Today’s announcement that coal mining will be allowed to continue at Anglesea is possibly the worst in a long list of bad environmental decisions since the Baillieu government was elected, according to Friends of the Earth. The government says that the supporting legislation, introduced by the government today, will “modernise” its agreement

with the Anglesea coal mine and power station and support regional jobs.

Friends of the Earth campaigns co-ordinator Cam Walker said “what the government fails to mention is that the Point Henry smelter is not dependent on receiving energy from Anglesea to be viable. Alcoa could buy renewable energy to meet its needs and keep Point Henry going.”

Alcoa began operating the mine in 1961 and indicated in 2008 that it would exercise its right to extend its lease another 50 years. Any future mine expansion will now be limited to three per cent of its total lease area, which is 7,145 hectares, and be subject to a new environmental process.

“The Energy and Resources Minister, Mr O’Brien, says that the revised agreement is a ‘win-win’ outcome. But who wins? Alcoa, who gets to continue to burn dirty, high sulphur coal,” Walker said. “Who loses? The community of Anglesea, who will have to bear decades of public health impacts. The environment loses, as climate pollution will continue. The highly significant coastal heath lands will continue to be negatively impacted”.

“The time for further investment in dirty coal is over. The Baillieu government has yet again missed a significant opportunity to begin the transition to sustainable energy”.

“While the government can say that Alcoa had the right to extend its agreement, the fact remains that the coal resource is the property of the state, not the corporation. A giant corporation has won out against the long term interests of the local community. While landowners in places like Bacchus Marsh also have no control over new coal and CSG operations on their land, the government has chosen to side with a multi national

corporation. It should have had the courage to oppose this extension.”

Aireys Inlet Real Real Estate Open House Inspections October 22 -23

Home loans rise again: housing steadies

The housing sector is stabilising as talk of an interest rate rise wanes and Australians are encouraged to borrow more, economists say.

The number of home loans approved in August rose 1.2 per cent to 50,965, official figures show. Economists’ forecasts had centred on a 1 per cent rise in housing finance commitments for the month.

August was the fifth straight month that housing finance commitments had risen.

The Australian Bureau

of Statistics said total housing finance by value rose 1.0 per cent in August, seasonally adjusted, to $20.848 billion.

JPMorgan economist Ben Jarman said the figures showed the housing sector was stabilising rather than rebounding.

‘‘It certainly means it’s not falling into a hole,’’ Mr Jarman said. ‘‘In the last few months worth of data, the housing finance figures have benefited from the perception that the RBA won’t be doing much in the near term.

‘‘So, if you went back to the start of this year, the RBA didn’t hike rates but there

was all the forecast and all the language were making noises that you would get a couple of hikes this year.

‘‘Those aren’t being delivered and things offshore have turned a little bit sour.

‘‘What you’ve seen in the last few months in the home loans data is these fading expectations are helping out and people are coming back and they are happy to take on new debt.

‘‘We’re kind of calling this a mini-rally, but don’t think that this is the start of a tear away in the housing market.

‘‘There’s still a lot of uncertainty globally and that’s what’s keeping the RBA on the sidelines.’’

Mr Jarman said JPMorgan still expected the RBA not to change the cash rate from its current 4.75 per cent until at least the middle of 2012.

Check details on this weekends surf here.

See you in Our Backyard.

The Real Estate Institute of Australia (REIA) has called on the government to abolish all stamp duty on residential and commercial property.

Speaking at the national Tax Forum, REIA chief executive Amanda Lynch said stamp duty has a “crippling effect” on housing affordability.

“Not only is it inefficient, it is too high and with rates ranging from four per cent to six per cent of the price of an average home (depending on which state or territory you live in), it is unfair and disharmonised,” she said.

According to Ms Lynch, incentives for first home buyers lack uniformity, ranging from no concessions in Tasmania to concessions only available for new homes up to the value of $600,000 in New South Wales. South Australia also places a $250,000 limit on stamp duty concessions.

“Stamp duty is an impediment to labour mobility. It discriminates against those who move to where jobs are and those who need to downsize, predominantly the elderly,” Ms Lynch said.

Evidence that measures need to be put in place to assist first home buyers is highlighted in the REIA’s latest Deposit Power Housing Affordability Report. The report shows a considerable decline in housing affordability over the past 12 months and a decline in the number of first home buyers in the market to 15 per

cent; down from 30 per cent in 2009.

“The REIA advocates the replacement of inefficient property taxes with more efficient revenue sources and supports a wide-ranging review of the alternatives,” Ms Lynch said.

Open houses this weekend
Saturday 8th October
11:00am – 11:45am Lot 36 Narani Way, Fairhaven
11:00am – 11:45am 7 Narani Way, Fairhaven
11:00am – 11:45am Lot 29 Narani Way, Fairhaven
12:00pm – 12:30pm 15 Aireys Street,

Aireys Inlet
2:00pm – 2:30pm 12 Ridge Road, Fairhaven
Sunday 9th October
11:00am – 11:45am Lot 36 Narani Way, Fairhaven
11:00am – 11:45am 7 Narani Way, Fairhaven
11:00am – 11:45am Lot 29 Narani Way, Fairhaven
12:00pm – 12:30pm 53 Great Ocean Road, Aireys Inlet
2:00pm – 2:30pm 22 Beach Road, Aireys Inlet

See you in Our Backyard.

James Worssam
james@greatoceanroadrealestate.com.au
0418 585 815