Financial Review has ideas on bracket creep and mortgages

The Fin crashes the housing market (then reverses); and Clive Palmer, humanitarian.

Serious tax reform. Peter Martin, Fairfax Media, yesterday:

The Turnbull government is preparing to abandoned serious tax reform.

Mind you, Martin has some interesting ideas about taxation. Twitter, Monday:

Brack creep is code for cutting high-end taxes.

He may be blinded by love. More from the same tweet:

I’ve never complained about being pushed into higher tax brackets. In fact I’ve been quite pleased.

Fairfax also has decided the banks are sending the property market to the edge. Anne Hyland, The Australian Financial Review, Wednesday:

It was like a scene from the film The Big Short. A hedge-fund manager and an economist pose as a gay couple on a combined income of $125,000 and tour Sydney’s western suburbs viewing housing developments and meeting mortgage brokers for research to determine if there’s a housing bubble. The conclusion is it’s worse than they thought. “The further west I went, the more irrational it felt …” says John Hempton … He joined with Jonathan Tepper, an economist … What they discovered repeatedly was that mortgage brokers were advising them to lie on loan application documents about the deposit for a house and about income.

Or not, as the case may be. The Fin, yesterday:

Westpac said there was a “rigorous” process for validating loan documents … ANZ … said all … applications from mortgage brokers were verified by the bank, which included double checking … calculations brokers made on a customer’s ability to service a loan … National Australia Bank said it continually reviewed risk settings.

And what a telling opening to the follow-up to its own story from Wednesday. The Fin again, yesterday:

The major banks slapped down claims that their underwriting practices are poor or that mortgage brokers are encouraging borrowers to lie.

Clive Palmer, humanitarian. Twitter, Wednesday evening:

Indigenous babies are dying at twice the rate of non-indigenous babies because of racism that exists in government.

So where’s your cash? The Australian’s Gina Rushton responds:

Pity you didn’t deliver on your grand promise of $100m for med research in indigenous Pilbara communities tho Clive.

Indeed. Remember this, Clive? PM, ABC radio, January 30, 2008:

A mining entrepreneur is making what may be Australia’s biggest ever charitable donation, and he wants others to follow his lead. Clive Palmer has announced a donation of $100 million for medical research, and to support remote communities in Western Australia.

What happened? Andrew Burrell, The Australian, June 21, 2013:

Groups working on indigenous health in the Pilbara say there is no record of Mr Palmer donating any money to the cause or starting his own charity work since 2008.

Oh. The Sunday Mail (Brisbane), July 12 last year:

A $100m charity foundation promised by … Clive Palmer has just $104 in it … It was formally established in 2012 but … a report submitted by the Palmer Care Foundation to the Australian Charities and Not-for-profits Commission … for … 2013-14 … reveals the trust held a grand total of … $104, having grown by a mere $4 in a year.