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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

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Joel Robinson

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

Staff reporter

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