<html><body>
GUEST OBSERVER
Tourists from greater China (China and Hong Kong) totalled 108,400 in February (mainland China 89,100, Hong Kong, 19,300), ahead of New Zealand (102,600).
Tourist arrivals from mainland China and Hong Kong rose to a record 1,326,076 over the past year (up 23.5 percent over the year) and just shy of tourists from New Zealand (1,326,851 visitors over the past year).
Migration: Over the past year, net permanent and long-term arrivals to Australia totalled 259,710 – the lowest level in nine years (February 2007).
Tourist arrivals fell by 2.7 percent in February. And departures fell from fresh record highs down by 3.3 percent. The tourism data is important for airlines, travel groups, transport companies and retailers.
<a href="/images/2016/04/7/Screen%20Shot%202016-04-07%20at%202.38.48%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/7/Screen%20Shot%202016-04-07%20at%202.38.48%20PM.png" alt="">
What does it all mean?
The China tourist boom continues to pay dividends. The number of tourists to Australia from China and Hong Kong combined exceeded well over 1.3 million in the past year – and is closing fast on the visitors from New Zealand. In fact the difference is only 775 tourists. And with China and Hong Kong tourist numbers continuing to grow at a 23 percent plus annual rate, there are more landmark results likely to be recorded over the next few months. It is even more remarkable when you consider that just over four years ago Chinese tourist numbers were around half those of New Zealand.
Clearly our number one tourist group is up for grabs with China and Hong Kong likely to take the top spot within a month. The new winners from the China boom are tourist operators and retailers rather than mining companies that benefitted in the first stage of the China boom.
Tourists from mainland China is fast closing in on 1.1 million in the past year, up 24 percent over the past year.
While some may fret about the slowdown in the Chinese industrial sector, the more forward-thinking analysts are focussing on the boost to Australian retailers from increased spending by Chinese consumers and the growing number of Chinese tourists.
The rebalancing continues to be taking place across the economy. No doubt the weaker Aussie dollar is helping to alleviate some of the pressures for the weaker investment story. And from the Reserve Bank’s standpoint there is nothing to do but to monitor the transitions to ensure that the process moves as smoothly as possible.
What do the figures show?
Overseas arrivals &amp; departures
Tourist arrivals  fell by 2.7 pe cent in February. And departures  fell from fresh record highs down by 3.3 percent. Arrivals are up 5.9 percent on the year with departures up 1.7 per cent.
In February, tourists from greater China (China and Hong Kong) totalled 108,400 (mainland China 89,100, Hong Kong, 19,300), ahead of New Zealand (102,600). Greater China passed NZ for the first time in September.
Over the past year a record 1,076,800 tourists came to Australia from China, up 23.6 percent over the year. Tourists from China and Hong Kong rose to a record 1,326,076 over the past year, up 23.5 percent over the year. Tourists from New Zealand totalled 1,326,851 visitors over the past year, but were up just 6.6 percent.
Over the past year, net permanent and long-term arrivals  to Australia totalled 259,710 – the lowest level in nine years (February 2007).
What is the importance of the economic data?
The Australian Bureau of Statistics releases data on overseas arrivals and departures  is produced monthly and is an indicator of the health of the tourism sector. The figures are also useful in understanding spending trends and tracking migrant numbers – an indicator with widespread implications for employment, housing and spending.
What are the implications for interest rates and investors?
Looking forward, not only will the fall in the Aussie dollar drive further tourism inflows, but it should provide an additional degree of support to the domestic tourism sector. Over time, the cheaper currency should make it more attractive to travel within Australia rather than overseas. Tourism has potential to join housing as a key driver of the Australian economy over the coming year, especially if the Aussie dollar falls further.
In-bound migration is holding just shy of the lowest levels in nine years, meaning that there is greater scope for unemployment to fall in the short-term before businesses have to start looking abroad for suitable staff.
The Reserve Bank will remain on the interest rate sidelines over the next few months.
<a href="/images/2016/04/7/Screen%20Shot%202016-04-07%20at%202.47.23%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/7/Screen%20Shot%202016-04-07%20at%202.47.23%20PM.png" alt="" width="1129" height="366">
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a> 
</body></html>

jchancellor-FAypfDUnLy

Chinese tourism boom, migration at nine-year lows: CommSec's Savanth Sebastian

Open letter to Bill Shorten - don’t touch negative gearing or the capital gains tax: Gavin McPherson

<html><body>
GUEST OBSERVER
After a series of well publicised instances of developers exercising their rights of contract rescission under ‘sunset’ provisions – the NSW state government moved to tighten guidelines restricting the ‘out clauses’ and were duly reinforced by the NSW Supreme Court’s first common law ruling under the new legislation.
Sunset clauses are common place in off the plan contracts of sale – being the contract of the sale for as yet unregistered lots (mostly new strata apartments or land sub-divisions). Often off the plan sales are agreed prior to the commencement of construction of a new development project and may even form a pre-requisite for funding of the project.
The sunset provisions are included in the contract to essentially protect both vendor and buyer from being potentially locked into an agreement ad infinitum -  that is; should there be a substantial delay in the developer being able to deliver the completed product; a date is agreed in the terms of the contract as the ‘sunset date’ and thereafter either party is able to rescind the contract and walk away from the agreement rather than being contracted to sell or purchaser forever.
In principle, the notion of a sunset clause seems reasonable; however certain cases involving developers exercising their rights to rescind following delays in completion have received waves of negative press which then have been viewed cynically by the NSW Government – in particular Victor Dominello, Minister for Innovation and Better Regulation.
In particular there has been scrutiny of the Kaymet Corporation development in Wolli Creek and the Samadi Developments project in Surry Hills. In each instance, there were delays in completion and the developers each attested that rising costs had forced them to rescind their current contracts with a view to re-selling the same lots at higher prices. Their premise was that they could not afford to settle the off plan sales at the ‘old prices’ and needed to achieve the improved realisable values to cover their unforeseen inflated costs.
Whilst legal challenges were mounted by the off plan purchasers – the prevailing provisions relating to sunset clauses were deemed to be in favour of the developers. In the matter of Wang v Kaymet Corporation Pty Ltd [2015] NSWSC 1459 – 34 of the 94 off plan purchasers launched a major class action against the developers. The original sales were entered into between November 2009 and April 2010 with Kaymet issuing rescission notices March 2013.
The matter was heard in the NSW Supreme Court by Justice Stevenson and ruled upon October 2015. Estimates show that a Wolli Creek 2 bedroom unit was worth around $500,000 in 2009/10 and had appreciated to around $900,000 by late 2015. On this basis – Kaymet Corporation stood to increase its bottom line by some $13,000,000 by re-selling the apartments in 2015. Justice Stevenson found that the plaintiffs had failed to show Kaymet had been deficient in its duties. The net result was that Kaymet was allowed to rescind and the plaintiffs were burdened with around $1,000,000 in total legal costs. At the time of writing, Plaintiffs are ongoing with their class action against Samadi Developments.
To a large degree – the exposure to genuinely unforeseen costs or losses and extended delays were why the sunset clauses were originally created; however unhappy purchasers, and evidently Victor Dominello, view in certain instances the exercising of the sunset provisions as a grab for further profits by developers in a rising market. The suggestion is that off plan buyers have been exploited by some developers to get their projects ‘off the ground’ only to unceremoniously dump the sales when there is a big lift in profits available.
And so – what has occurred in response to Mr Dominello’s distaste for this scenario?
On November 17, 2015 the NSW Government passed the Conveyancing Amendment (Sunset Clauses) Act 2015 to provide further protections in favour of the purchasers in off the plan property contracts. The Act inserts Division 10 into the Conveyancing Act 1919 – “Off The Plan Contracts”. Whilst most property-informed parties are familiar with sections 66P to 66Y of the Act (dealing with definition of Residential Property and cooling-off provisions); Division 10 – 66ZL deals with the new rules for the exercising of a sunset clause by a Vendor and can be quickly outlined by reading subsection (3):
 A vendor may rescind an off the plan contract under a <a href="https://emarketing.multiarray.com/_r/c.cfm?l=45055&amp;c=59667&amp;m=23921&amp;b=42687">s</a>unset clause if the subject lot has not been created by the sunset date, but only if:
(a) each purchaser under the contract, at any time after being served with the notice under subsection (4), consents in writing to the rescission, or
(b) the vendor has obtained an order of the Supreme Court under this section permitting the vendor to rescind the contract under the sunset clause, or
(c) the regulations otherwise permit the vendor to rescind the contract under the sunset clause.
Subsection (4) outlines that the Vendor must provide notice of at least 28 days written notice to each Purchaser of their proposal for rescission and reasons why they need to rescind and what has created the delay in completion. Should an agreement be reached with a Purchaser – all is good. If the Purchaser declines to accept the request for rescission – the Vendor must apply to the Supreme Court to rule on the merits of its application. The Act outlines: 
(7) In determining whether it is just and equitable in all the circumstances the Court is to take the following into account:
(a) the terms of the off the plan contract,
(b) whether the vendor has acted unreasonably or in bad faith,
(c) the reason for the delay in creating the subject lot,
(d) the likely date on which the <a href="https://emarketing.multiarray.com/_r/c.cfm?l=45056&amp;c=59667&amp;m=23921&amp;b=42687">s</a>ubject lot will be created,
(e) whether the subject lot has increased in value,
(f) the effect of the rescission on each purchaser,
(g) any other matter that the Court considers to be relevant,
(h) any other matter prescribed by the regulations.
The Vendor may also be liable for any costs incurred by the Purchaser(s) attributable to the application to rescind.
These changes came into effect  and will apply to any off the plan contracts entered into on or after 2 November 2015. In addition any off the plan contracts that have not completed, but were entered into before 2 November 2015 will also be captured. 
Having addressed the essential drafting of the new legislation – focus then immediately turns to the common law/court interpretation and application of 66ZL(7). That is – how will the Supreme Court react to new applications for rescission?
The first test case has been Jobema Developments Pty Limited v Zhu &amp; Others[2016] NSWSC 3.
The facts in brief are that a Purchaser (one of the Plaintiffs) contracted in December 2013 to buy an apartment off the plan in a new Hurstville development of 72 units offered by developer, Xycom. The sunset date for the registration of the strata plan (which occurs following completion and the granting of the project’s Occupation Certificate) was 31 December 2015. The Vendor’s right to rescind was qualified by the requirement to ‘use all reasonable endeavours to have the Strata Plan registered by the sunset date’. The court heard that Xycom, despite having DA consent, carried out very little construction work after entering into the off plan contract(s).
In October 2014, Xycom on-sold the development site to Jobema Developments and this sale was settled in January 2015. The sale was subject to existing off plan sales – which were novated to Jobema. Some, but not all, of the off plan contracts had their sunset date extended. Jobema took an active approach to construction and by December 2015 the project was well progressed. 
A new estimate for completion was set for mid-2017. Prior to the 31 December 2015 (ie sunset date); Jobema approached the Plaintiffs offering to extend the sunset date in return for agreeing to new, higher prices (on the basis of escalated construction costs). The Plaintiffs rejected the offer and Jobema duly issued Notices of Intent to rescind (in accordance with the new 66ZL(4) of the Act).
The matter was presented to the Supreme Court’s Justice Black who ultimately found in favour of the Plaintiffs (the Purchasers). Probably the largest factor weighing against Jobema as developer was that despite their own best endeavours since acquiring the site – they were also burdened by Xycom’s apparent breach of the best endeavours covenant. Jobema had assumed all of Xycom’s obligations under the sales contracts. Justice Black was also concerned that only some Purchasers were offered an extended sunset date and others not. 
This practice brought doubt as to the legitimacy of the application. The court also responded to Jobema arguing that construction funding terms had deteriorated and that the new legislation had not been in effect when Jobema acquired the site by suggesting that each should be considered a “business risk”. 
BCE’s COMMENTS
My own view on this is that the statute has not been fully tested in Jobema v Zhu as the project was adopted by Jobema following Xycom’s extended lack of endeavour to progress the site. The specifics of this matter are not generally applicable. It will be interesting to witness the court’s view in instances of genuine endeavour incurring serious and reasonably unforeseen negative circumstances.
Further, the NSW Governments new legislation has gone some way to endorse sunset clauses. The opportunity existed for sunset clauses to be outlawed altogether; however the passing of the statute in itself conveys that there is deemed a legitimate place for Vendor rescission. We now await a judgement in favour of rescission to provide more clarity on the judicial application of the legislation. 
It will be interesting to see how the court views the Samadi matter given the heightened levels of negative publicity and new legislation. Whilst I remain impartial in any debate on ethics; it would seem to me that the ratio decidendi in both the Kaymet and Jobema decisions would suggest that Samadi had acted within the laws as they existed at the time. Kaymet reinforces this and Jobema’s application was denied partly on the basis that potential changes in legislation should be an assumed “business risk”. Surely this logic is a double-edged sword.
I will also be intrigued to watch whether clever legal minds devise some form of off plan ‘put and call’ style of agreement that operates outside of the Conveyancing Act and therefore may be drafted to essentially re-instate a form of sunset provision. Any such legal pact will also need to satisfy funders as being sufficiently binding.
Finally, whilst the new legislation will undoubtedly afford heightened protection for Purchasers and ideally elevate their confidence to commit to off the plan contracts – there may also become a subcutaneous penalty to Purchasers. Developers may simply factor in an additional margin of risk as insurance against unforeseen negative circumstances – that is that off the plan sale prices may simply become more expensive under the Sunset Clauses Law.
Brad Caldwell-Eyles is principal, 1st City and can be contacted <a href="https://www.1stcity.com.au" target="_blank">here</a>.
This piece first appeared in <a href="https://eliteagent.com.au" target="_blank">Elite Agent</a>.
</body></html>

Has the sun set on a developers' window to rescind? Brad Caldwell-Eyles

<html><body>
The 28ha hectare Birriwa estate near Dubbo has been listed at $2.8 million.
The property is at 3894 Castlereagh Hwy in Dunedoo.
The 1907 sandstone <a href="https://www.realestate.com.au/property-house-nsw-dunedoo-122283810" target="_blank">Birriwa Homestead</a> has been listed by Mary and Keith Salvat who have meticulously restored the property.
It is for sale through Nicolette van Wijngaarden of Unique Estates with the owners now moving overseas.
Birriwa Homestead is 361km northwest of Sydney and about an hour from Dubbo.
</body></html>

Sandstone Birriwa Homestead at Dunedoo for sale

<html><body>
GUEST OBSERVER
Landmarks identify and define cities. Town-planning instruments usually protect these landmarks from development that does not respect the setting.
But inappropriate development is placing one of Brisbane’s most important landmarks in danger. A proposed 47-storey tower threatens Customs House, on Queen Street, from being seen as it was intended to be.
Such developments are neither a new problem nor unique to Brisbane. The “Toaster” apartment building has compromised the view of the Sydney Opera House. In Melbourne, the proposed shards of Federation Square threatened the view of St Paul’s Cathedral from St Kilda Road at Princes Bridge. The impacts of both of these actions were very much an afterthought.
In London, it was realised as the Shard Tower was being constructed that it would affect the view of St Paul’s Cathedral. Lord Mayor Boris Johnson thus moved to protect views of the cathedral from specific vantage points with a clear viewshed diagram to ensure the dome can still be seen from identified locations. This demonstrates how best to pre-empt what may happen in the future, prevent unsuitable outcomes and protect views of landmarks.
<h2>The Customs House case study</h2>
Brisbane’s city plan has prescribed a heritage precinct around Customs House and the adjoining land to the north to ensure views of it are protected.
However, the Brisbane City Council late last year approved the tower, which is to be built immediately to the north of Customs House. This proposed building is to replace a four-storey block that was already too large.
By approving this development, the council has ignored its own regulations. These were put in place to protect not only views of Customs House from the northern end, but also to allow views across the site to the Brisbane River and the Story Bridge from Queen Street in the other direction.
The design of Customs House, completed in 1889, was unusually accomplished. It responded to its particular site at the bend in Queen Street, which is the closest point to the river.
Views of the building from various points in the city and river are possible and intended. The most important view, however, is of the northern end, from Queen Street and the open space to the north.
 The building has a dome placed over its Long Room, positioned eccentrically at one end. This was intentional and informed by Customs House’s setting: the oblique views made it difficult to determine that the dome was not central.
In this way, the building is quite different to other landmarks, such as the General Post Office, where the main view to be protected is the front elevation, seen perpendicular to Queen Street. The city plan should include a diagram of the protected viewshed for each landmark in the city to prevent unsuitable developments that could have a detrimental impact on a landmark’s setting.
It is common practice to protect a landmark’s principal view. For Customs House, however, this is not the street elevation or the river elevation, but the various oblique views from further away, particularly the northern end with its semi-circular projection.
Although Customs House occupies part of a heritage precinct, no specific viewshed diagram has been made that would be able to prevent the current proposal. Nevertheless, that a precinct had been identified for Customs House and its adjoining lands should have been enough to protect it.
The existing building to the north, built in 1987 before the Queensland Heritage Act existed, is already too large. It did not comply with the Australian Heritage Commission’s determination that was given before it was built. The council made the mistake of approving it then, and will compound its error if the current proposal is allowed to proceed.
The federal Australian Heritage Commission has long been dismantled as state heritage controls were established. The Queensland Heritage Act followed similar legislation in other states but came considerably later and only after public outrage at demolitions such as the Bellevue Hotel and Cloudland. That was in the Bjelke-Petersen pro-development era – a time that now seems to be repeating itself.
If we care about Brisbane and its landmarks, this development should not be allowed to proceed.
Robert John Riddel is adjunct professor in Architecture, The University of Queensland and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/robert-john-riddel-236135" target="_blank">here</a>.
</body></html>

Development placing Brisbane’s Customs House in danger

<html><body><div class="cq-article-content-paras section">
Melbourne-based property developer BPM has paid $8.2 million to purchase its sixth development site in Brisbane's Toowong.
But tougher financing requirements for investors has turned the group focus towards the owner-occupier market. 
The Young Rich lister Jonathan Hallinan's newly acquired properties, combining two sites at 15 Archer Street and 628 Coronation Drive, required agreements with 10 separate vendors and took almost 11 months to negotiate, he said.
Current BPM projects in Brisbane include its 60-apartment White Dawn project, in which 15 apartments remain unsold, and a 273-apartment project in Fortitude Valley, on the 358 Wickham Street site it purchased in 2014, which is due to be released to the market in May. 
The deal comes after BPM sold a 5984-square-metre site with permit for 742 apartments on Gladstone Street in Melbourne's Fishermans Bend to Singapore-listed developer Chip Eng Seng for $52 million. 
Hallinan told The Australian Financial Review that finance equity requirements are much greater.
"But that is being drive by the financial markets, not the property market. 
"The larger-scale developments are much more difficult to finance at this time."
</div></body></html>

Property developer BPM pays $8.2 million for Brisbane site

<html><body>
The chairman of the realestate.com.au website, Hamish McLennan, has listed his Mosman home after the pre-Easter auction spike.
The Sandberg Schoffel designed home overlooking Middle Harbour has been home for almost eight year for McLennan and his wife, Lucinda who runs the e-commerce site, GoCraveRave, a lifestyle website where fashion meets travel with chic style tips.
The power couple, their two children and labrador, Billy are off to Lavender Bay, where they have bought tech guru Daniel Petre's home, Alta Mura following his purchase of the nearby Villa Medusa.
Alta Mura, the five-bedroom Victorian manor house, that sits on a 720sq m block with inground pool, was snapped up after being on the market for two weeks. The 1886 Alta Mura, meaning "high walls", sits in Peter Fudge-designed parterre gardens. 
<a href="https://www.realestate.com.au/property-house-nsw-mosman-122252994">McGrath agents Nigel Mukhi and Michael Coombs</a> are expecting bids between $7 million and $7.7 million at the April 23 auction of the redundant Pearl Bay Ave offering.
The privately positioned home, with direct access to the waterfront reserve, has three bedrooms, two bathrooms. The master suites terrace overlooks the awning-shaded loggia with mosaic tiled heated pool and spa.
Surrounded by Joanna Green designed gardens on the 632 sqm block, the three bedroom home features a temperature controlled, 2,600 bottle wine cellar with adjoining bar area. There's also a large custom designed home office that looks onto the central courtyard in the 2006 built home.
The News Ltd backed REA chief, who stepped down from the Ten Network last year, began his working life in advertising working working for George Patterson Bates while Lucinda was a lawyer.
Over at Fairfax David Housego, the chief financial officer of Fairfax Media which runs the second placed Domain website, and his Christine, who co-owns the East Coast Lounge in Mosman, sold their Hamptons-style Colloray home pre-auction for $5.55 million through Belle Property Dee Why’s Brendan Pomponio and Kirsten Bertram.
This article was first published in the Sunday Telegraph. 
 
</body></html>

REA boss Hamish McLennan lists in Mosman

<html><body>
GUEST OBSERVER
The Department of Finance released the February monthly financial statements on March 24, just prior to the Easter holiday period. This note examines the latest data.
Budget improves: In the twelve months to February 2016, the budget deficit stood at $36.1 billion (around 2.2 percent of GDP), down from $44.7 billion in the year to January and the lowest rolling annual deficit in almost two years (since April 2014).
Lower-than-expected spending: The Department of Finance says the underlying deficit for February was $743 million lower than the ‘profile’ forecast and “primarily relates to lower than expected cash payments and net future fund earnings, partially offset by lower than expected cash receipts.”
The monthly Budget figures can provide insights on the broader economy and policy settings. If fiscal settings are tight, the Reserve Bank may allow easier monetary settings.
What does it all mean?
While figures can bounce around from month to month, all analytics suggest that the Federal Budget is on track to meet Government forecasts. Not only are rolling annual aggregates showing improvement, so are the so-called ‘profile’ positions estimated by the Department of Finance.
Revenue remains hard to come by with annual growth rates hovering around 2 percent. Meanwhile growth of expenses or spending is well contained, with expenses barely growing over the year. The Government was projecting a budget deficit near $37 billion and that expectation remains on target.
Looking ahead, if nominal annual growth of the economy continues to hold around 2-3 percent, then the current Government – and the next Government later this year – will find it increasingly difficult to keep spending static and thus chip away at the budget deficit. Aussies want spending maintained on schools, hospitals, defence and public services but at the same time aren’t keen to pay any more in tax. Same for all levels of Government. The hard decisions on tax will become increasingly more difficult the longer that the major parties put off reaching some form of agreement.
GST revenues continue to lift, but for state governments the difficulty – as it is for all businesses – is the absence of inflation to drive revenues.
What do the figures show?
The underlying budget deficit for the twelve months to February 2016 stood at $36.1 billion, down from $44.4 billion in the year to January. This was the lowest rolling annual deficit since April 2014.
Smoothed revenues (twelve months to December) were up 5.9 percent on a year ago, above the average growth of 2.6 percent over the past year. Expenses rose by 0.3 percent over the same period, down on the 1.7 percent growth over the past year.
<a href="/images/2016/04/6/Screen%20Shot%202016-04-06%20at%202.56.24%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/6/Screen%20Shot%202016-04-06%20at%202.56.24%20PM.png" alt="" width="726" height="555">
The Department of Finance noted: “The underlying cash balance for the year to 29 February 2016 was a deficit of $38,719 million, compared to the 2015-16 Mid-Year Economic and Fiscal Outlook (MYEFO) profile deficit of $39,462 million. The difference of $743 million primarily relates to lower than expected cash payments and net future fund earnings, partially offset by lower than expected cash receipts.”
<a href="/images/2016/04/6/Screen%20Shot%202016-04-06%20at%203.03.04%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/6/Screen%20Shot%202016-04-06%20at%203.03.04%20PM.png" alt="">
In terms of the fiscal balance, the Department of Finance noted: “The fiscal balance for the year to 29 February 2016 was a deficit of $35,292 million, compared to the MYEFO profile deficit of $36,719 million. The difference of $1,427 million primarily relates to lower than expected expenses, partially offset by lower than expected revenue.”
“Revenues: Total revenue was $1,223 million lower than the MYEFO profile, primarily due to lower than expected taxation revenue and dividend income.
Expenses: Total expenses were $2,831 million lower than the MYEFO profile, primarily due to lower than expected supply of goods and services, wages and salaries and grants expenses.”
The Government currently expects an underlying deficit of $37.4 billion for 2015/16 (around 2.3 percent of GDP).
Receipts from the Goods and Services Tax stood at $59.6 billion in the twelve months to February, up 7.0 percent on a year ago but affected by the one extra day in the month. The Government has forecast GST receipts of $59.79 billion for the entire 2015/16 year.
Actual GST receipts for the eight months to February stood at $41.367 billion, above the Budget ‘profile’ of $40.734 billion.
What is the importance of the economic data?
The Department of Finance releases the Government Financial Statements (Niemeyer Statement) almost every month. The statement allows investors to track the current budget position and provides insights into the  effectiveness of fiscal policy.
What are the implications for interest rates and investors?
The Federal Budget is on track to meet forecasts. Spending restraint including low public service wage growth (similar trend in private sector) is driving the improvement. The Federal Government and Opposition parties will eventually have to agree on tax reform to address medium term challenges for the economy.
The Government is showing restraint on spending at present, but this is actually constraining stimulus to the economy.
<a href="/images/2016/04/6/Screen%20Shot%202016-04-06%20at%203.04.17%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/6/Screen%20Shot%202016-04-06%20at%203.04.17%20PM.png" alt="" width="731" height="535">
 
Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
</body></html>

Federal Budget is on track to meet forecasts: CommSec's Craig James 

<html><body>
SPONSORED POST
Sydney developer Longton Property Group is working on a $300 million Avantra apartment project in Mascot that is designed to imitate a suburban street, but going up instead of a horizontal orientation.
The 328-apartment complex plus ground floor retail has been designed with a sense of community by architects MD+A and interior designer Archer + Wright.
The apartment block will include communal areas such as a shared rooftop area in which residents can swim, barbeque and interact with views of the Sydney skyline.
Covering 8,762 square metres, Avantra is oriented vertically, akin to “streets in the sky”, according to MD+A architect Brent Marvin.  
“We have six metres between front doors which is typical of a small lane, and we have areas at each level where residents can sit in the sun. Within the building we have areas where residents can work or socialise, entertainment zones, a full-scale pool and BBQ areas. Instead of these elements being spread out at ground level we have designed them in the sky,” he said.
Avantra will be centred around a large courtyard garden designed for communal use. The designer, Daniel Baffsky of 360 Degree Landscape Architects, aimed to create a sense that “the whole area is your garden.”
“Our philosophy is to create a beautiful landscape, but also a setting for community, for people to have chance interactions, as well as to have spaces for privacy and to relax.” 
Longton aims for Avantra to be a community unto itself.  
One way it achieves this is through technology: each apartment will come with an iPad and the myiButler app, with which residents will be able to order shopping or house cleaning without leaving their unit.
All Avantra residents will also be part of a single virtual network, or iCommunity, allowing them to share information. Residents will be able to check updates on news, weather or finance, to be accessed either on their phones or iPads, or on an electronic noticeboard in each lobby.
Internal size of studios in Avantra are 60m² to 61m², one-bedroom plus MPR units are 75 m² to 82m², two-bedroom plus MPR units are 100m² to 127m² while three-bedroom plus MPR unit is 154 m². 
The construction work of Avantra project has commenced. Residents are expected to move in by December 2017.
For more information, <a href="https://www.avantra.com.au/" target="_blank">click here</a>.
</body></html>

Longton Property Group's Avantra development bringing community to Mascot

<html><body>
Liberal Party power broker Walter Villatora has sold his luxury Manly home, amidst his pre-selection candidature for the nearby Federal electorate of Mackellar currently represented by Bronwyn Bishop. 
Selling agent Tim Mumford of Stone Real Estate initially expected interest from $4.5 million plus, but this was then revised to $4 million.
Villatora built the property after spending $1.85 million in 2011 to knock the old home down.
The freestanding four bedroom home comes fitted with fingerprint entry.
Villatora, who runs the business advisory firm Outcome Group, has been close to former Prime Minister Tony Abbott and Premier Mike Baird.
This article was first published in the Saturday Daily Telegraph.
</body></html>

Liberal Party power broker Walter Villatora sells in Manly

A who's who of Australian surfing, business and entertainment has emerged on title records following the completion of Esprit Rainbow Bay, the latest boutique beachfront apartment development by former professional surfer Paul Gedoun's S&amp;S Projects.

The completed project has attracted an enviable collection of owners, many with long-standing ties to the southern Gold Coast and the surf culture that has helped define Rainbow Bay and neighbouring Kirra for generations.

Given Gedoun's own background in surfing, it perhaps comes as little surprise that some of Australia's most recognisable surfers have chosen to buy into the development overlooking one of the country's most celebrated stretches of coastline.

Pezet Matheson directors Jayde Pezet and Todd Matheson launched the project in late 2021, and have managed the sales campaign all the way through to its sell-out and recent completion.

<img alt="Esprit" data-entity-type="file" data-entity-uuid="08fc6261-b84e-4b09-8a44-66d3067fd0d1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-29%20at%208.51.05%E2%80%AFAM.png?VersionId=4AOcb6ETZwNUnMPdTtz1B3pZAIB_jgZ2" />

Former world champion Mick Fanning, who grew up in Coolangatta, secured an apartment in 2023. He paid&nbsp;$2.07 million. Last year he sold his Bilinga home for over $16 million.

Three-time world champion Joel Parkinson also purchased in the development, alongside big wave surfer Mark Mathews. Mathews bought the most expensive apartment in the building, spending just over $4 million.

Joining them is Rip Curl founder Doug Warbrick, whose company helped shape Australia's global surfing industry over the past five decades.

The appeal of Rainbow Bay has extended well beyond the surfing community.

International DJ Paul Fisher purchased an apartment through his investment vehicle, YLB Developments, an abbreviation of his trademark phrase "You Little Beauty".

The purchase comes as Fisher and his wife Chloe are developing their own luxury apartment project further north in Palm Beach. Their boutique beachfront development, Pescado, comprises just seven apartments on Jefferson Lane, which start from just shy of $6 million. The couple intend to retain the two-level penthouse as their Australian base between international touring commitments.

Melbourne Storm coach Craig Bellamy and his wife Wendy have also invested in Esprit, purchasing two apartments after spending decades holidaying on the southern Gold Coast. They also have a luxury apartment in Joe Adsett's Rockpool, less than 400m away from Esprit.

<h2>Boutique project draws owner-occupiers</h2>

Esprit launched in 2021 and sold strongly, with buyers drawn to its boutique scale, beachfront position and contemporary design.

The completed development comprises 94 apartments across 11 levels, offering expansive floorplans designed primarily for owner-occupiers rather than the investor market.

Crowning the building is Club Esprit, pitched as being the Gold Coast's first residential rooftop wellness centre. The roof features a&nbsp;25 metre magnesium lap pool, which is surrounded by wet daybeds and poolside cabanas,&nbsp;multiple barbecue areas,&nbsp;a yoga and relaxation play lawn, and a private dining room with a kitchen scullery, bar, lounges, and an outdoor terrace.

The wellness centre is&nbsp;fully equipped with a Technogym, ice bath, infra-red sauna, steam room, thermal room, and treatment room. The roof has views spanning&nbsp;Rainbow Bay, Snapper Rocks and the Pacific Ocean.

<h2>S&amp;S Projects continues to shape Rainbow Bay</h2>

S&amp;S Projects founder Paul Gedoun has become one of the key figures behind Rainbow Bay's evolution over the past several years.

After establishing S&amp;S Projects, Gedoun has focused on delivering lifestyle-driven apartment developments designed primarily for owner-occupiers seeking a permanent coastal home.

Esprit is Gedoun's third completed project in Rainbow Bay, following Flow and Awaken, both of which achieved record prices for the suburb.

He is now delivering <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, a 38-apartment development on Boundary Street that is currently selling, and has no plans to leave the precinct anytime soon. S&amp;S Projects has also lodged plans for its fifth Rainbow Bay development, an 88-apartment project on Boundary Street featuring a strong wellness focus.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">First look: S&amp;S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street</a>

&nbsp;

&nbsp;

&nbsp;

Joel Robinson

Who's who of buyers revealed as Esprit Rainbow Bay settles

Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.

The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.

The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.

Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.

“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass. 
 
“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”

He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.

Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.

The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;

New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;

Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.

"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;

NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;

Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

Jonathan Chancellor

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News