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The Australian Prudential Regulation Authority has approached ME Bank seeking information about its decision to remove access to money in redraw facilities linked to home loans.
It followed weekend Nine Entertainment newspaper reports that suggested ME Bank had made the move without appearing to have first contacted to client to inform of them.
In an explanation issued, ME claimed it had undertaken the move to help some customers and prevent them from falling behind on their original repayment schedules.
“…the redraw facility on some legacy home loans could lead to some customers falling behind their original repayment schedules,” it said. 
“The redraw facility gives customers access to payments that they have made ahead of their repayment schedule."
<div class="_1665V undefined">
ME Bank chief executive Jamie McPhee advised there had been "an adjustment to redraw accounts" which was not a change to a product.
“No money has been removed from customer accounts. The adjustment made is to the amount available for redraw,” the bank’s explanation said.
“We understand that the change has caused concern to some customers, particularly in the current environment," a bank spokesperson said.
"We are reviewing the personal circumstances of each customer affected and are committed to working with them to determine how we can help with their individual financial needs.”
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j.ballantyne1990-6AQqhLzZaK

ME Bank asked by APRA to explain their home loan redraw access

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EXPERT OBSERVATION
The current climate has ushered in in a seismic shift in work culture, as many employees transitioning into a work from home set-up.
Australia’s largest privately held co-working space provider, working from home will welcome in a new era where a distributed working model becomes the new normal.
“At Hub Australia, we are already seeing an increased demand for space from companies who may have previously favoured a long-term commercial office model. As many workers, and more importantly their managers, adapt to working from home, the need for the same quantity of space at headquarters will reduce. The importance of having place for businesses and their teams to connect, learn and innovate will not go away. The culture of professional co-working spaces is well suited to meet this demand”.
Along with this, offices will have to shift their focus from real estate providers to a more experience-centric model in order to attract people to come to the office. Traditional working as we know it is being flipped on its head at a rapid pace.”
Here, Brad gives us his predictions for the key changes shaping the workforce:
Goodbye to the traditional office lease
“As we see it, the traditional office lease will be less relevant to companies post Covid-19. There was already a movement by corporates to have part of their office requirements met by flexible workspace operators, Covid-19 will serve to quicken the pace of this movement, but also to enlarge it. Organisations will need to offer work from home flexibility, as well as provide access to a ‘work base’, which could be suburban work hubs and CBD co-working spaces.”
A move to distributed working
“A single headquarters with high densities in an open plan environment no longer seems like the best idea post Covid-19. We’re predicting that employers will need to cater for a distributed workforce and provide multiple working environments, that could be a company HQ, home and third spaces.
Work-life balance, commute times and the rising cost of living means that working closer to home has long been a priority for many employees. But not everybody’s home is going to be an appropriate work environment, and many employees crave the social and community aspects of the workplace, so blending of the two will be essential.”
Set-up for virtual success
“Not only will flexible working become the new norm, but co-working providers will need to innovate their offering. At Hub Australia, we are launching a virtual offering at the start of May that offers members the ability to join the community virtually, with access to mailing packages, software discounts, video conferencing and the ability to work flexibly from Hub Australia locations when they need to. Setting members up for success virtually will become the norm.”
Brad Krauskopf is the CEO and Founder of Hub Australia
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The future of the workforce is a distributed model: Hub Australia

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Total Real Estate Training, the organisers of The Australasian Real Estate Conference (AREC) and real estate coach Tom Panos kicked off a series of four free webinars, drawing a massive crowd from anxious estate agents around the country.
John McGrath, founder of AREC said, “COVID has forced us all to innovate and our online event today was a great example of leveraging technology to enhance customer experience. And when the people can’t get to AREC we have to bring AREC to the people. Feedback was incredible with over 4,500 people glued to their screens for the first of four Legends of Real Estate sessions."
The one hour session featured three outstanding agents who gave personal insights and strategies on how to achieve results today, but importantly post Covid.
Today’s session shared simple tips around inner strength, longevity and building relationships that make ‘clients for life’. The speakers were: Phil Harris - Harris Real Estate, SA; Tracey Dixon - McGrath Estate Agents, Hunters Hill, NSW; and Cathy Baker – Belle Property,Central Coast, NSW.
The big conference to inspire estate agents held annually during winter's quiet listing period, had been postponed due to the rules regarding gatherings.
The US best seller Ryan Holiday was set to open the Australia Real Estate Conference (AREC) giving insights to the near anticipated 3000 attendees from his book topic, Ego Is The Enemy.
The big drawcard was set to be entrepreneur Elle 'The Body' MacPherson who was scheduled to fly in from her Florida base to close the two day June event.
Nichola Byrne, General Manager of Total Real Estate Training, said that initially they anticipated registrations of 3,000.
“Currently there are many learning events being offered, however in these challenging timeswe felt it appropriate to give back to the industry, and as a goodwill gesture we wanted to offer these webinars free of charge,” she said.
Last year's conference was impacted with McGrath and AREC founder John McGrath confirming the low listings, pre-election market shakedown resulted in fewer agents at his longtime income producing trading conference, AREC19.
The two-day conference returned for the eighth year to the Gold Coast Convention and Exhibition Centre last June.
AREC has been a source of revenue for the estate agency.
It was opened last year by sales entrepreneur and bestselling author Todd Duncan, who has written 17 books including New York Times bestsellers Time Traps: Proven Strategies for Swamped Sales People and High Trust Selling: Make More Money in Less Time with Less Stress.
McGrath has told trade websites the current market shakedown.
“Chaos creates opportunity if you will,” he advised last year. 
Mr McGrath said that the greatest risk to the industry was resistance.
“Change will be a major theme and how to embrace it.
"Whilst we will have our traditional hand-picked group of real estate superstars, we have also a larger-than-ever group of agents working traditional suburban markets producing phenomenal results.
“No longer do you have to work in Toorak or Double Bay to write $2 million in fees and our speakers will demonstrate that.”
Click here to access <a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/6/s7y/xwy/6iqk8x/zonDyg5tFJ/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">AREC 2020 - Legends of Real Estate</a> (part 2/4):
<ul>
<li><a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/s/s72/xwy/6iqk8x/6IaLPyv72z/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Peter Chauncy</a> - McGrath Estate Agents, NSW</li>
<li><a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/v/s78/xwy/6iqk8x/CZZaQvO0c/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Josh Tesolin</a> - Australian Real Estate, NSW</li>
<li>
<a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/z/s77/xwy/6iqk8x/vl6XBTTyPC/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Lisa Novak</a> - Novak Properties, NSW  </li>
</ul>
The speakers for <a href="https://tompanos.ontraport.com/c/s/5jN/sgxZP/U/s7q/xwy/6iqk8x/YjvcrRMMk/P/P/sL" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">AREC 2020 (part 3/4)</a> will go LIVE at 10:00am AEST today:
<ul>
<li>Tanja Neven-Jones - O'Brien Real Estate, VIC</li>
<li>Simon Caulfield - Place, QLD</li>
<li>Matt Lancashire - Ray White, QLD</li>
</ul>
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AREC webinar draws 4,500 estate agent crowd

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The growth area in commercial building remains warehouses.
Approvals to build new warehouses are up 39 per cent over the last year and near record highs.
More warehouses are being built to support the online spending sector. 
Overall, commercial building is booming – just below record highs.
Over the year to March, building approvals totalled $117.09 billion, 15.8 per cent above the decade average.
The value of all commercial and residential building approvals fell by 6.5 per cent in March after rising 3.3 per cent in February.
Residential approvals fell by 5.9 per cent with new building down by 7.2 per cent, but alterations &amp; additions were up by 3.3 per cent. And commercial building fell by 7.3 per cent.
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Warehouse building boom carrying commercial property sector: CommSec

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In the last six weeks the Ray White group mobilised its 400+ strong corporate staff and moved its entire training calendar online in response to the lockdown in New Zealand and Australia.
The combined group has already held some 200 sessions and had almost 15000 attendances, including 5000 in New Zealand alone.
Ray White Head of Performance Adam Downes said the online training program was yet another innovation born of the COVID-19 period.
“I think it’s here to stay too in some form. Obviously the convenience of live-streamed training is a big one but we were able to unlock our talented national trainers too. Our members have always had a big appetite for training and development but we turned it on in a frequent format - one the hour, every hour.
“I am also really happy with the numbers tuning in. There’s no expectation or requirement that people log in but we are here if they need us.”
The best sessions by way of attendance and engagement were the ones held by the group’s in-house Profit Team, Property Management plus every session with chairman Brian White and managing director Dan White.
It’s been a challenging few months but Ray White’s corporate team of 17 accountants have provided a life-line to many hundreds of franchises during this stressful pandemic period - another popular series for on-line training.
Led by Chartered Accountant Luke Richardson, the team quickly drew up cash flow templates for all businesses who needed support.
“Our first webinar had 400 people on the session and we handled hundreds of calls. You could say I am ‘JobKeepered out’ now as a lot of people have now lodged, and are in the middle of that process,” Mr Richardson said.
“We worked out what we had to do quickly and we’ve become experts in working with the ATO.
“But some people may never know that we have our own specialist tax expert in Rebecca Everingham - our tax manager in Ray White Corporate - and that she helped many businesses apply for support on an unconditional basis. To have an in-house tax expert at Ray White has been gold.”
Ray White Canberra CEO Ben Faulks said many real estate operators had been operating “from a place of fear” in the last six weeks which created inertia.
“If the head goes in the sand then many people, just stop. But this period has been all about opportunity for us. We run a sales business and our energy has been all about finding buyers for our vendors.
“We are not ATO tax experts or HR experts, so the support and guidance from Ray White has been invaluable.
“I work with a lot of other principals in the industry and something that has stood out for me is the dealings we have had with corporate generally, and Dan White and our CEOs were fast out of the blocks with high quality information.
“On the back of that, our relationship with the profit team helped us to tick all the boxes to help us forecast our cash flow position to see if we’d be eligible for JobKeeper. These were worries that were literally keeping me up at night.
“Ray White Corporate had the answers which helped us to focus on listings and auctioning and run our real estate business.
“We have a team of 10-15 JobKeeper experts now across the company.”
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Ray White receive online training with open arms

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The NSW Government is inviting community feedback on the second stage of its 24-hour economy liquor law reforms.
The draft Liquor Amendment (24-hour Economy) Bill 2020 aims to create risk-based liquor laws that support business.
Minister for Customer Service Victor Dominello said, “the proposals will help boost the state’s night time economy by removing outdated laws, simplifying licensing processes and creating a new incentives and sanctions system that rewards licence holders with a clear record.” 
“We want pubs, bars and hotels to hit the ground running on the other side, but we are mindful of how rules such as social distancing may need to be accommodated.”
Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres said the hospitality sector is a significant employer and lifeblood for many communities, but has been dealt a devastating blow and brought to its knees due to COVID-19.
“COVID-19 has hit the hospitality industry hard and fast. We recognise the importance of streamlining the previously complicated legislation to make it easier for industry to get back on their feet as social distancing restrictions ease,” Mr Ayres said.
“There is now clearly a light at the end of the tunnel for our hospitality sector and this will give them hope for the future.”
Key proposals include:
A new incentives and sanctions system with ongoing fee discounts for licensed venues that maintain a clear record; Removal of outdated live music restrictions; Allow small bars to offer more family friendly services to customers, by permitting minors in certain circumstances; Reducing red tape by aligning liquor licensing and planning processes; and Enhancing same day alcohol delivery regulations.
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Economic reform supports 24-hour nightlife revival post coronavirus

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Sydney aged-care entrepreneurs Mark and Evette Moran have pulled their Jamberoo, NSW south coast farm from sale.
It had been listed with $4.5 million hopes. 
The Wallaby Hill Road property has a residence comprises eight bedrooms, five bathrooms and parking for four vehicles. 
The Morans bought the $3 million farm in 2017 from hotel broker Peter Barge. 
The 26 hectares Jamberoo property was listed by Ray White Gerringong agent Neil Campbell. 
 
 
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Aged-care entrepreneurs pull NSW south coast farm from the market 

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In April there were 81 cuts to variable interest rates for homeowners, and 71 for investors, a clear sign of the competition heating up, according to Canstar.com.au.
For homeowners, variable rates were cut by an average of -0.20% for those paying principal and interest and -0.30% for those paying interest only, while for investors, the average cut was -0.21% for both principal and interest and interest only.
By swapping from the average variable rate of 3.49% to the lowest variable rate in the market (2.39% with a loan to property value ratio of 80%) mortgage holders can reduce their monthly repayments by $236.
Likewise, by moving from the average 3-year fixed rate of 2.68% to the lowest rate of 2.09% borrowers can pocket an extra $122 every month.
Canstar home loan expert, Steve Mickenbecker says, “with rates as low as 2.09%, you should be looking to lower your loan costs to put more money in your pocket each month or allow you to pay off the loan faster.”
“Even the big guys have come to the party, with one of the major banks offering a 2-year fixed rate at 2.19% and all of the major banks offering 3-year fixed rates down to 2.29%."
“With restrictions in some states lifting on open houses and auctions, the record low interest rates might now encourage buyers back into the market. Buyers should be bargain hunting for the right loan, not just the right property.”
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152 rate cuts across financial institutions in April: Canstar

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GUEST OBSERVER
A significant number of wealthy individuals have used the ability of self managed super funds (SMSFs) to borrow for property and other investments to supercharge their funds.
It is not something done by retail and industry funds.
According to freedom of information documents obtained by the <a href="https://www.afr.com/companies/financial-services/richest-smsfs-are-leveraged-to-the-gills-20200421-p54lrg">Australian Financial Review</a>, in 2018 the largest 100 self-managed super funds had borrowings averaging around A$10 million each.
Given the tax benefits granted to superannuation, this exploitation of the system by Australia’s super-wealthy is scandalous, albeit legal. In 2018 more than 200 members of those biggest 100 self-managed super funds were members of the <a href="https://en.wikipedia.org/wiki/Financial_Review_Rich_List_2018">Financial Review Rich List</a>.
Along with other members of the 2014 <a href="https://treasury.gov.au/review/financial-system-inquiry-murray/the-panel">Australian Financial System Inquiry</a> chaired by David Murray, I voted enthusiastically for a recommendation to ban borrowing by funds.
Normally, borrowing creates risk
Unfortunately, after intense lobbying from the self-managed super fund sector, the Coalition government <a href="https://www.afr.com/companies/financial-services/richest-smsfs-are-leveraged-to-the-gills-20200421-p54lrg">rejected that recommendation</a>.
I am sure that each of the panel members put different weights on the arguments as to why “no leverage in super” would be good policy.
I focused on two.
First, leverage can lead to funds taking excessive risk, and it also enables some to “rort” the system by getting more assets into the tax-preferred status of super at the expense of the taxpayer
The second argument is about financial sector stability. Leveraged (indebted) financial institutions can be at risk of insolvency and exposed to runs by creditors. A highly levered financial system with lots of interconnectedness can face problems of fragility. Keeping super “un-levered”, as is generally the case for institutional super funds, would be good for stability.
These are not normal times
But even funds that can’t borrow, such as retail and industry funds, face problems if there is a “run” of members wishing to withdraw money.
That could arise because, believing that there are legislated limits on when members can access funds, they have invested significant amounts in longer term, illiquid assets such as toll roads, airports and office buildings in order to produce superior long term returns.
Changing the rules on when members can withdraw funds, such as with the current change to allow <a href="https://treasury.gov.au/sites/default/files/2020-04/Fact_sheet-Early_Access_to_Super.pdf">withdrawals of up to $20,000</a>, pressures funds to sell off assets they had planned on holding to generate enough cash to meet withdrawals.
Between $30 billion and $50 billion may have been <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-04-28/superannuation-early-withdrawal-risks-retirement-system-collapse/12192580">pulled out already</a>.
It isn’t a good time to be selling assets. Depressed sale prices mean the value of all members’ accounts will be further depressed.
Super funds could borrow to obtain the cash needed to meet withdrawals. But that would expose their members to considerable risk if asset prices fell further. They would have to have to pay back the loan from assets that were worth less.
For now, I’ve changed my mind
But if the liquidity problem is purely temporary, brought on by a temporary change in legislation, borrowing might not be such a bad option compared to a forced sale of assets.
While I have not changed my view on prohibiting borrowing in general, I think current circumstances warrant a limited exception.
That exception is that where there is a temporary liquidity problem, brought on by a government change in rules, the institutional super funds should be able to borrow from the Reserve Bank.
Banks can borrow from the Reserve Bank in emergencies. Why not super funds?
In this regard, I am at variance with commentators like David Murray and indeed the Reserve Bank itself. Moreover, I think there are reasonable arguments for making access to the Reserve Bank ongoing.
Bank access to the Reserve Bank, often referred to as the Reserve Bank being a “lender of last resort” is not about bailing out insolvent institutions. It is about providing temporary liquidity, at a price, to solvent, but illiquid institutions.
And the current issue is one of illiquidity, not insolvency. In principle at least, unlevered accumulation funds can’t go insolvent. If the value of assets falls, liabilities (amounts due to members) fall correspondingly.
The government should fix a problem it created
When an unexpected policy change creates a liquidity problem for super funds, it behoves policy makers to find a solution that avoids the need for funds to generate cash by selling assets at depressed prices.
Allowing super funds to borrow from the Reserve Bank using <a href="https://www.investopedia.com/terms/r/repurchaseagreement.asp">repurchase agreements</a> would be such a solution. And since the need for liquidity is a consequence of the policy change, those borrowings should not attract a penalty interest rate.
It is important to note that these borrowings are different to the type we argued against in the financial system inquiry.
There, we were concerned about funds increasing the size of their portfolios by borrowing and taking on additional risks.
Here, the borrowings would enable funds to avoid shrinking their portfolios and enable them to reduce the risks and costs they (more precisely their members) face.
And consider making the fix permanent
My suggestion is that while borrowings by super funds should generally be prohibited, accessing temporary liquidity support from the Reserve Bank should not be part of that prohibition.
If access to such a facility is made ongoing, there would be a case for offering it at penalty interest rates and subjecting funds to liquidity regulation. But those are questions best left for reasoned discussion in more settled times.
Oh, and there has to be a severe crackdown on the ability of wealthy individuals to rort the tax benefits of super by borrowing through their self-managed super funds.
For the government to allow such borrowings but not support institutional funds by allowing borrowing from the Reserve Bank in times of crisis seems, at best, anomalous.<img src="https://counter.theconversation.com/content/137240/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/kevin-davis-3497">Kevin Davis</a>, Professor of Finance, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-the-reserve-bank-should-fund-super-funds-during-the-covid-19-crisis-137240">original article</a>.
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Why the Reserve Bank should fund super funds during the COVID-19 crisis

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GUEST OBSERVER
I just published a book, <a href="https://mitpress.mit.edu/books/economics-age-covid-19">Economics in the Age of COVID-19</a>.
It was written over the last month or so, peer-reviewed, edited and released by MIT Press.
<img src="https://images.theconversation.com/files/331901/original/file-20200501-42951-xyyt58.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="">
This is the thoroughly-2020 story of how it happened.
Like many academics who entered our present period of isolation in mid-March, I was not at all concerned about my job and how to continue doing it.
To be sure, I would have to deal with purely online interactions with some 300 plus students but fortunately I twigged to the value of virtual lectures a few years ago.
Of course I would have to cancel all travel and conferences for the foreseeable future, but in some ways that thought was liberating.
And I would have to deal with motivating a <a href="https://www.joshuagans.com/parentonomics">teenager</a> to learn at home, and with two annoyed college students who had been forced to return home.
Obsession
For the first week I got nothing done, despite being free to do anything.
I couldn’t help but obsess over what was happening in the world.
At first it was frustration at the slow pace of government action as I constantly refreshed scant data on rising infections.
Then it was panic that those actions wouldn’t be enough.
The economic changes were unprecedented. The stock market gyrated and convulsed in tune with fear and other motives that none of us could understand.
What was clear was that if I was home, then so were most other people.
That would leave stores empty, factories shut, and services unnecessary. The vast majority of businesses rely on cash flow to keep things operating, and the cash was most definitely going to stop flowing.
While there were public health pandemic playbooks that were being followed with varying degrees of adherence, there was no economic playbook for this.
Playbook
No one had, to my knowledge, written a paper on how to shut down an economy and then simply restart it again at some unspecified time.
In my mind, the analogy was that we would have to pause things.
We happily shut down most economies each Christmas and no one screams “depression.” The easiest way to do this was to just delay bill payments without consequence.
I could think of ways to do it: loan guarantees, wage subsidies, straight out cash, moratoriums on evictions and foreclosures.
I started to write up my thoughts as if that were original and insightful. And then I saw all of my economics colleagues doing the same thing.
Everyone had simultaneously come to the same conclusion. A new playbook was being invented at the same time, all over the world.
Trillions of dollars were being spent, but it was clear to me that non-economists were somewhat dumbfounded.
Hadn’t economists warned for years against the perils of deficits? Would our children be paying for this? And what was the plan? How long was this going to last and how sure were we that we could just get things back to normal?
We economists had some answers to these questions, but not all of them.
Sharing
Like public health officials who needed to explain in far more detail what was going on with COVID-19, economists needed to explain what they were thinking when they were taking such unusual and exceptional steps.
A week into my isolation, I decided I would write a book.
It would cover all of the economic issues, conundrums and controversies that were emerging. It would put what we knew together with what we did not know and try to help people process what was happening.
It would help me get a handle it as well.
I have written <a href="https://www.joshuagans.com/parentonomics">popular</a> <a href="https://www.joshuagans.com/innovation-equality">economics</a> <a href="https://www.predictionmachines.ai/">books</a> before, but never as quickly.
My plan was to write 10 chapters – one a day – and then publish. In terms of that last step, I could self-publish, but, given the speed at which I was working, I couldn’t be confident I wouldn’t miss things. It had to be peer-reviewed.
Most academic publishers work slowly but I contacted MIT Press and asked if they could do things differently. They came through in ways that I did not anticipate.
As it turns out MIT Press had recently collaborated with the MIT Media Lab on a platform called <a href="https://www.pubpub.org/">PubPub</a>. It is built to allow public comment and review. The plan was for me to write the book and after an editorial review, post the entire thing to PubPub for open review by members of the public.
It was posted on <a href="https://economics-in-the-age-of-covid-19.pubpub.org/">April 7</a>, just 19 days after I first had the idea to write a book.
There were only 8 chapters, but they were longer than I had anticipated – 30,000 words in all. You can see that version <a href="https://economics-in-the-age-of-covid-19.pubpub.org/">here</a>.
Feedback
Then MIT Press sent it out to peer reviewers whom they pushed to return comments within a week.
In the meantime, I kept writing. Things were evolving quickly. More critically, economic research was flooding in as economists from all over the world diverted their energies from what they had been doing to researching different aspects of the crisis.
In the end, my guess is that 80% of the citations in the book were from two months in one year – March and April, 2020!
Finally, I had to incorporate a wealth of comments from open and peer review. The former (public comments) were actually more detailed and useful than the latter (peer comments), which raises issues for the future.
In the end, on April 22 (one week ahead of schedule), the electronic version of my book was published globally.
It was 40,000 words long and hopefully would remain relevant for a few months. It’s for sale <a href="https://www.joshuagans.com/economics-in-the-age-of-covid19">here</a>.
Do I recommend undertaking this type of challenge?
Next book
Overall, I am pleased there is something out there for people to read and digest.
But personally, it was more gruelling than I had anticipated. That wasn’t because of the intensity of the work, but because of its subject matter.
My other books were <a href="https://www.joshuagans.com/parentonomics">positive</a> and <a href="https://www.amazon.com/Finishing-Job-Real-World-Solutions-Education-ebook/dp/B00I9CANXU/ref=sr_1_2?ie=UTF8&amp;qid=1422105981&amp;sr=8-2&amp;keywords=finishing+the+job">optimistic</a>. This one was, for the most part, depressing. The first words were “everything is awful”, and it didn’t get better.
My editor called the first version of the ending bleak. There were days in which I was overwhelmed by my own words and had to retire to a couch until I could pick myself up again.
Thankfully, despite my own feelings, most of those who have read the book have come away concerned and informed, rather than lost and hopeless. That’s something.
The journey isn’t over. MIT Press will publish the usual version of the book in November. I will update it continually for a month or so before then.
There is still so much we do not know. We are learning more about COVID-19 and producing lots of studies, but I think the actual flow of knowledge has been disappointingly slow.
That’ll be the theme of the followup.<img src="https://counter.theconversation.com/content/137489/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/joshua-gans-399">Joshua Gans</a>, Professor of Strategic Management, <a href="https://theconversation.com/institutions/university-of-toronto-1281">University of Toronto</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-i-wrote-and-published-a-book-about-the-economics-of-coronavirus-in-a-month-137489">original article</a>.
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Writing a book on the economics of coronavirus in a month: Joshua Gans

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Joel Robinson

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

[smartcode_project:default project_id=140491 project_image_fid=284542]

S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

[smartcode_project:default project_id=136992 project_image_fid=293151]

The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

[smartcode_project:default project_id=136992 project_image_fid=293155]

With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

[smartcode_project_cta:default project_id=136992]

Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Sydney-based fund manager and developer EG is seeking to turn part of the former Roche pharmaceutical campus in Cromer into a 130-home residential community, introducing a mix of low-rise apartments, townhouses and duplexes to the tightly held Northern Beaches market.

The SJB-designed masterplan has been prepared for the 3.2-hectare site at <a href="https://www.apartments.com.au/new-apartments/100-south-creek-road-cromer-nsw-2099">100 South Creek Road</a>, part of the former Roche landholding that EG acquired for $55 million in 2017 through its Yield Plus Infrastructure Fund No. 2.

EG is proposing what SJB describes as a new "urban village" set within the site's significant existing tree canopy.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="482c9a58-49f1-4c53-a12e-aaa02336229f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.20.57%E2%80%AFAM.png?VersionId=hZP8_XfPnfNq500dbcjlpVwYU1ebhF9_" />

Around three hectares of the site is considered developable, with the balance incorporating a riparian corridor that would be rehabilitated and revegetated as part of the proposal.

The indicative masterplan comprises approximately 72 apartments in low-rise residential buildings and another 58 townhouses and duplexes.

The apartment component would include around five one-bedroom, 37 two-bedroom and 30 three-bedroom residences, while the townhouse and duplex component would be spread across several different housing typologies. The overall scheme would deliver around 19,500 sqm of gross floor area at an FSR of 0.6:1.

Parking for the apartment component is currently estimated at around 112 resident spaces and 14 visitor spaces, while the townhouse and duplex component would have 116 resident and 12 visitor spaces.

A significant part of the masterplan revolves around retaining the established landscape character of the former Roche campus.

SJB's plans show heavily treed setbacks along both Campbell Avenue and South Creek Road, a centrally located collection of significant native and exotic trees retained as communal open space, and the regeneration of the northern bushland area.

The existing creek corridor along the site's western edge would also be rehabilitated and revegetated, creating additional separation between the new homes and the neighbouring Northern Beaches Business Park.

A heritage-listed cottage and its garden setting would be retained and restored, with SJB flagging its potential adaptive reuse as communal space.

The proposal also includes new communal recreation areas, pedestrian connections to Campbell Avenue and South Creek Road, and a contribution toward improvements to the adjoining Michele Reserve.

Vehicular access would be restricted to South Creek Road, with no vehicle entry proposed from Campbell Avenue. The main internal road would largely follow the site's existing driveway to minimise the impact on established trees.

SJB said residential redevelopment presented an opportunity to retain the majority of the site's heritage-listed mature trees while delivering a broader range of housing types than typically seen across the Northern Beaches.

"The site being 3.27 hectares in area represents one of the largest vacant sites in common ownership in the Cromer and Dee Why area capable of residential renewal," SJB noted in the masterplan.

The architect said the proposal would particularly target housing diversity through townhouses and other "missing middle" typologies suitable for singles, young families, downsizers and retirees.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="e3f5d841-8491-427e-8ada-c70d3d03d6bc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.21.02%E2%80%AFAM.png?VersionId=xTV7r.q8lrTzC9vKzMS9zMbjm9wKwhgm" />

The site emerged following the subdivision of the former Roche campus into eastern and western parcels.

EG has already transformed the western portion into the Northern Beaches Business Park, which incorporates heritage-listed office space, modern warehouses and indoor recreation facilities.

The proposed residential community, referred to as Cromer East in SJB's plans, adjoins established housing to the north, east and south-east, while the business park sits beyond the creek corridor to the west.

It is also within 250 metres of Pittwater House School and Northern Beaches Secondary College, while bus stops within a three-to-five-minute walk provide connections to Dee Why, Brookvale and express services to the Sydney CBD. Cromer Park and the South Creek open space corridor are also nearby.

EG acquired the broader 7.5-hectare former Roche campus in 2017 for $55 million through its Yield Plus Infrastructure Fund No. 2. The campus at the time comprised more than 25,000 sqm of industrial and office buildings set within landscaped grounds.

The current residential site represents the eastern portion of that original holding.

EG's investment strategy for the fund has centred on acquiring income-producing real estate with longer-term rezoning and repositioning potential, particularly assets benefiting from infrastructure and changing land-use patterns.

EG also has an established residential track record across Sydney, including Bosco in Five Dock, Tempo in Drummoyne, The Flour Mill in Summer Hill and Pindari in Randwick.

The developer says it has delivered more than 1,000 homes to date, with a further 3,000-plus residences across its development pipeline.

First look: EG plans 130 apartments on former Roche pharmaceutical campus in Cromer

<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

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Staff reporter

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