He was in the process of completing his first novel. As much as anything else, I remember the article as a call to arms – to have a go and to not die wondering. Follow your dreams and all that.

The author was none other than Bryce Courtenay, who is now much more famous as a best-selling novelist than he ever was for ‘Louis the Fly’ (he was the ad guru behind that campaign).

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Many people don’t realise the lasting impact a default or two on a standard monthly bill can have on their credit rating, Russell says.

While borrowers with less-than-stellar credit histories may once have been able to turn to secondary lenders for finance approval, these days it’s very difficult to obtain a home loan if you have a poor credit rating, he adds.

“If you’ve got a blemish on your credit report, forget about it,” Russell says.

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The time has come for office chairs to come with a health warning and ”upholstered, height-adjustable weapons of mass destruction” might not be too much an exaggeration.

Sitting for prolonged periods – and, let’s face it, few places compete with the office when it comes to opportunities to park one’s behind – is now linked to increased risk of premature death, particularly from cardiovascular disease. It is also associated with increased risk of developing type 2 diabetes and cancer.

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Naturally, that sum will stretch much further in some suburbs than others.

In trendy Potts Point it will net you an unrenovated and original 57 square metre, two-bedroom terrace, while 30 kilometres to the west it buys a top-end, four-bedroom modern brick house in Blacktown on a huge block.

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Tighter credit conditions prevail, and the banks are much pickier about who they will actually lend to. So they are all fighting over a diminished pool of ‘eligible’ banking prospects.

Let’s line up a few of the suspects. We have Barbara – the banker pilloried in the ANZ ad. We have Westpac and all those bank managers – aren’t those ‘out-takes‘ at the end of the ad so cute? Then there’s NAB, who wants you to “sign up to fight unfair banking”

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Today, the National Consumer Credit Protection Amendment Bill 2010 was passed by the Australian Parliament.

The Bill provides the flexibility sought by the States to enable them to refer their powers for consumer credit regulation to the Commonwealth. Following enactment of the State Referral Bills, the States will be able to repeal their state laws in time for the commencement of the National Credit legislation on 1 July 2010.

“The passage of the National Consumer Credit Protection Amendment Bill brings Australia closer to having a single, standard national credit regulatory regime – and it can only be achieved through the strong commitment by the Commonwealth, State and Territory Governments working in a spirit of cooperation to deliver the COAG reform vision for a single, uniform national credit law,” Mr Bowen said.
“I wish to thank my State and Territory colleagues for their commitment to this important reform in the last year and I look forward to their continuing support as we embark on Phase Two of the COAG credit reform.”

In response to State concerns raised in December last year, the Commonwealth and State Governments agreed to modify the terms of the amendment power in the Referral Bills (the Bills to be enacted by the States to refer power to the Commonwealth) to allow certain subject matters (such as State taxation) to be excluded from the scope of the amendment power.

To give effect to that agreement, this Bill amends the National Consumer Credit Protection Act 2009 to enable an effective reference of State power to be made either with or without exclusions to that power; and to allow the States to refer their regulatory powers in relation to consumer credit by ‘adopting’ the Commonwealth’s legislation and referring an amendment power.

Further information regarding the Reform Package is available at www.treasury.gov.au/consumercredit.

National home prices for houses and units increased 1.8 per cent in January, according to RP Data, taking them 11.8 per cent higher in 12 months. If the preliminary January figures are confirmed, the gain would mark the biggest monthly jump in the five-year series.

“What makes me angry is that my father was able to buy a three bedroom house in Williamstown and support a family (my mother didn’t work) on the average income of a school teacher,” said Melbourne-based Justin O’Farrell. “I have no hope of doing the same.

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”If houses aren’t for the people in their own country, then who the hell are they for?” Dr Keen asked. ”And if you let incomes in other countries determine your prices, all you’re doing is importing a bubble,” he said.

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WE all have a credit record that collects data about us, but few of us know what it says or what is allowed to be shown.

Steve “Doomsday” Keen seems to be making light of losing his forecasting bet to Macquarie strategist Rory Robertson – much to Robertson’s chagrin. But the debunking of Keen’s extreme views shouldn’t blind anyone to the suffering still to be had from a bubble.

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