Malcolm Turnbull should resign, says NSW Deputy Premier John Barilaro.

The ABC reports that New South Wales Deputy Premier John Barilaro has called on PM Malcolm Turnbull to resign, describing the Prime Minister as "completely out of touch". It is reported that in an explosive interview on radio 2GB, Mr Barilaro questioned Mr Turnbull's leadership and said that he had "lost all hope".

"Turnbull is the problem, the Prime Minister is the problem," he commented.
"He should step down, allow for a clean out of what the leadership looks like federally.
"And whoever governs the country needs to make sure that they put the country and its people first."

It is reported by the ABC that Mr Barilaro, the NSW Nationals leader, is the highest ranking Coalition MP to publicly call for the Prime Minister's resignation.

"You've got a party in disarray, a Coalition Government in disarray and a community not unified and that is all at the feet of the Prime Minister of Australia," he argued.
'Go before Christmas'

It is reported that Mr Barilaro rose to become NSW's Deputy Premier earlier this year.

"My view is, Turnbull should give Australians a Christmas gift and go before Christmas," he stated.

Mr Barilaro had said that the Queensland election had been a "disaster".

"What really got up my goat was on Sunday, was to hear the Prime Minister of this nation say there were no federal issues that affected the state election.”

Peter Dutton says that royal commission is a chance to investigate union links to super funds.

The Guardian reports that Peter Dutton has said that a benefit of the financial sector royal commission will be that industry super funds will face more scrutiny, given they have “union members and whatnot on the board”. After the Turnbull government’s shock decision yesterday to announce the royal commission, the immigration minister attempted to put some positive spin on the move, which came after mounting political pressure from the Nationals reports the Guardian.
As the fallout continued, the Australian Bankers’ Association pledged to fully cooperate with the Turnbull government’s banking royal commission, saying the major banks “do not fear scrutiny or accountability”. The Guardian reports that UBS banking analysts Jonathan Mott and Rachel Bentvelzen have predicted that the royal commission would cost Australia’s major banks between $50m and $100m each to participate. Although shares in the big four banks fell sharply after the inquiry was announced, losses were pared back during the day it is reported. The Commonwealth Bank finished 2% lower but NAB stock rose to close 1% higher says the Guardian. It is reported that with several National MPs and senators in open revolt, joining the Greens and ALP in a push to set up a banking commission of inquiry, the Turnbull cabinet has decided to head off what the prime minister said was “a sense of inevitability” about an inquiry, leading to the announcement on Thursday.

Refugee silence and government violence as Manus camp was evacuated.

The Guardian reports that after more than 20 days of resilience in a harsh situation, having no food, water and medication, refugees in Manus prison were forced to a new camp. It is reported that the transfer was conducted by absolute force and, as always, the Australian government denies the truth and has declared it a “voluntary and peaceful” transfer.
Conversely, what refugees experienced – and what the huge volume of footage and photos distributed in the news and social media reveal – is something different from the government’s claim. It is reported by the Guardian that a day before the “massive transfer”, a refugee witnessed that in Mike compound (one of the four camps of Manus prison), a group of officers attack people with metal poles and sticks and, after just a few minutes, force approximately 40 refugees onto two waiting buses and transferred them to the new camp using violence. It is reported that Mike compound was shut violently, and officers raided other camps and besieged Fox compound to give them more control over the situation.

Australian Banks - First The Housing Bubble Bursts, Now A Public Inquiry.

Zero Hedge reports that they keep returning to the subject of Australia and the growing signs that its bubble economy is bursting. Earlier this month, Zero Hedge discussed how the world’s longest-running bull market – 55 years – in Australian house prices appears to have come to an end. They followed this up with “Why Australia’s Economy Is A House Of Cards” in which Matt Barrie and Craig Tindale described how Australia’s three decades long economic expansion had mostly been the result of “dumb luck”. As a whole reports Zero Hedge, the Australian economy has grown through a property bubble inflating on top of a mining bubble, built on top of a commodities bubble, driven by a China bubble. Last week, in "The Party's Over For Australia's $5.6 Trillion Housing Market Frenzy", Zero Hedge highlighted some very scary metrics for Australia’s housing bubble - notably how the value of Australian housing is more than four times gross domestic product – higher than other nations with housing bubbles, e.g. New Zealand, the UK and Canada. Two days ago, Zero Hedge noted that the number of Australians optimistic about the year ahead had plunged to a record low. Moving on to the nation’s banks, while Australian households are the second most indebted in the world, its banks are the most exposed to housing debt which doesn’t augur well if, as we expect, the housing bubble deflates. Zero Hedge reported that an additional risk for Australia’s banking sector, which certainly wouldn’t help the property market either, was the growing demand for a public inquiry. This follows a series of scandals relating to misleading financial advice, attempted rate-rigging, fee gouging and alleged breaches of anti-money laundering laws. According to Australia’s ABC News. Zero Hedge reports that having resolutely opposed a formal inquiry into the banking industry, which happens to be a major political donor, Malcolm Turnbull’s LNP coalition government has finally caved in to political pressure. The announcement follows months of campaigning by the main opposition ALP party and some National party MPs, which demanded a royal commission to investigate the banks’ conduct reports Zero Hedge. A Guardian Essential poll published on 27 November 2017 showed that 64% of Australians were in favour of a banking inquiry reports Zero Hedge. As for its impact on the banks themselves, Bloomberg reports that Moody’s sees it negatively impacting investor confidence.

Mum and dad investors have Australia teetering on the edge of a housing crash, report warns.

The ABC reports that Australia is at growing risk of a home price crash because of the high number of mum and dad property investors, inflated prices, record household debt and an economy that appears to be losing momentum, a new report says. The ABC reports that local hedge fund Watermark Funds Management has warned that conditions in the Australian housing market are similar to countries which experienced property busts after the global financial crisis, including the United States, the United Kingdom, Spain and the Netherlands. It is reported that Watermark predicts national home prices are likely to peak in the first half of next year, with prices in Sydney, Perth and Darwin having already fallen amid a crackdown on investor loans by the banking regulator, the Australian Prudential Regulation Authority. The price falls indicated that investors were driving the housing market reports the ABC. The investment firm said that the most worrying part of the Australian housing market was the "extreme" level of mum and dad investors in residential property who depend on property prices rising to make a profit the ABC reports. It is reported that the proportion of new mortgages taken out by non-professional property investors stands at 35 per cent in Australia — about three times higher than the US, UK and Canada.

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Image 2 http://www.smh.com.au/national/federal-court-voids-peter-duttons-syrian-refugee-refusal-20170505-gvz8xh.html
Image 3 http://www.aljazeera.com/news/2016/08/australia-close-manus-island-refugee-prison-camp-160817063256597.html
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