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Saturday, 14 July

19:15

Most of Victoria getting under construction "IndyWatch Feed Economics.au"

Jumpin' jackhammers

Don't normally deal in hyberbole on this blog, but gee whizz this header isn't too far off the truth.

When the latest engineering construction figures were released last month they showed a huge ramp up in work yet to be done in Victoria, as a volley of transport and infrastructure projects underway saw the engineering pipeline explode nearly $10 billion higher, to sit at by far the highest ever figure. 

In a recent report on the end of the construction boom, I also noted that of the capital cities only Melbourne presently has the dynamics to sustain an elevated rate of apartment construction, supported by extraordinary population growth

An unprecedented surge in attached dwelling approvals October and November 2017 had become commencements by the first quarter of 2018, as the number of dwellings under construction continued to rise statewide.

Commercial building work in the pipeline is booming, too, doubling in only the past couple of years to more than $8 billion.

The net result is a wild and synchronised upswing in the total pipeline, with the best part of $38 billion of work yet to be done, also a near-doubling in only the past couple of years. 


Nationally construction activity may be set to fall, but clearly this won't happen any time soon in Victoria.

In fact, looking at this chart Melbourne may even experience the opposite problem, being a constraint on capacity!

Residential construction in particular is known to have a strong multiplier effect, so it's qu...

17:17

Hillsong Founder the pedophile Frank Houston and boy victim WNZ1, the first known Wellington New Zealand boy victim "IndyWatch Feed National"

Brian Houston: I'm sorry the victims feel sad, very hurt and alone. I'll remember them in my prayers. Sorry I can't help the victims more.

Pastor Brian Houston the head of Hillsong Global Church. Heartless. Refuses to help the boy sexual  abuse victims of his father Pastor Frank Houston the founder of Hillsong Global Church in any way. Hid and sheltered his secret lifelong pedophile father Frank Houston for five years from 1999 to 2004 from the NSW Police and in doing this deprived the boy victims of Justice. Facing looming pedophile protection charges  Brian Houston: Im sorry the victims feel sad, very hurt and alone. Ill remember them in my prayers. Sorry I cant help the victims more.

16:00

The Weekend Quiz July 14-15, 2018 answers and discussion "IndyWatch Feed Economics.au"

Here are the answers with discussion for this Weekends Quiz. The information provided should help you work out why you missed a question or three! If you havent already done the Quiz from yesterday then have a go at it before you read the answers. I hope this helps you develop an understanding of modern monetary theory (MMT) and its application to macroeconomic thinking. Comments as usual welcome, especially if I have made an error.

Question 1:

The value of money inevitably declines if the money supply rises.

The answer is False.

While the statement is mostly false there are situations (rare) where it could be true. But as a blanket statement it is false.

The question requires you to understand: (a) the difference between bank reserves and the money supply; and (b) the Quantity Theory of Money.

The mainstream macroeconomics text book argument that increasing the money supply will cause inflation is based on the Quatity Theory of Money. First, expanding bank reserves will put more base money into the economy but not increase the aggregates that drive the alleged causality in the Quantity Theory of Money that is, the various estimates of the money supply.

Second, even if the money supply is increasing, the economy may still adjust to that via output and income increases up to full capacity. Over time, as investment expands the productive capacity of the economy, aggregate demand growth can support the utilisation of that increased capacity without there being inflation.

In this situation, an increasing money supply (which is really not a very useful aggregate at all) which signals expanding credit will not be inflationary.

So if nominal demand kept increasing beyond the capacity of the real economy to absorb it via increased production then the result will be inflation and the value of the dollar would start to decline.

The Quantity Theory of Money which in symbols is MV = PQ but means that the money stock times the turnover per period (V) is equal to the price level (P) times real output (Q). The mainstream assume that V is fixed (despite empirically it moving all over the place) and Q is always at full employment as a result of market adjustments.

In applying this theory the mainstream deny the existence of unemployment. The more reasonable mainstream economists admit that short-run deviations in the predictions of the Quantity Theory of Money can occur but in the long-run all the frictions causing unemployment will disappear and the theory will apply.

In general, the Monetarists (the most recent group to revive the Quantity Theory of Money)...

13:03

Taxpayers pay up for Kimba and Hawker residents to be nuclear-educated at Lucas Heights "IndyWatch Feed Enviro.au"

$350k of flights to get nuclear reactions 
Taxpayers have coughed up nearly $350,000 to fly 225 Kimba and Hawker residents to Sydney to learn about nuclear waste, new figures reveal(subscribers only)
https://www.adelaidenow.com.au/news/south-australia/federal-government-flies-225-country-residents-to-sydney-to-learn-about-nuclear-waste-ahead-of-august-20-ballot/news-story/432c509816a37f2918c6b7dd7ac85d9c

Nuclear waste debate soars to nearly $350,000 in tax-payer funded trips   the Australian (subscribers only)

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Friday, 13 July

22:00

Gargoyle: Innovative solution for preventing insider attacks "IndyWatch Feed Tech"

A group of researchers from UNSW Sydney, Macquarie University, and Purdue University has released a paper on a new and very promising network-based solution for preventing insider attacks. Dubbed Gargoyle, the solution: Evaluates the trustworthiness of an access request context through a set of Network Context Attributes (NCAs) that are extracted from the network traffic Leverages the capabilities of Software-Defined Network (SDN) for both policy enforcement and implementation Takes advantage of the network controller for More

The post Gargoyle: Innovative solution for preventing insider attacks appeared first on Help Net Security.

21:39

Advancing responsible radioactive waste management in Australia. "IndyWatch Feed Enviro.au"

Australian Conservation Foundation (ACF Briefing note: March 2018

Overview:

Radioactive waste management in Australia has been a contested, divisive and ultimately non-productive area of public policy for decades. The timing and circumstances are now conducive for adopting a revised approach that is more likely to advance responsible national radioactive waste management and agreed and lasting outcomes.

This approach to responsible radioactive waste management in Australia is founded on not imposing any federal facility on an unwilling community, acting in a manner consistent with both existing state and territory laws and leading international industry practise and ensuring high standards of extended federal interim storage at the two secured sites where the majority of the waste is sited pending an inclusive and robust examination of the range of long term future management options.

Scale and current context:

Australia holds around 4250 cubic metres of low level radioactive waste and 655 cubic metres of longlived intermediate level waste. Around 95% of this material is currently stored at two secured Federal sites. Nearly all of Australias intermediate level waste is held where it was created at the Australian Nuclear Science and Technology Organisations (ANSTO) Lucas Heights nuclear reactor facility in southern Sydney. This material is Australias highest level radioactive waste and is the most significant management challenge. Most of the low-level waste is at the Defence Departments Woomera site in South Australia.

The National Radioactive Waste Management Project:

The current preferred federal plan involves the emplacement and coveri...

16:04

Assuring equity of access and quality outcomes for older Aboriginal and Torres Strait Islander peoples: what needs to be done? Western NSW & Far West Health Libraries Blog

This report outlines the proceedings and outcomes of the 5th National Workshop of the Australian Association of Gerontology Aboriginal and Torres Strait Islander Ageing Advisory Group held in Perth in November 2017.

The workshop aimed to address the inequities of access and outcomes for older Aboriginal and Torres Strait Islander peoples under the current aged care reform program, and suggest directions for the future.

Key issues identified at the workshop were:

  • current barriers to equity of access and quality outcomes
  • specialist targeted services for Aboriginal and Torres Strait Islander Elders
  • delivery of appropriate care by mainstream aged care service providers
  • an aged care workforce that improves access and quality care
  • advocacy services
  • appropriate aged care needs assessment
  • an evidence-based approach.

http://apo.org.au/system/files/182156/apo-nid182156-959376.pdf

 

16:00

The Weekend Quiz July 14-15, 2018 "IndyWatch Feed Economics.au"

Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blogs I post. See how you go with the following questions. Your results are only known to you and no records are retained.

1. The value of money inevitably declines if the money supply rises.



2. Economists note that the automatic stabilisers in-built into government fiscal policy increase deficits (or reduce surpluses) in times of slack aggregate demand. This sensitivity of the fiscal outcome to the economic cycle would not be eliminated if the government followed a fiscal rule such that it had to balance its fiscal outcome at all times.



3. One advantage of low inflation is that the central bank can better use balance sheet management techniques to control yields on public debt at certain targetted maturities.


11:46

Labor calls Peking rent-boy Sam Dastyari back to politics "IndyWatch Feed National"

From The Daily Telegraph Sam Dastyari should return to politics, says NSW Labor general secretary Kaila Murnain Kylar Loussikian, The Daily Telegraph July 12, 2018 NSW Labor powerbroker Kaila Murnain has begged disgraced former senator Sam Dastyari to return to the political frontline. Mr Dastyari was once seen as a...

11:43

Just Reinvest NSW is hiring! Just Reinvest NSW Inc Just Reinvest NSW Inc

Job Opportunity Available:

Community Engagement Project Manager, Just Reinvest NSW

Full time 12 month contract (with possibility of extension)

Just Reinvest NSW was formed by a coalition of more than twenty organisations aiming to address the over-representation of Aboriginal and Torres Strait Islander young people in custody through a justice reinvestment approach. We are an independent, non-profit organisation auspiced by the Aboriginal Legal Service (NSW/ACT) Ltd.

In 2013, Just Reinvest NSW began a partnership with the Aboriginal community in Bourke to implement the first major Justice Reinvestment trial in Australia; the Maranguka Justice Reinvestment Project in Bourke. In September Just Reinvest NSW will commence a Community Engagement Project, working with other Aboriginal communities to assist in determining their suitability and readiness in adopting a community-led justice reinvestment approach.

The Community Engagement Project Manager is primarily responsible for:

  • Working and engaging with selected communities to provide them with the information necessary to assist them to determine their suitability and readiness to adopt a community-led justice reinvestment approach
  • Providing relevant initial data collection and facilitating data-driven community decision making processes on priority areas and goals for reducing crime
  • Assisting and facilitating in developing community goals and circuit breakers to reduce the rate of young peoples contact with the criminal justice system and the causes of the offending behaviour of young people;
  • Managing the Community Engagement Project Support Officer and local consultants, traineeships and/or staff engaged to support the community-led initiatives in the set-up phase.

Aboriginal and Torres Strait Islander people are strongly encouraged to apply.

Salary Range: $82,864 to $85,292 (dependent on experience, skills, qualifications as demonstrated in your application and interview).

For the position description see: JRNSW Community Engagement Project Officer

For any questions please contact Nicole Mekler, Coordinator, Just Reinvest NSW, 0412 483 170, nicole@justreinvest.org.au

Applications close by Friday 3rd August 2018.

Please provide a brief cover letter addressing the essential criteria and your resume to nicole@justreinvest.org.au.

The post Just Reinvest NSW is hiring! appeared first on...

10:12

Aussie super funds skim $700Bn in fees - union industry funds our biggest "IndyWatch Feed National"

If members contributions between 1997 and 2016 had been invested in a passively managed fund with typical expenses and allocations, they would now be valued between $700bn and $800bn larger, University of NSW economist Nicholas Morris said. The total pool of superannuation assets, $2.6 trillion in March, would now be...

08:50

The Daily "Near You?" "IndyWatch Feed National"

Erskineville, New South Wales, Australia. Thanks for stopping by!

08:22

John Hennessy bubbling with enthusiasm for nuclear waste dump in Hawker "IndyWatch Feed Enviro.au"

John Hennessy Submission (No 7 ) on : Selection process for a national radioactive waste management facility in South Australia

 I am a Hawker resident and business owner. I believe the site selection process was correct, I acknowledge it may have been carried out any number of different ways, but that does not imply something improper with the process implemented. What is really impressive is the extensive consultation which has taken place since day one. All residents have had the opportunity to gather information and express their concerns over a period of almost two years.
Hawker has a great opportunity to become involved with the wonderful work ANSTO perform, which in turn makes a significant contribution to Australias first class health system. We in Hawker will proudly share a sister city type relationship with Lucas Heights, which will allow our children and grandchildren openings into Sydney employment prospects. I am bubbling over with enthusiasm for this project; it is a once in a lifetime opportunity for a small community to obtain a massive injection of investment which will provide an increase in employment and business activity for many years to come. It will guarantee the future of our town.
The terms of reference segment I wish to specifically address is, whether the local or state wide community views should be taken into consideration. I believe the way this has played out to date is not in our communitys best interest. The no campaign ha...

Thursday, 12 July

23:00

Startup Baraja Promises Cheap, Reliable Lidar for Self-Driving Cars "IndyWatch Feed Tech"

The Australian company hopes to sell lidar systems with no moving parts for a few hundred dollars

If youve walked around a major city like San Francisco in the past couple years, youve probably noticed cars topped with bulky, spinning discsthe mark of self-driving vehicles in training.

Inside those flying-saucer-like rigs are upwards of tens of thousands of dollars worth of lasers used for light radar (lidar). Lidar detects objects like cars, pedestrians, and bicyclists by scanning them with laser light, then measuring the light that gets reflected back. Its a key enabling technology for self-driving cars. But those cars are going to stay in testing mode forever if lidar costs dont go down.

Sydney-based startup Baraja, which came out of stealth mode today, plans to provide a less expensive solution by repurposing key technologies from the telecom industry, says CEO and cofounder Federico Collarte. Instead of using moving parts and multiple lasers, the Baraja design uses a single multicolor laser and prismlike optics to split and scan its beam over a field ranging 30 degrees in the vertical and 92 in the horizontal. To get a 360-degree view, the company places four of these sensor sets on the roof of a car.

Baraja's compact lidar system Photo: Baraja

Barajas design places the laser in a small box inside the car, ideally by the onboard computer, well away from the elements. Light from the laser travels to the roof over fiber-optic cables. Each of the rooftop sensor heads contains prismlike optics that split the beam into an infrared rainbow, with hundreds or thousands of different colors each emerging at a slightly different angle. To sweep a particular part of the field, just change the color of the laser to the right band of the spectrum, and the prisms will send beams to the desired place. This takes less than a millisecondno moving parts required. The sensor heads are resilient, and can be submerged in water or blasted with a hose, says Collarte.

The system can rapidly adapt to the circumstances, changing the visual field or providing more detail in a particular region by changing the color of the laser, says Collarte. The onboard computer might decide to use the lidar to get a more detailed look at who or what is in the crosswalk a couple feet away, or focus farther aheadup to about 250 meterswhen driving at freeway speeds.

Lidar images are made up of matrices of dots, each of which represents a beam of laser light that reflected off a person or thing in range of the system. The resolution depends on how many of these dots are packed into each image, as well as the size of the light...

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