The Oyster There once was an oyster whose story I tell,
who found that some sand had got into his shell.
It was only a grain, but it gave him great pain,
for oysters have feelings although they're so plain.
Now, did he berate the harsh workings of fate
that brought him to such a deplorable state?
Did he curse at the government, cry for election,
and claim that the sea should have given him protection?
No - he said to himself as he lay on a shell,
since I cannot remove it I shall try to improve it.
Now the years have rolled around, as the years always do.
and he came to his ultimate destiny, a stew.
And the small grain of sand that had bothered him so,
was a beautiful pearl all richly aglow.
Now the tale has a moral, for isn't it grand<
what an oyster can do with a morsel of sand?
What couldn't we do if we'd only begin,
with some of the things that get under our skin? 1. Home lending on the way up  February marked the fifth consecutive month of home loans increasing, according to figures released this week by the Australian Bureau of Statistics (ABS).
Over the month the total number of loans increased by 0.4 per cent as a result of a 2.6 per cent rise in loans for construction and a 4.2 per cent lift in loans for the purchase of new dwellings. February marked the fifth consecutive month of home loans increasing, according to figures released this week by the Australian Bureau of Statistics (ABS). Over the month the total number of loans increased by 0.4 per cent as a result of a 2.6 per cent rise in loans for construction and a 4.2 per cent lift in loans for the purchase of new dwellings. Lending for new homes has been rising since October 2008, driven by the continued reduction in variable mortgage rates and the tripling of the First Home Owners Grant for new dwellings. In seasonally adjusted terms, the Australian Capital Territory saw the biggest leap, with a rise of 12.4 per cent in the number of loans for existing and new dwellings. Other states to record an increase were Tasmania (1.9 per cent), New South Wales (0.3 per cent) and Victoria (up 0.5 per cent). The number of loans fell by 3 per cent in Queensland, by 0.4 per cent in each of South Australia and Western Australia and 3.1 per cent in the Northern Territory. 2. The playing field is changing There has been a significant change in the home lending marketplace, with many smaller lenders exiting and the larger banks taking measures to ensure borrowers do not go into financial stress, according to a new mortgage industry report. The joint J.P. Morgan/Fujitsu Consulting Australian Mortgage Industry Report (Volume 9, October 2008) also urges first home buyers to be cautious about the size of the debt they enter into, in the light of the current economic situation. There has been a significant change in the home lending marketplace, with many smaller lenders exiting and the larger banks taking measures to ensure borrowers do not go into financial stress, according to a new mortgage industry report. The joint J.P. Morgan/Fujitsu Consulting Australian Mortgage Industry Report (Volume 9, October 2008) also urges first home buyers to be cautious about the size of the debt they enter into, in the light of the current economic situation. Martin North, Fujitsu Consulting's Managing Director said that the share of business written through the non-banks and smaller players has reduced significantly. "The four major banks now have the lion's share of new business, thanks to the flight to quality we have seen in the last six months; the announcement of potential help from the Big Four for people who may become unemployed will reinforce this trend", North said. "Indeed, they have been struggling to process all the new applications because of the increased volumes from refinancing transactions and first time buyers." Mr North added that the Deposit Guarantee has enabled players to raise capital through significant bond issues and keep margins at respectable levels. The report cautioned first home buyers using the current low interest rate environment and government stimulus as a means to enter home ownership to consider: - Interest rates will inevitably go up again;
- First home buyers typically have a higher initial LVR (Loan to Value Ratio), therefore are highly sensitive to any future rise in interest rates; and
- The outlook for income growth to absorb future increases in interest rates is poor.
J.P. Morgan's Scott Manning commented that the banks themselves recently acknowledged these dynamics by introducing a range of measures to reduce initial LVRs and increase required saving rates. "Further, with limited refinancing or exit options available to stressed households as lenders withdraw from the housing market, we have recently seen more action being taken to avoid forced home sales via the escalation of awareness being drawn to repayment holidays of up to 12 months," Manning said. 3. Men still earning more  The gender divide in Australia has narrowed over the past 20 years but there is much more to be done, according to the latest AMP.NATSEM Income and Wealth Report `She works hard for the money'.
In fact, a man still has the potential to earn $2.4 million over a lifetime compared to a woman who earns nearly $1 million less! The gender divide in Australia has narrowed over the past 20 years but there is much more to be done, according to the latest AMP.NATSEM Income and Wealth Report `She works hard for the money'. In fact, a man still has the potential to earn $2.4 million over a lifetime compared to a woman who earns nearly $1 million less! The 22nd AMP.NATSEM report focuses on women today, how their social and economic status has changed and evolved over time, and what differences can be seen between them and their male counterparts. The report found that women have gained substantial ground, particularly in areas of education and employment, but large gaps still exist between men and women in both paid and unpaid work and areas of wealth, income and superannuation. Baby Boomer women have the highest wage gap of all generations of 13 per cent. Gen X women have a lower wage gap of around 3.5 per cent while the wage gap for Gen Y women is almost non-existent at 0.6 per cent. AMP Financial Services Managing Director Craig Meller said that Gen Y is the first generation where the wages of women are almost on par with men. "While the gender divide has narrowed, particularly for Gen Y, the risk remains that as these women progress through their careers, particularly during their child rearing years, they will still face the same dilemmas and glass ceilings as their Baby Boomer mothers," Mr Meller said. "So while much progress has been made, this report tells us that there is still more work to be done to narrow the gender divide, particularly in the child rearing years, so that when women leave and re-enter the workforce they don't fall behind their male counterparts." The report findings show that while more women are working (workforce participation increased 10 per cent to 58.2 per cent in the 20 years to 2008) they face an ever-increasing juggling act, struggling to balance two kids, a household and a career. Women employed full-time with children spend 78 hours a week in paid and unpaid work compared to full-time men with children who work 74 hours a week. These women are spending on average 15 hours a week cooking and cleaning while the men are spending only six hours a week on these tasks. 4. Bigger, fresher, uncut Questions arise for all gardeners from time to time, whether novices or seasoned pros. So what happens if a question falls in the garden and no one is around to hear it? Questions arise for all gardeners from time to time, whether novices or seasoned pros. So what happens if a question falls in the garden and no one is around to hear it? The ABC's Gardening Australia Expo hits the road this month, offering willing ears for all those fallen questions, along with information, inspiration and entertainment, and the very latest in garden and outdoor products and plants. Queenslanders can check out the expo in Brisbane this week, 17th-19th April at RNA Showgrounds, Bowen Hills. Sydney and Melbourne have to wait a little longer - until the end of August and October, respectively. 5. Real property or personal property?  When selling or buying your home, make sure you understand exactly what is being sold along with it.
The general rule is, if it is attached to the structure or the ground, it is real property and stays with the house. But this can be confusing. So if you want to make sure an item remains in the house, list it specifically in the contract. It's better to do this than "assume" anything and, of course, if you have any questions about inclusions seek confirmation from your legal representative. 6. Like walking on (clean) air It's hard to imagine walking on plastic milk bottles, but that's exactly what you could be doing if you built your balcony using a new range of decking boards that are made from recycled milk containers and non-virgin pine products. According to the company's website, a metre of ModWood decking board contains approximately 37 recycled plastic milk bottles and around two kilograms of reclaimed pine dust (a by-product of timber milling). Not only does the product put to good use recycled and waste products that would otherwise be squandered, potentially ending up as landfill, but it is made without the use of formaldehydes, so there are no chemical emissions. | |
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