I’m with Dick Smith on this one; Julie Inman Grant shows courage.
Both sides of politics and most businesses are obsessed with a “big Australia”. Dick Smith is one of the few on the opposing side of the narrative. And as the Minns NSW Government usurps local councils’ planning powers by announcing their support for residential property located within 400 metres of a train station to be turned into 8–storey apartment blocks and within 800 metres of a train station to be turned into 6–storey apartment blocks, infrastructure will inevitably be left behind, and many streets will become a carpark. More public golf courses will likely be stolen in the name of green space.
Australia imported a net 549,000 immigrants last year, while the natural increase in terms of births over deaths added a further 111,000, making up a total population increase of 660,000 people, or 2.5 per cent of the population (in just twelve months). How are an additional 660,000 people living sustainably, given the housing and cost of living crisis? And with gross domestic product (GDP) growth subdued, GDP per head of population is going backwards.
High net immigration has become an important factor behind Australia’s economic growth, but on a per capita basis, many Australians, particularly younger Australians, are going backwards. Unsurprisingly, we are witnessing increased examples of social turbulence. And Australia’s eSafety commissioner, Julie Inman Grant, is working hard by encouraging parliament to introduce legislation to stop big tech allowing access of hate speech videos, and a multitude of other disturbing activities.
We know our American friends are obsessed with the Second Amendment of the U.S. Constitution, “A well regulated militia, being necessary to the security of a free state, the right of people to keep and bear arms, shall not be infringed”, however, it is the First Amendment of the U.S. Constitution, which “protects freedom of speech, the press, assembly, and the right to petition government for a redress of grievances”. And this is what the executives at some big tech organisations are peddling. Disturbing dysfunctional activity may harm some big techs’ reputation, but it sure gets a lot of hits. Forget the consequences?
Meanwhile, Australia’s older generation are enjoying record housing prices and receipt of a reasonable return on their cash holdings after 13 interest rate increases by the Reserve Bank of Australia (RBA) over the 18 months to November 2023. But recent data shows it is the younger generation who are pulling back, and it seems fashion and department store categories, post the Taylor Swift effect, could be under pressure for some time.
Chief Executive Officer of Montgomery Investment Management, David Buckland has over 30 years of industry experience. David is a deeply knowledgeable and highly experienced financial services executive. Prior to joining Montgomery in 2012, David was CEO and Executive Director of Hunter Hall for 11 years, as well as a Director at JP Morgan in Sydney and London for eight years.
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