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Now, once itgets there, there's no way that it can do that again.Ryan Well, yeah, it can't go lower than %, or can it? I've heard stuff about - I don'treally understand it - but, like, negative interest rates in other countries. Is thatsomething that the reserve bank could do?Steve They can and it's insanely stupid.Ryan And why is that?Steve Because you have to think about this in double-entry bookkeeping terms.Ryan Okay. I don't know if I'm going to be able to understand those terms.Steve Economists do not think in terms of double-entry, which is a big mistake. ButI do, which is why I've got some of the different approaches that I'm talking about now. Butif you think of double-entry bookkeeping terms, you've got assets and liabilities. And yourloans are an asset for a bank.

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And so are your reserve accounts you have at the centralbank. Now, www.valsvic.com.au at the moment, the central bank pays you no interest on the reserves, so you'vegot an income earning asset, which is your loans and a non-income asset, which is yourreserves. Now, when the central bank says they're going to change negative interestrates, what that means is, they start giving banks a negative return on the deposits thebanks have at the central bank. So the banks now have got assets. Loans earning a positivereturn and reserves earning a negative return. So what's the banks' response that is goingto say, well, we've got a negative return from one asset. The only way to compensateis to get a positive return from the other asset or a bigger one. So if we get negativerates on our reserves, let's increase our mortgage rates and that's what's happenedin Switzerland.Now,

Australia and America and other countriesaround the world where I didn't have data.As you can see, that's what happened in America. The crisis began when the rate of growth ofdebt started to slow down. And for some time, change in debt was actually negative, so creditwas negative. So, for the depth of the downturn they went through, people were reducing theprivate debt by up to about almost $ trillion a year at an annual rate. And that dip iswhen America had a serious crisis from here. When gross debt was growing at $ trilliona year, down when it was falling by $ billion a year, that was the serious crisis. Thenit began to turn around, they started borrowing again. That's the American data.

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Is that as simple way to explain it?Steve Yeah. Simple way to explain it.Ryan You're saying that when you're looking at a country and you're looking at the economicsof that country, you need to look at the GDP and how much that country earns as well ashow much debt they're acquiring because, obviously, if they're acquiring debt, they can use tospend on things like houses or personal things.Steve Exactly,

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exactly. And economists believe that that's doing double www.valuationssa.com.au counting. I've proventhat it's not because what they think is when you borrow money - if I borrow money, theytend to think I'm borrowing it from you so you can spend less and I can spend more andthe two cancel out. When you look at bank lending, banks don't have to get depositsto lend. They're lending actually creates deposits. Therefore, the extra demand comingfrom credit is added on to the demand from incomes themselves. Some complicated issuesthere, but that's the basic logic. So with that logic, I started drawing charts likethe one you can see on the screen right now. The red line is America's GDP, the blue lineis GDP plus credit, which is the change in private debt. And the black line which isgraphed on the second Y-axis there is just the change of debt in that time. And I wassaying back in that it's going to be a crisis when the rate of growth of debt startsslowing down and I thought it would happen both in .

the reason conventional economists didn't see that is they don't think in double-entrybookkeeping terms. And they tend to think, well, if we make the reserve rates negative,then banks will pass it on to depositors and they will pay a lower rate deposits and thatwill stimulate people because.

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For dwelling at themoment is four percent so there's thattwo percent four percent differentialnow if you go back to the previous boomin the early s it was the other wayaround now we've got this is thedifference in our economy now becauserates are so low the point is thatyields haven't fallen at the same rateas deposit rates have they've actuallyheld their own right whereas depositrates have fallen away now we've got a-percent gap between what you get atthat fixed term deposit in the bank asto what you get in a yield in Sydneywhich has the lowest yields of all thecapital city markets this is why moreand more investment decisions and itbecomes almost you know osmosis I meanintuitive that you think two ways youknow property investment you know I canstill get capital growth but I get thetax advantages negative gearing discounton my capital gains tax depreciationand .

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You know compared to this low growthflat economic environment we have it'sjust a no-brainer and of course we'realso exposed to the stock market most ofus are at superannuation so it meanswe're diversifying we've got our superreflecting the stock market and we havethese portfolios that we can develop inresidential investment and believe methe government is not going to touch ina significant manner the tax advantagesfor small-scale investment so we see inin the cycle too because what wecalculate yield by is the value of theproperty over the the rental return thatwe're going to get so if the value ofthe property is growing the yield curveactually goes down yes because we're notsetting it from a fixed point it's notwhen we buy it so all the data that'scoming through is basically seeing thevalue of the asset grow and the yieldcurve coming down because.


The value isgrowing so rents aren't growing as highbut over the what does property valuation mean cycle once we come off thatgrowth cycle the yield starting lowcatch up exactly and the other point isit which is different now you're goingto understand the other point to yieldis return on investment which is rentsnow rents are not going to continue totrack house price growth there is goingto become a more of a differential forthe very reason that incomes are flatnow tenants are different to homebuyershome buyer can borrow they can leveragetheir existing property as a deposit nowa tenant doesn't have that capacity allthey can rely on to compete in themarket is incomes growth now justbecause you there's people in thequeue for your property that you want torent that you go to have a look atsaturday morning and you really want itbut you can't pay more because youhaven't earned more to be able to dealit or leverage yourself at a higher rentnow that's what we're seeing flatterrental growth will.
Reflect flatterincomes growth okay now I do thinkthere's some upside to rents in marketssuch as Melbourne and Brisbane althoughBrisbane is a more of a balance betweendemand and supply but i think that theSydney market that rents will continueto be flattered because of the lack ofincomes growth there to sustain or topush up rents despite there being anunderlying shortage of property now whatdoes that mean itmeans there's a flat Nightline for yourreturn on investment so even if yieldsfor the only way they'll fall is ifprices keep rising and I hey that'sgoing to really make your really sadisn't it prices are rising so the yieldequation is sort of it's now taken offthe table because you're basicallygetting a guaranteed return on rentalsand we talk about units now we'retracking at the moment the median houserent for house in sydney at five hundredand thirty dollars a week now that'sthirty percent higher than Brisbane andMelbourne which are four hundred a weekpoor old sydney tenants who weren't justabout the same amount of money as thetenants in Brisbane.

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A five-month sting operation ended last week with misdemeanor charges against 12 clerks filmed selling alcohol to two 19-year-old Calhoun Community College criminal justice students whom the department hired. That's better than eight years ago when a similar undercover operation found clerks at 52 of 97 stores willing to sell alcohol to underage students, he noted. The 19-year-olds provided their real identification cards when asked, police said. One clerk noted one student's upcoming birthday and sold her alcohol anyway.

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In many videos, stickers warning against sales to minors are plainly visible. One store sold alcohol if students agreed to buy a certain amount of gas, police said. Lt. Johnny Coker said the sting hurt minimum-wage clerks, but had no effect on store owners. The best way to stop sales to minors is to hit the store owners in their pocketbooks, police said. Police Chief Joel Gilliam said some store owners view the fines as a form of tax and the illegal sales continue.


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Hitting owners with a 30- to 60-day suspension of their alcohol licenses would make a bigger impact than sting operations, which are expensive and difficult to carry out, White said. "It's something I feel a tremendous responsibility for," council President Pat Woller told police. We need to look at whatever we need to do to make your enforcement more effective. Suspending licenses rather than permanently taking them would allow store owners to continue making a living, Councilman Phil Hastings said.

An Athens builder who was on probation after pleading guilty to operating without a license is back in jail for the same offense. Revenue Enforcement officer David Hargrove said Edwin "Pete" McKinney Williams, 59, of 102 Cross Meadow Road, was working on a $27,000 addition to a home. Someone tipped Hargrove, who worked with the state's licensing authorities to press charges.

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Within the central core area (excluding the shopping centres) the presence of AI retail remained the same at 61% with a decrease of A2 office uses from 19% to 18%. And an increase in the A3 cafe/bar/pub/restaurant uses from 20% to 21%. The decrease in the A2 office uses is a reflection of the national trend with the perfect example of this being the conversion of the old Midland Bank on Victoria Street to accommodate French Connection.

When this is carried out you are allowed to gather the keys www.perthpropertyvaluations.net.au and move into your new house. The increase within the A3 cafe/bar/pub/restaurant uses has been due to the new openings within the city centre, namely Wok Wok on St Peter's Gate, Shimla Pink's Restaurant on Goosegate, The Skinny Sushi and Salam Thai Restaurant along Carlton Street, Fresco on Chapel Bar and The Hogs head on Pelham Street.

New retailers who have moved into Nottinghwn city centre over the past 6 months include Coast and Pied a Terre along Bridlesmithgate, Vodafone on Albert Street and The Pier, Athena and The Discovery Store in the Victoria Centre. The peripheral retail areas have seen a massive reduction in the number of units vacant and available from 27 to 12, which is a decrease in the availability rate from 16% to 7%. This is due to the letting of 5 new retail units along Derby Road, the continued conversion of shops to housing along Mansfield Road together with the letting of various vacant units.

The core Nottingham area comprises 1,067 units for the purpose of the study and on the whole the report reflects the continued success of retail development within Nottingham City Centre, not only within the main core shopping area but also within the less popular and more peripheral locations. As the centre continues to grow from strength to strength with the increase in variety of pubs/cafes and restaurants and the general retail mix, the suggestion of a recession appears to be being counteracted within the City Centre of Nottingham.

, Managed by Edgbaston-based quantity surveyors, Wakemans, the project is set to transform the complex by roofing in the pedestrian areas and provide shoppers with a fully enclosed retail area topped by glass canopies. John Meredith, Wakemans' associate director overseeing the work, said: Work is already well under way and on shedule for completion in October. Throughout the duration of work, trading will continue uninterrupted and we will ensure that full access is maintained at all times so the public can shop as normal. Other plans include creating better access through the centre's Cleveland Street entrances. There will, in addition, be accommodation for barrow retailers in the piazza and a high quality Mall Cafe in Wulfrun Square.

The Wulfrun Centre currently comprises 50 retail units, a principal mall, above-level car parking and ground-floor service areas, which are to be retained. The centre was originally developed in the 1960s, and purchased by London & Cambridge Properties five years ago. The company sees the investment as a motor endorsement for town centre trading, and with the new Metro light rail link nearby, anticipates Wolverhampton will see a flourish of renewed interest in trading activity over the coming years.