Liberal MP accuses opposition MPs of wasting time on another Boissonnault probeGus Malzahn is leaving UCF to become Florida State's offensive coordinator, AP source saysMcGhie scores 27, UC San Diego downs La Salle 72-67
From Maui to the Caribbean, Thanksgiving tournaments a beloved part of college basketballNoneLet’s take out the crystal ball and see what’s in store for property prices. Nationally, they continue to creep higher – they’re up a very respectable 6.7 per cent this year. Yet it’s also clear that the market is losing steam, especially in the tinsel-towns of Sydney and Melbourne, where there are currently more homes for sale than at any time in the past five years. Why? “Owners struggling with mortgages at the moment are thinking, ‘I’d better get out and take advantage of relatively high prices’,” AMP chief economist Shane Oliver was quoted in the news as saying. I think that makes sense. But hold your handbags! Another expert, Louis Christopher from SQM Research, predicted this week that prices could boom 10 per cent nationally next year if we get a rate cut (or two) early next year. I also think that makes sense (especially in Perth and Brisbane, where there’s a lack of supply). So the question then becomes: how likely is it that homeowners will get some ‘relief’ from high rates? Well, in January economists were almost unanimous that we’d get a rate cut this year. Didn’t happen. And now they’re equally unanimous that we’ll get rate cuts next year. Tik. Tok. Perhaps that’s why Treasurer Dr Jim Chalmers describes current interest rates as being “stubbornly high”. Interesting. So Jim is suggesting that interest rates are behaving much like my three-year-old does when I won’t buy him a Big M at the local Romsey IGA. He collapses on the floor and starts howling like a wolf, and then goes limp as a jellyfish when I try to pick him up. Now that is stubborn. So, let’s zoom out and take a look at the historical chart. Australia’s official interest rate is well below historical highs. From this perspective, current rates don’t look ‘stubborn’ – or particularly high – to me. The truth is that interest rates movements are as unpredictable as my three-year-old. (Just ask the former Reserve Bank Governer Philip Lowe, who famously shanked his ‘lower for longer’ forecast ... despite the fact that he was the one who set the rates!). Look, despite the crazy amount of airtime we give economists and experts, history has proven that they’re actually no better at picking the longer-term movements of interest rates than a dart-throwing monkey. So here’s my advice: Don’t be stubborn, and don’t listen to experts (including me!). If you’re making buying or selling decisions, you need to deal with the facts in front of you. And that goes for you too, Jim. I know you’re hanging out for a 10% pop in prices before the election in May, but you can’t count on it! Tread Your Own Path! I Can’t Sleep. I Can’t Eat. I’m a Walking, Shaking Mess. Hi Scott, I can’t sleep. I can’t eat. I’m a walking, shaking mess. We put our home up for sale in the first week of March for $1.25 million, on the advice of our agent. (At the time I thought it was on the high side, but I didn’t say anything.) It’s been eight months now and we haven’t got a single offer! Our agent has gone missing in action, and we don’t even have open-for-inspections anymore. My husband, on the other hand, is cool as a cucumber. He’s sure someone will come along and buy it. I’m climbing the walls, not just because we’re up for thousands of dollars in selling costs regardless of whether we sell or not (!), but because we’re stuck in limbo. I want to move interstate to start our new life (and my new job!) but we can’t do anything until this bloody place is sold. What should we do? Wendy Hi Wendy I can feel your stress through my computer screen! My wife says that I am too blunt, but she’s currently overseas, so I’m going to say what I damn well please: Your asking price is too high. If you haven’t sold your home within six weeks of listing (let alone eight months!) you have one of three options: First, you can take it off the market and wait till prices recover. Second, you can rent it out for a period of time. Third, you can meet with your agent and discuss aggressively lowering the price so you can attract a number of bidders, and let them sort out what the market value is. Which one does your head tell you is the best option? Remember, it’s very likely you’ll be buying and selling in the same market. In other words, if you sell your home for less than you expect, chances are you’ll buy your next home for less than you expect. The stress you’re feeling comes from a lack of control. Waiting and hoping isn’t a strategy that will work in this market. You need to take action! Good luck! Interest rates and other housing issues can dial up stress levels. Picture: iStock Too Much Temu Hi Scott, I’ve just been clearing out my mother’s motor home and storage shed after she passed away. She had SO many (UNOPENED) packets with random labels, apparently all from Temu. Checking her Temu account, she had spent over $1000 in the last five months! Alex Hi Alex As I wrote last week, Temu has turned shopping into gambling: it’s so cheap you’re willing to take a punt on whether you’ll actually use it or not (and besides, you only need to buy a few more things to qualify for free shipping, or discounts, or both). I also think they’ve tapped into the inner six-year-old in all of us: who doesn’t love the rush of waking up on Christmas morning and seeing all the presents Temu Santa has left for us? The problem that you’ve nailed with your mum is that it’s mostly just stocking-filler rubbish that you’ll discard by New Year. What Is Wonder Woman Worth? Scott, I’m wondering what your thoughts are around the hourly rate for a stay-at-home parent? I am unable to go back to work while we have young kids at home, one of whom has a chronic illness. My wonderful partner is supporting the family on his income. Although being the main caregiver is one of life’s most important jobs, it is seriously undervalued and underpaid. If I were to get paid a wage, what would it be? Wonder Woman (aka a mum) Hi Wonder Woman, My wife Liz left me last week. She’s flown to Europe to produce a documentary for the next three weeks (“or so”). In the lead-up to her departure she sat me down and took me through what I call ‘Liz-gistics’: It’s an actual spreadsheet that tracks the movements of our four kids. When I put all their activities into my calendar it honestly looks like a failed game of Tetris. The next few weeks are absolutely terrifying. So, how much is a stay-at-home parent worth? Well, I went looking and found a study by salary.com which calculated that stay-at-home mums work a whopping 96 hours a week, and therefore it says they should earn at least $230,000 a year. Yet that all sounds kinda clickbaity and not particularly useful. Scott Pape says household income should be shared. Picture: Jason Edwards Look, the home is not a workplace. If it were, I’d have taken my three-year-old to HR for verbal bullying, harassment and workplace assault after he threw his Vegemite toast at me because I mistakenly cut it into squares rather than halves. My simple answer to your question is that you and your partner should share the money that comes into the family, based on the family money buckets you’ve set up. However, and this is important, part of that set-up should include individual Splurge buckets: a set amount that you can enjoy without judgement or guilt from the other. Oh, and you should also have a family Smile bucket so you can jointly save up for things that you’ll enjoy as a family. Working together is how you win. DISCLAIMER: Information and opinions provided in this column are general in nature and have been prepared for educational purposes only. Always seek personal financial advice tailored to your specific needs before making financial and investment decisions. More Coverage Don’t spend $85k on two degrees that won’t get you a job SCOTT PAPE Scott Pape’s 13 top tips for saving money Scott Pape Barefoot Investor Don't miss out on the headlines from Barefoot Investor. Followed categories will be added to My News. Join the conversation Add your comment to this story To join the conversation, please log in. Don't have an account? 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Psychic Star lives up to the billing in Golconda 1000 GuineasSouth Korea's leader prompts dismay by briefly declaring martial law. Here's what to knowSince Donald Trump’s rise to prominence in the 2016 presidential campaign and through his first term, out-of-office election-denial antics and his 2024 campaign, many supporters have built a cottage industry excusing his more extravagant claims. They’ve often said that Americans should take him seriously, but not literally. While it’s true President-elect Trump often engages in figurative rhetoric that’s best to ignore, we believe that Americans should take his plan for mass deportations both literally and seriously, given its prominence in his campaign. It’s real cause for concern. The “Mass Deportation Now” placards held by Trump supporters at his rallies were literally a sign of his intentions. Trump’s and Vice President J.D. Vance’s rhetorical attacks on Haitian immigrants in Springfield, Ohio, were another — even though most of them are here legally and definitely were not eating pet cats and dogs. Then there’s this doozy. Judicial Watch’s Tom Fitton posted the following on Truth Social: “GOOD NEWS: Reports are the incoming @RealDonaldTrump administration prepared to declare a national emergency and will use military assets to reverse the Biden invasion through a mass deportation program.” Trump responded to the post by writing “TRUE!!!” ABC News noted that Trump, at his Madison Square Garden rally at the end of his campaign, promised, “On Day 1, I will launch the largest deportation program in American history to get the criminals out.” That statement includes wiggle room given its focus on criminals — and it’s still unclear how he might deploy military assets toward that end. The military has long provided operational assistance to border authorities, according to CBS News. “(L)ongstanding federal law generally prohibits the use of the military for domestic law enforcement,” it noted, but exemptions exist. CBS quoted incoming border czar Tom Homan suggesting a more limited military role with Trump adviser Stephen Miller saying they might deputize the National Guard. Even if the Trump team finds some legal justification, the proposal raises serious constitutional and practical concerns. We’re most concerned by the idea of declaring a national emergency. That tactic is rarely used in this country because it gives the federal government limitless powers to conduct raids and is distinctively un-American. There’s also talk of creating large detainment facilities. This would entail invoking the Insurrection Act, which allows the feds to deploy the military in the face of “unlawful obstructions, combinations, or assemblages, or rebellion ... (that) make it impracticable by the ordinary course of judicial proceedings.” Presidents rarely use such martial law-like powers and only for targeted situations — not for nationwide operations. Anyone who believes that only criminal aliens have reason to fear such an approach are forgetting why our nation’s Founding Fathers included myriad checks and balances in the Constitution, were so concerned about due-process rights and so intent on limiting the unilateral power of the federal executive branch. American citizens — and non-criminal illegal immigrants — almost certainly will get caught up in any dragnets. Conservatives who were rightly appalled at unilateral COVID-19 restrictions on our liberties should also oppose this type of power grab. The Orange County Register remains proud of its opposition to the Japanese-American internment during World War II. This editorial board will likewise oppose any similar abuses now. It’s too early to know the details, but we take the threats literally and seriously.
Taken seriously, Trump’s plans for deportation are ridiculous