OT: Current Affairs and Politics

[The Silverdale Phantom]

Did you know that banks have been stress testing mortgagors for the past 5 years ? If you don’t know what that means, look it up.

I stand by my general assessment Gronky.

 

[Gronk]

Sure. But I know how much the banks offered some people I know. Most didn't accept. I do know of people who mixed out what could get. We are talking 1.1-1.2 mill dollar loans. And purchased at the peak.
I can't imagine ever borrowing anything near that sort of money. Its fine while works good but if lost job or in my case work become quiet you would go tits up fast.

You sound like one of the old people on 2GB.

 

[the phantom menace]

My high profile lawyer mate said he doesn't understand how the USA could just change a law cause they do not like it. In Australia for this to happen there would have to be a case which tests the LAW. Reckons the US SUPREME court sounds seriously flawed for this to just happen.

Legislation gets changed and amended all the time, because the government of the day doesn't like the way an existing law works - doesn't need a court case, just numbers on the floor in Parliament to get a Bill through House and Senate (or both houses in states).

Look how many of these f**kers have "amendment" in the title of the legislation.

Commonwealth of Australia Bills

classic.austlii.edu.au

 

[The Silverdale Phantom]

You sound like one of the old people on 2GB.

No, they were able to buy houses that were proportionally much cheaper in comparison to wages today.

 

[The Silverdale Phantom]

Legislation gets changed and amended all the time, because the government of the day doesn't like the way an existing law works - doesn't need a court case, just numbers on the floor in Parliament to get a Bill through House and Senate (or both houses in states).

Look how many of these f**kers have "amendment" in the title of the legislation.

Commonwealth of Australia Bills

classic.austlii.edu.au

Yep, but the High Court can strike out parliamentary laws can’t it?


source; https://www.aph.gov.au/About_Parlia...tice7/HTML/Chapter1/The_courts_and_Parliament

 

[the phantom menace]

Yep, but the High Court can strike out parliamentary laws can’t it?

source; https://www.aph.gov.au/About_Parlia...tice7/HTML/Chapter1/The_courts_and_Parliament

Yes, after a challenge.

But the post was saying how it was amazing the USA can change a law when they don't like it - when our governments do the same on maybe a weekly basis.

 

[the phantom menace]

Scomo and the raw chicken curry...

Why is the Australian prime minister cooking apparently raw chicken curry?

Scott Morrison has made curry night part of his carefully manufactured image, but this one didn’t go down so well. Stephanie Convery explains it to Cait Kelly, quickly

www.theguardian.com

 

[The Silverdale Phantom]

Yes, after a challenge.

But the post was saying how it was amazing the USA can change a law when they don't like it - when our governments do the same on maybe a weekly basis.

Yep, Ok.

 

[The Silverdale Phantom]

Having that girl supporting that side of the argument is probably unhelpful because she doesn’t express herself very well.

Abortion is one of those things some women will do regardless of laws.

 

[crocodile]

I bought a property in Victoria in the 80s and as it was a second property, I paid 18%

You were lucky. I took out a business loan in '89 and got slugged 21.5%

 

[hindy111]

You sound like one of the old people on 2GB.

Shouldn't you be training for a half marathon?
Get those reps up

 

[Gronk]

You were lucky. I took out a business loan in '89 and got slugged 21.5%

Yep, I bought my first place in my early 20’s in Potts Point. Nek minute interest rates were 18% and I could not get a tenant for 6 months.

 

[84 Baby]

No, they were able to buy houses that were proportionally much cheaper in comparison to wages today.

The reason they were cheaper is because rates were 20%. Who wants to pay the value of the house in interest every couple of years?

 

[Gronk]

The reason they were cheaper is because rates were 20%. Who wants to pay the value of the house in interest every couple of years?

Agree with that. Also I got it easy. Pretty sure that housing affordability was 7 times average salary back then. Last time I looked it was 14 times salary and TBH I would not be surprised if it was even much more than that now.

 

[strider]

Scomo and the raw chicken curry...

Why is the Australian prime minister cooking apparently raw chicken curry?

Scott Morrison has made curry night part of his carefully manufactured image, but this one didn’t go down so well. Stephanie Convery explains it to Cait Kelly, quickly

www.theguardian.com

Well thats won me .... Im voting for Albo now. I bet he cooks his chicken.
Good thing the guardian are willing to devote time to quality journalism to help decide the election

Btw. It looks cooked. Just another case of brainless social media obsession.

 

[Gronk]

Well thats won me .... Im voting for Albo now. I bet he cooks his chicken.
Good thing the guardian are willing to devote time to quality journalism to help decide the election

Btw. It looks cooked. Just another case of brainless social media obsession.

It was in Murdoch press too. Also, if that's the way you eat your chicken, then well have to start calling you @ironguts .

 

[strider]

It looks like its a bit of cooked thigh to me. Its light brown not pink.

Regardless, these are the important issues.

 

[strider]

Albos PM credentials ....

Dont get me wrong. Scomo is a dumb shit for putting political slogans on his dinner pics. But of course the brain dead world of social media takes it and runs with it.

 

[The Silverdale Phantom]

The reason they were cheaper is because rates were 20%. Who wants to pay the value of the house in interest every couple of years?

The true costs of housing are not just related to rates and over time, rates haven’t been at 20%.

And in my respectful view, Gronky might have driven a bit out of his lane in the debate as well.

Here’s some facts:

The cost of housing has gone up three times faster than the relative average wage in 40 years.

The price of housing has accelerated 17 times over in 40 years and real wages are way way behind.

On a comparative basis, the average person would need to have a wages increase of 300% to put them in the same real affordability position as someone in 1980.

Source:

House price growth three times faster than wages over four decades

Alexandra Samootin owned a home in Mona Vale with her husband of 22 years but, after her divorce, she ended up homeless.

amp.smh.com.au

The reality is that residential property has been left to market forces over time ( good and bad from that) and now the overwhelming majority of young people have zero chance of buying in the cities. This is a bad thing.

There’s is a lot of interest saved (whatever the rate) if the initial price is reasonable, which is not the case.

Federal, state and local governments needs to address these issues along with other stakeholders to help working people stay in their homes or have one.

Otherwise, we will see more renting and people will have less resources on retirement meaning that they rely more on welfare and taxpayers.

The population is already aging as it is.

It is by no means unsolvable or without a remedy.

Other countries have much better systems for housing.

All things relative, if we could time travel hindy back to 1980 with similar circumstances, he would be pleased to have a 300% pay rise to help him with family expenses and stuff, save and fare much better with these “ mortgage stress tests” that have been pointed to.

Im not suggesting it’s a conspiracy etc, but that successive governments of all persuasions have failed to keep it fair and manageable for people.

We need more housing stock, better planning and higher grade decentralisation etc etc. Co vid has taught us office workers that we can be managed ok without a physical prescence thus we can embrace geographical distance. Not always of course.

 

[Gronk]

The reality is that residential property has been left to market forces over time

There's an alternative to this ?