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Speaker 1: Hello, and welcome to The Australian's Money Puzzle podcast. I'm

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Speaker 1: James Kirkby. Welcome aboard everybody. Hey, how quickly sentiment swings

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Speaker 1: a from one week to another. We have been skeptical

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Speaker 1: on the show, of course, for some time about Ray

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Speaker 1: Kutts and how many more there would be, and really

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Speaker 1: I think it seems to be consensus now that that's

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Speaker 1: it for Ray Cutts. I see my esteemed colleague James

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Speaker 1: Glynn of The Wall Street Journal and The Australian this

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Speaker 1: morning saying as much I agree with this that there

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Speaker 1: won't be any more Ray cuts I think they could

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Speaker 1: be flat for quite a while. But also I don't

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Speaker 1: think in any way that will disturb house price bounce

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Speaker 1: we're getting just now. I'd be maybe more concerned about

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Speaker 1: things like CGT changing. There's a Senate inquiry led by

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Speaker 1: the Greens on that, or may I say overkilled maybe

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Speaker 1: on the grunt and assistance that has been sort of

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Speaker 1: directed towards young first home buyers, Not that I want

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Speaker 1: to be mean to them or anything, but economics would

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Speaker 1: suggest that it just lifts prices in that area, and

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Speaker 1: that's what we've seen already clearly. So to talk about

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Speaker 1: this and other matters. I have as my guest today

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Speaker 1: Cameron Kusher, well known of course because he was in

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Speaker 1: Core Logic, he was in a prop track and he

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Speaker 1: is now an independent consultant at Kusher Consulting.

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Speaker 2: How are you, Cameron, Well, thanks James, thanks for having

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Speaker 2: me here.

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Speaker 1: Great to have you on. So I mean some people

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Speaker 1: of course. Paul Bloxham, HSBC chief Economist, a week ago

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Speaker 1: said it's time to lift rates and it's not the

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Speaker 1: only one. What do you think, with your deep expertise

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Speaker 1: the residential housing market in Australia it's link with rates.

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Speaker 1: What do you think the listeners should be thinking no

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Speaker 1: change for quite some time or even to be on

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Speaker 1: alert for a lift.

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Speaker 2: So my view is on a hope for quite some time.

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Speaker 2: At this point, I probably feel like the next move

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Speaker 2: is still down, but I don't think that it's likely

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Speaker 2: to well into next year. And the reason I think

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Speaker 2: that the next move is likely to be down mainly

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Speaker 2: comes down to the fact that the Reserve Bank are

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Speaker 2: only forecasting the unemployment rate to peak at four point

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Speaker 2: four percent. I think we will be extremely lucky if

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Speaker 2: the unemployment rate only hangs at about four point four percent,

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Speaker 2: and I'm probably of the view that we're already seeing

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Speaker 2: the labor market weaken, and I think probably getting up

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Speaker 2: towards a five percent unemployment rate is somewhat more realistic.

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Speaker 2: And if that does occur, and if the jobs market

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Speaker 2: really starts to stall, then the Reserve Bank may have

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Speaker 2: to cut interest rates to try and stimulate that area

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Speaker 2: of the economy. But I don't think we're getting any

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Speaker 2: rate cuts anytime soon.

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Speaker 1: So we'll meet the assumption that nothing will change flat

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Speaker 1: perhaps for quite quite a good quite certainly we're talking

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Speaker 1: well into next year. Okay, Now, this houseplace rebound which

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Speaker 1: is getting head owns everywhere. Are you convinced that there

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Speaker 1: is a house price rebound and residential property prices in

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Speaker 1: Australia and do you think the conditions are there for

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Speaker 1: it to extend.

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Speaker 2: I've definitely convinced that we're seeing a rebound in housing

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Speaker 2: prices and I do think it's going to carry on.

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Speaker 2: What I would say, though, is I think if you

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Speaker 2: go back to the middle of the year, the expectation

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Speaker 2: was that interest rates would probably be fifty basis points

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Speaker 2: lower than they're going to be by the end of

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Speaker 2: this year, and then we're probably going to get another

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Speaker 2: one or two cuts in twenty twenty six. So I

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Speaker 2: think that the fact that the Reserve Bank has made

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Speaker 2: it quite clear that there's no interest rate relief coming

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Speaker 2: in December, and there's probably not any coming for some time,

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Speaker 2: I think that could cause the rate of price growth

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Speaker 2: to slow. But I still expect we're going to see

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Speaker 2: prices rise, and that's purely a function of the fact

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Speaker 2: that we've got very strong demand for housing. People have

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Speaker 2: seen a significant increase in the equity in their homes,

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Speaker 2: maybe not so much in Melbourne and Hobart, but certainly

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Speaker 2: in other parts of the country, and I think that

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Speaker 2: is going to continue to drive more and more people

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Speaker 2: to want to upgrade, more and more people to want

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Speaker 2: to go and invest in residential property. And you've also

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Speaker 2: got the other factor is that there's just not much

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Speaker 2: property on the market. We're seeing low levels of supply

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Speaker 2: in most parts of the country as well. And when

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Speaker 2: you've got increasing demand and you've got low levels of supply,

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Speaker 2: those are the conditions that create higher house prices.

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Speaker 1: So in terms of predictions banks et cetera, talking five

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Speaker 1: percent increase NICHE of mined twelve months is that.

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Speaker 3: How does that sound to you?

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Speaker 2: I think five percent actually sounds a little bit light on.

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Speaker 2: I think we'll be getting closer to sort of eight

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Speaker 2: nine percent price growth over the next twelve months. I

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Speaker 2: haven't put together my forecasts yet for next next calendar year.

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Speaker 2: I'll be doing that in the next month or so.

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Speaker 2: But yeah, I think, you know, a high single digit

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Speaker 2: figure and maybe in some markets double digits again. The

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Speaker 2: area is most likely to see double digit price growth

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Speaker 2: again is probably Perth, Brisbane, Southeast Queensland as a whole,

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Speaker 2: and Adelaide, which is crazy given how much prices have

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Speaker 2: already increased over the past five years. But you look

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Speaker 2: at those markets and there's just such a tiny amount

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Speaker 2: of supply on the market, and we're still seeing a

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Speaker 2: lot of people wanting to move into those areas and

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Speaker 2: buy properties at this point.

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Speaker 1: So is there a less nationwide? Is there less homes

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Speaker 1: for sale than there was this time last year?

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Speaker 2: We're seeing The total of these things are fairly similar.

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Speaker 2: I think from memory they're about within about one percent

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Speaker 2: of where they were twelve months ago. But if you

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Speaker 2: look in places like Brisbane, Perth, Adelaide, Darwin, they may

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Speaker 2: have increased a little bit. But if you go back

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Speaker 2: to even early on in the pandemic, the number of

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Speaker 2: properties on the markets down about twenty or thirty percent

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Speaker 2: from what we were seeing early on in the pandemic.

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Speaker 2: So you've just got really tight supply, and I think

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Speaker 2: there's a few things that are really driving this. I

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Speaker 2: think firstly, people know that they can sell their property

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Speaker 2: and get a really good price for it. But the

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Speaker 2: rental market are also so tight that people can't even

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Speaker 2: transition through the rental market once they've sold their property

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Speaker 2: to buy their next property. So as a result of that,

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Speaker 2: people are just going, I can't find what I want

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Speaker 2: to buy. I'm not sure that I'll be able to

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Speaker 2: rent a place that I want to are renting or

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Speaker 2: that's appropriate, so I'll just stay where I am.

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Speaker 3: This is fascinating.

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Speaker 1: It's a hidden cost of a rental vacancy rate of

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Speaker 1: one percent, which I've never heard before actually, And it's

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Speaker 1: a really original explanation as to why people aren't selling.

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Speaker 1: Because the irony is that you mentioned when you said

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Speaker 1: people aren't where the stock supply is less, was mapping

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Speaker 1: straight on this areas where the prices were strongest, right

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Speaker 1: wa specifically Brisbane coastal Queensland and you would have said, hey,

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Speaker 1: you know, they've got higher prices, why wouldn't they sell?

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Speaker 1: So is that a key reason then that they're worried

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Speaker 1: about the transition as you say.

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Speaker 2: Yeah, I think so. I mean we were kind of

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Speaker 2: seeing this in Sydney and Melbourne back in twenty twenty

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Speaker 2: twenty two of rectifying itself and if you look at

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Speaker 2: Sydney and Melbourne actually have somewhat higher rental vacancy rates

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Speaker 2: than the other parts of the country. So we think

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Speaker 2: obviously the tight rental market is really tough for people

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Speaker 2: that are renters and don't own homes. But a hidden

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Speaker 2: cost of that very tight rental market is that people

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Speaker 2: transitioning through the rental market after they've sold and are

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Speaker 2: looking to buy aren't able to easily do that. So

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Speaker 2: I think it actually courages people from selling because there's

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Speaker 2: nothing on the market at the moment that they can buy.

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Speaker 2: But there's also nowhere for them to go once they've

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Speaker 2: sold their property.

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Speaker 1: Yeah, so they make at a good price, but they

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Speaker 1: don't know if they can rent or if around the corner.

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Speaker 1: And similarly, they don't know if there will be another

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Speaker 1: property being the type of property they wish to move too,

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Speaker 1: and in numbers on this or is this your Surmari

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Speaker 1: has just been across all the numbers.

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Speaker 2: It's basically from talking to people. But if you look

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Speaker 2: at if you look at Perth, Brisbane, well South East

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Speaker 2: Queenslander as a whole and Adelaid in particular, they're the

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Speaker 2: markets that have seen the strong list price growth, they

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Speaker 2: also have vacancy rates of around one percent, and they've

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Speaker 2: also the areas where we've seen the biggest drop in

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Speaker 2: the total amount of stock on the market. So it

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Speaker 2: plays through that when you think about vacancy rates, you know,

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Speaker 2: typically you're looking in a normal, healthy market at about

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Speaker 2: two and a half to three percent vacancy rate. So

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Speaker 2: vacancy rates are less than half what they are usually

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Speaker 2: at in a healthy market, and listing volumes are extremely

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Speaker 2: low as well, so it makes it very tough for people.

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Speaker 2: I mean it's hard to say tough because people have

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Speaker 2: seen a significant increase in the equity in their home.

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Speaker 2: But I think the other side of this is people

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Speaker 2: don't want to be out of the market. So if

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Speaker 2: they can't buy and sell straight away, Like what if

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Speaker 2: it takes me twelve months to buy? I miss out

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Speaker 2: on double digit price growth in the meantime, and people

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Speaker 2: don't want to run the risk of that happening.

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Speaker 1: That's really interesting and I've never heard that argument before,

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Speaker 1: And then immunity makes sense, very interesting. I wonder also,

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Speaker 1: I suppose it's been a case for a while, hasn't it.

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Speaker 1: And there's nothing to indicate that those kind ofs have

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Speaker 1: got a changer immediately.

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Speaker 2: No, not at all. I mean, we are seeing obviously

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Speaker 2: more investor we'll find out later this week when we

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Speaker 2: do get the new lending data. But why all reports

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Speaker 2: there are investors coming back into the market, But you know,

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Speaker 2: new housing supply is still quite low. Invest that lending

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Speaker 2: is accelerating, but it's certainly not back to the levels

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Speaker 2: we were looking at back in sort of twenty fifteen,

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Speaker 2: twenty sixteen, when there are a lot of investors active

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Speaker 2: in the market. We also know that a lot of

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Speaker 2: investors are now starting to look outside of these markets

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Speaker 2: and targeting places like Melbourne because prices are cheaper, and

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Speaker 2: targeting more affordable housing markets as well. So I just

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Speaker 2: don't see that you're going to get the influx of

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Speaker 2: investors or the influx of new housing anytime soon. To

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Speaker 2: really ease that rental vacancy rate make renting easier in

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Speaker 2: those markets. The issue for the renters is just their

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Speaker 2: capacity to keep paying more and more rent because obviously

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Speaker 2: inflation's being high, the cost of livings gone enough, everything

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Speaker 2: costs more. They can only dedicate a certain amount of

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Speaker 2: their income to renting.

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Speaker 1: I suppose we do see the figures, we don't actually

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Speaker 1: see weather, and this would be very interesting the next phase,

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Speaker 1: if you like, where the investors tradition is zoned in

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Speaker 1: on the inner city, the inner circle, and you mentioned

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Speaker 1: there how they may be looking for opportunities in the

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Speaker 1: mid circle or outer circle where they didn't really hunt before.

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Speaker 1: Is there some evidence of that starting to occur or

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Speaker 1: becoming a trend.

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Speaker 2: We're definitely seeing that rental growth and rental demand has

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Speaker 2: moved out of the inner city areas and is moving

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Speaker 2: to the outer areas of the city. So if you

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Speaker 2: look in in Melbourne, for example, some of the strongest

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Speaker 2: growth in rents, some of the strongest demand for rentals

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Speaker 2: is in places like the southeast. Now that's not necessarily

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Speaker 2: where you would think people really necessarily want to rent,

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Speaker 2: but I think the cost of renting in those inner

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Speaker 2: city areas is driving people to look for more cheaper

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Speaker 2: alternatives and that's moving further out. You know, in Sydney,

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Speaker 2: places like black Town are seeing the strongest demand. Again

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Speaker 2: not sort of intuitively where you would go, that's where

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Speaker 2: people want to rent, but the cost of renting elsewhere

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Speaker 2: has become so elevated that people are having to sacrifice

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Speaker 2: on location in order to fit their budgets. And similarly

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Speaker 2: in Queensland we're seeing places like Ipswich and Logan City

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Speaker 2: where rental demand is strongest and they're obviously a lot

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Speaker 2: more affordable than the inner city areas of Brisbane, but

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Speaker 2: people can't continue to just keep paying more and more

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Speaker 2: for rents, so they're having to move to more affordable locations.

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Speaker 1: That really adds up, absolutely, it does. Okay, we will

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Speaker 1: take a break. That was some very useful data and

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Speaker 1: interpretation of data for you folks from Cameron.

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Speaker 3: Back in a moment.

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Speaker 1: Hello, Welcome back to the Australians Money Puzzle podcast. I'm

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Speaker 1: James Kirby and I'm talking to Cameron Kusher of Kusher Consulting.

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Speaker 1: Cameron just on wider picture and houses and house prices

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Speaker 1: and issues around them for the investor there's a couple

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Speaker 1: of things I want to talk to you about. One

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Speaker 1: is the CGT, the prospect that CGT may be the

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Speaker 1: next target if you like, after super for the government.

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Speaker 1: The fact that there's a Senate inquiry now into CGT

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Speaker 1: from the Greens. The fact that inside industry, if you'd like,

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Speaker 1: there is some support or a review of CGT. For instance,

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Speaker 1: the president of the Tax Institute, who you wouldn't immediately

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Speaker 1: think would be so clear in what he's saying, but

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Speaker 1: he says. Tim Sanders says, you know, he wants to

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Speaker 1: see a review to see if current settings are appropriate.

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Speaker 1: And the whole thing being about our CGT discount is

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Speaker 1: it is arguably generous because it was set once upon

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Speaker 1: a time as an alternative to inflation adjusting. At that

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Speaker 1: time inflation was running at four and a half five percent.

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Speaker 1: Now it runs even with the slatest spike, you know,

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Speaker 1: we're barely near three. So the argument being there's been

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Speaker 1: a discount and a discount and it's pushed up home prices,

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Speaker 1: which of course would be the argument to go at it.

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Speaker 3: What do you think?

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Speaker 2: Firstly, I think labor would probably not be too disappointed

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Speaker 2: that the Greens have got this inquiry. So, and we

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Speaker 2: know that in previous elections the Labor Party has taken

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Speaker 2: policies to change the capital gains tax discount and negative gearing. Yes,

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Speaker 2: I think there's such a focus on productivity in Australia

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Speaker 2: at the moment that I even though they've ruled out changes,

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Speaker 2: I think this will be coming back onto the agenda.

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Speaker 2: I think, you know, I don't see anything that's really

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Speaker 2: going to boost productivity magically as we are now. So

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Speaker 2: I think the government is definitely setting things up to

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Speaker 2: have all things on the table and have a discussion

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Speaker 2: about reviewing capital gains tax, reviewing native gearing, reviewing all

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Speaker 2: sorts of taxes coming into the next election. And obviously,

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Speaker 2: if you look at the opinion polls at the moment,

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Speaker 2: they're in a pretty strong position. So they probably feel

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Speaker 2: like they've got an even bigger mandate than I did

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Speaker 2: at the previous election to try and take changes such

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Speaker 2: as changes to the capital gains tax discount to the

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Speaker 2: next election.

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Speaker 1: Yeah, well, it would seem to be a time politically

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Speaker 1: where they have the opportunity that wouldn't arise very often

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Speaker 1: because as you say, they've been re elected stronger than

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Speaker 1: many expected okay. Now, similarly on the issue of the

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Speaker 1: conditions if you like, or the settings around property from

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Speaker 1: which we must make our investment decisions as investors, I

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Speaker 1: saw what you said recently that they Helped to Buy

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Speaker 1: scheme was released too late, because what happened if everyone

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Speaker 1: is across this the first Home Guarantee scheme which is

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Speaker 1: now a universal scheme that means and eOne can put

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Speaker 1: up their hand and get the access to go and

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Speaker 1: buy their first home with a five percent deposit. That

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Speaker 1: Leapfrog did be like other schemes which included the Help

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Speaker 1: to Buy scheme, which was supposed to be shared equity, right,

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Speaker 1: and that's got sort of sidelined, hasn't it. So you

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Speaker 1: were saying that the help to Buy scheme was released

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Speaker 1: two leads? What did you mean by that?

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Speaker 2: So initially both the Help to Buy and the Home

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Speaker 2: Guarantee Scheme was set to commence at the start of

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Speaker 2: next year and the government decided to bring forward the

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Speaker 2: Home Guarantee scheme and also make it more generous, so

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Speaker 2: that scheme now has unlimited places, it has no income caps,

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Speaker 2: and the price caps on where you can buy have

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Speaker 2: been lifted substantially and it's very early. But all the

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Speaker 2: evidence points to the fact that we've seen there was

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Speaker 2: a cohorter first home buyers that rushed in before the

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Speaker 2: scheme went live, and now there's a cohort of buyers

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Speaker 2: that have been waiting for the scheme and they've rushed

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Speaker 2: into the market. Now, the help to Buy scheme was

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Speaker 2: a much well as it stands at the moment, and

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Speaker 2: maybe they're going to change it, but as it stands

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Speaker 2: proposed at the moment, ten thousand spaces a year, so

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Speaker 2: it is limited. It also has income caps, and the

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Speaker 2: price caps on the Help to Buy scheme are lower.

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Speaker 2: So what you've effectively done by bringing the home guarantee

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Speaker 2: scheme forward is pushed up the price for the people

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Speaker 2: they're actually going to use the help to Buy scheme. Oh,

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Speaker 2: created harder. It's going to be harder for them, and

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Speaker 2: you would argue that help to Buy scheme is actually

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Speaker 2: better targeted. So people that really need help to enter

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Speaker 2: the market are going to access the help to Buy

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Speaker 2: scheme rather than the home Guarantee scheme, and now they're

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Speaker 2: going to be paying They're going to be paying a

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Speaker 2: higher price for their property for the luxury of doing so.

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Speaker 2: So look I don't like either of these schemes. They're

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Speaker 2: basically just more fuel on the fire and encouraging people

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Speaker 2: to buy at higher prices. But if you were going

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Speaker 2: to schedule this correctly, I think you would introduce the

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Speaker 2: help to buy scheme first and then bring the home

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Speaker 2: guarantee scheme in off the back of it.

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Speaker 1: Right, Okay, I want to segue here. Two more ideas

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Speaker 1: been tossed into the market, which is not exactly the same,

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Speaker 1: but it's close. Van Guard, the big ETF player, has

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Speaker 1: proposed introduction of a kind of my Superstar investment scheme

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Speaker 1: for young investors where they would basically have this sort

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Speaker 1: of isolated, incubated shelter and they will be able to

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Speaker 1: save inside that for two years or so in a

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Speaker 1: tax protected environment. This was put forward by the MD

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Speaker 1: event Daniel Shrimsky recently. Ultimately, this is a leading question,

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Speaker 1: but I think a lot of our listeners would be

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Speaker 1: thinking the same way. Is there a point at which

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Speaker 1: we have to stop these help schemes because in the

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Speaker 1: end they distort the market so much. You said you

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Speaker 1: didn't like the existing ones. For instance, that helps horn buyers.

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Speaker 1: Just in a nutshell, why don't you like them.

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Speaker 2: The reason I don't like them is I don't actually

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Speaker 2: address housing affordability. The way to address housing affordability is

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Speaker 2: the lower prices. Politically, that's really tough, I understand that.

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Speaker 2: But what these schemes do is give people more borrowing

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Speaker 2: power to enter the market at higher prices, and they

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Speaker 2: push up overall prices in the market. So yes, they

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Speaker 2: help people to enter the market, but what ends up

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Speaker 2: happening is you actually have to keep creating bigger support

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Speaker 2: for first home buyers. So if you remember the first

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Speaker 2: home Buyers the initial introduction of it back in two thousand,

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Speaker 2: it was seven thousand dollars to offset the impostive GST

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Speaker 2: on brand new homes, and it's now evolved into five

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Speaker 2: percent deposits shared equity with the government. You know, play

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Speaker 2: this forward another ten years. How much more support is

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Speaker 2: the government going to be providing first home buyers Because

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Speaker 2: these schemes don't work initially, But then they'll stop working

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Speaker 2: as effectively and you'll have to make the bigger So

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Speaker 2: whilst their position has helped, they help people right now,

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Speaker 2: but they make it worse for the next cohort first

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Speaker 2: home buyers coming into the market. So from a broader context.

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Speaker 2: I don't think they help.

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Speaker 1: Yes, and proven to a degree already by your point

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Speaker 1: that this first home deposit scheme universal scheme which was

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Speaker 1: brought forward, has stalked prices at the entry level right

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Speaker 1: literally to the point that those caps cut out. And

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Speaker 1: ironically the share equity scheme which comes behind us, which

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Speaker 1: is aimed perhaps further down the tree in terms of income,

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Speaker 1: they're looking at hot prices that have been pushed higher

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Speaker 1: by the first scheme, which is really just shows how

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Speaker 1: it all sort of can go terribly wrong. Okay, very good,

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Speaker 1: We'll be back in a moment, folks. We have some

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Speaker 1: very good questions. Hello, welcome back to the Australians Money

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Speaker 1: Puzzle podcast. James Kirby here with Cameron Kusher of Kusher Consulting.

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Speaker 1: We've been talking house prices, where they're going and also

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Speaker 1: what's going on inside the market. I bet you found

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Speaker 1: that pretty interesting. Just before we move into the questions,

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Speaker 1: I wanted to mention that I've got David Booth on

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Speaker 1: the show on Thursday, who is someone with the most

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Speaker 1: extraordinary history. He is one of the founding fathers, if

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Speaker 1: you like, of Index and ETF Investing. He's a co

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Speaker 1: founder of Dimensional and was in that area of the

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Speaker 1: whole Chicago school with Nobel Prize winners family and French

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Speaker 1: and Byron Shows, et cetera extraordinary background that he came

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Speaker 1: from and did some extraordinary things. So don't miss that, Okay.

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Speaker 3: Now.

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Speaker 1: Correspondence is from leafblower Man, who is also known as

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Speaker 1: Stephen Hi James. I'm sure you were as surprise as

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Speaker 1: I was last week when Jackie Clark on the show

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Speaker 1: said she had never heard of The Millionaire next Door,

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Speaker 1: the best selling investment book from the nineteen nineties. As

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Speaker 1: a financial journalist, I am sure you are well versed

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Speaker 1: in conducting literature searches before writing and talking about a

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Speaker 1: subject on the issue of spending money without overgeneralizing. There

393
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Speaker 1: can be interesting cultural differences with some families sharing or

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Speaker 1: loaning money within extended families to start businesses, for instance.

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Speaker 1: Thank you very much, Steven. Yeah, good point. Yes, Well,

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Speaker 1: you know the book that I mentioned and that you're

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Speaker 1: familiar with, The Millionaire next Door is my personal favorite

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Speaker 1: book of all time on investment, But then I've read

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Speaker 1: loads of them, and to me, it's different because it

400
00:20:58,920 --> 00:21:01,479
Speaker 1: talks about hanging on to my enough, losing it as

401
00:21:01,520 --> 00:21:05,040
Speaker 1: opposed to making it, and I didn't think Jackie needed

402
00:21:05,080 --> 00:21:06,960
Speaker 1: to know all the books that were out there because

403
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Speaker 1: the thing about Millionaire and next Door. Of course, it's

404
00:21:08,960 --> 00:21:11,840
Speaker 1: from nineteen ninety six, which is a while ago. I

405
00:21:11,880 --> 00:21:13,520
Speaker 1: do ever heard of it, Cameron Cush, you'll put you

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Speaker 1: on the spot.

407
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Speaker 2: I have heard of it. I haven't read it. You

408
00:21:16,840 --> 00:21:19,000
Speaker 2: know some of my favorite books. I've just got thinking

409
00:21:19,080 --> 00:21:22,040
Speaker 2: about this. I've obviously read The Intelligent Investor, and I

410
00:21:22,119 --> 00:21:22,560
Speaker 2: enjoyed that.

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Speaker 3: And you got to the end of it, did you, Well?

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Speaker 2: Not quite. It is hard work. I've tried it a

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00:21:28,920 --> 00:21:31,360
Speaker 2: few times, but like it's got some really good information

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00:21:31,400 --> 00:21:34,560
Speaker 2: in there. Probably not necessarily an investing book, but one

415
00:21:34,600 --> 00:21:37,120
Speaker 2: book that is kind of related is the book Die

416
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Speaker 2: with Zero. Really enjoyed reading that book. Yes, not necessarily

417
00:21:40,520 --> 00:21:42,679
Speaker 2: about investing, but I guess it's more about investing in

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00:21:42,720 --> 00:21:45,720
Speaker 2: yourself and your family when they need that help, rather

419
00:21:45,760 --> 00:21:49,040
Speaker 2: than waiting around and giving your kids money when you're

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00:21:49,040 --> 00:21:51,440
Speaker 2: dead and they don't have any memories with you to

421
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Speaker 2: enjoy from it. So they're probably.

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Speaker 1: Terrific principle, actually, isn't it.

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Speaker 3: Yeah? Absolutely? Okay, that was good one.

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Speaker 1: Thank you for chipping in with that and the other

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Speaker 1: thing I wanted to say funny about the millionaire next

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Speaker 1: door cost. Someone said to me recently, Yeah, well, you know,

427
00:22:07,040 --> 00:22:09,440
Speaker 1: big deal millionaire. You know, the average house price you know,

428
00:22:09,520 --> 00:22:12,080
Speaker 1: is near a million in many of the cities, and

429
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Speaker 1: it's such a good point. But it's nothing to do

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00:22:13,840 --> 00:22:16,480
Speaker 1: with the millionaire per ses to do with the principles

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00:22:16,800 --> 00:22:20,760
Speaker 1: in that book. Okay, thank you, Steven. Next one is

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Speaker 1: from Paul loved the podcast. An article in The Australian

433
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Speaker 1: recently said the trustees this is in the First Guardian

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00:22:29,960 --> 00:22:33,399
Speaker 1: Shield Investments debacle, and tobaccle is a nice word for

435
00:22:33,440 --> 00:22:36,800
Speaker 1: it stated that the trustees who were meant to be

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Speaker 1: monitoring the First Guardian and Shield Investments groups are asking

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Speaker 1: taxpayers to foot the bill. My questions are, this is

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Speaker 1: the mandated role of super trustees to monitor the investment

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00:22:46,480 --> 00:22:50,960
Speaker 1: products they offer so that the same investment products are

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Speaker 1: not dodgy and two can the government force the same

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Speaker 1: trustees to compensate the investors who lost their savings. No,

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Speaker 1: they can't, I would think straight away, Paul. But Macquarie

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00:22:59,480 --> 00:23:04,960
Speaker 1: of course has as immediately volunteered to pay the unfortunate

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00:23:04,960 --> 00:23:09,720
Speaker 1: people who were actively and seriously and thoroughly misled by

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Speaker 1: big names that were bandied about basically by First Guardian

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Speaker 1: and Shield. Interesting I see net Wealth wants the government

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00:23:19,440 --> 00:23:23,600
Speaker 1: to pay. Macquarie has already paid and never even asked

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Speaker 1: the government to do so. So very different.

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Speaker 3: Views on it. Have you.

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00:23:27,320 --> 00:23:31,200
Speaker 1: Are you familiar at all with that particular role of scandal.

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00:23:31,240 --> 00:23:33,360
Speaker 2: Cameron, No, it's not in my wheel house.

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00:23:33,440 --> 00:23:34,960
Speaker 3: Unfortunately, it's not in your wheelhouse.

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00:23:35,080 --> 00:23:37,000
Speaker 1: Yes, indeed, and you're better off certainly not to have

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Speaker 1: had anything to do with those companies. But it is

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Speaker 1: I think shocking that this sort of thing still happens. Really,

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00:23:43,920 --> 00:23:45,639
Speaker 1: we had thought all this sort of stuff.

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Speaker 3: Was long gone, but it's not.

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00:23:47,440 --> 00:23:51,919
Speaker 1: And clever operators can still enter the system and be

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Speaker 1: get the tick of approval from established blue chip names,

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00:23:56,880 --> 00:23:59,560
Speaker 1: which is of course their power a keep our in

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00:24:00,119 --> 00:24:03,360
Speaker 1: ring investors. We will come back to that another day.

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Speaker 1: Thanks very much Cameron for coming on the show.

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Speaker 2: Great to have you, Thank you for having me, good

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Speaker 2: to chat.

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Speaker 1: Great some really fresh insights there into the residential market,

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00:24:13,200 --> 00:24:15,640
Speaker 1: which folks, well, if you'd like to think it's going

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00:24:15,720 --> 00:24:18,160
Speaker 1: up nine percent or ten percent in the next twelve months.

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Speaker 3: I wouldn't disagree with you at all.

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Speaker 1: They are nationwide figures, of course, and all property is local.

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Speaker 1: The money Puzzle at the Australian dot com dot au.

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Speaker 1: For any further correspondent, send them in. Folks, love to

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Speaker 1: see what you have to say about every show and

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Speaker 1: every subject we talk about. Until then, talk to you soon.