls used in Australia in the 1950s and 1960s, which directed investment into new rather than existing housing and helped increase home ownership.’
That is what Labor proposed prior to the last Election! To limit negative gearing to new housing. Investors would only deduct net rental losses from ‘new homes’ from their wage income.
And all investments made before the changes would be grandfathered to claim losses against wage income.
Here the authors go even further!
‘Tax advantages extended housing investors, such as negative gearing and discounted capital gains taxes, should be scrapped. ….
Challenging vested interests will be hard, but the current downturn offers hope.’
We note no mention of ‘foreign buyers’ who have taken advantage of financial returns from buying our real estate with ‘hot money’ often through a Proxy buyer.
Perhaps despite so much material raising these concerns with sadly no changes by the Morrison Government apart from exempting real estate gatekeepers from the AML Laws (in October 2018) … the authors have chosen to focus on the incumbent rentier class? Who until recently were outnumbered by those from overseas …
It is not only the ‘tax advantages’ that foreign buyers seek but ‘Permanent Residency’… for now international travel is very limited … but buying online still maintains … now targeting homes sought by Australian First Home Buyers!
DESPITE the strong objections from Councils and Constituents …
It’s happened across Sydney wherever higher density has been deemed … this is the second stage … their appetite whet for more …
TO demolish our streets for crap like this …
CAAN Photo oversized duplex showing signs of poor workmanship
IN the lead up what it will mean …
THE MOB moves will be underhand … our properties undervalued …
NEXT … wholesale demolitions … asbestos clouds … excavations … jackhammers … tradies trucks pack out our streets … chainsaws too … mud … cement dust … visa workers not trained through our TAFE … latrines on the streets …. footpaths turned into rubble … hazards for pedestrians … conga lines of trucks … cement mixer trucks … concrete pores even as late as 8 p.m.
THIS is plannedfor across NSW … no escape …
As ‘Our Families‘ are priced out … note this Report …
‘Major proposed changes to Australia’s Foreign Investment regimeannounced by the federal government’
FOREIGN INVESTMENT means FOREIGN ACQUISITION … OWNERSHIP
‘There are no significant changes proposed to the rules regarding residential real estate’ *
As China is alleged to be easing off … enter Millions of buyers … Billions of ‘em from Hong Kong … Malaysia, Singapore, India … and obviously more Black Money awash in our Real Estate … remember the Real Estate Gatekeepers are exempt from the Anti-Money Laundering Laws (Morrison Govt October 2018) …
BUT … what the Property Sector may find that due to the Pandemic … that international travel will not happen until there is a vaccine … so despite no laws to prevent foreign acquisition … the market may not just be there!
WHEN some believer says ‘Come on … Liberals are good economic managers’ … OR ‘lay off these guys’ … just remind them how good they are …
-and what it has been costing us …
Mr Pants-on-Fire from the Shire was anointed by the Federal developer lobby, Property Council of Australia for the top job … so that the PCA holds the reins of Australia …
He wrote the policy for the PCA before entering politics …
AND in NSW the Mob rule from Macquarie Street … read more:
IN early April 2020 the NDT for the Daily Telegraph did a sympathetic story for the remaining tenants of Ivanhoe Public Housing Estate …
IVANHOE ESTATE was an architect designed Public Housing Estate of apartment blocks and townhouses set in amongst Australian bushland.
Demolition was to begin that week of 6 April even though some residents were still waiting for a replacement home!
The main road that cuts through the estate formed a community for these people over a mere 25 years before they learnt of their fate. It was a happy community conveniently located to the University, the Macquarie Park Shopping Centre, the Business and IT Park, with bus connections across Sydney! And modern housing!
The Liberal Coalition seems bent on demolishing any development aged more than 20 years … no matter that it was built to last as with the Bicentennial Projects of the stadiums and soon the Powerhouse Museum!
Ivanhoe demolished for two thirds private redevelopment … to dovetail with the Federal Government policy enabling developers to market housing projects 100% overseas particularly in China.
CHINA is now discouraging its people from returning to Australia … however the private redevelopment here would have already been purchased … will they onsell?
Perhaps it has now dawned upon Australians that they are being moved along … to get out of the way … whether it be for Public Housing demolitions … or suburban communities rezoned for higher density for new ‘Permanent Residents’ to launder their ‘hot money’ …
IT would seem that since the NSW Liberal Coalition has largely – if not entirely – demolished our Public Housing that on this occasion the Social Housing Sector have managed to get a sizeable share of the 3000 dwellings … with 950 Social Housing! And 128 affordable rental homes allocated … said to all blend with the private development …
… admittedly this is a big stride for this government that normally only provides 5% affordable and/or social housing … because now it really has to do something about homelessness …
Some residents were still on site in 45 homes because they had not been provided with a suitable alternative. The estate had only celebrated its 25th birthday when the tenants learnt of the Government’s plans …
Now after 28 years living in a home, and in a happy community it would be very distressing to be flung off in another direction, and to lose your community!
Read more! Ivanhoe public housing estate at Macquarie Park set to be demolished
WILL the Outcome from the CV Pandemic be a Return to a Sustainable Multi-Cultural Migrant Intake from across the Globe?
Because these ABC journalists, Bang Xiao, Christina Zhou and Iris Zhao wrote this report, ‘How the coronavirus pandemic could shift the multicultural make-up of our society’.
WITH Australia having the highest concentration of international students … did anyone … including foreign students ponder how long this could continue with a majority of overseas students occupying places in Australian Universities?
DUE to the Pandemic it has come to a head perhaps sooner … whereby the PM has had no alternative but tosuggest they ‘go home’!
Was there not a similar unpleasant response across the globe? With a World-wide Recession underway? Resembling that of the Great Depression of the 1930s ….
Were these students unaware that in their large numbers they have replaced Australians by paying full enrolment fees?
That these students have been ‘cash cows‘ to fund our Universities due to Government withdrawal of funding?
Numerous reports have been issued concerning the impact of a large cohort of International Students with:
-disruption to lectures due to some students having poor English language skills
-cheating; lowering of standards
-less places for Australian students
-high Australian youth unemployment and underemployment with increased competition from student/visa workers
Prior to the pandemic unemployment and underemployment was at 19.7%, and for years, the Labor opposition, unions, economists and others have been urging the government to increase ‘Newstart’ which was below the poverty line. With it being rebadged as ‘JobSeeker’ the payment was increased but it is due to return to below the poverty line rate in September!
Many Australians have lost their jobs, and many more may lose the security of their homes due to the Pandemic … so the Government does need to look after its citizens first!
Due to trade, tourism and the Australian property market largely targeting China, Australia no longer appears to be so ‘multicultural’ … this concentration has intensified since 2013 …
Perhaps it would be good to diversify esp. with the threats coming from China, and those with vested interests?
It would seem that Australian Universities need to demand government funding to ensure security of intelligence and R & D esp. since the cyber attacks on data at the ANU! And the interference from Confuscious Institutes … an example being the UQ and its suspension of Philosophy Student, Drew Pavlou.
View this report: ‘ UQ management “tip of the iceberg of a totally corrupted system” ‘
and Search CAAN Website for more about Drew Pavlou and the University of Queensland.
ONCE again it is put that in Australia not rendering financial support to international students that this may discourage future enrolments, and a loss of the alleged fourth largest export sector.
HOWEVER, Macro Business questioned the veracity of a $37.6B contribution to our economy supporting 240,000 jobs following a media release by Education Minister Dan Tehan in November 2019 that education exports had grown by $5B in 2018-19. Further, that the ABS found the sector had grown by 15%.
BUT what is not mentioned are tuition fees and expenses while studying in Australia and their goods and services of $20B that they pay for from working in Australia as they study outweigh enrolment fees of $15B in 2018.
‘International students work here to pay for their living expenses just as Australian students do!‘
IT has been the lure of ‘Permanent Residency’ that has enticed the majority of these international students.
Now the Pandemic has been a cruel blow! But not only for International Students but Australians with many unable to gain a place at University …
Prof. Salvatore Babones’ research (August 2018) reveals that Australia has the highest concentration of international students; with the UK and Canada following
Total overseas student enrolments increased to 918,000 including 435,000 enrolled in Universities.
Overseas students accounted for more than 80% of some of Queensland’s most popular university courses
-foreign students filled some 75% of places in key university courses
-occupy 82.4% of places in IT courses at University of the Sunshine Coast; 2 thirds of places at James Cook and University of Southern Queensland
-at UQ in exchange for selling places to Chinese students it gains $250M a year
-overseas students outnumber Australian students in IT, management and commerce courses
CIS Emeritus Professor Steven Schwartz, a former vice-chancellor of Macquarie University in Sydney and Murdoch University in Perth, said foreign students flock to courses likely to lead to jobs and permanent residency, such as IT and management.
“Permanent residency is one of the main motivations to study in Australia,’’ he said.
“If suddenly permanent residency was given to people who study poetry, it’s likely they’d all be doing poetry.”
SO next time you hear of an Australian politician extolling the benefits of an alleged $37.6 B International Student Export Industry update them on what is really happening!
Read more: ‘The uni courses being taken over by foreign students’
Cash-hungry universities are offering more places to fee-paying foreigners than to local students in 64 courses nationally, data obtained exclusively by The Courier-Mail reveals.
FOR years … decades … Australians have been subject to callous treatment by politicians and Liberal Coalition Governments with WorkChoices by Stealth; the casualisation of the workforce; competition from Visa workers for jobs (introduced by Howard Govt)
Come September those Australians in receipt of JobSeeker (previously known as Newstart) will have this payment cut to return to below the Poverty Line!
PRIOR to the Pandemic Unemployment had reached 19.7 %
No doubt there is even more hardship to be experienced across Our Society … unbeknowns no doubt to many … with the Morrison Government only announcing in 2019 of its cut to migration to 160,000 as it overlooked the 2.3 Million Temp. Visa holders in the country …
Yet the 2019 Budget estimates reveal high levels of net overseas migration (NOM) to rise to 263,000 in 2022.
Will the Morrison Government put Australian workers and jobs first and desist with the high temporary migrant visas of some 2.2 , or 2.3 Million p.a.??
Hence even more competition for jobs, housing, and lowering of living standards … for the incumbents …
ASK why demographers like Liz Allen deliver this message that Australia would be:
“economically and culturally poorer” as a result of near-zero international migration due to border lockdowns.
WHEN our Unemployment is at 20% (or more), and with largely people from China targeted for migrant intake where is the cultural diversity? Australians are now enjoying a reprieve from traffic gridlock, the crush in schools, buses and trains, and would prefer the lockdown to remain!
LIZ Allen perhaps ought contemplate … Liz ought to get around … and see for herself the demographic change across Sydney in Chatswood, Macquarie Park, Epping, Ryde to name a few and contemplate how this may impact Australians when they are now in a minority? What of job opportunities for Australians within this demographic change?
To find that all shopping malls, shopping strips, restaurants, cafes, the businesses, and shopping centre seating are taken over by new ‘Permanent Residents’, and some even speak to Australians in an authoritarian manner! As where we live is rezoned for higher density, ‘new homes’ sold by developers to these overseas buyers … and so on!
During this Pandemic despite the ‘Social Distancing’ signage many of these people disregard the guidelines and walk up behind in groups too close to Australians in their midst!
HOW discriminatory is that? Some Australians may be annoyed by this …
LET alone the facts of very poor even KRUPT Government policy allowing such overseas Visa holders to buy our Real Estate with ‘hot money’ … as many as six ‘new homes’ on a Guardian Visa … etc, etc …
The Real Estate Gatekeepers having been made exempt from Anti-money Laundering Laws in October 2018 by the Morrison Government.
WHY does Liz Allen say that ‘Australia desperately needed migrants to stay and contribute to maintaining the economy, and, in time, rebuilding after the pandemic passes’ ? WHEN Australia already has 20% plus Unemployment?
WHOSE interests does Liz Allen represent?
FOLLOWING the devastation of the Pandemic what country if any, is likely to offer better options?
Liz Allen continued to beat up Australians with her emphasis on ‘White Australia policy sentiments’ which bears no resemblance to the multi-cultural society that we have had until the past seven years …
IN regard to the matters we have referred to it would appear that in fact contrary to Ms Allen that Australians have borne the brunt of very poooor government policies.
That since the advent (some would say the onset) of the Liberal Coalition, living standards, quality of life, lowest wages growth for 60 years, and insecure work, unaffordable housing etc, etc … that let’s hope the Australian Government does focus on keeping Australians in work and business now and beyond the CoronaVirus!
Read more from this article: ‘How the coronavirus pandemic could shift the multicultural make-up of our society’.
MEANWHILE unemployment rises … early May 2020 600,000 jobs lost and home sales fall … owners withdraw from the market …
SINCE 2013 developers have become RICHER … with the Foreign Investment Review Board ruling allowing them to sell 100% of ‘new homes’ to foreign buyers (Millions of ’em) … the second tranche of the Anti-Money Laundering Laws shelved, and then in October 2018 the Morrison Government exempted the Real Estate Gatekeepers from the AML Laws!
A whole Cohort of Australians locked out of this market by the overseas competition laundering ‘black money’ in our real estate and the lowest wages growth for 60 years!
IN the political sphere following the arrival of the CoronaVirus Pandemic the Australian Parliament has been shut down … negotiations are said to be happening with business and the unions as the Labor Opposition has been excluded from the discussion about rejigging the economy!!!!
-that’s two (guvmnt and business) against one (the ACTU) ….
Due to casualisation of the workplace many have lost their jobs, and many have not been able to access Centrelink payments!
Harry Triguboff remains Number One richest property developer … still Australia’s third richest behind Number One Anthony Pratt packaging and recycling business, and iron ore magnate Gina Rinehart.
Harry has grown his wealth by 6 per cent over the year to $13.54B with some 4000 Meriton apartments underway, and another 11,000 in the pipeline!
2. Hong Kong-based Hui Wing Mau, the Chair of Shimao Property has increased his wealth by 14.2 per cent to $10.39B through residential, commercial and hotel projects across China and commercial assets in Sydney’s CBD. He has a majority stake in Bindaree Beef Group.
3. Frank Lowy at $8.56.BManaging director, Lowy Family Group
Sold off their Westfield interests and Frank went to Israel.
4. John Gandel, Principal, Gandel Group at $6.6B
5. Lang Walker, Executive chairman, Walker Corporation at $4.67Bhas increased his wealth by 34.6 per cent! With 10 commercial precincts underway incl 4 towers at Parramatta Square, and development in the Wollondilly!
Following stiff resistance from local WILTON residents, court action and negotiations with the local council the focus now appears to be on commercial rental property development in Sydney and Melbourne …
SADLY despite the resistance from the Wollondilly community the new Walker Corporation estate comprising 696 lots in a housing corridor near Sydney’s second planned airport at Badgerys Creek will be proceeding … along with those of Chinese developers, Country Garden, and Dahua …
With the consequent loss of Koala habitat, flora, fauna and farmlands
6. Betty Klimenko and Monica Weinberg-Saunders, Family of Westfield co-founder John Saunders at$2.37 B
7. Michael Hodgson, Perth’s biggest industrial landholder at$2.34 B
8. Marc Besen & family, Chairman, TarraWarra at$2.34 B
9. Maurice Alter & family, Founder, Pacific Group at $2.33 B
10. Tony Perich & family, Chairman, Leppington Pastoral Company with a 16.5 per cent spike at $2.05 B. Tony Perich has held the Narellan Town Centre since 1989. With a string of diversified investments and a majority stake in Freedom Foods.
THIS Killara property sold prior to the beautiful Lindfield home to a Taiwan buyer for $6.3M … it comes as no surprise, does it, with much overseas interest targeted through WeChat and Ray White’s Chinese Home Link connection?
IT would seem that the CCP expansion from Chatswood is well underway … with these North Shore home sellers keen to maintain their local ‘home values’ …
While across Sydney house prices continue to fall …
HAVE the wealthy Upper North Shore community contemplated that as they maintain the Shore’s ‘home values’ by selling to this overseas market … and move onto Byron Bay … that with more foreign buyers particularly from China, Hong Kong, and Taiwan that these exclusive locations are being acquired?
THAT as the new ‘Permanent Residents’ move in they are also buying and setting up business …
WHAT opportunities will there be in turn for the established North Shore Families to live and work in the ‘North Shore’ as more and more of these new overseas buyers move in? As their Familes are priced out by overseas UHNW and HNW?
VIEW PART 1: ‘Foreign Buyers from Hong Kong Taiwan are buying Prestige Aussie Property Online!’
-the Foreign Investment Review Board, (FIRB), David Irvine and Phil Gaetjens
-the second tranche of the Anti-Money Laundering Laws shelved; the real estate gatekeepers made exempt in October 2018 by the Morrison Government
IS it WorkChoices by Stealth alone that is at the core of the loss of Home Ownership? Or is there more to it?
… FINALLY a little truth is revealed in this article but what is at the core of the rotten apple is again overlooked!
‘How Australia’s casual workers and investors are behind the decline in home ownership‘
IT is not only the inflated price of housing but new research reveals that the casualisation of the workforce and the growth of property investors together have led to the decline in home ownership ….
HOWEVER what is not revealed here is that it is not only homegrown property investors but a World-wide market particularly from China with a resource of some 1.4 BILLION People including millions of High Net Worth!
That is perhaps where ‘the growth in property investors’ stemmed from … a consequence of the ‘FIRB’ ruling allowing developers to sell 100% of ‘new homes’ overseas
-by 2040 those aged 25 to 55 will have only a 51 per cent chance of owning their own home
– down from 60 per cent in 1981
–home ownership will fall to 63 per cent; down from 67 per cent in 2016
QUESTION: How many of that 67% in 2016 are Australian born compared to new ‘Permanent Residents’ from overseas?
Swinburne University of Technology undertook the research on behalf of the Australian Housing and Urban Research Institute. (AHURI)
-in the 1950s, ‘60s and ‘70s the majority had stable incomes in full time work
-a change occurred in the 70s;now more than 24% have casual work
-casual work locks out these workers from gaining a mortgage
No refererence to where ‘the demand’ for Australian housing came from?
Which caused the price hike …
Professor Burke came close with this comment:
“The financialisation of housing is an international factor and is best understood as the process where housing is treated as a commodity to be invested in rather than a home, meaning more and more money flows into housing but without any necessary improvement in housing supply or quality,” he said.
Professor Burke conceded that:
-renters needed greater security and quality housing
-policies to enable them to build wealth
-more social housing was needed
BUT THEN rather than laying the blame at the feet of very pooor government policies written to benefit developers and their overseas buyers particularly from China the Professor laid the blame at the feet of ‘older home owners’ having acquired wealth … often over 40 years or more to buy the ‘family home’ … it is alleged wealth through home ownership … aside from the cost of maintenance, rates, taxes …
Forgetting that if one sells, it is at a loss with the cost of real estate sale, legal expenses, stamp duty, moving etc etc
-that the inflated price is due to the foreign demand particularly from China
–the Morrison Government exempted the Real Estate Gatekeepers from the second tranche of the anti-money laundering laws in October 2018
IT would seem these are the reasons that we will have long-term social problems until AUSTRALIANS jack up and demand a stop to these policies!
AND a thorough investigation of the FIRB! Disband the FIRB!
AND VOTE FOR A PARTY THAT WILL ADDRESS THIS!
READ more from Melissa Heagney, ‘How Australia’s casual workers and investors are behind the decline in home ownership’