Australia for all intents and purposes hasn’t had a recession since 1991. We entered the GFC with ~18% debt to GDP so Gov just borrowed big to avoid that bubble and printed like maniacs for Covid to avoid the worst of that one.

The average mortgage in Sydney is 12:1 income ratio and 9.5:1 in Melbourne - the USA is at 5:1 and people think housing is unaffordable there. People in the know predicting our bubble burst will be significantly worse than Ireland’s.

I wouldn’t be investing in any RE here. If I absolutely had to then Queensland or WA outside of major centres; only because they’ve got mining revenue so won’t suffer as badly as NSW or VIC which are fully services-based economies who will end up taxing the shit out of property in the coming decades.

Finishing up here! Smells like oranges and a bit like coffee

#weed #weedstr #cannabis #canada #mimosa

#AUStriches national airline #Qantas sold seats on 8000 flights they had already cancelled and then made it super difficult for customers to get refunds or book alternate flights. They had planned to “expire” the travel vouchers and keep the money for this before some Senators realised they stood to gain hundreds of millions in what was essentially fraud.

Now Qantas are defending themselves in court against the ACCC (Australian consumer rights watchdog) and they’ve come up with the most fiat defence imaginable:

Customers don’t buy a seat on a particular flight, rather they buy a ‘bundle of rights’ for flying with Qantas..

What used to be an iconic brand that Australians were proud of remains iconic, but for all the wrong reasons. It is an exemplar of all the ills that have befallen Australia in the past 20 years - fiat thinking, outright fascism, gifts for the politically connected, woke virtue signaling, huge taxpayer handouts during Covid, a service which barely functions and one which is way overpriced due to aforementioned fascist protectionism.

Qantas is a microcosm of everything wrong with this country; now watch every body in power remain absolutely clueless and ball-less in trying to fix it.

Wow Tokyo is shockingly different

Victoria, which is already in the middle of a rental crisis, is now trying to put a 35m2 minimum size in place for new apartments.

We have so much land that a rental crisis is quite obviously 100% a fabrication of government intervention (the spokeshole in the article blames everyone except gov), and now they want to further restrict the supply of housing by putting a floor in place which will simply make it more unaffordable for those at the lower end of the market.

These socialist do-gooder policies which completely ignore reality in favour of empty platitudes are exacerbating the problems government created in the first place.

#AUStriches are no different to Argentinians voting for the Minister of Economy who hyperinflated the currency to become President. nostr:note169panjahv4zsdp47lghnzxum885squw79p3mw4xr6vum9d5lhrpqx6552n