Monday, June 22, 2015

Creative Accounting in Sydney

George Orwell had many dislikes. Among them: bearded fruit-juice drinkers, young social-literary climbers, sex maniacs, Quakers, pistachio-colored shirts and Child like beards -  Randwick Mayor

You might not have noticed, but Sydney's roads are getting better even without being fixed. That's according to the city's councils, which have recently wiped from their balance sheets a billion dollars of liabilities such as run-down old roads, often without spending a cent.
Fairfax Media can reveal that a group of super-rich Malaysian officials, spending their own government's investment funds, have bid up the price of a Melbourne apartment block from $17.8 million to $22.5 million. The extra $4.75 million was then laundered out of Australia and allegedly paid as bribes in Malaysia.
Sydney councils shift 1 billion repair bill with accounting fiction in Fit for the Future scramble

Ms Berejiklian will reveal that record residential stamp duty receipts from a booming Sydney property market and Commonwealth grants paid earlier than anticipated will mean a $2.1 billion surplus for 2014-15
NSW state budget to reveal 1 billion-plus in cuts and savings
$7b in stamp duty mostly from corrupt overseas buyers

Mr Baird has previously said the commission would streamline the way infrastructure and urban planning is delivered, particularly for projects such as the WestConnex, which extends across multiple council areas. Since then, multiple major rail, light rail and road projects have been announced that are expected to transform Sydney, and will impact on housing.
Final Solution for Sydney The Greater Sydney Commission

In late May, ABC’s 7.30 Report ran a segment on the cheap combustible cladding that has covered potentially thousands of buildings across Australia, that last November sent a Docklands building into a towering inferno
Shoddily Built Cities
Nsw engineers issue fire warning for apartments

Westconnex motorway costs jump amid record NSW transport budget

‘Austerity Kills': Tens of Thousands March in London Against Brutal Cuts CTuttle, Firedoglake

Tech Companies Fly High on Fantasy Accounting Gretchen Morgenson, New York Times