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For those interested in the Australian residential property market, a long history makes for fascinating reading. Australians are fortunate because much data on real estate and financial markets is publicly available, going into depth not seen in other countries. Careful scrutiny can yield useful ratios that go back over a century and offer context for where the market is now.
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Comparing housing prices to inflation is one of the more common indicators in property market analysis. If the trend is fairly even over time, then there is no indication that people are favouring housing relative to other goods and services.

On the other hand, if there is a wide divergence between housing prices and inflation, this tells us that people are considering housing to be relatively more important. Interestingly, every rise in real prices has led to a downturn, with the one exception of 1961-1964.

Another popular method of determining property valuation is comparing housing prices to rents. In a fairly efficient market, the costs of buying and renting should closely match each other, though due to factors such as taxes, risks and interest rates, it is unlikely that costs will equal. Since the post-World War II boom, the ratio has unevenly decreased. Upswings in the ratio suggest the presence of a bubble: the mid-’70s, early ’80s, late ’80s and today.

As with inflation and rents, housing prices have also outstripped incomes. Unfortunately, the ABS does not provide a long-term median household disposable income (HDI) series, so the denominator is derived by dividing aggregate real gross household income by the number of occupied households on an annual basis. This results in an unusually high HDI as averages are typically greater than medians, and is further amplified as the HDI is stacked with artefacts like superannuation which cannot be drawn upon to finance debt repayments. While the outcome is a rather low ratio, it keeps in line with that developed in Stapledon’s 2012 housing paper and shows a substantial increase from 1996 onwards. A more realistic median measure would result in a higher ratio.

It is easy to see the major cause of the Great Depression: a deflating land bubble, centred in the commercial property market. Every major rise in the ratio has resulted in a downturn, correlating with, and arguably causing, the economic recessions of the mid-’70s, early ’80s and early ’90s. The ratio has doubled from the trough in 1996 through to the peak in 2010. The substantial rise in the ratio during the late 1970s was likely due to an anomaly in splicing multiple land value series together, though part of the rise is justifiable because of a residential bubble.

The primary determinant of the boom and bust cycle in the land market is availability of credit/debt used to speculate on rising capital values of real estate. While data on private debt goes back to 1861, aggregate land values only begin in 1910. Debt peaked in 1893, driving a colossal commercial land bubble that burst, causing the worst depression in Australia’s recorded history. This also occurred in the 1920s, with the same result. It took until the 1970s for the debt cycle to assert itself once again, with one boom and bust after another. Debt reached the highest peak on record in 2008, driving the largest land boom on record.

Unsurprisingly, the cause for the massive rise in housing prices and land values, along with net rental income losses, is the colossal increase in household debt, primarily composed of mortgage debt. It has more than quadrupled since 1988, rapidly accelerating during the ’90s and 2000s. The ratio peaked in 2010, as did housing prices, which is clearly no coincidence.

While land booms have been a continual feature of the Australian economy, what separates this cycle is the relative size of the boom in both land values and private debt.

It is often claimed that “this time is different”. It certainly is, but not for the reasons usually given: Australia has not experienced a land boom, or bubble, of this magnitude in its history.

Philip Soos is a master’s research student at the School of Humanities and Social Sciences, Deakin University. The full chart pack on the history of Australian property values is available free at MacroBusiness

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BORAL is several months away from completing the first stage of its restructure as it battles severe headwinds from cheap imports and overcapacity in sectors of the building products market.
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On Wednesday it disclosed a net loss of $25.3 million for the December half, a reversal from the profit of $152.7 million posted a year earlier, on revenue of $2.8 billion, up from $2.4 billion a year earlier.

It posted a loss of 4.1¢ a share for the half, after earning 20.4¢ a share a year earlier.

Even so, directors have sought to retain investor confidence by declaring a 5¢ interim dividend, down from 7.5¢ a year earlier. This helped push up the shares 5¢ to $4.92.

Last month, Boral said it would axe 700 jobs – a quarter of its head office staff – as it attacks an ”entrenched bureaucracy”, according to the chief executive, Mike Kane.

A third of head office staff will probably lose their jobs by the time the restructuring is completed. ”Our internal focus was getting in the way [of focusing on customers],” he said.

Boral refused to provide guidance for year to June earnings, since several decisions about the future of key building products are yet to be made. ”Right now we’re moulting, and it’s not pretty,” Mr Kane said of the restructuring.

Analysts welcomed his directness in outlining Boral’s problems. ”It’s a turnaround story, not a cyclical recovery story,” said one analyst, who pointed out ”it is a six to nine-month story”.

”CEOs who tell it how it is are always welcomed by investors. He’s put his reputation on the line” in committing to getting costs out of the business.

Key problem areas are cement and building products – bricks, timber and windows – while the US is yet to turn round even with the small rise in housing starts there.

In the US, Boral expects housing starts this financial year will reach 860,000 units and rise to 1 million units next financial year. Changing market conditions there have pushed back Boral’s break-even point to just above 1 million units, it said. Boral lost $38.7 million in the US before interest and tax, while the building products division lost $17.8 million.

In the cement division, Boral is to halt the production of clinker at Waurn Ponds in Victoria, with further changes planned.

”In cement … the dynamics are changing – and changing rapidly,” Mr Kane said. ”With import [price] parity the ceiling, a low import price out of Asia and no price leverage, the halcyon days of the past won’t come back. We’re taking costs out on a phased basis.”

Problems remain with the timber division as well, where the sale of several masonry units is yet to be completed, and also east coast bricks, where excess capacity is hurting margins.

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Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images
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Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican. Photo by Franco Origlia/Getty Images

Pope Benedict XVI leads the Ash Wednesday service at the St. Peter’s Basilica in Vatican City, Vatican.

Ash Wednesday opens the liturgical 40-day period of Lent, a time of prayer, fasting, penitence and alms giving leading up to Easter.

After more than two years of silence, the Israeli Government has admitted a prisoner it held in detention for “security reasons” – believed to be the Australian Ben Zygier – committed suicide in custody.
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Amid increasing pressure on the Israeli and Australian Governments to reveal what they knew about the December 2010 death of Mr Zygier in solitary confinement in Ayalon Prison, Israel’s Justice Ministry released a statement on Wednesday night announcing that the court’s gag order had been partially lifted.

Without naming Mr Zygier or identifying him as an Australian citizen, the statement said: “For security reasons, the prisoner was held under a pseudonym, but his family was notified of the arrest immediately. The prisoner was held by proxy of an arrest warrant issued by the court. The proceedings were overseen by senior officials in the Justice Ministry and he was duly represented in all the proceedings against him by attorneys Roi Belcher, Moshe Mazor and Boaz Ben-Zur.

“The prisoner’s legal rights were observed at all times, according to the law,” the statement said.

One of Israel’s most prominent human rights lawyer, Avigdor Feldman, told the Israeli news site ynet苏州美甲美睫培训: “I’m the last lawyer who saw him alive. They asked me to see him and a day after that he was gone.

“When I saw him, I saw no signs that he was going to kill himself. He sounded rational and he asked pertinent legal questions that I can’t expand on.”

The Justice Ministry’s statement said the prisoner was found dead in his cell two years ago and that Jude Daphna Blatman Kedrai – president of the Rishon LeZion Magistrate’s Court – ordered an inquiry into his death.

Six weeks ago, the investigation ruled the prisoner’s death a suicide and the judge recommended that the state pursue a negligence investigation in the matter, Ynet reported.

“National security prevents the release of any other details in this case,” the Justice Ministry statement reads. “These aspects of national security have been reviewed by the Central District Court, which decided to impose a comprehensive gag order on the case.

“The order was given at the request of the defence establishment, and was approved by the Justice Ministry.”

Human rights groups had long campaigned for details about the circumstances of Prisoner X’s arrest, detention and suicide to be made public.

The Association of Civil Rights In Israel sent a letter on Wednesday to the deputy attorney-general, Shai Nitzan, asking that he allow the disclosure of additional details in the case of Prisoner X, who is widely believed to be Mr Zygier.

“Was this indeed a suicide? Was there negligence in the supervision of the detainee? Has any official body taken responsibility? What steps have been taken to prevent the recurrence of similar events in the future?,” the letter from the association’s chief legal counsel, Dan Yakir, said.

It was of deep concern that “people could disappear and be held in prison in total secrecy and isolation”, Mr Yakir told Fairfax Media.

Fairfax Media spoke to Mr Zygier in Israel early 2010 after learning that ASIO was investigating at least three dual Australian-Israeli citizens who had emigrated to Israel in the past decade. ASIO would not comment on the case then or now.

In each case, the men had used the new passports to travel to Iran, Syria and Lebanon – all countries that do not recognise Israel and do not allow Israelis to enter. Israel also bans its citizens from travelling to these countries.

“I have never been to any of those countries that you say I have been to,” Mr Zygier told Fairfax Media at the time. “I am not involved in any kind of spying.”

* Support is available for anyone who may be distressed by calling Lifeline 131 114, Mensline 1300 789 978, Kids Helpline 1800 551 800

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HSV ClubSport R8.HSV stakeholders say the performance car market is alive and well in Australia after celebrating the release of the brand’s 75,000th vehicle locally.
苏州美甲美睫培训

A blue HSV ClubSport that rolled off the production line in Claymore last month became the 75,000th vehicle built by Holden’s performance arm.  

The car is now headed for an HSV dealership in Fremantle, where the lucky buyer will receive a personalised letter from managing director, Phil Harding, authenticating the build number.

HSV marketing manager Damon Paull said the milestone reflected healthy interest in performance vehicles and bucked the trend of fewer large car sales domestically.  

“It’s really significant for our company, especially in the time we’ve done it – we’re really proud of it,” Mr Paull said.

“Obviously the large car segment has been in decline in recent years but we seem to have bucked that trend somewhat, which is pretty encouraging.

“In the last few years, our run rate has stayed relatively constant and I think what it shows is that we’ve got a solid core support-cum-owner base that are pretty passionate about our products.”

The milestone caps a solid 12 months for HSV. In 2012, the ClubSport outsold Holden’s SS-V Commodorewith 735 sales, while almost 700 Maloo utes were snapped up by Aussie buyers.

HSV also celebrated its 25-year anniversary in October last year.

The HSV range is expected to see significant changes when the new Holden VF Commodore arrives later this year.

In line with the changes associated with VF Commodore, the HSV range is expected to see the addition of a new supercharged V8 engine. That 6.2-litre powerplant produces significantly more grunt than anything else currently in the HSV range, with 410kW – an increase of 26 per cent over the current performance heroes, which offer 325kW.

For more car reviews, video and news download the free Drive app. It updates every Friday with seven pages of fresh content from the Drive team.Like Drive苏州美甲美睫培训.au on FacebookFollow Drive苏州美甲美睫培训.au on Twitter @DrivecomauAdd drive苏州美甲美睫培训.au to your circles on Google+

 

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Gathered on one side of the cabinet table were the newly-installed Prime Minister Julia Gillard, her Treasurer Wayne Swan and her Resources Minister Martin Ferguson. On the other were the heads of Australia’s three big mining companies: BHP Billiton, Rio Tinto and Xstrata.
苏州美甲美睫培训

Absent were the key people from the Treasury – the ones who really understood the tax being discussed.

As the then Treasury head Ken Henry later told a Senate committee: “We were not involved in the negotiations, other than in respect of crunching the numbers if you like and in providing due diligence on design parameters that the mining companies themselves came up with.”

The smartest people were kept out of the room. They were ferried draft agreements and asked to examine them quickly. They were unable to test with the miners the propositions they were putting to the government.

The 1½-page heads of agreement signed by the ministers and executives on July 1, 2010, replaced the 40 per cent resource super profits tax with a much weaker 30 per cent minerals resource rent tax applying only to coal and iron ore. An “extraction allowance” cut the actual rate paid to 22.5 per cent. It would be paid only if the profits themselves reached a much higher hurdle.

And then there was the drafting error.

The agreement allowed “all state and territory royalties” to be deducted from the tax.

Ferguson thought the words referred to “royalty rates that applied, or changes to royalty rates that were scheduled to apply in the future, as at 2 May 2010”.

The interpretation made sense. Those were the royalty rates referred to in the original super profits tax. Agreeing to refund whatever any state government chose to charge in the future would expose the Commonwealth to an uncontrollable expense.

But read baldly, that’s what the ministers had signed up to.

Western Australia promptly lifted its iron ore royalty from 5.6 per cent to 7.5 per cent. It now grabs money the ministers believed the federal government would get.

Appearing before the Senate, treasury official David Parker later tried to explain the less-than-precise drafting this way: “This is a document which is 1½ pages long. One could say that the heads of agreement is, to use a musical analogy, a rather staccato document.”

The agreement allowed the mining companies to do more than deduct their royalty payments from the new tax. It allowed them to ”grow” the amount they could deduct at the long term bond rate plus 7 per cent, if low profits meant they owed less resource tax than the royalty payments.

The concession means the miners are unlikely to pay much of the new mining tax for some time to come.

Julia Gillard and her ministers brought peace on July 1, 2010, but at a heavy financial price.

Follow the National Times on Twitter

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Scientists have reported on the bizarre sex life of a sea slug that discards its penis after copulation, and then grows a new one.
苏州美甲美睫培训

Dubbed Chromodoris reticulata in Latin, the red-and-white slug – technically a shell-less mollusc – inhabits warms waters in South East Asia.

“No other animal is known to repeatedly copulate using such ‘disposable penes’,” Japanese biologists wrote in the Royal Society journal Biology Letters, describing the behaviour as “extremely peculiar”.

The critter needs 24 hours between couplings to unroll an internally coiled and compressed juvenile penis to replace the used, external organ, scientists found.

It can repeat this feat at least three times.

The human thumb-sized slug is an hermaphrodite, meaning it has both male and female sexual organs.

The animals perform dual sexual roles during copulation.

They give sperm to a mating partner while simultaneously receiving sperm, which they store for later insemination.

The team observed copulation between sea slugs that they had captured during scuba dives and held in a tank.

After each coupling, which lasted between dozens of seconds and a few minutes, every slug discarded its penis – a thread-like organ that it projects from its side into a partner’s vagina.

The team also examined the microscopic structure and function of the male organs – observing an internal spiral structure they believe grows into a replacement penis.

“We propose that the tissue at the spiral part of the penis is compressed and undifferentiated, gradually differentiating into the ‘next penis’,” the team wrote.

“It may need approximately a day for the spiral structure to be ready for copulation.”

In another revelation about the sea slug’s sex life, the scientists found its penis was covered with spines – and suggested these may be used to remove the sperm of previous partners being held in store by their mate.

The spines are backward-pointing, making it difficult to withdraw the penis after copulation. This may explain the organ’s disposable nature.

“Chromodoris reticulata may compensate for the short-term cost of decreased reproductive opportunities caused by the loss of a penis with the reproductive advantage gained by sperm displacement,” wrote the study authors.

Various animals are known to discard parts of their body, such as the gecko which sheds its tail.

Few, though, are willing to part with their penis, the team noted with clinical understatement.

AFP

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A Koala with with chlamydia, which causes it to have a cloudy eye. Wildlife Awareness Month is coimg up and Tracey Wilson is a wildlife carer who currently has a koala joey.
苏州美甲美睫培训

Koalas are an indicator that climate change is upon us, say researchers at the University of Queensland.

By Christine Adams-Hosking, University of Queensland and Clive McAlpine, University of Queensland

If we need an indicator that climate change is upon us, we need look no further than Australia’s koala.

The koala family (Phascolarctidae) has existed in Australia for tens of millions of years, yet in a mere evolutionary blink of 200 years, this unique Australian marsupial is declining significantly in many areas of its natural range.

Koalas are highly vulnerable to unprecedented heatwaves and just like humans, they suffer from heat stress and dehydration in extreme temperatures. Bushfires such as the Coonabarabran fires that burnt out 100,000 hectares can also decimate koala and other wildlife populations.

In the past decade, we have experienced the hottest temperatures on record followed by floods and cyclones. While many climate change cynics claim that this is just part of the natural climate variability (Dorothy McKellar’s Sunburnt Country hypothesis), the evidence suggests that recent extreme weather events are not typical.

Rather, they are becoming more common and going beyond the natural range of variability. For example, Roma in southern inland Queensland, experienced record flooding three years in a row and has now experienced record January temperatures. Across western Queensland and New South Wales, temperatures remained in the mid to high 40s for 10 days. These changes in climate are consistent with climate change predictions; a hotter climate with extreme wet periods such as that experienced in Queensland and northern New South Wales in late January.

Our research on the effects of climate change on the distribution of koalas and their eucalypt food resources used a “pessimistic” climate change scenario that represents a future of rapid economic growth, a global population that peaks in mid-century and a continuation of high energy demand being met by fossil fuel sources.

This was the correct choice. That scenario is no longer pessimism, but is tracking reality.

Our climate envelope modelling found that koalas occur at a maximum temperature of 37.7 degrees. However, the recent Australian heatwave and the weather conditions before the Black Saturday bushfires in 2009 – with temperatures exceeding 40 degrees for consecutive days – are two examples of the koala being pushed beyond its climatic threshold.

Koala population crashes have been documented after such drought and heatwave events, most recently an 80 per cent decline in the Queensland Mulgalands following the 10-year drought.

In New South Wales, Queensland and the ACT, where koalas are now listed as vulnerable under Commonwealth law, our research has found that koalas and many of their critical food trees will contract and shift eastwards. Here, potential “climate change refugia” are rapidly diminishing due to urban development.

By 2050, the only climatically suitable areas for koalas and their habitat will occur in patchy regions closer to these coastal areas. In these areas, their numbers are often sharply declining due to other factors such as habitat loss, disease, cars collisions and dog attacks.

We should take heed from what is happening to the koala because it is likely that our agriculture and towns will be facing similar risks from climate extremes; well beyond our limits to adapt to.

How can people and the natural environment, upon which human wellbeing and in fact survival depends, co-exist? It is time for all our decision-makers to recognise the urgency of the problem, look to the future and proactively address the fundamental challenges of environmental sustainability and climate change mitigation. Our very future depends on it.

Christine Adams-Hosking does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and have no relevant affiliations. She is funded by the Australian Research Council and the University of Queensland. She is affiliated with the Koala Research Network.

Clive McAlpine does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and have no relevant affiliations. He is funded by the Australian Research Council and the University of Queensland. He is affiliated with the Koala Research Network.

This article was originally published at The Conversation. Read the original article.

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ARIES: The Arian Moon of February 14, 15 puts you in touch with your emotions. You will respond to varying situations in your usual fashion, strongly directed by impulse.
苏州美甲美睫培训

TAURUS: Taurus needs time to think things through in a nice quiet environment during February 14, 15. By getting your head in order, you are able to deal with any problems you may have.

GEMINI: There’s likely to be a little extra money coming your way during February 14, 15; that’s good, for it allows you to get out there and do the things you enjoy so much.

CANCER: There will be plenty of contact with all sorts of people during Thursday and Friday. You will also be giving some thought to what you want out of life.

LEO: Your compassion is likely to be strongly aroused by the sentiments of different people during February 14, 15. This doesn’t necessarily mean they will also understand your point of view.

VIRGO: Many Virgoans will struggle with ethical issues concerning a friend during February 14, 15. This is not anything major, but tends to be something that niggles away at you.

LIBRA: There is someone around you who will play an important role during February 14, 15, evoking a strong emotional response. This tends to produce more positive results than negative.

SCORPIO: The mind will be on the job during February 14, 15, producing some excellent results. Your heart is in the right place, fuelling your ideas and commitment to getting things done.

SAGITTARIUS: Sagittarius tends to be in a rather playful mood during February 14, 15; it is a pity that others’ moods don’t always match your own. Life’s too short to not enjoy it.

CAPRICORN: February 14, 15 allow Capricorn to experience the domestic situation from an exceptionally emotional perspective. Family interaction is an important facet of daily life.

AQUARIUS: Your mind is impressionable during February 14, 15, but also busied by thoughts of all those little things that need doing. You will feel happier when you have them out of the way.

PISCES: There is a tendency for Pisces to feel lucky during February 14, 15. Luck has many ways of expressing itself, other than from the results of gambling. There may be extra money in your pay packet.

LUCKY NUMBERS: Aries: 1, 3, 4, 9; Taurus: 5, 8; Gemini: 6, 7; Cancer: 3, 4, 7, 9; Leo: 1, 3, 4, 9; Virgo: 6, 8; Libra: 5, 7; Scorpio: 2, 3, 7, 9; Sagittarius: 1, 3, 4, 9; Capricorn: 5, 6; Aquarius: 5, 6; Pisces: 2, 4, 7.

Read Alison Moroney’s daily stars for Thursday, February 14, 2013.

Source: The Courier
苏州美甲美睫培训

A naked man led police on a 25-kilometre pursuit through the Victorian town ofBallarat yesterday before he struck a police officer with a vacuum cleaner fitting.

Police used batons and capsicum spray to arrest the man, who stopped in the car park of McDonald’s in Sebastopol.

The 47-year-old South Australia man was wanted for various offences.

He was detected travelling at 155km/h in a 100km/h zone before the pursuit began in Learmonth on the Sunraysia Highway at 11.43am.

The chase was soon joined by seven other police cars from Ballarat, including Highway Patrol units, who took the lead in the pursuit.

The man led police into Ballarat and through Wendouree, Redan and Sebastopol before coming to a stop at the McDonald’s outlet at the corner of Albert and Hertford streets.

At one point, the man waved a vacuum cleaner fitting out of his vehicle’s sunroof.

A witness managed to film the pursuit coming through a roadwork zone and noticed the driver waving the vacuum part at police cars following behind.

“I couldn’t believe it. I just thought ‘why is he holding a vacuum cleaner?’,” the man said

The Fairfax Regional Mediareader used his phone to film the man driving past during the chase.

“He was laughing as he went past — it was really weird,” he said.

Ballarat Criminal Investigation Unit Detective Senior Sergeant David Hermit said when the man finally stopped at McDonald’s, he resisted arrest by wielding the vacuum cleaner fitting like a club and managed to strike an officer who received minor injuries.

After a dose of capsicum spray and use of police batons, the man was taken into custody more than 30 minutes later.

He was admitted to Ballarat Health Services Base Hospital for treatment to injuries he sustained during his arrest.

The man was expected to be interviewed and charged.

He will appear at the Ballarat Magistrates Court at a later date.

The man’s car is surrounded by police at Sebastopol after yesterday’s pursuit. Photo: LACHLAN BENCE