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Murray Olds: Australian correspondent on the decline in property auction rates · Best of Business

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  Speaker 1: You're listening to a podcast from news Talk. Sa'd be
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  Speaker 1: follow this and our wide range of podcasts now on iHeartRadio.
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  Speaker 2: And finally, some freezed dried potatoes have been found in
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  Speaker 2: Peru that are probably older than everything in your pantry,
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  Speaker 2: even the expired stuff at the back that you've forgotten about.
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  Speaker 2: These potatoes are thought to be about five hundred years old,
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  Speaker 2: meaning they were freeze dride by the anchors. Archaeologists say
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  Speaker 2: that potatoes have shrunk over the years, but they still
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  Speaker 2: have retained their shape and their color very well. What
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  Speaker 2: do you reckon about the taste though?
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  Speaker 3: Eh?
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  Speaker 2: Who is going to have a taste test of that
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  Speaker 2: to find out? Hands up, no way. Mariold's Ossie corresponds
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  Speaker 2: with us.
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  Speaker 3: He muss I would pass on the taste test.
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  Speaker 2: Afternoon, Lord, you might die because because what might happen
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  Speaker 2: us is you might die of something that nobody's ever
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  Speaker 2: discovered before, because it's five hundred years old. The thing
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  Speaker 2: that kills you. Yeah, it's been freeze ride in there
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  Speaker 2: as well. Okay, listen, where are we at with the
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  Speaker 2: Anti Semitism Royal Commission.
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  Speaker 3: It's resumed today in yesterday, I big your pardon in
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  Speaker 3: Sydney and some looks some harrowing evidence. It's got to
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  Speaker 3: be said, it's pretty horrible. And this has come from
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  Speaker 3: Stephen Lowey. Stephen Lowey is one of the sons of
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  Speaker 3: the Holocaust survivor Frank Lowey, who came to Australia with
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  Speaker 3: the ars out of his pants after the war, survived
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  Speaker 3: the Holocaust, came here as a refugee with nothing and
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  Speaker 3: built up the Westfield shopping Empire. Because that's what it
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  Speaker 3: is now. You'd think wealth and fortune and so on
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  Speaker 3: could maybe insulate a family like the Lowi's from the
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  Speaker 3: low level scummy hatred that apparently Jewish Australians are coppying
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  Speaker 3: almost every day. But no. Stephen Lowey has come up
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  Speaker 3: to the Royal Commission and said, guess what, where's the
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  Speaker 3: number here his family? He told the Commission his family
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  Speaker 3: received fifteen hundred anti Semitic threats every month because of
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  Speaker 3: his name, because of his name, And he had this
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  Speaker 3: quote hither about his father, Frank Lowey, as I say
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  Speaker 3: he come here to Australia after the Holocaust quote, my
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  Speaker 3: father's experience does not recede with time. If anything, it's
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  Speaker 3: made more vivid by the persistence of the hatred that
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  Speaker 3: made it possible. Now that just set a chill up
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  Speaker 3: by spine, and I suspect despite the most right and
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  Speaker 3: fair maunted people, I mean a Lowe's gone there and said,
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  Speaker 3: guess what, don't matter how rich and powerfully you are,
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  Speaker 3: you cop this rubbish as a jew just about every
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  Speaker 3: bloody day. And it's terrible. And this is the litany
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  Speaker 3: of evidence that's coming forward that anti Semitism is a
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  Speaker 3: cancer in Australian society. And I'm not sure that are
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  Speaker 3: there going to be any answers to try and address it.
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  Speaker 3: I don't know there's going to be any answers. No,
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  Speaker 3: I don't know out of the findings at the end
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  Speaker 3: of the year.
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  Speaker 2: Yeah, it's a fair point that you raise them. And
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  Speaker 2: I've thought about this heaps, and I don't really know
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  Speaker 2: what you do in the end. Right, what's going on
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  Speaker 2: with your auction rates?
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  Speaker 3: They are falling dramatically and along with apparently house values.
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  Speaker 3: But look, it's not all doom and gloom. For the
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  Speaker 3: last six weekends since the budget there have been a
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  Speaker 3: steady erosion in auction sharance rates in the main cities
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  Speaker 3: of Australia, Sydney, Melbourne and Brisbane. Here's the thing. Investors
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  Speaker 3: are no longer showing up to auctions in big numbers
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  Speaker 3: because guess what. As of the budget, investors are no
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  Speaker 3: longer getting negative gearing a tax concession when they buy
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  Speaker 3: existing homes. The negative gearing tax concessions are only available
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  Speaker 3: to new dwellings i e. Mainly apartments. So what that
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  Speaker 3: has done is clear the way in a very large
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  Speaker 3: way for young people who are trying to get their
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  Speaker 3: first home. And this is what the you know, it's
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  Speaker 3: these properties that the investors have been snapping up. They've
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  Speaker 3: been going in there with deep pockets, completely blowing the
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  Speaker 3: young people out of the water, denying them the chance
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  Speaker 3: to get a first home. So that's the big change
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  Speaker 3: that the that the budget has engineered, and Labor's making
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  Speaker 3: no apologies for it. So they're saying, guess what, investors,
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  Speaker 3: you can go away and buy new apartments, just go
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  Speaker 3: as hard as you want. But young people getting the house,
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  Speaker 3: suburban block, backyard, a swing set and whatnot. That's what
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  Speaker 3: we're trying to achieve. And that's exactly what's happening.
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  Speaker 2: Hey, listen, what's going on here with Elbow's bank accounts.
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  Speaker 3: Well, look as I left work this morning, these fellows
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  Speaker 3: had not been up in court. But broadly speaking, there
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  Speaker 3: were two guys twenty one twenty five. They're either at
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  Speaker 3: university or recent graduates, and they're on Circonvent, so I
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  Speaker 3: think it was Ernst and Young. Now both men have
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  Speaker 3: been charged with accessing restricted data ie banking data belonged
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  Speaker 3: to belonging to a federal parliamentarian, and the ABC has
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  Speaker 3: been reporting that federal MP is none other than the
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  Speaker 3: Prime Minister Anthony Alberinezi. They've apparently accessed his restricted information.
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  Speaker 3: They haven't published you know, you know he's got eighteen
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  Speaker 3: thousand bucks in the bank. But one is charged with
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  Speaker 3: using a carriage service ie that will be a phone
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  Speaker 3: or a computer to publish or distribute information that a
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  Speaker 3: reasonable person would regard as menacing or harassing towards the
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  Speaker 3: individual involve. Both men, as are saying in court today,
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  Speaker 3: will find out more as the day on folves, and
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  Speaker 3: may have already been up and I'm not aware of it.
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  Speaker 2: Yeah, all right, and thank you very much. Mars appreciated
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  Speaker 2: Murray Old's Aussie corresponding, that's not a cool thing to do.
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