Yes it is. They should have communicated more clearly that they were only measuring concessions.
How would 'the MSM' know? So you claim the Chief Economist and property expert at Macrobusiness, Leith van Onselen, and the property industry commentator Catherine Cashmore can be excused for not knowing, but 'the MSM' is at fault for not knowing?
How would 'the MSM' know? So you claim the Chief Economist and property expert at Macrobusiness, Leith van Onselen, and the property industry commentator Catherine Cashmore can be excused for not knowing, but 'the MSM' is at fault for not knowing?
The ABS and the MSM should have communicated to us more clearly that what was being measured was concessions.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
The ABS and the MSM should have communicated to us more clearly that what was being measured was concessions.
You say Chief Economist and property 'expert' at Macrobusiness, Leith van Onselen, and property industry commentator Catherine Cashmore can be excused for not knowing or communicating this fact to us. So why do you blame 'the MSM' for also not knowing or communicating the fact?
You say Chief Economist and property 'expert' at Macrobusiness, Leith van Onselen, and property industry commentator Catherine Cashmore can be excused for not knowing or communicating this fact to us. So why do you blame 'the MSM' for also not knowing or communicating the fact?
Please leave van Onselen and Cashmore out of this. They are not in any way responsible for this debacle. The fault lies with the ABS.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
What about the MSM... you were blaming them a few minutes ago?
My position is unchanged. Those journalists who report the ABS statistics should have probed deeper or communicated better with us. Please leave Catherine and Leith out of this. It is not their fault. This is a failure of communication, not a failure of 'bears'. Why must you be so political at every turn?
I don't think this is anyones fault. The people who wrote the lending software were trail blazers taking the industry from a laborious manual input system to a highly computerised system that cut down processing times, saved in staff costs, and the data quality took a great leap forward.
The software designers look for neat simple coding solutions so linking an FTB with an applicant claiming the FHOG was intuitive.
Now we have hit an "Oh shit" moment that no one realised until now. It's just a matter of rectifying it. These programs were massive undertakings and it only fair to accept that nothing will stay perfect forever and adjustments will need to be made from time to time.
From a bank/lending point of view this isn't critical data, but it is to the ABS and policy makers. It will get sorted out soon enough.
journalists who report the ABS statistics should have probed deeper or communicated better with us
Please leave Catherine and Leith out of this
Should Catherine and Leith not also have probed deeper and communicated better with us? They are supposed to be property experts, not just general MSM. If amateur APF members could figure it out nearly a year ago, why not them? And what's worse, they were both made aware of the concerns with the data months ago when it was discussed on APF, yet they continued (and still continue) to churn out articles bemoaning the 'affordability crisis' and the 'priced out FHBs', while blaming 'speculators' and negative gearing for the non-existent problem. Because that narrative better fits their agenda.
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