-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’
WHAT could be more socially responsible than development of Social Housing? Currently there is a shortfall of 200,000 social and affordable homes with more than 60,000 households on the social housing waitlist!
BUT this is not what Harry would consider … he wants more and more … he has two large sites in Sydney Olympic Park, two in Macquarie Park including a 63 storey tower that he builds for Chinese buyers … as these well-known quotes reveal:
“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.”
‘I’ll Buy Cheaper Australia’s Property King is Exploiting the Slump’
“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.”
Therefore why should HT receive special treatment when Australia has thousands of homeless people? Shouldn’t our governments be addressing this issue over and above the profit margins of this very wealthy man?
MERITON had approval in 2017 to build 450 dwellings … now this figure has swollen to 1900 apartments …
AND this developer expects the community to believe that it has sought to mitigate the impact of this development on the surrounding community?
WHY should NSW Planning approve this ahead of 30,000 dwellings for Australia’s Homeless? This would help to address ‘years’ of NSW underspending on public/social housing.
Currently there is a shortfall of 200,000 social and affordable homes with more than 60,000 households on the social housing waitlist!
-30,000 dwellings would create far more jobs than Meriton’s 3000 at Little Bay
‘Socially irresponsible’: Meriton bypasses council to build 1900 apartments‘
THE NEW REALITY … Have our Youth been conditioned over the years?
PRIOR … in talking to Our Youth … they seemed tohave accepted they had no prospects of ‘home ownership’ … it seems they learnt this as early as high school!
SO they adapted to make the World their oyster … to travel, live and work anywhere until the CoronaVirus!
The SPIN was circulated by Lobby groups representing Developers and The Top End of Town that they were extravagant … wasting money on Smashed Avo and overseas holidays … this by the way has been during the lowest wages growth for more than 60 years …
NOW with the World-wide lockdown of CV they are facing while overseas … the prospect of a 27% surge in flights and house prices dropping 30% … unless the Property Sector intervene … ?
WHAT happened while Young Australians sought the joy of overseas travel to compensate for the restrictions imposed on them by lobbyist groups and changes in government policy?
At the same time those here saw a rapid change that further escalated from 2014/15 of a massive influx particularly of Chinesepeople who became the new ‘Permanent Residents’ following real estate tours, and having bought not only an apartment but often a level of an apartment tower! How convenient for them to start new careers here too! While our families were overseas seeking something …
AND with 200,000 as many as 300,000 migrants annually … and prior to the Pandemic there were 2.4 Million Visa holders in Australia … of course this has had a huge impact on Our Communities, Our Society and where we live … bulldozed to accommodate more … and rezoned for higher density … we found that we had no rights! SO it continues with an infrastructure catch-up as villages like Haberfield and Rozelle are destroyed for Toll Roads, Tunnels and Stacks!
JUST now on ”THE DRUM’ a commentator said words to the effect that permanent and temporary migrants were needed to do the jobs that Australians won’t do …
HOW OFTEN has that been rehashed?
TELL that to those made redundant … or the One Million Australians prior to this Pandemic who were unable to find a job or were underemployed!
PERHAPS this has a lot to do with Migration Agents and others lobbying for high immigration … and employers keen to exploit Visa Workers?
‘Home affairs spokeswoman Kristina Keneally, who is part of Labor’s core leadership group, said the country had an unprecedented chance to shift the immigration program away from the“lazy” approach used by governments of all persuasions to boost the economy at the expense of local workers and community concerns.‘
TO counter any community objection to the high immigration of both permanent and temporary migrants and a call for the maintenance of border closure those with vested interests label this as ‘racist’ … will they go further to label Australians as ‘far-right, anti-immigration’ or worse?
DESPITE what has happened to Australian Youth?
-locked out of secure work (on contract); lowest wages growth
-competing in the jobs market with Visa workers
-locked out of housing market by competition from ‘hot money’
-high unemployment and underemployment at 19.7% prior to the Pandemic
READ MORE in this Report which comes closer to the truth but has overlooked what CAAN has talked about here, and why they were robbed of ‘The Australian Dream’ that led them to seek joy travelling …
‘What has coronavirus done to the millennial version of the great Australian dream?’
Labor Home affairs spokeswoman Kristina Keneally has called for a move away from the high immigration and Visa manipulation which obviously is all about boosting the economy of the Big End of Town to the detriment of Australian workers, our Society and Communities forced to get out of the way for higher density …
The turning point now being the CoronaVirus to address the damage done!
CAAN has shared all too numerous reports with you from The Unconventional Economist and others proving that the ‘temporary visa worker’ influx has resulted in higher unemployment, underemployment and the lowest wages growth of some 60 years for Australian workers!
The Morrison Government reduced the permanent migrant intake to 160,000 however it did not make it widely known that there were up to some 2.4 million Visa holders in Australia until prior to the Pandemic Lockdown!
Due to lockdowns overseas the numbers of possible migrants are expected to be down.
DESPITE the evidence produced revealing the negative consequences of disproportionate numbers of migrants both permanent and temporary, and skilled workers, Government MP Andrew Laming argued for an increase, and alleged that International Students were a $36 Billion sector that could be doubled.
Because the majority of these foreign students pay the initial start-up fee, and then take up jobs to pay for their education, housing and upkeep. The question should also be asked how many of them are on ‘the books’ … to pay tax and Superannuation?
Read more from Shane Wright in ‘Put Australian Jobs First’: Labor calls for Migration Overhaul after Pandemic’
WHO fear catastrophic consequences for the Economy from CoronaVirus? It would seem even more so than the People in the Street …
WHO has benefited from nearly three decades of essentially uninterrupted economic growth?
HAS it largely been the bandits from the UT Developer Lobby? The PCA, and those associated with them … the Real Estate Gatekeepers? Agents, lawyers, accountants, and conveyancers? The Lobby Groups and Think Tanks behind them? The NSW Government with its stamp duty coffers?
-the department store moguls with washers and fridges flying off the floor
-MTR Hong Kong Consortium owned Metro
-Toll road builders like Transurban … et al?
MEANWHILE a whole Cohort of Australians have been locked out of home ownership by those laundering ‘black money’ together with the lowest wages growth … and insecure work on contract!
SO how is High Immigration working for the majority of Australians? Particularly Gens X, Y and Z?
WE will enlighten ANU DEMOGRAPHER Liz Allen and other experts on what we believe to be the real implications of High Immigration for the Australian Constituency contrary to the views given in this report:
‘Coronavirus has halted immigration to Australia and that has experts worried about the country’s economic and social recovery from the pandemic‘
BECAUSE contrary to Liz Allen mass immigration appears to have created greater inequality!
Read more from Macro Business: ‘Memo to Liz Allen: Mass immigration = greater inequality’
AND as automation increases … growing Australia’s workforce through high migrant numbers creates more unemployment and underemployment, and low wages for constituents.
Liz Allen refers to an ‘ageing population with more people retiring from the workforce than people entering the workforce.’
How can that be so with 160,000 migrants p.a., and ‘2.43 million temporary migrants in Australia in December 2019, a number which according to the federal government fell to 2.17 million – a drop of 260,000 – in early April.’
AND … Anthony Albanese said: ‘Older Australians are missing out on job opportunities and seeing their hopes for a secure and dignified retirement evaporate.
‘Today, over 170,000 Australians aged between 55 and 64 are onunemployment benefits just when they should be building their nest egg.’
Contrary to Liz Allen they have not been able to reach retirement! They have been made redundant!
One must question how many ‘new workers’ are in fact on ‘the books’ … paying tax, and into Super?
Then Liz Allen referred to a large number of temporary visa holders now stranded due to the Pandemic; that Australia was not meeting some obligations.
It appears Dr Allen has overlooked how many Australians are in crisis, and that it ought be up to the Visa Holders’ employers/sponsors includingAustralian Universities to look after their needs not the Taxpayers!
Meanwhile charities have been helping out …
With high unemployment and underemployment in Australia at 19.7% prior to the Pandemic!
Dr Jim Stanford said:
“This says to me that one in five potential workers in Australia, or about 20 per cent, are people who want to work, want to work more, aren’t working at all, or working less than they want to.”
Read more from Macro Business: ‘One Million Aussies Forgotten in Unemployment Statistics’
Add, the high cost of housing; insecure work (on contract); schools, buses, trains all full-up; our roads in gridlock … that Australia is no longer a welcoming nor safe place for Constituents either … many Australians now joining the ranks of the unemployed and abandoning leases on accommodation seeking refuge with family … and how many more will become Homeless?
PERHAPS those predominantly from our Big Neighbour to the North (China) … at the invitation of the Australian Property Sector … flying in on real estate tours and cruising in European limousines … that perhaps these people in flaunting their wealth have brought the alleged racial abuse from some upon themselves?
IT would seem that the Australian Government policies have been written to their advantage … to the extent that they can buy our domestic housing; an exemption for the Real Estate Gatekeepers was made in October 2018 by the Morrison Government for the second tranche of the Anti-Money Laundering Laws!
READ more commentary in this article from those advocates of ‘A Big Australia’ including ANU Demographer Dr Liz Allen, Grattan Institute CEO John Daley,Commsec senior economist Ryan Felsman and Associate Professor Boucher … do they too have a vested interest in high immigration?
-the property sector (The Mob aka The Mafia) making money … lots of it
–importing buyers and ignoring the needs of Australians
ALL this is borne out in these reports:
THE FIFTH ESTATE: ‘Fast-Tracking Development in NSW: Genuine Reform or Rent-Seeker Give-Away?‘
CAAN asks is NSW INC seizing on the ‘CoronaVirus Lockdown’ as an opportunity to accelerate for more terraces, townhomes and ManorHouses … apart from more high-rise? Cough … cough … ?
How convenient whenno protests can be had … ?
IS anyone seriously buying the talk that this ‘fast tracking of development’ is the silver bullet to revive the economy?
BECAUSE while we have been social distancing … worried about the elderly isolated in nursing homes … whether children should or should not go back to school … will we have a job?
NSW INC has been very busy with The Mob … and this is another part of the plan …
‘ … all Councils across Sydney have just completed local housing strategies, most with financial support from the state government. These strategies identify where best to locate significant new housing based on strategic planning and community benefit criteria.’
WHAT it is about is bulldozing where you live for redevelopment …
WE have witnessed the Property Mafia of Australia seize the reins …
-through their lobbyists who appear to work hand in glove with NSW Treasury
‘Labor and Unions label NSW INC Building Boom Plan for what it is … aStopGap!’
WHAT a dismal state of affairs our political leaders have created for the rest of us … forgoing the futures of our young people because greater profits can be made for ‘their mates’ by selling off housing to foreigners … it’s disgusting … a National disgrace!
BOOMERS … SHARE THIS WITH YOUR FAMILY AND FRIENDS …
SEARCH CAAN WEBSITE for the Facts on:
-Permanent Resident Visa
–Real Estate Gatekeepers exempt from Anti-Money Laundering Laws (Morrison Govt October 2018)
-Foreign Investment Review Board (the FIRB)
THEN DO SOMETHING! EMAIL YOUR OBJECTIONS TO YOUR LOCAL MPs AND POLITICAL CANDIDATES … SHARE the website link to this article with them! AND this can happen in your street …
The coronavirus is driving the biggest population decline in Australian history, with 300,000 tourists, temporary workers and students already departing this year in an exodus that threatens to deepen a consumer spending slump and hit the housing market.
The number of temporary visa holders in Australia dropped by 260,000 in the first three months of this year, with a further 50,000 departing in the first two weeks of April, Acting Immigration Minister Alan Tudge has revealed.
Research obtained by The Australian predicts a further 300,000 people could leave the country to return home by the end of the year, which economists warn could further erode consumer demand and cause a slump in the rental and housing markets.
Australia’s population grew by 371,000, or 1.5 per cent, to 25.46 million over the year to last September, of which 63 per cent was due to net overseas migration.
Warren Hogan, a professor of economics at UTS Business School, said a large drop in net migration would sap consumer spending, already hobbled by the impact of nationwide lockdowns, and add further strain to a housing market grappling with a new national rental code.
“And when you look at it in turnaround terms, the drop is even bigger,” Professor Hogan said.
In the most recent budget, the government pencilled in net overseas migration of 271,000 this year, up from 259,600 in 2018. More than 800,000 net new immigrants were forecast over the next three years, the budget papers say.
Reserve Bank research by Peter Tulip and Trent Saunders, conducted last year, found a reduction in population growth would increase rental vacancies, trim rents and housing prices, and reduce construction.
I feel for all of those people and businesses that were sucked into this giant people ponzi but the government has this coming. The numbers should never have been allowed to run so high. It was not population growth. It was an immigration imbalance that crushed wages, oriented production to cheap labour services output, destroyed productivity by crush-loading everything, ruined university standards, and plunged the nation into an endless income and per capita recession via an output gap that never closed. It was also beginning to threaten democracy itself thanks to the big lie that it was in the nation’s interests and via a flood of CCP corruption.
We should NOT try to get the numbers back up to save broken retailers and property. We need to take this on the chin, let intake numbers fall permanently, and get on with the adjustment that that involves.
Thankfully, it is the very thing that we need:
cheaper houses to compensate youth for the COVID-19 sacrifice;
cheaper land for competitiveness;
public investment in universities to boost people skills;
city debottlenecking to lift productivity;
less cheap labour to compete with locals and lift wages,
and full-blown environmental remediation.
If nothing else good comes out of COVID-19, a halved immigration rate will be a major silver lining.
David Llewellyn-SmithDavid Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
Garry Bowditch, a former senior Australian Treasury Official, has warned
A COVID-19 wake-up call: Get smarter about population density
Australia is rapidly becoming more vulnerable to biological risks, because population density is rising quickly.Garry BowditchContributor
that the shift into high density living as Australia’s population balloons will make us more vulnerable to future pandemics:
Australia is rapidly becoming more vulnerable to biological risks, because population density is rising very quickly. In the very near future, social distancing for any prolonged period will be much harder to rely upon to fight pandemics as more Australians take up medium to high-rise housing.
Less private open space inside and out will stretch community goodwill as it comes to grips with living much closer together while making it easier for pathogens to infect entire communities faster…
Australia’s optimism bias towards the benefits of more population density has contributed to blind spots to long-term risks…
Too right. But the issue goes well beyond vulnerability to pandemics. It’s about living standards.
The fact of the matter is that a ‘Big Australia’ necessarily means more time stuck in traffic or being crush-loaded onto an bus or train, smaller and more expensive housing, and reduced access to jobs, infrastructure and open space.
Infrastructure Australia made this abundantly clear in 2018 when it modelled the impacts on liveability from Sydney and Melbourne expanding to a projected 7.4 million and 7.3 million people respectively by 2046:
Every livability indicator is worse under a ‘Big Australia’.
One of the only upsides from the coronavirus outbreak is that it will dramatically lower Australia’s population growth.
“As Australia curbs coronavirus infection rates, some are calling for an ‘elimination’ strategy that would seal our borders, while other countries are taking a ‘let it rip’ approach. By Mike Seccombe.”
‘Prime Minister Scott Morrison, for one, says this crisis is Australia’s greatest challenge since World War II. He talks of a threat to national sovereignty and calls on us to show “the Anzac spirit”.
In many respects, it’s a poor comparison. Here, conflict between powers will not bring us any closer to resolution – or the promise of normalcy. There is no distinction in this circumstance between civilian and combatant. In war, battle plans and weapons are developed in secret, but now openness in the form of shared data and scientific effort is the highest priority.’
Yes, true shared data and scientific effort especially from within the WEST!
HOW come the Liberal Coalition fail to grasp that their policies in fact created the threat to Australia’s National Sovereignty …?
In allowing the foreign buyers especially from China, the CCP to buy-up our Property including agricultural, commercial and residential … it appears our biggest EXPORT in fact are our Title Deeds!
The ‘Party’ policies have, it appears, enabled members of the CCP to fly in and buy up our housing, and gain a ‘Permanent Resident Visa’ with the added benefit of Medicare!
-international students, and workers on temporary visas can take jobs to gain a ‘Permanent Resident Visa’
.this has led to high unemployment and underemployment for Australians; prior to Covid-19 at 19.7%
And in October 2018 the Morrison Government exempted (excluded) the Real Estate Gatekeepers from the second tranche of the Anti-Money Laundering Laws …
Australia’s Real Estate is awash with Black Money!
Why are two new Casinos under construction in Sydney …?
-FIRB ruling allows developers to sell 100% of new homes to foreign buyers
-money laundering in our Real Estate accelerated from about 2013
-locking out the Australian First Home Buyer; outbid at auctions
HOW should the Morrison Government address all of this?
-disband the FIRB … stop the foreign sell-out …
–enforce the second tranche of the AML Laws … to restore the domestic housing market for our First Home Buyers …
-and retrieve Australian Standards and Regulations to ensure quality affordable homes are built …
-build homes for the Bushfire victims, and Public Housing!
Would that be an anathema to the Coalition?
‘Aspects of the war metaphor ring true, though. The cost will be enormous, in both human and economic terms, and the young and poor stand to suffer most – unless we are prepared to countenance major economic and social changes on the other side of the health crisis. …
to borrow the words of financier Mark Carnegie, the extent to which we will mortgage our children’s future to protect the health of our ageing parents.’
ASK why does Mark Carnegie, a financier and many other commentators focus purely on the generation divide?
And not include the impact of what appears to many of us as the foreign annexation?
WHAT a pity so many voters failed to grasp the consequences for our Society of the Tim Wilson Franking Credits Roadshow …
It entrenches a subsidy from all taxpayers to share owners.
Search for: ‘How Franking Credits delivered victory to Boomers over their own Kids!’
Through a fear campaign that won the Libs the May 2018 Election
-Franking Credits will soon cost $16Bn
–more than 80% goes to SMSFs larger than $1M
After a six-month hibernation the Morrison Government hopes the economy will recover. Under its strategy it has committed some $200Bn to maintain jobs and businesses.
At the Grattan Institute elimination is called the ‘least-bad endgame’ with the maintenance of social distancing, comprehensive testing and contact tracing.
‘It would also require the sealing of Australia’s borders indefinitely, until other countries manage to eliminate infections – or until there is a vaccine against the virus.’
BUT then … it emerges whose interests are represented …?
‘Overseas tourists aren’t coming anyway, and domestic tourism could fill the gap. It might even give Australia a competitive advantage in attracting students and visitors from China, he said, because that country has also pursued an elimination strategy.’
What the ****!
Leith Van Onselen, Macro Business has written a number of articles to counter the myth that international students are a big export industry …
‘Why are taxpayers subsidising international students?’
AND … ‘Are international students really a $32b export industry?’
‘As the Times also noted, though, this “rally round the flag” response seldom lasts once the immediate crisis passes. Then, pre-existing concerns re-emerge, often amplified by the difficulties of coping with the changes necessary in recovery.
And some of those changes are going to be big and unprecedented. Take population growth, for example. Before Covid-19, Australia was growing by 300,000 to 400,000 people – about the population of Canberra – every year.’
–only about 100,000 was due to “natural” growth – births minus deaths
-migration has stopped, abruptly, and will likely stay largely stopped; because of the disease, and there will not be enough jobs
AGAIN from the Grattan Institute:
“If you look at the sectors that have taken the biggest hit from the public health response … [they are] accommodation and food services, recreation, retail,” she says. “The workers are disproportionately young people, people under 30.”
WHY does this Think Tank overlook the Coalition policies that introduced competition for jobs from Visa workers (the Howard Government), WorkChoices by stealth, the gig economy and the lowest wages growth which collectively havec also locked our Youth out of the housing market?
WHY is this Think Tank now focusing on ‘older generations have grown their wealth … over the past 20 years’?
When the majority may only own a family home? This ‘family home’ now has an inflated value through the inundation and competition from foreign buyers laundering ‘black money’ in our housing market …
IS this organisation now working for the Morrison Government’s next agenda?
Apart from their spotlight on older generations in assuming that all have assets taxed fairly lightly, and that those over 65 on $100,000 a year ‘they’d be paying about half as much income tax as the younger household’ …
WHY isn’t this Think Tank looking to all those individuals who can afford a ‘clever accountant’ to minimise tax?
And businesses that evade paying a fair share of tax as revealed in reports at Michael West including:
‘Australia’s Top 40 Tax Dodgers 2020: fossil fuels dominate once more‘
Mike Seccombe continues …
‘In the wake of this crisis, big changes will happen, regardless of what the government does. More work will be done from home. Fewer meetings will require physical travel, as people attend by virtual means.
There are clear positives to that: less time and fossil fuels wasted in commuting, greater flexibility in working hours – and, of course, less risk of spreading disease.
But there is a downside, too.
An analysis produced by the Centre for Future Work this week found that about 30 per cent of jobs could be performed from home – but those occupations already are paid about 25 per cent more than occupations that cannot be shifted to remote locations. The centre warned that a further shift towards remote working could exacerbate this divide.
Mike elaborates that:
–thenumber of home-delivered meals is through the roof
–delivered by low-paid gig workers
–online shopping has accelerated; with job losses for store workers and store owners
There are pressing issues for the government
‘– the potential collapse of Virgin just one among many – that are pushing the government to consider questions that were unfathomable just weeks ago, such as nationalisation.’ …
‘Then, there remains the issue of how the country will pay for all this.’
Mike then writes that despite all of this the government ‘has said it will not abandon its massive, legislated-but-not-yet-implemented tax cuts, which skew to high-income earners.’
-the unemployment benefit doubled in response to the crisis; slated to go back to previous subpoverty-line level
–nor that the government will correct pre-existing inequities
-nor that it will be looking at personal tax rates, property tax or franking credits, capital gains tax, negative gearing, the taxation of trusts