… the new city, surrounding the under-construction Nancy-Bird Walton Airport, will include commercial, agricultural, industrial and residential development and is targeting tech-centric aerospace and defence companies as well as advanced manufacturers and agribusinesses.
The site has been divided into ten precincts, with three key precincts—the Aerotropolis Core, Northern Gateway and South Creek—identified by the government as offering the greatest growth potential.
IN NUMBERS …
• 11,200 hectares underpinned by a 20-year agreement • Six initial precincts to be developed during the coming years • Four additional precincts to be rezoned • 12.2 million visitors expected annually • 200,000 new jobs projected • Predicted to become Australia’s third-largest economy by 2036
‘They will dress it up talking about National Income … GDP and Exports … but really it has nothing to do with that.
IT IS SELF INTEREST!
The Big Players wanting more of the PIE!
And sustaining their market share, their BIG Profits and their influence in our Geopolitical Hemisphere.
There is nothing ‘egalitarian’ … nothing ‘high minded’ about it!
IT is strictly about money and strictly about THEM AND THEIR PIE!
-there is a need to build 200,000 Social Housing Dwellings for Australians
-are the firestorm victims still living in tents and shipping containers? A. Yes!
-what of the whole Cohort of Australians Gens X Y and Z locked out of home ownership in their own country?
SO why isn’t the PROPERTY SECTOR addressing these needs?
WHY does The Cabal want ‘Foreign Buyers’ and ‘Foreign Students’ back?
DESPITE the threat of a second wave of the CoronaVirus?
AND NSW INC is now to fast-track shovel ready high-rise projects
-Victoria’s leading residential building mob is lobbying the government to open the border to encourage overseas buyers … is this about ‘Hot Money’ to burn on Melbourne property?
-Chinese corporate investors are already “bargain hunting”
WHY do experts deny there will be a ‘red tide of cash overwhelming Australian assets’ as this peak body calls on these ‘foreign buyers’?
Then the leading economist of realestate.com.au puts that offshore buyers would be seeking Australian development sites and industrial properties, and that international investment groups with assets worth $Billions are expected to lead …
IT appears the imminent threat of the ‘flying Pegasus’ buy-up invasion is beyond the comprehension of this Mob …
Has Australia not only sold off the land, the ports and now the water to foreign State-owned companies?
Does the FIRB protect Australia or facilitate the purchase of its assets?
How bad can it get?
THE two Chinese state-owned companies that have purchased Australian water entitlements are:
Unibale Pty Ltd listed as an Australian subsidiary of the state-owned COFCO Corporation, one of China’s major agriculture companies.
Unibale Pty Ltdowns more than 7,000 megalitres of water entitlements in the Gwydir River system
A COFCO subsidiary, Chinatex Australia has failed to pay a Federal Court order to compensate a local beef provider.
-they have acquired water entitlements and faced limited scrutiny by the FIRB
-the reduction of water in our major rivers has led to a rising price
-since 2014 trade in water allocations in the Murray-Darling Basin were relaxed
-though a commodity it does not have the same governance and due diligence like gold or minerals
-private foreign investors buying into our water market are exempt from restrictions to prevent a fire sale takeover of our Assets!
-unlike the alleged restrictions for land and real estate, water assets are not within the FIRB’s oversight
.except for direct purchase by foreign governments
-on their own water entitlements do not require FIRB approval
HOW can it be said that the FIRB balances Australia remaining such an attractive destination for foreign buyers having allowed all but five transactions yet ensuring these overseas acquisitions are not contrary to Australia’s national interest?
AND despite the Government introducing Public Registers to record these foreign acquisitions of these Australian asset classes it has been reported in The Weekly Times that the Deputy Prime Minister has backed up the government’s stance on delays in releasing the register of foreign investment.
And, of course, shouldn’t we maintain sovereignty in
.food production .water resources .energy
BUT … What country in the world has
-only 3 weeks bulk oil based fuel supplies in storage -only a few ports not owned/operated by foreign interests -only a few energy retailers not foreign owned -only a few dairy processors not foreign owned -a majority of private hospitals are foreign owned -no controls on who can buy irrigation water entitlements
The list goes on, the answer is… … Of course it’s Australia!
Jessica Hinchliffe writes in ‘Triple Eight Race Engineers create ventilator to help ICUs during COVID-19 Crisis’
AUSTRALIANS are all talking about the Sting carried out by both the Greenland Group and Country Garden (aka Risland), and no doubt other Chinese business groups … to scoop up Australia’s medical supplies to boost the Chinese stockpile at home … depleting Australian supplies to put our People at risk from the CoronaVirus!
WHEN we look back we wonder how it was that Chinese developers like Greenland were able to make such inroads into Australia?Scooping up large land sites in the midst of our Sydney suburbs … stomping all over rights!
Following the Coalition gaining power in NSW in 2011 they proceeded to change the planning laws robbing the Constituents of their community rights … then inviting them to ‘have their say’!
SYDNEY was rezoned for higher density beginning with high-rise PRECINCTS!
THE SCOOP of our Medical Supplies is not the first time that Greenland has raised the ire of Australians … it has done so across Sydney suburbs with their intrusive high density housing projects as they vertically integrate … and rob established Australian residents of all their rights!
‘GREENLAND to launch $1.6B Sydney Park Erskineville Sydney’
THE concept plan for Park Sydney in Erskineville … a $1.6B project was their largest Australian project in conjunction with GH Australia for some 1400 apartments.
-approved in March 2017; to comprise of 9 buildings; ranging between 2 and 8 storeys
GREENLAND – China’s largest Government State-backed Real Estate groupin 2014 became the developer of “Lachlan’s Line” Master Planned Community on the corner of Epping Road, Delhi Road and the M2, NORTH RYDE.
Then LANDCOM announced the sale of another two large development sites at Lachlan’s Line to house 5000 residents in 2700 dwellings
INTERESTING with proximity to the the North West Metro Line that currently connects Tallawong in Sydney’s north-west with Chatswood to connect to the City and South West Lines.
And housing hubs at all eight new stations between Tallawong and Epping currently being developed over the next 10 years to deliver 11,000 new homes …
VIEW RELATED ARTICLE onCHATSWOOD a city being built by the Chinese Communist Party …
AND this is what Greenland and other Chinese developers have done to North Ryde/Macquarie Park …despite much community objection to their ‘Lachlan’s Line’, the Ryde Electorate does not have a bus interchange but Greenland has an onsite bus interchange, and their own bridge connecting the Precinct/gated estate to the North Ryde Metro Station
DESPITE thousands of objections, representations to politicians, meetings, submissions the rights of Australian constituents were discarded …
This development resembles developments in China, and the Ryde Community was sidelined by this giant Chinese developer. This precinct is an affront to this neighbourhood, and it is not yet completed.
A young Australian apprentice, Christopher Cassaniti was killed on site a year ago
This youtube bears out community concerns about the quality of these housing projects!
VIEW the Media Release from the Greenland Group which appears to be an attempt to appease … following Australian community fury
‘Greenland Australia supported Greenland Group’s initiative by arranging for medical supplies to be dispatched to China. Again, it should be noted that this proactive response occurred in late January and early February, at a time when the worldwide spread of the virus, and all response efforts, were focussed on China.
However, Greenland Australia also recognises that Australian people are currently at risk with the more recent and ongoing domestic spread of COVID-19, so the company is focussed on helping people in this country through a similar effort to that undertaken for China.
Greenland Australia continues to take this pandemic very seriously, and in conjunction with Greenland Group, we will continue to do everything we can to assist.’
READ MORE! Media Statement Re: Chinese-backed Company’s Mission to source Australian Medical Supplies
WHY does the Morrison Coalition Government not root out and stop all property money laundering instead? Cough … cough …
WHEN only as recently as October 2018 the Morrison Coalition Government exempted the Real Estate Gatekeepers from the Second Tranche of the AML Laws … disgraceful!
-hence the resurge of buyers from China and Hong Kong …locking out our FHBs
(Real Estate Agents, Lawyers, Accountants and Conveyancers = Gatekeepers)
AND the other issue of hidden political cash donations … ?
NOW not only the Real Estate Gatekeepers have been flourishing in money laundering but it emerges Funeral Directors too … apart from Tradies, and some notorious ‘ethnic’ communities who launder in our Real Estate …
WHY pick on ‘Pensioners’? ... What are they doing with wads of $10,000 in cash anyway?
ON another level, is the Government moving ahead with negative rates, and making customers pay the banks to hold their money?
Ban on $10,000 cash purchases set to become law despite concerns
A controversial bill to ban cash payments over $10,000 and impose two-year jail sentences on those caught using cash above that limit is poised to pass Federal Parliament despite bitter divisions within both major parties.
The Morrison government is set to win support from Labor to legislate the controversial crackdown, which is likely to be opposed by the entire Senate crossbench from the Greens to One Nation.
*The proposal has been criticised by tradespeople, pensioners and some ethnic communities, with government MPs reporting a fierce backlash from within their own branches over the laws.
*Some Labor MPs have also expressed reservations over the laws, aimed at cracking down on crime syndicates that launder money through the black-market economy.
But the opposition will likely vote in favour of the laws when a Senate committee inquiry hands down a recommendation that the bill be supported on Friday.
Assistant Minister Michael Sukkar has moved to quell unrest among the Coalition party room over the bill in the face of a torrent of criticism from backbench MPs as well as party members who believe the crackdown on cash is a breach of the government’s stated belief in the free market.
Mr Sukkar said the laws were a recommendation from the government’s Black Economy Taskforce as a way to stop criminal gangs using large cash purchases of cars, houses and jewellery to launder their gains from illegal activities.
“The key focus of the bill isreducing the ease with which organised crime gangs can operate throughout the country,” Mr Sukkar said.
Government sources told The Age and The Sydney Morning Herald they were prepared to call the bluff of Coalition senators and the “tin foil hat brigade” who might cross the floor on the issue.
A video recording of Mr Frydenberg being asked about the cash ban at a Liberal Party function in Brisbane last week shows the Treasurer pressed on what the government hoped to achieve from the move.
He said the government was acting on recommendations of its own black economy task force.
“This was really to go to the heart of the issue of ensuring there’s less of a black economy and more of an economy sticking to the right rules,” he said.
The Greens have told supporters it is also opposed to the ban, drawing on some of the internal criticisms made by rank-and-file members of the Liberal Party.
“The bill is a case of the cure being worse than the disease,” the Greens have told supporters in emails seen by The Age and The Sydney Morning Herald.
“The bill would criminalise the use of legal tender. In doing so, the bill challenges the freedoms that hard currency provides and lays a path towards further restrictions on the use of cash and even negative interest rates.”
While the Australian Tax Office wants to stamp out the “black economy” by curbing large cash payments, critics said the cost would be far greater than the benefits if Australians were banned from using more than $10,000 in cash.
Rank-and-file Liberal Party members have expressed privacy concerns over the new laws while those also against the change include the Housing Industry Association, NSW Farmers, the Australian Dental Association and big retail groups that say customers like to save cash to make big payments.
No mention of the second tranche of Anti-Money Laundering Laws being shelved more than 13 years ago ... and then the Morrison Government exempting the Real Estate Gatekeepers (real estate agents, lawyers and accountants) from the second tranche in October 2018 …. Soft!
Why not tell it how it is?
What about real estate, the reports are there, why was it overlooked … seriously? At least its had top billing today, 20 February 2020.
One of the Mosman houses owned by the mysterious Bo Zhang. Sam Mooy
Australia a safe haven for illicit funds, but Cayman Islands the world’s worst
Australia continues to host significant quantities of illicit funds from outside the country and is not doing enough to counter money laundering and tax avoidance, according to the 2020 Financial Secrecy Index.
The Tax Justice Network’s index, released every two years, rates countries based on financial transparency
Cayman Islands ranked as the world’s biggest contributor to financial secrecy, followed by the US and Switzerland
Despite its relatively low ranking at number 48, Australia hosts significant quantities of illicit funds from outside the country
The Tax Justice Network’s index, (TJN)released every two years, rates countries based on financial transparency.
The Financial Secrecy Index (FSI) ranks each country based on how intensely the country’s legal and financial system allows wealthy individuals and criminals to hide and launder money extracted from around the world.
*The Cayman Islands ranked as the world’s biggest contributor to financial secrecy, as a result of the once-notorious tax haven increasing the volume of financial services it provides to non-residents.
The report also noted major risks emanating from Cayman’s hedge fund industry, which uses companies, trusts and limited partnerships that are “cloaked in secrecy”.
In second place was the United States, overtaking Switzerland (now ranked third).
Australia is ranked at 48th position in this year’s index, four places down from its 2018 position.
Despite its relatively low ranking, the report said, “Australia undoubtedly hosts significant quantities of illicit funds from outside the country”.
Australian banks under scrutiny for money laundering
Australia’s big banks have come under scrutiny for failing to detect money laundering and other crimes.
More than 23 million transactions are alleged to have breached anti-money laundering and counter-terrorism finance laws, and the bank is facing the prospect of fines that may total more than $1 billion.
Post the Panama Papers, in 2017 Treasury undertook consultation on setting up a beneficial ownership register that would out the people behind secret shell companies.
“There has been no public movement on the register, with the Government continuing to say it is under consideration,” the report said, urging swift action.
*TJN also called on the Federal Government to extend anti-money laundering provisions to real estate agents, dealers, lawyers, accountants and others.
*The government drafted laws in 2007 that would have done so, but those laws were never implemented.
Top 10 worst offenders
British Virgin Islands
United Arab Emirates
Australia was ranked 48th on the 2020 Financial Secrecy Index. (Source: Tax Justice Network).
Calls for Government to do more to fight tax avoidance
*To better counter tax avoidance, the report called on the Federal Government to make public country-by-country reports provided to tax authorities.
These reports, which detail taxes a company pays in each jurisdiction it operates, have been kept secret since they were introduced some years ago as part of the OECD and G20’s base erosion and profit shifting (BEPS) project that aims to stamp out tax evasion.
“None of the information is made publicly available, which is a major shortcoming given that civil society plays an important part in scrutinising corporate tax behaviour,” the report said.
*The report did note Australian authorities had some success in fighting tax avoidance, through various taskforces and stronger laws such as the Multinational Anti-Avoidance Law (MAAL) and Diverted Profits Tax (DPT).
The ATO has previously said MAAL has resulted in companies booking an additional $7 billion in sales in Australia every year, thus resulting in a higher tax take.
While companies such as Facebook and Google have already restructured their operations due to MAAL, and pay more tax here, the law only applies to sale contracts managed by sales teams in Australia.
*The ATO does not require tech giants to disclose the revenue they book overseas from local clients, meaning authorities have not been able to stop the legal practice of collectively billions of dollars in advertising revenuebeing channelled via low-tax countries like Singapore.
Clark Gascoigne, the interim executive director of the US-based Financial Accountability and Corporate Transparency (FACT) Coalition, said financial secrecy remains a major problem.
“Financial secrecy enables crimes like human trafficking, tax evasion, and corruption both at home and abroad,” Mr Gascoigne said.
TJN’s report said the United Kingdom (ranked 12th on the index) increased its secrecy score more than any other country by extending its network of satellite jurisdictions to which the country outsources some of its secrecy activity.
*It is often referred to as the “UK spider’s web” — a network of overseas territories and crown dependencies where the UK has full powers to impose or veto lawmaking, and where powers to appoint key government officials rest with the British Crown.
“The UK’s spider’s web included some of the highest-ranking jurisdictions on the Financial Secrecy Index, including Cayman (ranked 1st), the British Virgin Islands, which ranked 9th and Guernsey, which ranked 11th,” the report said.
*A director and founder of the Tax Justice Network, John Christensen, said UK’s surge up the index raised “serious concerns about the UK’s post-Brexit strategy to turn the City of London into a ‘Singapore-on-Thames'”.
TJN‘s report did have some good news. It said financial secrecy around the world is decreasing as a result of some recent transparency reforms.
On average, countries on the index reduced their contribution to global financial secrecy by 7 per cent.
Liz Nelson, a director at the Tax Justice Network, said despite some positive reforms by countries, progress on country-by-country reporting remains slow.
This, she said, had left unchecked the “rampant tax abuse that disproportionally undercuts the people who start out with [fewer] opportunities in life to begin with”.
“The OECD currently has a once-in-a-century opportunity to reform an international tax system that has allowed financial secrecy to flourish,” Ms Nelson added.
TJN’s analysis is ‘misleading’
A number of groups have disputed the TJN’s analysis.
*According to the TJN itself, a higher rank on the index “does not necessarily mean a jurisdiction is more secretive”, but rather that the jurisdiction plays a bigger role globally in enabling secretive banking, anonymous shell company ownership, anonymous real estate ownership or other forms of financial secrecy“.
It said a highly secretive jurisdiction that provides little to no financial services to non-residents, such as Samoa (ranked 86th), will rank belowa moderately secretive jurisdiction that is a major world player, such as Japan (ranked 7th).
But Cayman Finance, the association representing financial services firms in that country, said the report contained “misleading and inaccurate information”.
“The Cayman Islands would not be highly ranked on any secrecy index that is objective, transparent, and based on standards established by global standard setting bodies,” Cayman Finance said in a statement.
“The Cayman Islands, particularly its financial services industry, has been recognised for decades as a strong international partner in combatting corruption, money laundering, terrorism financing and tax evasion.”
The United Kingdom’s Treasury also disputed the findings, telling The Guardian that it did not recognise the basis of TJN’s assessment and that “we have been, and will continue to be, at the forefront of the greater drive for transparency”.
The NSW government is considering a plan to dissolve its troubled property development arm Landcom in order to address the politically sensitive task of removing its chief executive, John Brogden, a longstanding friend of the Premier.
The plan, to either dissolve the state-owned corporation or place it under the auspices of the NSW Planning Department, is being considered in part over concerns about a torrid culture at the agency, but also because of the “Brogden problem”, as some officials have begun to term it.
Mr Brogden is a former leader of the NSW Liberal Party and a friend of NSW Premier Gladys Berejiklian. He was appointed to the $600,000-a-year job in May 2018 following a competitive recruitment process, having previously served as the agency’s acting chief executive for seven months. Questions were initially raised about his appointment because he was chosen above a preferred candidate put forward by the minister overseeing Landcom at the time, Anthony Roberts.
The multi-billion-dollar organisation, which employs approximately 163 people, has experienced turmoil on a number of fronts, including sustained bullying allegations made against its chair, Suzanne Jones, and the loss of 33 staff over a two-year period. Another executive accused of bullying was paid a substantial amount of money to leave the organisation. Some of these issues predated Mr Brogden’s appointment.
Landcom’s role is to manage crown land for the NSW government and develop housing projects with a social and economic benefit to the state. Another priority is to address housing affordability and issues of supply throughout NSW.
The plan to dissolve the agency is being welcomed in some quarters as an opportunity to reform the agency’s culture under a new leadership and, separately, enable a soft exit for Mr Brogden.
Neither Landcom nor Mr Brogden responded to a request for comment.
“She can’t afford to have him go rogue,” a source said, referring to Ms Berejiklian’s relationship with Mr Brogden. A second source remarked: “What can they do? He’s a former Liberal leader.”
The Australian has been told that, separately, the NSW government is considering a plan to wind down the Sydney Olympic Park Authority over its alleged mismanagement of the Sydney Opal Tower crisis just before Christmas 2018.
The authority manages 430ha of parkland, seven sporting venues and a business district in the Sydney Olympic Park precinct, which attracts more than 14 million visitors each year and is home to about 230 businesses.
NSW Planning Minister Rob Stokes is understood to be supportive of the plan to dissolve both agencies, but said in a statement that no changes had been made by the government.
SOPA chairman John Fahey, a former NSW premier and party elder, is understood to be lobbying the government to save the organisation. The Premier did not respond to requests for comment.
Labor planning spokesman Adam Searle said Landcom should not be dissolved in order to solve an awkward political problem.
“If the government has a problem with the management of an agency, it should address the problem head on,” he said.
He described the corporation as a “vital development agency” that could stimulate the housing market during times of downturn.
STATE POLITICAL REPORTERYoni Bashan is The Australian’s NSW political correspondent. He began his career at The Sunday Telegraph and has won multiple awards for crime writing and specialist investigations. In 2014 he was seconded on a… Read more