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BFCSA
MORTGAGE
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What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
Banks have to keep records for seven years from closure of the files.  Borrowers not informed the banks actually sit in the digitized archives.  FOS know this to be the case but in order to protect their banker paymasters, they pretended to the Senators: "what can the Ombudsman do?"  He gave evidence: "yes often the banks say specific documents have mysteriously "gone missing."  FOS say "what can we do....we have no powers."  Yet their are 8 copies of files according to police who examined bank records in 2009.  BFCSA know where they are. And, most of these copies have been tampered with by internal bank staff on orders from the CEO as a matetr of 'training' and procedures which are represented as legal and normal.  In fact, most of those documents are still in the system.  The bank just says: "we cannot find them" and lie to the courts as to where these documents...
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Calls for rate hike to check pace of debt accumulation The Australian 12:00am January 18, 2017 Michael Bennet   Australians are accumulating debt at a faster rate than in the wake of the global financial crisis, despite much smaller reductions in official interest rates, sparking fresh calls for the Reserve Bank to lift the cash rate from near ­emergency levels. As data revealed growing ­demand for housing finance, TD Securities warned that “tiny” RBA rate cuts had encouraged debt accumulation to surpass levels during the GFC when the official cash rate was slashed from 7.25 per cent to 3 per cent within seven months. “The pace of debt accumulation is equivalent to massive rate cuts when in fact we haven’t seen massive rate cuts, we’ve seen 25 basis points every six months,” Annette Beacher, TD’s chief macro strategist for the Asia-­Pacific, told The Australian. “When the rest of the world is...
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Investigation: social welfare cheats targeted while corporate welfare elite runs amok michaelwest.com.auJanuary 20, 2017 Geordie Wilson and Michael West   AS the storm over social welfare rumbles on with Centrelink and its breathtaking debt recovery bungle, it is worth considering Australia’s corporate welfare elite. It was reported here last year the Big Four accounting firms had picked up $2.6 billion in fees from the Australian government over the past ten years; two thousand six hundred million dollars that is for writing reports, paper shuffling. This is a conservative estimate mind you, based only on the visible data. Now to the states. How much do state governments fork out to PwC, EY, KPMG and Deloitte for telling them what they want to hear? This is a murky swamp – the data is difficult to access, it is opaque. Though it is fair to say that Australian governments, state and federal, over the...
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Deadlines for bank culture reform slipping: McPhee Australian Financial Review Jan 20 2017 4:08 PM James Eyers   Ian McPhee, the independent overseer of the banking industry's cultural reform, has called on consumer groups, unions and financial regulators to make their views known on the various reforms under way while noting many of these are in danger of being delayed due to their complexity. In his third progress report on Friday examining how the banks are implementing their plan designed to re-establish community trust after a series of culture scandals, Mr McPhee, a former Commonwealth auditor-general, said external stakeholders had "quite reasonably" withheld judgment on banks' efforts until there was more clarity around positions. But "it is now coming time for their perspectives on the design of the various measures to be clearly understood, where this is not already apparent, ahead of final industry positions being reached", he said. Mr McPhee's...
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  • Denise
    Denise says #
    BFCSA: Major Bank CEO Engineers of Bad Banking produce "Top Down" Shocking Bank Culture. With respect Mr Ian McPhee has no idea t
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Pauline Hanson lying high; The strange case of James Ashby’s aeroplane   18 January 2017 https://independentaustralia.net/politics/politics-display/james-ashbys-aeroplane,9934   Ashbygate investigator and Sydney bureau chief Ross Jones catches Pauline Hanson out telling porkie pies about her travel arrangements and expenses.   The Australian reported One Nation boss Pauline Hanson boasting about her frugality on Monday (16/1/16): Senator Pauline Hanson says she fills her own plane with petrol and drives herself to the airport, parking in the budget carpark and getting a bus to the terminal. The Queensland senator says she also always travels economy and if she needs to go to remote places she uses her own plane at One Nation's expense. "I've still got my plane, well the party's plane, but all the trips I've done in that since the election I've filled it up myself," Senator Hanson told Sky News on Monday. Which is great, except neither Pauline Hanson nor One...
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The reason why Pauline is viewed as thick as to planks......and has to continually ask: "please explain...."   Pauline Hanson made the rookie error of trying to take on Lee Lin Chin 19 January 2017 http://www.msn.com/en-au/news/australia/pauline-hanson-made-the-rookie-error-of-trying-to-take-on-lee-lin-chin/ar-AAlXiZV   For reasons we honestly can’t explain, Senator Pauline Hanson has made the mistake of taking on SBS journalist and high priestess of the internet, Lee Lin Chin ahead of Donald Trump’s presidential inauguration ceremony. The feud first began on Monday when Hanson tweeted, “Would you believe it? I have been gifted tickets to the Presidential Inauguration Ceremony of @realDonaldTrump – What an honour!” The last minute invitation to the One Nation Party leader came after weeks of speculation that Trump's camp has struggled to secure guests and entertainment for the inauguration, something Chin pointed out in her reply to Hanson's tweet. "Who hasn't got tickets? No actual Americans want to go so they're just...
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Could it be the last hurrah for the bush lawyer!......In recent months, speculation has grown that Senator Brandis was considering retiring from federal politics.    George Brandis bills public for family bush trip 18 January 2017 http://www.theaustralian.com.au/national-affairs/george-brandis-bills-public-for-family-bush-trip/news-story/c3e6115c75891bc591dabdafa98b4fd5   The federal Attorney-General, George Brandis, took his son on a taxpayer-funded trip to remote western Queensland last year where the pair explored their family connections to the region. In a trip that has raised eyebrows in Liberal National Party ranks, Senator Brandis chartered his own plane for the weekend visit to Quilpie and Charleville in September. The cost of a three-day charter is estimated at more than $12,000 for the trip — which also included a staff member — with Senator Brandis covering the accommodation costs of his son. Several LNP insiders privately questioned the trip amid the fallout from the taxpayer-funded spending that forced health minister Sussan Ley to resign. Malcolm Turnbull...
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ANZ continues spirited sale of Asian assets 16 January 2017 http://www.australianbankingfinance.com/asian-markets/anz-continues-spirited-sale-of-asian-assets/   ANZ Banking Group is offloading its kiwi-based asset finance arm, UDC Finance, to China’s HNA Group as the bank continues the Asian-exit strategy that CEO Shayne Elliott expects will simplify its business and enhance its core capabilities.    HNA, which now owns Hainan Airlines, a 25 per cent ($6.5 billion) stake in Hilton Worldwide Holdings and a 13 per cent stake in airline Virgin Australia has reportedly agreed to terms at $628 million for UDC, the asset finance business of ANZ Bank New Zealand.   ANZ New Zealand chief executive officer, David Hisco, said the sale of UDC is “consistent with our strategy to simplify the bank”, calling it a positive outcome for customers and staff. According to ANZ the sale price represents a net gain on the sale of $100 million. And more importantly garners a price-to-book ratio...
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Shocking claims aired in new bank report, but no ban in sight 18 January 2017 http://thenewdaily.com.au/money/finance-news/2017/01/18/sedgwick-bank-remuneration/?utm_source=Responsys&utm_medium=email&utm_campaign=20170119_TND   A new report has exposed serious flaws in the way bankers are paid to sell financial products, but it stopped short of calling for an outright ban, prompting fears the bank-funded review will not go far enough to prevent dodgy sales and alleviate pressure on staff. Perhaps more revealing than the conclusions of the issues paper, released on Tuesday, were the shocking whistleblower reports it contained. One teller reportedly encouraged a customer to open nine separate bank accounts to help the branch meet a sales target. A second teller was then “reprimanded” for helping the customer close the other eight “unnecessary” accounts, according to the issues paper. A bank employee confided that: “If I am not on my numbers by 2.00pm I know I will have to have a performance conversation.” Another said: “I...
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Mortgage-backed securities investors sitting cushy as house prices rise Australian Financial Review Jan 19 2017 6:27 PM  Su-Lin Tan   Australia's recent residential boom has provided residential mortgage-backed securities a healthy "equity cushion" to absorb any potential house price losses, Moody's Investors Service says. Rising house prices have added an average of 14 percentage points of equity to the mortgage loans in the portfolio of MBS which Moody's rates. While the size of equity cushions were different in each state – the highest were in NSW and Victoria and the lowest are in Western Australia – this "additional equity cushion" provides a buffer to absorb losses if mortgages default, which is positive for MBSs. "The sizes of the equity cushions differ markedly across states, reflecting divergent housing price performance in different regions," Moody's analyst Georgij Ludmirskij said. "Despite housing price falls in certain mining-related regions, the indexed weighted-average current loan to...
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Current housing market presents a 'considerable risk' Australian Financial Review Jan 19 2017 3:06 PM Jessica Sier   An assumption of ever-lasting favourable conditions when picking stocks would raise alarm bells for fund managers, but for some reason an ever-booming property market doesn't attract quite the same concern. Using their stock picking techniques, Auscap Asset Management has determined the downside risks involved in property are too great to invest, especially when correlated over time with household income. Australian residential property prices have experienced annual growth of 7.4 per cent and have not been exposed to a broad decline since 1991, prompting a view by many that buying houses is a relatively low-risk prospect. "The inference is that past returns tell us something about future returns," Auscap Long Short Australian Equities Fund principals Tim Carleton and Matthew Parker said. "This extrapolation bias carries considerable risk." Usually, house prices rise in line with household income;...
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‘Ominous’ outlook for Brisbane apartment market The Australian 12:00am January 20, 2017 Rosanne Barrett   Brisbane’s apartment market outlook is “ominous” thanks to reduced foreign investment and tightened lending, as Queensland builds almost double the number of apartments than in its previous market peak in the late 1990s. Lower investor activity and the state government’s new foreign-buyer surcharge could snowball with strong supply in inner-city suburbs to create short-term turbulence, according to a new report by Perth-based property firm Momentum Wealth. It also found there would be a widening gap between prices for houses and apartments, as housing supply remains below the 10-year average. “Given the high levels of activity in the Brisbane apartment sector coupled with this easing demand from foreign investors (who predominantly buy in this property segment), the short-term prospects for the apartment market are ominous, particularly in areas with a high concentration of new projects, either planned...
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Centrelink systematically ripping off clients: whistleblower Canberra Times JAN. 19 2017 - 4:55PM Noel Towell   Full text of the whistleblower's allegations   Centrelink is deliberately ripping-off thousands of Australians caught up in its data matching "robo-debt" program, with managers telling public servants at the agency to enforce debts they know are bogus, according to explosive new claims.  The serious allegations have emerged as a second Liberal backbench senator breaks ranks and criticises the data matching effort which the government hopes will add $4.5 billion to the budget bottom line. Another whistleblower has come forward with an insider's account of how the "debts" are being pursued, alleging that glaring errors are deliberately ignored by Centrelink to allow it to extract money from its clients while others are being told they must repay "fictitious payments". Centrelink denied all the allegations on Thursday saying the claims "do not accurately represent how the system works." Pensioners and other struggling members of the...
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None of these Architect idiots get it!    Australian families want to live in a house with a back yard a Hills Hoist and those of us who had our homes stolen want them back ‘with interest’.    We don't want to live in any dogboxdo NOT want to live in Could three-bedroom apartments be an affordable alternative for families and slow urban sprawl? ABC Radio Melbourne By Fiona Pepper Posted about 4 hours ago   http://www.abc.net.au/news/2017-01-17/the-benefits-of-three-bedroom-apartments-for-melbourne/8187290   Tue 17 Jan 2017, 1:09pm Photo: Better designed apartments could offer a solution to families priced out of the Melbourne market. (Flickr: Gary Sauer-Thompson) Most new housing being built in Melbourne is two-bedroom apartments, but should we be embracing three-bedroom designs to provide better options for families? On Tuesday, Lochlan Sinclair, an architect and design manager at Neometro, will join a panel of experts at MPavilion to discuss High Density Happiness: In Defence Of The Three-Bedroom...
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Tony now a whistleblower?   Tony Windsor says Liberals using associated entities to ‘launder donations’ 16 January 2017   The former independent MP Tony Windsor says any attempt to reform Australia’s political process must include the use of associated entities by major political parties. Windor used an ABC interview to call for further reform of the democratic process, saying the Coalition used associated entities to hide the source of their political donations and the practice was eroding trust in the system. “You’ve only got to look at recent events, you’ve only got to look at the way in which political donations are working now, how they can be hidden, how the lobbying process has in my view been corrupted over the years,” Windsor said on Monday. “The use of what’s called associated entities to, in effect, ‘launder’ donations so that the general public, and the political process to a certain extent...
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The Squeeze IS ON..................   Single borrowers “squeezed” out of market Annie Kane Tuesday 17 January 2017 http://www.theadviser.com.au/breaking-news/35627-single-borrowers-squeezed-out-of-market   A non-major bank believes single borrowers are being “squeezed out of buying a home”, after it saw single loan applications drop by nine per cent over two years. According to super fund-owned bank ME, the number of home loan applications from individuals has fallen by nine points to 35 per cent (based on customer data for 40,000 home loans over the past two years).  It added that the average loan size for single mortgagors increased by nine per cent, to $355,000, over the same period. The bank said that the average loan amount for singles was largest in NSW and Victoria, which have been experiencing rapid rises in house prices over the last few years. According to the lender, loan sizes rose by 16 per cent (to $422,000) in NSW and 11...
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Sounds like mortgages doing the soft shoe shuffle...   AMAL integrates Resimac and GSI portfolios into the Botany Loan Trust 14-Aug-2014 http://www2.amal.com.au/announcements/amal-integrates-resimac-and-gsi-portfolios-into-the-botany-loan-trust AMAL Asset Management Limited has completed the integration of a small-ticket commercial mortgage portfolio recently sold by Resimac, into the Botany Loan Trust. The Botany Loan Trust was originally established by Deutsche Bank for the purchase of two diversified commercial mortgage portfolios from the receiver of the Banksia Group. In addition to the Resimac portfolio, AMAL will also integrate the recently purchased Gippsland Secured Investments assets into the trust over the next few months, taking the total portfolio to in excess of $A300 million. Deutsche Bank and its advisers will leverage off AMAL’s extensive experience and highly-rated servicing platform for portfolio integration, data integrity, transaction processing, reconciliations, documentation and stakeholder reporting.   AMAL will also manage all borrower communications under the Botany Loan Trust brand. ...
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At it again???..........This is the bank's first public term RMBS transaction since 2004..........Issuer: Perpetual Corporate Trust Limited as trustee of Kingfisher Trust 2016-1 ........Lenders Mortgage Insurance provided by ANZ Lenders Mortgage Insurance Pty Limited ......The portfolio has a relatively low exposure to investment loans (20.02%) and interest-only loans (14.55%),   Rating Action: Moody's assigns provisional ratings to Australia and New Zealand Banking Group's First RMBS Transaction for 2016 Global Credit Research - 14 Nov 2016 https://www.moodys.com/research/Moodys-assigns-provisional-ratings-to-Australia-and-New-Zealand-Banking--PR_310474 Kingfisher Trust 2016-1 - AUD 747.0 million of debt securities rated Sydney, November 14, 2016 -- Moody's Investors Service (Moody's) has assigned the following provisional long-term rating to notes to be issued by Perpetual Corporate Trust Limited as trustee of Kingfisher Trust 2016-1. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE FULL DISCLAIMERS BELOW." Issuer: Perpetual Corporate Trust Limited as trustee...
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Understanding Residential Mortgage Backed Securities   http://www.bfcsa.com.au/index.php/media-links/2-uncategorised/50-rmbs-explained   Denise Brailey's submission to Parliament August 2012:  PDF   This introduction is designed to give you a working knowledge of how Australian mortgages have been used since as early as 1988, to generate cash flow and dividends (profits) for groups of investors.  (Italics represent the editor's comments.) How it all works, in a nutshell:  1)  You borrow money from the bank or lender for a mortgage 2)  Your lender 'pools' your loan (promise to pay), with thousands of other mortgages and calls it an Special Purpose Vehicle (SPV) or 'Trust' 3)  Please note: 'Pooling' your mortgage means your lender HAS SOLD YOUR MORTGAGE to the 'Trust' (This means they have been paid in FULL and therefore are no longer a 'party of standing') 4) This 'Trust' is converted into stock and is given a CUSIP number is then made available to shareholders via...
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    organza says #
    Pays to know what you sign your life away for AFTER your application form has been tampered with behind your back for evil intent.
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ANZ NZ raises 500 mln euros (NZ$866.4 mln) through its 1st covered bond offer backed by '100% prime NZ residential mortgages'   Posted in Bonds October 14, 2011  http://www.interest.co.nz/bonds/56194/anz-nz-raises-500-mln-euros-nz8664-mln-through-its-1st-covered-bond-offer-backed-100   ANZ New Zealand has become the third New Zealand bank to issue covered bonds with the group, owner of both the ANZ and National banks, making a five-year, 500 million euro (NZ$866.4 million), offer in Europe overnight backed 100% by "prime New Zealand residential mortgages." ANZ said the offer was priced at 95 basis points over the euro interest rate swap rate. Rick Moscati , ANZ's Group Treasurer, said the bank was pleased to have executed its first covered bond transaction for ANZ NZ despite a backdrop of volatile market conditions. "The transaction generated a very high quality order book, with over 75% distributed to real money investors (long-term investors such as pension funds and fund managers) primarily across Europe. The introduction...
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APRA has found that regulatory capital relief for credit risk has been claimed inappropriately. 2010    http://www.apra.gov.au/adi/Documents/cfdocs/Securitisation-Letter-to-ADIs-FINAL-26-August-2010.pdf    26 August 2010 To all locally-incorporated authorised deposit-taking institutions REGULATORY CAPITAL TREATMENT FOR SECURITISATION Prudential Standard APS 120 Securitisation (APS 120), which became effective in January 2008, requires authorised deposit-taking institutions (ADIs) to undertake, and provide to APRA upon request, written self-assessments of each securitisation in which they participate. In line with this requirement (paragraph 18), APRA has requested and reviewed a number of self-assessments.   After securitisation markets globally and in Australia struck difficulties from 2008, a number of ADIs originated securitisations under which the senior tranche or trancheswere placed with third-party investors but the originating ADI retained all, or nearly all, of the securitisation’s most subordinated tranche. Some ADI issuers have concluded appropriately that such a structure fails to meet the fundamental requirement for significant credit risk transfer and have retained...
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Equals 208 compensation claims of $500,000 for bank victims kicked out of their homes and they wonder why nobody has any trust in them...they all sit on their brains....federal politicians claimed almost $49 million in expenses over the first half of 2016 and more than $55 million in the six months before that.... Politicians’ expenses: Less self-service, more public service, thanks 11 January 2017 http://thenewdaily.com.au/news/national/2017/01/11/politicians-expenses-less-self-service-public-service/ In an interview published just after his 90th birthday last year, celebrated sociologist Zygmunt Bauman pointed to a crisis in democracy because of a collapse of trust and “the belief that our leaders are not just corrupt or stupid, but inept”. Bauman died on Monday in Leeds, the British town he’d made his home since the 1970s. Wherever he may be now, he’s possibly weighing up the dubious expenses of numerous Australian politicians and muttering: “I told you so.” While it probably isn’t corrupt, the behaviour...
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CBA defends 'incorrect' personal advice claims BY JAMIE WILLIAMSON  |  MONDAY, 16 JAN 2017  12:36PM http://www.financialstandard.com.au/news/cba-defends-incorrect-personal-advice-claims-91376801   The Commonwealth Bank has responded to reports by Fairfax claiming a CBA bank teller had provided personal advice to a now-deceased customer. Last week Fairfax revealed CBA is working through a $68,000 compensation claim as part of its Open Advice Review program, with the key complaint being that a customer, Raymond Kataryna, was given personal advice by a bank teller which resulted in him losing tens of thousands of dollars. In a statement addressing the media reports, CBA executive general manager advice review program, Leif Gamertsfelder said: "Any suggestion in this case that a frontline branch staff member provided personal advice or provided a product to meet a sales target is completely incorrect." "There is a record of the interaction between the branch staff member and the customer. This confirms that Kataryna directed his...
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Sounds exactly like pressures exerted on FOS to come up with the final biased   recommendation!   The wonderful world of broker conflicts   By Damien Klassen in Markets at 8:30 am on January 18, 2017 | 4 comments http://www.macrobusiness.com.au/2017/01/wonderful-world-broker-conflicts/   A reminder today from Reuters on the perils of being a research analyst at a brokerage firm. The guts of the story: 1.      JP Morgan equity strategists downgrade Indonesian stocks to underweight 2.      The Indonesian finance ministry takes offence and stops using JP Morgan as a primary dealer for its government bonds 3.      JP Morgan upgrades Indonesian stocks to neutral 4.      Everyone lives happily ever after Now I’ve seen lots of cases where companies “blacklist” analysts who put a sell recommendation on the stock, not allowing them into company presentations or to dial-in to conference calls. I’ve even heard of a case where a company tried to sue an analyst...
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John Howard takes his entitlement By Unconventional Economist in Australian budget, Australian Politics at 9:59 am on January 18, 2017 | 0 comments By Leith van Onselen http://www.macrobusiness.com.au/2017/01/john-howard-takes-entitlement/   John Howard was always the master of ‘middle-class welfare’, as evidenced by the questionable increases in the eligibility for the Aged Pension, baby bonuses, family tax benefits, and superannuation concessions under his watch. Now it has been revealed by the Huffington Post that John Howard has claimed far more taxpayer expenses than Australia’s other living former Prime Ministers: Former PMs are given “a number of facilities at the discretion of the prime minister of the day” and currently include car costs, office costs, telecommunications and travel costs… In the latest disclosure of expenditure on the Department of Finance website (for the period from January to June 2016), it is revealed Howard, the second-longest serving PM, was the biggest spender among former leaders....
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