Why the RBA held rates
But while the Government has been at pains to stress the RBA makes decisions independently, with global instability continuing, is this a sign there are more rough economic waters ahead of us?
Patricia Karvelas and Tom Crowley break it all down on Politics Now.
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Daily Telegraph
32 minutes ago
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Double Bay waterfront sale falls over, then sells for $2m less
A historic sandstone waterfront mansion in Double Bay exchanged at $22m more than a year ago but the sale fell through … now, a new deal has just been done at $20m to a different buyer. The five-bedroom estate on a 978sqm block at 21 Gladswood Gardens, which was the coach house of the Gladswood Estate, has been owned by the MacMahon family since it was bought for $782,000 in 1983. The sold sticker went up last May, and sources say the expat purchaser back then couldn't sell their Hong Kong property so couldn't proceed. Enter Cohen Handler buyer's agent, Tom Penfold, who's scooped it up for his eastern suburbs lady client at $2m less than the original agreed price. MORE: Redfern house doubles in value after reno 'A waterfront in Double Bay for $20m — it's a beautiful old sandstone building,' Penfold said. 'My client fell in love with it straight away and we secured it very quickly. 'She love the rawness and the potential.' He says she will do a sympathetic reno — 'she's not going to go crazy' — and move in. The Double Bay case mirrors another in Vaucluse involving one of multi-millionaire William Wu's properties investment properties. The 32-year-old investor and his property developer mother Jing Wang amassed a $100m portfolio of houses from Bellevue Hill to Vaucluse in 2021, including a six-bedroom, seven-bathroom mansion with eight-car garage at 31 Vaucluse Rd, Vaucluse bought for $13.32m. The home, on an 879sqm block and with sweeping iconic views, went up for sale with a $23.8m guide in 2023 and later exchanged for about $24m. But local sources say that deal, too, fell through. That's just exchanged again via Bradfield BadgerFox Double Bay agents Alexander George and Peter Leipnik for about $21m to a local buyer. MORE: Big price for Nicole Kidman house
News.com.au
41 minutes ago
- News.com.au
‘Get it over the line': Western Sydney ex-manager sentenced over bride attempt for $5m parking contract
A former executive manager at Western Sydney Airport has avoided jail after attempting to solicit a bribe during bidding for a $5m parking system contract. Sajish Erasery was sentenced at the Downing Centre District Court on Friday after pleading guilty to soliciting a corrupt commission contrary to section 249B. The former executive procurement manager will serve a two-year prison sentence in the community as well as undertake 500 hours of community service. The National Anti-Corruption Commission (NACC) said Erasery attempted to solicit the bribe from a company bidding to provide an automated parking system at the future airport. In a statement, the corruption watchdog said Erasery had initially suggested he could 'get the deal over the line' if he received a payment of 5 per cent of the contract. Erasery later reduced the amount to $200,000 – of the $5m contract – and proposed a scheme to repay the company through inflated invoices, according to the NACC. The matter was referred to the NACC and the Australian Federal Police in March 2024 and within just 10 days they had enough evidence to lay charges against Erasery. It is the first case to result in sentencing from an investigation initiated by the corruption watchdog, which was established by the federal government in July 2023. In its statement, the NACC thanked the Western Sydney Airport for their co-operation and 'proactive actions … in referring the matter'.
News.com.au
an hour ago
- News.com.au
Fury as elite Sydney school tries to buy street on Lower North Shore
A prestigious Sydney school's proposal to buy part of a public road from council has sparked fierce community opposition, with locals accusing the institution of trying to take over the neighbourhood. Sydney Church of England Grammar School – better known as Shore – has approached North Sydney Council to purchase a chunk of Edward St north of Lord St. The section of road – a known traffic bottleneck during pick-up and drop-off times – currently separates the Lower North Shore school's senior and preparatory campuses. Open Space & Infrastructure director Gary Parsons has recommended the council's chief executive be authorised 'to enter into discussions regarding the potential closure and sale' of the street section, The Daily Telegraph reports, including undertaking community consultation. The independent, all-boys school – which has annual tuition fees of up to $46,000 – would be required to provide a minimum $20,000 bond to cover the cost of council's preliminary 'investigations'. Council will deliberate the matter at a meeting on Monday night, but the offer has already been met with backlash from residents, who say closing the street would 'exacerbate the existing traffic chaos'. 'It is an education district but it is a residential district too,' Danielle Walters, who has lived in the area for two decades, told The Telegraph. 'How much are we doing to allow a school to dominate a whole area and what does it mean for us? If this is all going to be (a) school, should we just be selling our properties to Shore now?' Maree Faulkner, another longtime Lower North Shore local, echoed the sentiment on social media, writing there were 'three issues' with the potential acquisition. '1. This would exacerbate the existing traffic chaos in Edward St at school drop off/pick up times,' Ms Faulkner said. 'I'm already frequently prevented from accessing my property by the queues of massive SUV's and the private traffic wardens employed by SHORE. '2. This would further alienate Graithwaite (historic house) from the community – even preventing distant public viewing of this beautiful community landmark. 'And most importantly … 3. This is blatant evidence of the misuse of the tax payer $s provided to SHORE. A condition of the sale should be that, in addition to the sale price, SHORE must provide an annual donation of the equivalent amount to an underprivileged school in Western Sydney.' A Shore spokesperson confirmed to it has submitted an application to purchase the portion of street 'that directly borders the Preparatory School campus in North Sydney'. 'This proposal is part of a broader initiative to improve traffic flow and enhance safety for students and families during peak drop-off and pick-up times,' they said. 'The section of Edward Street in question is adjacent to existing School grounds and does not include any residential properties or homes. Shore remains committed to working collaboratively with Council and the local community to ensure the best outcomes for all stakeholders.' has contacted North Sydney Council for comment. Other residents noted they didn't see an issue with the street being sold to Shore, given 'nobody uses (it) unless it's school related'. 'It's a bit of a nothing street, it's basically a thoroughfare for the school anyway,' someone else pointed out. '(Locals) are only upset because they don't like the school,' another agreed. 'The piece of road runs through the middle of the school and is of no use to anyone but the school.' The move comes amid the cash-strapped council's ongoing struggle to finance the North Sydney Olympic Pool redevelopment, with the costs associated with it surging to an estimated $122 million. Last October, council warned it would need to make 'critical decisions' to salvage its finances, including seeking voluntary rates or an 'in-kind contribution' on their property holdings from the area's six independent schools, including Shore. 'Private schools own approximately 152,566 square metres in the LGA and if that were rated as a business it would result in additional rate revenue of over $1 million,' North Sydney Mayor Zoe Baker said at a December council meeting.
