ABC Q & A With Economist Yanis Varoufakis on Australia’s Economic Response to Covid-19


How would Yanis Varoufakis rate Australia’s economic response to COVID-19? #QandA


How would you rate Australia’s economic response to the Covid-19 Crisis, and if you were in charge would you have done things differently?


All the boring questions come to me because I have this predicament of being an economist, and a Greek Economist.

Okay, I shall compare the treatment – the response during the Covid-19 period to what happened after 2009 under the Kevin Rudd Government, after the GFC.

Both responses were large. The 2009 response was more effective in a sense that money went directly to families, independently of their circumstances.

So it was a more efficient system.

The support of the Australian economy now – during the Pandemic has been larger, and it had to be larger because the shock was greater, but I very much fear that it has created a large wall of money – which as the Pandemic recedes – and we hope it will soon so that I can come and visit my daughter to begin with – that this wall of money is not going to fuel house prices, yet again, asset prices because this is the great scourge of the Australian political economyHOUSING!

If all this money becomes higher asset prices it will be a monumental waste of all this liquidity that has been created by the Bank of Australia instead of going into investing so that we have good green jobs for experts, for the Arts – for that matter which is not a luxury to be added on to whatever else Australians are doing.

So to cut a long story short, take this liquidity and put it to good use, and do not waste it on real estate!



… Yanis, something that you have noted, and that concerns you, is that Australia is falling behind not only because the model that we have relied on for quite some time, which is our heavy reliance on China you regard that as out-moded that that is finished, and that we need to look elsewhere.

What is the solution to that, Yanis?


Investment! It is not just Australia by the way; not being critical of Australia. It is also the European Union. The two blocks that are suffering, if you want, I consider Australia a small block, and the European Union. The European Union and Australia.

Because the business models of both Europe and Australia have relied upon for prosperity are now defunct, and it is the United States and China that are steaming ahead, coming out of the crisis stronger.

This, of course, is clouded over by the merging Cold War between them, and Australia and the European Union are running a very serious risk of being left behind.

Because the … future are Green Energy, artificial intelligence, robotics, and this is where there is insufficient investment – both in Australia and in the European Union.

And at the same time we have to remember that if Sierra Leone, or you know, some developing country that is simply impoverished are not investing – well you can understand that they don’t have the money to invest.

But both Australia and the European Union – we are swimming in money. We never had so much money as we have today, but we are wasting it, we are not investing it into the things that we need, and I totally concur with the point we just heard about the manner in which Women’s rising discontent has been completely ignored by the Government.

But in the end, imagine we were exploring The Universe – Startrek like – and we chanced upon some alien Civilisation we would look at where they were putting their resources you know judge their collective character.

Where are we putting our resources today? In the large corporations that are already sitting on a huge stash of – into men and into the powerful …

(Interview disrupted due to being out of sync.)


MEDICH FAMILY pockets $499,950M from Badgery’s Creek Bonanza!



-Medich Family’s 344-hectare land parcel at Badgerys Creek transacted for $499,950 million. Medich brothers purchased the Badgerys Creek site from the CSIRO for $3.5 million in 1996.

-2017 the sale of the Badgery’s Creek land to BOYUAN Holdings Limited (BHL) contingent on FIRB approval; deal did not go ahead

-THE BUYER entity named ‘Roberts Jones Bringelly’ whose directors include CHENG JIA PAN and BO GONG. THE BUYER also purchased 73 hectares of MEDICH land in Bringelly for $77 million

– Roberts Jones Bringelly has appointed BHL as the development agents for the project

-the Elizabeth Drive site to become a major employment, logistics and mixed-use precinct servicing the Airport and greater Aerotropolis

BUT what does this really mean for Australia?


China’s Parliament approved a Decision to change Hong Kong’s Electoral system!

people with face masks on hold up signs in a streets in hong kong

Australia’s foreign affairs minister concerned over China’s latest move to endorse tighter control over Hong Kong

Australia’s Foreign Affairs Minister Marise Payne has expressed her concerns after China’s parliament approved a draft decision to change Hong Kong’s electoral system.

Key points:

  • None of the almost 3,000 votes were cast against the move to give China greater powers over Hong Kong
  • China was the only major economy to grow last year and that is expected to continue
  • Under the changes, a 1,500-member committee would pick Hong Kong’s leader and a “relatively large” number of the island’s 90 politicians

The changes would further reduce democratic representation in the city’s institutions.

Ms Payne said on Twitter, the reforms weaken the country’s democratic institutions and impact the Hong Kong people’s freedom of political expression.

Chinese Premier Li Keqiang, China’s second-ranked leader, held a highly stage-managed press conference to close China’s National People’s Congress (NPC) in Beijing — where the electoral reforms passed with no opposing votes.


WHY Can’t We Australians Hold Our Parties … Our Pollies to Account?

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Photo: John Hollad and WestConnex Lilyfield Road Rozelle Interchange

HAVE you noticed that when in a conversation that sometimes if one is to question what is happening in Australia concerning policies, projects, the Ministers, or MPs that LNP supporters will retort with an allegation like this from Greg Hunt …

‘When Rowland pressed the point that taxpayers paid for the vaccines, Hunt attacked his motives again.

‘I know this is an issue for you. In many ways, you identify with the left,’ Hunt said.

“No, no, minister, I find that offensive,” Rowland responded.

Read more:

That the same Party supporters will label one, and go so far as to say ‘You’re a Communist!’

SHOULD one be equally rude and retort with “Does that make you a Fascist?’

WHY can’t we Voters hold our Government to account?

WHICH Party appears to have been in, or under the beds MORE with the Reds?

COULD it be that many of the same people who retort with such a slur just so happen to have shares, portfolios in JOHN HOLLAND?

AS they prosper at the expense of Australian workers who find themselves en route of one of the all too numerous tentacles of WestCON X now crisscrossing Sydney … these same workers supporting industry on the lowest wages for almost a decade …

IS that thanks to ‘the Fascists’ OR are they too ‘Commies’?


‘Leighton sells John Holland in $1.15B Deal’

Key Points … CCCC after acquiring Australia’s defence projects construction company …

-CCCC, the first big Chinese group to build Australian roads and bridges

-to get a foothold in multi-billion dollar infrastructure projects

-CCCC has taken over tunnels and stations for North West Rail Link, Perth’s Children’s Hospital, Victoria’s regional rail link

-the deal followed the Free Trade Agreement (FTA) with China;  allows Chinese Visa Workers to build projects in Australia

-Leighton released details of Mr Fernandez Verdes’ pay package after the Spaniard replaced Hamish Tyrwhitt as CEO

RELATED ARTICLE:  ‘Liberated by the Chinese John Holland blossoms under CCCC Ownership’

When John Holland Chief Executive Joe Barr walked into the boardroom of Canadian Construction Group AECON in November, he faced 40 anxious people in suits.  AECON had just been acquired by China Communications Construction Company (CCC) – the same Chinese Group that had paid $1.15 Billion to buy John Holland two years earlier.  (Paywall)

The CCCC, A China State-owned company having acquired JOHN HOLLAND are building in these areas in Australia …

Control/Click to learn more!

NOW … it appears we have more foreign interference in Australia!




FACTS on Foreign Buyers from the ‘Real Estate Inst.’ …

DOES it appear that the role of the Foreign Investment Review Board (the FIRB) is to look after the wealth portfolio of their client base, largely the Property Sector … ?

CAAN has a look at a document alleged to be ‘The Facts about Foreign Buyers’ … of Australian Real Estate from the Real Estate Institute of Australia …

WITH the development of Fiefdoms across Sydney … known as High-rise Precincts, does this Sector seriously believe that Australians cannot see what is going on? 

OBVIOUSLY these ‘Fiefdoms’ evolved due to the high cost of tiny lots in the Sydney CBD and the inner circle suburbs

PERHAPS this has something to do with the evolution of so many HIGH-RISE PRECINCTS across Sydney … where developers could buy large lots at a fraction of the cost … to sell to a huge overseas market!

CAAN Photo: Liverpool July 2020; view from Memorial Drive Liverpool

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CAAN Photo: Castle Hill June 2020 … where there were cottages!
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CAAN Photo: Chatswood May 2020: Chatswood is being built by CCP MONEY! Re Audio from Geopolitical Strategist David Lee
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CAAN Photo: Prime by JQZ Waterloo Road Macquarie Park; May 2020

THE HIGH-RISE PRECINCTS across Sydney that look like Fiefdoms … were proposed dating back to 2012! Facilitated by high immigration and Visa manipulation.

When their suburbs are being inundated with people from overseas particularly since 2015 from Mainland China … that as at 2015 many Australians were outbid at house auctions – largely attended by these Visa holders or their onshore Proxy, and that this experience continued … until there was a change with Realtors cancelling auctions to conduct sales inhouse …

In this frenzied environment prices of homes escalated … perhaps unbeknowns to many at that time (2015) investment of $1.5M in a home correlated with an Investment Stream Visa … which no doubt also contributed to the price hike!

YES, why do we need ‘foreign investment’ which are in fact foreign acquisitions’? 

The answer to this perhaps goes back to lobbying by this sector in 2008/09 when they were able to convince the government with ‘the Sting’ that they needed to increase their overseas marketing sales from 50% to 100% of ‘new homes’!  They then got an FIRB ruling!

AND Australia not only has had high immigration but a backdoor to migration through Visa Manipulation with Temporary Visa holders able to gain ‘Permanent Residency’ when they bought our real estate

As reported, the FIRB to date in November 2018 had not carried out a single prosecution against foreign buyers who had failed to comply with our laws on buying our real estate!

WHY is it that temporary Visa holders can purchase our land, an established home and a number of ‘new homes’? … How can that be of any benefit to Australians?  With so much competition in the market? 

Amanda Lynch, the former CEO of the REIA suggests that without foreign money many new developments would not be possible …  of course not because they would bloody well not be needed! 

Constituents especially Our Youth do not need them either because they are priced out, or because we resent this ugly inundation of High-Rise Precinct Fiefdoms across Sydney  …

Rentals are only now coming down due to the Pandemic with so many having lost their jobs and/or business owners have had to break their leases … forcing landlords to reduce the rents to gain new tenants

Previously it was said that Chinese buyers were targeting homes valued at less than $1M which is the market normally for Australian First Home Buyers.  However, Ms Lynch puts that these foreign buyers are acquiring properties valued at more than $1M

That could possibly be the case with reports that some ‘buy a whole floor of an apartment development’ … CAAN was notified of this happening in Asquith!

AND there are no limits on the number of ‘new homes’ they can buy!

WHY wouldn’t the REIA believe that this huge foreign market was good for this Sector?  As the supply was built for these foreign buyers … a possible 1.4 Billion of ‘em! 

The suggestion that this increased the supply of rental properties is readily disputed due to the numerous reports of ‘foreign buyer’ dwellings left vacant and pristine. 

Have you noticed in your area such empty dwellings?  We know of a ‘block of flats’ that has remained empty for more than 12 months; recently it has been lit up of a late afternoon with blinds half open; some move up and down a little periodically (on a timer), and the lights on one balcony remain on all day and all night.  No-one is ever seen to enter, or leave … mail and flyers ooze out of the letterbox …

From a record $72B foreign buying spree in our real estate in 2015/16 it is alleged to have dropped to $30B despite the increased housing development in that period

Could that be explained by the presence of the onshore Proxy, and/or the foreign buyer having gained a PR Visa through online purchase?  

What the Institute omits to refer to are the vast number of UHNW and HNW acquiring our real estate who were not discouraged by increased stamp duties, nor banks tightening lending because it would seem that they deal in shadow banking … and Black Money … what did make a difference in or about 2018 was China’s capital controls!  Since lifted …  

WITH the FIRB role of ensuring this foreign buyer market in Australian ‘new homes’ …

DOES it seem that this is the very reason for the existence of the FIRB?

The fees of $5000 or $10000 are nothing to those of High Net Worth ….  Temp. Visa holders who buy our real estate can fast-track to gain a ‘Permanent Resident Visa’

AND there are no limits on the number of ‘new homes’ that foreign non-residents can buy; they only have to seek FIRB approval … for whatever that means!

FURTHER … they can buy an established home for redevelopment … hence many beautiful Heritage and Mid Century Homes demolished allegedly to increase housing stock …

Possibly for even more ‘foreign buyers’?


About the Facts on Foreign Buyers of our Real Estate from the Real Estate Institute

‘DESTINATION’ Meriton Precinct in Talavera Road is Rising

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CAAN Photo: First Tower of ‘Destination’ Talavera Road Macquarie Park

THERE is more to this than meets the eye!

The first Meriton Tower for ‘Destination’ in Talavera Road Macquarie Park at 28 June 2020 is now some 22 storeys … and it is expected to be completed with 27 storeys early 2021!

IMAGINE how the 63 Storey Tower will dominate!

This Meriton development is for 1270 units in Macquarie Park.

Wondering how many of the 1270 apartments are sold? And to who? HT has previously said:

“The problem with Australians is they are very slow. They ask their lawyer, they ask their financial adviser, they ask their family, they ask everybody. The Chinese don’t ask anybody, they come off the plane, buy their unit and go.”


“China has more than 1 billion people,” he said. “And they love Australia. I think they love Australia as much as we love Australia. So there will always be enough of them that will buy.”

What will happen now? With further outbreaks of CV-19?

Will these CCP members have already gained ‘Permanent Residency’ when they purchased? What then?

Will AUSTRALIA be safe? How can a ‘PR VISA’ ensure they will be COVID-19 free?

Recent report (shared on CAAN) there are no changes to foreign investment in real estate …

-the changes leave existing gateways for investment largely untouched

-little has changed for key investment sectors such as mining, residential, industrial and commercial real estate and agribusiness land and enterprises

• There are no significant changes proposed to the rules regarding residential real estate

Another aspect to this is that in Macquarie Park there has been a complete demograhic change … it has visibly been underway since about 2015 …

Macquarie Park was originally a Business and Information Technology Park which created local employment …

But what now? With largely foreign buyers of these apartments particularly from China it would appear they are in the “box seat” for employment …

MERITON is everywhere … in every direction across Sydney … in the Sydney CBD … Chatswood … Epping … Sydney Olympic Park … Rhodes …
Meadowbank … Pagewood … Parramatta … Abbotsford … Hurstville … Burwood … here in Macquarie Park with a couple of precinct developments …

MERITON is up on the Gold Coast and down in Melbourne

MERITON has apartments for sale … for rent … serviced apartments for tourists and hotels!

Now the community of ‘Little Bay’ are opposing a monstrous precinct. It began with the Little Bay Masterplan

-it was approved in 2009 allowing for 450 dwellings to be built in buildings up to five-storeys (18m)

–Meriton then sought consent to build 1900 dwellings in multiple mid and high-rise with maximum height of 22 storeys (73m)

It has now been rejected by the Council … however … HT has its own legal counsel …

Remember the interview with Jane Hutcheon on ‘One Plus One’

JANE HUTCHEON: Do you feel you have had a hand in the way the Sydney landscape has changed?

HARRY TRIGUBOFF: Well, since I am not a modest person I say I had the biggest hand in it because I devoted myself to Sydney. I did a little bit in Queensland, but absolutely I am Sydney! …. .

IT would seem that the Planning Law changes were long in the making … remember HT said when he arrived in Sydney:

“I looked at Bondi Beach. Bronze bodies. Unbelievable. I looked at the red roofs. No flats, [just] cottages everywhere.’ So is this why Harry set about changing the built environment … ?

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CAAN Photo: Two gum trees and a few shrubs in this ‘zone’
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CAAN Photo: The Meriton on site sales office ‘Awake in Tranquility’ of the whir of the M2, the protection of the two gum tree protected zone and Talavera Road a route to the M2 and high-rise neighbourhood.
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CAAN Photo: the ‘Destination’ site with preparation underway for more towers. The M2 is in the background.



LOWY THINK TANK POLL … and how Australians View CHINA Now …

HOW much longer will we have to deal with the Wuhan Pandemic of 2020? 

It may well be years  …? 

With its awful ramifications for our Society … jobs market  … our economy … and the threat of an insidious disease remaining …

Frank Lowy … we note was the former Chairman of Westfield, a global shopping centre company … so perhaps this would have some bearing on the way the questions were put together for this survey?

Mr Lowy it would seem has really enjoyed the benefits of ‘Globalisation’ … and the Liberal Coalition policies which would no doubt have contributed to the expansion of Westfield … like his fellow AFR Rich Listers with the real estate tourism … the World-wide expansion of the Westfield chain of shopping centres …

AND … Lowy is the founder of the Lowy Institute described as the Nation’s leading foreign affairs think tank also described as ‘neoliberal’


So with all that … it is put that Aussies still believe in globalisation contrary to the rest of the planet who are falling back to nationalism, and protectionism. 

So where do these 2448 respondents to the survey come from?  And how were the questions framed concerning the bushfires, climate change in the midst of the Pandemic in March with businesses closing and jobs lost? 

In 2019 many had already been subject to underemployment let alone those made redundant before this Pandemic so it is not surprising that only 65% were optimistic.  Now only 52% feel optimistic about the economy  …

IT would seem it has taken the Worldwide devastation of the CoronaVirus for Australians to finally grasp the need to withdraw from China … to diversify our markets …

a mere 23% of Australians trust China; a 29 point drop in 2 years

-22% have confidence in Xi Jinping


nine in ten want the Australian government to diversify markets; reduce dependence on China

-despite Australians confidence in Trump in freefall 78% recognise our US alliance is important for our security

HOW come as the Lowy Institute alleges that until very recently Australians in the majority saw China as an economic opportunity? 

Was that a consequence of the media, government ministers, Think Tanks like the Lowy Institute talking up the value of ‘our largest trading partner’?  Constantly?

So that the intelligence reports somehow were overlooked?


Photo: Wikipedia; Frank Lowy

We’re told that Australia’s Borders are closed … Yet 8000 have flown in!

HOW come?

The latest data issued by the Government reveals that 8000 people have flown here since the closure on 20 March! Between 20 March and 1 June 2020!

On Wednesday 10 June Australia had only two new cases of Covid-19. Both had returned from overseas and were in Sydney in hotel quarantine.

How come not all travellers are forced into quarantine? 

Not everyone has been forced into quarantine when they arrive in Australia – and some returned travellers, including a diplomat who lives in Canberra, have exposed others to the virus.

Those exempt include:


-airline and boat crews (excluding cruise ships)

-unaccompanied minors can seek exemption as with those on compassionate or health grounds

Most returning were citizens or Permanent Residents.  With the increase in Permanent Residency since 2013 particularly from China through Real Estate Tourism perhaps stronger measures ought to be taken? They may not have spent long prior here in Australia …

What could be more compelling than ensuring the well-being of Constituents?  Why increase the risk for Australians from some foreigners made exempt due to compassionate or compelling reasons?

The WHO has advised that it can take longer than 14 days to become infected!

So a traveller could be infected with the virus after release from hotel quarantine.

Government funding for Qantas and Virgin Australia has run out with these airlines now regrounded for international flightsYet some overseas airlines have resumed flights to Australia!

Four new CoronaVirus cases from returned travellers were found in a Melbourne hotel last week with hotel staff members in self-isolation!


Photo: TND

LINKS to Reports on Drew Pavlou and Chinese Interference at the University of Queensland

-How can the University of Queensland recover from the Drew Pavlou Affair

 May 30, 2020 by Paul Frijters

-Suspended UQ Student Drew Pavlou Sues University of Queensland

-Drew Pavlou sues University of Queensland for $3.5M (Macro Business)

LINKS for Reports from ASPI and Others concerning CHINA … The United Front and More

Alex Joske@ASPI_ICPC

The party speaks for you

Foreign interference and the Chinese Communist Party’s united front system

‘China will be Surprised how long it took us to Act on Foreign Investment Laws’

A report from Peter Jennings, the executive director of the Australian Strategic Policy Institute (ASPI), and a former deputy secretary for strategy with the Defence Department.