Australia's Immigration policy is nothing short of fucking obscene, and is the reason I stopped voting Labor years ago. Although I'd say the biggest threat to Australia's democracy is that it has no meaningful opposition party in Federal politics. The Coalition is barely functional and that's in spite of the overwhelming support they receive from AM radio, Murdoch and Channel 9. When Parliament thinks it's bullet proof that's when all the really bad ideas bubble to the surface.
Also, just refer to us as cunts instead of aussies. Trust me, it's a time saver.
Probably one of the biggest Ponzi Schemes in Australia's history.
"The economy’s dependence on immigration, rather than productivity growth, has piqued the interest of Martin Conlon, head of Australian equities at Schroders, who is “betting against Australia’s great Ponzi scheme”—i.e., the economy’s unsustainable mix of high house prices and immigration:
An economy driven by, and dependent on, very high house prices that are supported by what Conlon says are unsustainable levels of immigration, is not healthy, and cannot last in the long term.
“It’s easy to stand back and say, oh, don’t worry, we can keep on importing people to hold up a Ponzi scheme. No one’s ever been able to hold up a Ponzi scheme forever,” Conlon says. “Affordability has to matter, global competitiveness of wages has to matter. It gets more dangerous when you move a long way away from sustainable policy”.
Conlon is seeking to short companies and sectors exposed to housing growth, such as banks heavily reliant on mortgage lending and developers and property-linked businesses.
While his view about Australia’s Ponzi economy is certainly correct, Conlon’s contrarian stance is risky because government policy often intervenes to support housing. Mass immigration is also used by policymakers as a growth driver.
However, Conlon argues that high debt levels and affordability constraints will eventually force a correction.
Private businesses like toll road operators, retailers, banks, property developers, and education providers love mass immigration because they get to enjoy the easy growth in revenue and profits that comes from an ever-expanding customer base.
Meanwhile, households suffer from the increased competition and reduced bargaining power at work, rising housing costs, rising infrastructure costs, a degraded environment, and longer and more expensive commutes.
The hidden costs of a ‘Big Australia’ essentially consist of massive private taxes, which the government conveniently ignores."
Commentators like Greg Jericho from The Australia Institute argue that the Howard Government’s decision to halve the rate of capital gains tax (CGT) in 1999 was the primary driver of Australia’s house price boom and affordability crisis: While there are good reasons to reduce the CGT discount on...
www.macrobusiness.com.au