Tuesday, 14 February 2017

Spare a thought for Tony Abbott now his income has fallen

Life can get tough when your income suddenly drops and doesn't the Owl know it. So spare a thought for Tony Abbott who used to have a Prime Ministerial income of $522,000, so Google tells me, but now must make do a backbencher's humble stipend of $199,040.
And things are really tough when you have a Sydney sized housing mortgage as the member for Warringah does. His parliamentary Statement of Registrable Instruments indicates the following:


Which might be troubling for him if that Rismark association is anything to do with the matters described in this Shared equity loans expensive way to buy story that appeared on news.com.au website back in 2009
THE new shared equity mortgage allows borrowers to buy property they traditionally couldn't afford – but this privilege isn't cheap, particularly if house prices jump.
The new product has sparked fears it will add to the growth in house prices because of the extra flow of liquidity to the market.
The loan has been launched as an equity finance mortgage (EFM) and is issued by Adelaide Bank and funded by Rismark International.
Brian Jones, managing director of non-bank lender Homeloans, which recently wrote the country's first EFM loan in Perth, said the product was designed to overcome poor home affordability in NSW and Victoria.
“It's had that original foundation in that there was a problem with, particularly younger people and affordability in high-value markets, possibly having to move away from family and look for employment elsewhere rather than having free access to the markets and the geography that they were accustomed to,” he said.
“This is the perfect product for borrowers who want to buy a property but keep monthly repayments to a minimum.”
Aspirational homebuyers taking out an EFM are able to borrow up to 25 per cent more than normal, giving first homebuyers the ability to break into the housing market.
The EFM loan is taken in conjunction with a standard mortgage.
While borrowers pay interest on the standard mortgage, there is no interest payable and no monthly repayments on the EFM portion of the loan.
Instead, borrowers pay the lender up to 40 per cent of the capital appreciation of the house at the end of the term.
The idea behind the EFM works – homebuyers can choose to buy a more expensive property rather than move to a cheaper area, while keeping their monthly repayments low.
However, borrowers need to understand that this strategy costs more in the long-term.

Will Malcolm Turnbull Regret Dumping Maria? - Today's political singalong

Lib polls number hits low point of  34%......Malcom stands on deck regretting appalling tactical move on energy...begs Maria for help and forgiveness.


Malcolm Turnbull gives solar power industry a boost

If it's good enough for Malcolm Turnbull then it's good enough for me. That surely is the message from the Prime Minister installing solar panels and a battery storage system at his Point Piper home.


The home solar industry could not get a better advertising plug than this.
And PM Turnbull could not look more of a hypocrite on energy policy if he tried.

Friday, 10 February 2017

ScoMo enticed pregnant Liberal ministerial colleague with dangerous craving

The Owl reported yesterday on the surprising use of a lump of coal by Treasurer Scott Morrison in his attack on Labor for neglecting the importance of thermal powered electricity. As our picture showed, the Financial Services Minister Kelly O'Dwyer was at one stage enticed to not be afraid of the big black sample.

What was not clear to the Owl then was the apparent difficulty that coal can present to pregnant women like the good minister. From the Bellamy's Organic website comes this warning:

An apology from ScoMo to his ministerial assistant is surely in order.

Thursday, 9 February 2017

Something for Malcolm Turnbull to sweat about

Something for Malcolm Turnbull to sweat about.

If this ABC report turns out to be what happens, Malcolm Turnbull blaming the socialists from South Australia for blackouts will look a bit stupid. See also Dangers for the Turnbull government in blaming Labor for South Australia's power problems

Will Scomo's lump of coal be a political diamond?

From the Canberra Times website comes this insight into parliamentary question time:



Which leads me to today's political singalong by John Anderson - I'm Just an Old Chunk of Coal (Live on ACL 1982)


I'm just an old chunk of coal 
But I'm gonna be a diamond some day

For a more serious comment on SA's power problems see HERE

Dangers for the Turnbull government in blaming Labor for South Australia's power problems

There are some clear dangers in the campaign by the federal Liberal-National coalition government in trying to politically capitalise on power blackouts in South Australia. The first of them was touched on by the energy regulator when he warned that because of the current heatwave, blackouts are possible in New South Wales this weekend. Should that happen Prime Minister Malcolm Turnbull's claim that the SA problems are simply the result of socialist Labor commitment to wind and solar power will look like the joke that they are.
Far more serious is the likelihood that Labor will get around to making the case that the real problem with power supplies was created by the economic rationalists who introduced the whole market based system. Blaming companies more interested in their own profits than serving the public is a sentiment that will go down well with many people.The SA Premier Jay Weatherill is already going down that populist path with minor party Senator Nick Xenophon not far behind. The temptation for Bill Shorten to do the same must be growing.
Then there is that little matter of global warming. Nothing is more likely to convince Australians that the problem of the world getting hotter is a real one than the lengthy spell of hot weather now being experienced.