April 26, 2017

April 25, 2017

Mid-sized tax office eyed

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The International Monetary Fund (IMF) has proposed the Revenue Department set up a mid-sized tax unit to prevent tax avoidance by mid-sized business operators.

The country's largest tax-collecting agency lacks a unit to directly oversee tax collection of mid-sized companies. Some of them avoid expanding their business to sidestep being defined as a large firm and coming under the surveillance of the Large Tax Office, said a Finance Ministry source.

Mid-sized businesses can more easily manage tax bills than large firms because tax payment probes are tougher for the latter, the source said.

The department incorporated the Large Tax Office, which is in charge of examining tax payments of 3,500 large companies with annual revenue starting from 2 billion baht, as suggested by the IMF in 1997.

The office has improved the efficiency of the department's tax probes as large corporations typically have complicated transactions, including cross-border payments. District revenue offices cannot efficiently check their tax payments, said the source.

The source said tax avoidance and evasion sometimes occurs with mid-sized businesses, especially for cash transactions, because there is not a unit directly responsible for monitoring their tax payments.

Some mid-sized companies transfer operations to new companies to prevent them from being classified as large firms, said the source.

The source said firmly established mid-sized companies should grow to become large ones if they are able to do so.

The source said the department does not have a plan to tax Thais who work abroad. They are liable for tax only if they bring money into their home country or stay in Thailand for more than 180 days in a tax year. Even for Thais who fall into this category, authorities must consider whether they work in countries that have a double taxation agreement. Such Thais are subject to pay only the difference in tax if their amount owed in a foreign country is lower than Thailand, but they are tax-exempt if they owe a higher tax amount.

Bosch keen on online parts market

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The Thai unit of the German car parts maker Robert Bosch Ltd (Bosch) is tapping into e-commerce to cater to younger consumers who enjoy the convenience of shopping online.

Kuldhaj Bunbongkarn, general manager of Bosch Automotive Aftermarket Thailand and Laos, said Bosch intends to make its products available on more online shopping platforms, in line with Thailand's booming online economy.

Drivers in Thailand can purchase Bosch automotive products online on Lazada and other e-commerce platforms such as WeMall, 11street and Cmart (formerly Cdiscount) in 2017.

Bosch sells 39 auto-related products on Lazada, many of which allow car owners to replace items by themselves, such as engine oil, batteries and windshield wipers.

The company plans to add up to 100 automotive products this year on Lazada and other online platforms to serve higher demand for internet shopping, he said.

Mr Kuldhaj said the internet has become very important for Thais, citing a report by the International Telecommunication Union that local internet penetration rose to 44.1% last year from 28.9% in 2013.

"The company expects aggressive growth of online sales, as statistics show 59% of Thai internet users do so for shopping," he said.

To strengthen its distribution network and improve communications with retailers, Bosch also introduced the eXtra B2B customer loyalty programme, with a mobile application to support over 10,000 of its local wholesellers and retailers.

Bosch expects around 5,000 application downloads this year.

The company also plans to expand its service network, run by local partners, from 31 to 35 locations this year.

In 2015 the local branch of Bosch recorded sales growth of 22% to 10.8 billion baht, marking both a 25-year high and the strongest sales among its Asean operations.

Today Bosch produces 10 automotive product lines, including original equipment and spare parts for passenger and commercial vehicles in Thailand: batteries, wiper systems, spark plugs, brake systems, filters, petrol fuel systems, diesel fuel systems, lighting, electrical items and other electrical equipment.

The company said last October it was investing €43 million (1.6 billion baht) in a new factory and automotive research and development centre in Thailand to accommodate its growing business in the region.

The investment is part of €80 million the company planned to pour into the Asean region in 2016.

The remaining budget was slated for an expansion of its manufacturing and sales facilities in Indonesia, Malaysia and the Philippines, most of which are scheduled to begin their operations this year.

The new factory and automotive R&D centre at Hemaraj Eastern Seaboard Industrial Estate in Rayong is meant to produce fuel injectors with an annual capacity of 1 million units. The factory and centre are expected to create about 800 jobs.

State expects steady prices amid fuel hike

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The government has insisted that overall product prices are unlikely to rise much despite an increase in the fuel tariff (Ft) rate for May to August.

Mrs Nuntawan says Ft rate rise will increase overall product prices only slightly.

Nuntawan Sakuntanaga, director-general of Internal Trade Department, said the rise in Ft may affect product prices in several categories, including food and beverage, daily consumer items, transport, construction materials and agricultural products, but the impact is estimated to be 0.002-0.266% of overall product costs.

The department cited a recent in-house survey that found product prices unchanged. Eggs, for instance, still cost 2.70-2.80 baht each on average, chicken costs 75-80 baht a kilogramme and cooking palm oil 38-40 baht a litre.

Mrs Nuntawan said the department expects overall consumer product prices to remain stable for some time, as prices of key imported raw materials stay unchanged while the baht appreciates and makes imported products cheaper.

However, she admitted production costs and retail prices of overall products may have to increase as fuel oil prices increase further.

The Energy Regulatory Commission (ERC) warned last week electricity bills are set to rise throughout 2017 because of rising natural gas and oil prices.

Natural gas accounts for almost 70% of Thailand's power-generating resources, and price rises normally lag global oil prices by 6-9 months.

Gas prices will start to affect power bills from the second period (May to August). Gas prices rose by 9.35 baht per million British thermal units (BTU), or 4% from the previous January-April period, to 244.58 baht per BTU.

An Ft rate hike of 12.52 satang per kilowatt-hour for May to August was approved by the ERC.

Power bills are set to increase by 17.83 satang per kWh, but the ERC said the rise in the Ft was offset by a drop in gas prices due to a maintenance shutdown during the previous period, keeping the increase at 12.52 satang per kWh.

The new Ft rate combined with a base factor for May to August means the average increase for all categories of power users (businesses, residences and public services) of 3.508 baht per kWh, up from 3.38 baht in the first period.

The average monthly power bill in the residential sector will increase by 3.7% or 16.50 baht for consumption of 124 kWh, some 477 baht. Residential users make up almost 90% of power users.

The ERC predicts the Ft rate will continue to increase gradually until early next year.

CDC party fee unfair

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The constitution writers have set off yet another dispute with their new order for political parties to collect annual membership fees. Some see the Constitution Drafting Committee's measure as yet another way to obstruct parties. The CDC claims rather implausibly that it will encourage more thoughtful politics at the grassroots. Yet the outlines of the proposal deserve a thoughtful response.

That is not what the parties think. Leaders of virtually every political group oppose the 100-baht annual fee. And they have good reason. The bureaucracy of such a requirement is extensive. Parties would have to maintain full staff -- year-round at the larger political parties -- simply to track, re-register, collect and provide receipts.

This is the basis of their claim that the CDC is attempting to harass and tie up parties with meaningless paperwork. Their argument is that parties would be so busy collecting tiny amounts of money from members that there would be far less time available for the business of parties -- which is politics.

We tend to agree with the parties on this exact objection. For one thing, the 100-baht fee should not be written into law. Money always changes value over time. If there is to be a fee, it should be governed by a regulation that can be easily changed, and not a law. We also agree with the basic premise that requiring parties to collect 100 baht from every member, every year, is make-work bureaucracy without real or statistical value.

But this is not an idea that deserves to be simply tossed aside, as party leaders say. On the contrary, there is more than a germ of useful regulation in this proposal by the CDC. It could easily be adapted into Thailand's first, and badly needed law on the funding of political parties. This is a scandalously secret weapon of every party. The public has the right to know who is funding parties, because that tells who and what politicians are actually working for.

The former politician and street protester Suthep Thaugsuban last week backed the idea of mandatory dues by party members. He said 100 baht is too cheap, because parties should be forced to fund themselves from membership fees. That is a little rich, coming from the leader of the secretively funded Bangkok Shutdown movement. Still, Mr Suthep's support for transparency is certainly welcome.

The CDC's proposed membership fee is unfair in many ways. One of them -- and it would be far worse if Mr Suthep's proposal were adopted -- is that many interested people cannot afford a membership fee, even 100 baht. If membership fees are to be imposed at all, they must take account of this. There must be subsidies or exceptions to allow low-income citizens to be party members. It is a shame chairman Meechai Ruchupan and his CDC failed to realise this.

It seems it's now up to the National Legislative Assembly to make something good from an unrealistic proposal. Everyone claims to be working under a deadline, but there is plenty of time to consider this properly. With thought and good intentions, the NLA can still turn a hasty and ill-considered CDC proposal into a truly useful law.

Making political party finances transparent is an excellent idea. Credit Mr Meechai and colleagues with a decent outline. But it needs amendment and fleshing out. The NLA has not been known as a great achiever so far, but this is a true chance for the legislature to bring about needed and useful reform in politics.

Bitwise in talks for new facility

Joint-venture plant planned year-end

Mr Somyos (left) and executives of Bitwise (Thailand) Co show off the Tasaki brand. Mr Somyos says a joint venture factory making parts for air conditioners should be set up by the end of the second quarter if talks go according to plan.

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Bitwise Thailand Co, the maker of Tasaki air conditioners, is negotiating with partners in China and Europe to produce spare parts for air conditioners in Thailand.

Managing director Somyos Keratichewanun said the talks are likely to conclude soon, followed by the establishment of a joint venture factory by the end of the year.

The factory will be built on 60 rai in the 304 Industrial Park in Prachin Buri, some 200 kilometres from Bangkok.

The new production facility would require a minimum investment of 500 million baht, said Mr Somyos.

The capacity of spare parts from this factory will supply Thailand's air-conditioner industry and support the company's future expansion both at home and abroad, he said.

Bitwise Thailand not only produces the Tasaki brand, but also acts as an original equipment manufacturer (OEM) for other brands.

The company aims to increase its 2016 sales by 50% to 3 billion baht within the next three years. About half that total will come from Thai Tasaki Engineering Co, which markets and distributes Tasaki.

The remaining 1.5 billion baht will come from exporting OEM products and spare parts to more than 50 countries.

The Middle East is its largest export market, representing 30% of exports, while Europe and Asia each make up 20-25%, with the rest going to other destinations such as the US and Africa.

Considering the hot climate in Thailand and small penetration rate per household for air conditioners, the company believes sales in the Thai market could expand significantly in both value and volume.

"The penetration rate is low at only 30% when compared with over 80% in Singapore and Hong Kong," said Uthai Lohachitranond, managing director of Thai Tasaki Engineering Co.

According to a study by Bitwise, Thailand's air-conditioner market is worth 20 billion baht. Of the total, 4 billion baht belongs to Thai brands with strong players including Central Air, Star Air, Saijo Denki, Eminent, Uni Air and Tasaki.

The greater portion or 16 billion baht is dominated by international brands, mostly from Japan, South Korea and the US.

Apart from the joint venture factory, Bitwise Thailand plans to use 300 million baht this year to expand its factory in Bang Phli district, Samut Prakan. The investment covers the construction of a new head office and training centre for integrated air-conditioner systems.

At present, the factory in Bang Phli has the production capacity to make 400,000 air conditioners a year.

Bitwise Thailand was founded 30 years ago, firstly to produce OEM air-conditioner products and spare parts for export. It moved to make its own brand, Tasaki, 20 years ago to lower risks from the export market.

Sales of Tasaki air conditioners in Thailand last year were 600 million baht, a figure it aims to increase to 1 billion by year-end.

Mr Uthai said to achieve its target, the firm will expand its business by revitalising its sales and service organisation, launching new commercial products and setting up new branches, especially in the South.

The company will also increase its distribution channel to 200 points of sale, up from 100.

April 24, 2017

How many properties does your local politician own?

There's no housing affordability crisis in the ranks of federal Parliament's members and senators.

The politicians charged with tackling the thorny issue of spiralling house prices are among the nation's most aggressive property investors, an analysis by the ABC has revealed.

Name Party Property location Type Notes
ABBOTT, Tony Liberal Forestville, NSW residential
ABETZ, Eric Liberal Blackmans Bay, TAS residential
ABETZ, Eric Liberal Griffith, ACT residential
ALBANESE, Anthony Labor Marrickville (house), NSW investment
ALBANESE, Anthony Labor Dulwich Hill (house), NSW investment
ALBANESE, Anthony Labor Marrickville (house), NSW residential
ALBANESE, Anthony Labor Canberra (unit), ACT residential
ALEXANDER, John Liberal Putney, NSW residential
ALY, Anne Labor Wilson, WA investment
ALY, Anne Labor Belmont, WA investment
ALY, Anne Labor Madely, WA residential
ANDREWS, Karen Liberal Mudgeeraba, QLD investment
ANDREWS, Karen Liberal Palm Beach (unit), QLD investment
ANDREWS, Karen Liberal Ayr, QLD investment
ANDREWS, Karen Liberal Deniliquin (unit), NSW investment
ANDREWS, Karen Liberal Deniliquin (unit), NSW investment
ANDREWS, Karen Liberal Deniliquin (unit), NSW investment
ANDREWS, Karen Liberal Forbes (unit), NSW investment
ANDREWS, Karen Liberal Forbes (unit), NSW investment
ANDREWS, Karen Liberal Kalgoorlie (unit), WA investment
ANDREWS, Karen Liberal Clear Island Waters, QLD residential
ANDREWS, Kevin Liberal Rosedale, VIC investment
ANDREWS, Kevin Liberal Kilmore, VIC investment
ANDREWS, Kevin Liberal Walkerville, SA investment
BACK, Chris Liberal Yunderup, WA holiday home
BACK, Chris Liberal Applecross, WA investment
BACK, Chris Liberal Pinjarra, WA investment
BACK, Chris Liberal Mt Pleasant, WA residential
BANDT, Adam Greens Flemington, VIC residential
BANKS, Julia Liberal Malvern, VIC investment
BANKS, Julia Liberal Braeside, VIC investment
BANKS, Julia Liberal Bealiba, VIC investment
BANKS, Julia Liberal Malvern, VIC residential
BANKS, Julia Liberal Mornington Pensinsula, VIC residential
BERNARDI, Cory Australian Conservatives Griffith, ACT residential
BILYK, Catryna Labor South Hobart (unit), TAS investment
BILYK, Catryna Labor South Hobart (unit), TAS investment
BILYK, Catryna Labor Kingston, TAS investment
BILYK, Catryna Labor Griffith, ACT residential
BILYK, Catryna Labor Kingston, TAS residential
BIRD, Sharon Labor Mangerton, NSW residential
BIRMINGHAM, Simon Liberal Fullarton, SA investment
BIRMINGHAM, Simon Liberal Klemzig, SA investment
BIRMINGHAM, Simon Liberal Eastern Adelaide, SA residential
BISHOP, Julie Liberal Basket Range, SA investment
BISHOP, Julie Liberal Red Hill, ACT investment
BISHOP, Julie Liberal Crawley, WA residential
BOWEN, Chris Labor Bawley Point, NSW holiday home under construction
BOWEN, Chris Labor Smithfield, NSW residential
BRANDIS, George LNP Peregian, QLD investment
BRANDIS, George LNP Clayfield, QLD residential
BRANDIS, George LNP Griffith, ACT residential
BROAD, Andrew Nationals Central Victoria, VIC agricultural
BROAD, Andrew Nationals Mildura, VIC residential
BROADBENT, Russell Nationals Warragul, VIC investment
BROADBENT, Russell Nationals Pakenham, VIC residential
BROADBENT, Russell Nationals Philip Island, VIC residential
BRODTMANN, Gai Labor Yarralumla, ACT residential
BROWN, Carol Labor Bruny Island, TAS residential One-quarter share of a shack
BROWN, Carol Labor West Hobart, TAS investment
BROWN, Carol Labor Leslie Vale, TAS residential
BUCHHOLZ, Scott LNP Boonah, QLD agricultural
BUCHHOLZ, Scott LNP Boonah, QLD residential
BURKE, Tony Labor Meander Valley, TAS residential
BURKE, Tony Labor Punchbowl, NSW residential
BURNEY, Linda Labor Whitton, NSW investment Inherited property - owns 50% share.
BURNEY, Linda Labor Marrickville, NSW investment
BURNEY, Linda Labor Cooks Hill, NSW investment
BURNEY, Linda Labor Marrickville, NSW residential
BURSTON, Brian One Nation Does not own property, according to the register of interests
BUSHBY, David Liberal Sandy Bay, TAS residential
BUTLER, Mark Labor Woodsville Park , SA residential
BUTLER, Terri Labor Morningside, QLD residential
BYRNE, Anthony Labor Berwick, VIC residential
CAMERON, Doug Labor Tranmere, TAS investment
CAMERON, Doug Labor Blaxland, NSW residential
CAMERON, Doug Labor Kingston, ACT residential
CANAVAN, Matt LNP Macquarie, ACT investment
CARR, Kim Labor Lake Eucumbene, NSW holiday home / investment
CARR, Kim Labor Pascoe Vale South, VIC residential
CARR, Kim Labor Holder, ACT residential
CASH, Michaelia Liberal East Perth, WA investment
CASH, Michaelia Liberal Floreat, WA investment
CASH, Michaelia Liberal Floreat, WA residential
CASH, Michaelia Liberal Turner, ACT residential
CHALMERS, Jim Labor Daisy Hill, QLD residential
CHALMERS, Jim Labor Forrest (apartment), ACT residential
CHAMPION, Nick Labor Barossa Valley, SA residential
CHAMPION, Nick Labor North Adelaide, SA residential
CHESTER, Darren Nationals Lakes Entrance, VIC investment
CHESTER, Darren Nationals Ivanhoe, VIC investment
CHESTER, Darren Nationals Lakes Entrance, VIC residential
CHESTER, Darren Nationals Kingston (house), ACT residential
CHESTERS, Lisa Labor Maldon, VIC investment Land only
CHESTERS, Lisa Labor Kennington, VIC residential
CHISHOLM, Anthony Labor Wavell Heights, QLD residential
CHRISTENSEN, George LNP Does not own property, according to the register of interests
CIOBO, Steve LNP Hope Island, QLD investment
CIOBO, Steve LNP Surfers Paradise, QLD residential
CLARE, Jason Labor Padstow Heights, NSW residential
CLAYDON, Sharon Labor Newcastle, NSW residential
CLAYDON, Sharon Labor Kingston (unit), ACT residential
COLEMAN, David Liberal Cronulla, NSW investment
COLEMAN, David Liberal Lugarno, NSW residential
COLLINS, Jacinta Labor Box Hill, VIC residential
COLLINS, Julie Labor Rose Bay, TAS residential
COLLINS, Julie Labor Griffith, ACT residential
CONROY, Patrick Labor Speers Point, NSW residential
CONROY, Patrick Labor Kingston (unit), ACT residential
CORMANN, Mathias Liberal Kalgoorlie, WA investment Owned by a trust
CORMANN, Mathias Liberal Kalgoorlie, WA investment Owned by a trust
CORMANN, Mathias Liberal Hillman, WA investment
CORMANN, Mathias Liberal Applecross, WA residential
CORMANN, Mathias Liberal Canberra, ACT residential
COULTON, Mark Nationals Narrabri, NSW investment
COULTON, Mark Nationals Warialda, NSW residential
COULTON, Mark Nationals New Acton, ACT residential
CREWTHER, Chris Liberal Brunswick West, VIC investment Rented out on Airbnb
CREWTHER, Chris Liberal Mount Eliza, VIC residential
DANBY, Michael Labor Elwood, VIC residential
DASTYARI, Sam Labor Cammeray, NSW investment
DASTYARI, Sam Labor Russell Lea, NSW residential
DICK, Milton Labor Clayfield, QLD investment
DICK, Milton Labor Durack, QLD residential
DINATALE, Richard Greens North Melbourne, VIC residential
DODSON, Pat Labor Morel Park, WA residential Co-owned with sister - "non transferrable lease"
DREYFUS, Mark Labor South Yarra, VIC investment
DREYFUS, Mark Labor Malvern, VIC residential
DRUM, Damian Nationals Quarry Hill, VIC residential The property is about to be sold, according to the register of interests
DRUM, Damian Nationals Hoppers Crossing, VIC industrial/investment Land only
DRUM, Damian Nationals Melbourne CBD (unit), VIC residential
DRUM, Damian Nationals Kingston, ACT residential
DRUM, Damian Nationals Kialla, VIC residential
DUNIAM, Jonathon Liberal Surfers Paradise, QLD investment
DUNIAM, Jonathon Liberal Acton Park, TAS residential
DUTTON, Peter Liberal Townsville, QLD investment Owned by family trust
DUTTON, Peter Liberal Kingston, ACT investment
DUTTON, Peter Liberal Moreton Island, QLD investment
DUTTON, Peter Liberal Palm Beach (unit), QLD investment
DUTTON, Peter Liberal Spring Hill, QLD investment
DUTTON, Peter Liberal Spring Hill, QLD investment
DUTTON, Peter Liberal Camp Mountain, QLD residential
ELLIOT, Justine Labor Fingal Head, NSW investment
ELLIOT, Justine Labor Murwillumbah, NSW investment
ELLIOT, Justine Labor Nunderi, NSW residential
ELLIS, Kate Labor Norwood, SA investment
ELLIS, Kate Labor Wayville, SA residential
ELLIS, Kate Labor Kingston, ACT residential
ENTSCH, Warren LNP Malanoa, QLD residential
ENTSCH, Warren LNP Yorkeys Knob, QLD residential
EVANS, Trevor LNP Windsor, QLD residential
FALINSKI, Jason Liberal Woolloomooloo, NSW investment
FALINSKI, Jason Liberal Collaroy, NSW residential
FALKINSKI, Jason Liberal Ultimo, NSW investment Owned through Falinksi Property Group
FARRELL, Don Labor Spring Farm, SA agricultural Vineyard
FARRELL, Don Labor Waterfall Gully, SA residential
FARRELL, Don Labor Kingston, ACT residential
FAWCETT, David Liberal Noosa, QLD investment
FAWCETT, David Liberal Civic, ACT investment
FAWCETT, David Liberal Fairview Park , SA residential
FEENEY, David Labor East Melbourne, VIC investment
FEENEY, David Labor Forrest  , ACT investment
FEENEY, David Labor Northcote, VIC residential
FIERRAVANTI-WELLS, Concetta Liberal Neutral Bay, NSW investment
FIERRAVANTI-WELLS, Concetta Liberal Umbria,  investment
FIERRAVANTI-WELLS, Concetta Liberal Newport, NSW residential
FIFIELD, Mitch Liberal North Arm Cove, NSW investment
FIFIELD, Mitch Liberal North Arm Cove, NSW investment
FIFIELD, Mitch Liberal Northcote, VIC residential
FITZGIBBON, Joel Labor Nulkaba, NSW investment Land only
FITZGIBBON, Joel Labor Cessnock, NSW commercial/investment
FITZGIBBON, Joel Labor Red Hill (unit), ACT investment
FITZGIBBON, Joel Labor Cessnock, NSW residential
FITZGIBBON, Joel Labor Yarralumla, ACT residential
FLETCHER, Paul Liberal Roseville, NSW residential
FLINT, Nicolle Liberal Does not own property, according to the register of interests
FREELANDER, Mike Labor Camden, NSW commercial/investment
FREELANDER, Mike Labor Wombarra (house), NSW residential
FREELANDER, Mike Labor Newtown (house), NSW residential
FREELANDER, Mike Labor Narrabundah (unit), ACT residential
FRYDENBERG, Josh Liberal Hawthorn, VIC residential
GALLACHER, Alexander Labor Kilburn, SA residential
GALLAGHER, Katy Labor Lyneham, ACT residential
GEE, Andrew Nationals Sydney, NSW investment
GEE, Andrew Nationals Orange, NSW investment
GEE, Andrew Nationals Orange, NSW residential
GEORGANAS, Steve Labor Greece,  inherited property
GEORGANAS, Steve Labor Mile End, SA residential
GILES, Andrew Labor Clifton Hill, VIC residential
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Port Macquarie, NSW commercial/investment
GILLESPIE, David Nationals Randwick, NSW investment
GILLESPIE, David Nationals Port Macquarie, NSW investment
GILLESPIE, David Nationals Port Macquarie (unit), NSW investment
GILLESPIE, David Nationals Port Macquarie (unit), NSW investment
GILLESPIE, David Nationals Port Macquarie (unit), NSW investment
GILLESPIE, David Nationals Port Macquarie (unit), NSW investment
GILLESPIE, David Nationals Port Macquarie (unit), NSW investment
GILLESPIE, David Nationals Wauchope, NSW residential
GOODENOUGH, Ian Liberal Belmont, WA commercial/investment
GOODENOUGH, Ian Liberal Currambine, WA commercial/investment
GOODENOUGH, Ian Liberal Belmont, WA industrial/investment
GOODENOUGH, Ian Liberal Red Gully, WA investment
GOODENOUGH, Ian Liberal Granville, WA investment
GOODENOUGH, Ian Liberal Mindarie (house), WA residential
GOODENOUGH, Ian Liberal Yarralumla (house), ACT residential
GOSLING, Luke Labor Ludmilla, NT residential
GRIFF, Stirling Nick Xenophon Team Adelaide, SA investment
GRIFF, Stirling Nick Xenophon Team Adelaide, SA investment
GRIFF, Stirling Nick Xenophon Team Glenside, SA investment
GRIFF, Stirling Nick Xenophon Team Glenelg, SA investment
GRIFF, Stirling Nick Xenophon Team Unley, SA residential
HAMMOND, Tim Labor Yallingup, WA investment
HAMMOND, Tim Labor Mount Lawley, WA residential
HANSON YOUNG, Sarah Greens Belair, SA residential
HANSON, Pauline One Nation Maitland, NSW commercial/investment
HANSON, Pauline One Nation Coleyville, QLD residential
HART, Ross Labor Longford, TAS investment
HARTSUKYER, Luke Nationals Coffs Harbour, NSW residential
HASTIE, Andrew Liberal City of Mandurah, WA residential
HAWKE, Alex Liberal Kellyville, NSW residential
HAYES, Chris Labor Manyana, NSW holiday home
HAYES, Chris Labor Leumeah, NSW residential
HAYES, Chris Labor Griffith, ACT residential
HENDERSON, Sarah Liberal Barwon Heads, VIC residential
HILL, Julian Labor Kingsville, VIC investment
HILL, Julian Labor Reservoir, VIC investment
HILL, Julian Labor Port Melbourne, VIC residential
HINCH, Derryn Derryn Hinch's Justice Party Melbourne, VIC investment
HINCH, Derryn Derryn Hinch's Justice Party Melbourne, VIC residential
HOGAN, Kevin Nationals Lismore, NSW agricultural
HOGAN, Kevin Nationals Lismore, NSW investment
HOWARTH, Luke LNP Shorncliffe, QLD investment
HOWARTH, Luke LNP Clontarf, QLD residential
HUME, Jane Liberal Malvern, VIC investment
HUNT, Greg Liberal Mt Martha, VIC residential
HUSAR, Emma Labor Does not own property, according to the register of interests
HUSIC, Ed Labor Colebee, NSW residential
IRONS, Steve Liberal WA investment Does not declare the location of the property
IRONS, Steve Liberal WA residential Does not declare the location of the property
JONES, Stephen Labor Wollongong, NSW residential
JONES, Stephen Labor Canberra, ACT residential
JOYCE, Barnaby Nationals Gwabegar, NSW agricultural
JOYCE, Barnaby Nationals Loomberah, NSW residential
KAKOSCHKE-MOORE, Skye Nick Xenophon Team Warradale, SA investment
KAKOSCHKE-MOORE, Skye Nick Xenophon Team Glenelg North, SA investment
KAKOSCHKE-MOORE, Skye Nick Xenophon Team Mitcham, SA investment
KAKOSCHKE-MOORE, Skye Nick Xenophon Team Cumberland Park, SA residential
KATTER, Bob Katter's Australian Party Charters Towers, QLD investment Bob Katter has declared rental income, but does not declare owning an investment property
KEAY, Justine Labor Devonport, TAS residential
KEENAN, Michael Liberal Perth, WA residential
KELLY, Craig Liberal Illawong, NSW residential
KELLY, Mike Labor Reid, ACT investment
KELLY, Mike Labor Karabar, NSW residential
KEOGH, Matt Labor Mount Lawley, WA residential
KETTER, Chris Labor New Farm, QLD investment
KETTER, Chris Labor Auchenflower, QLD residential
KETTER, Chris Labor Kingston, ACT residential
KHALIL, Peter Labor Murrumbeena, VIC investment
KING, Catherine Labor Ballarat, VIC residential
KING, Madeleine Labor Osmington, WA holiday home
KING, Madeleine Labor Shoalwater, WA investment
KING, Madeleine Labor Beaconsfield, WA residential
KING, Madeleine Labor Barton, ACT residential
KITCHING, Kimberley Labor Does not own property, according to the register of interests
LAMB, Susan Labor Dakabin, QLD residential
LAMBIE, Jacqui Jacqui Lambie Network Romaine, TAS residential
LAMING, Andrew Liberal Canberra, ACT investment
LAMING, Andrew Liberal Mooloolaba, QLD investment
LAMING, Andrew Liberal Thornlands, QLD residential
LANDRY, Michelle LNP Cammermoor Yeppoon, QLD residential
LANDRY, Michelle LNP Griffith, ACT residential
LAUNDY, Craig Liberal Gundagai, NSW agricultural
LAUNDY, Craig Liberal Hunters Hill, NSW residential
LEESER, Julian Liberal Pennant Hills, NSW residential
LEIGH, Andrew Labor Canberra, ACT residential
LEY, Sussan Liberal Gold Coast, QLD investment
LEY, Sussan Liberal Albury, NSW investment
LEY, Sussan Liberal Albury, NSW residential
LEYONHJELM, David Liberal Democrats Hargraves, NSW agricultural
LEYONHJELM, David Liberal Democrats Drummoyne, NSW residential
LEYONHJELM, David Liberal Democrats Griffith, ACT residential
LINES, Sue Labor Busselton, WA investment
LINES, Sue Labor Redfern, NSW investment
LINES, Sue Labor Victoria Park, WA investment
LINES, Sue Labor Lathlain, WA residential
LITTLEPROUD, David LNP Buddina, QLD investment
LITTLEPROUD, David LNP Warwick, QLD residential
LUDLAM, Scott Greens Does not own property, according to the register of interests
MACDONALD, Ian LNP Townsville, QLD investment
MACDONALD, Ian LNP Ayr, QLD residential
MACKLIN, Jenny Labor Aireys Inlet, VIC holiday home
MACKLIN, Jenny Labor Ivanhoe, VIC residential
MARINO, Nola Liberal Harvey, WA agricultural
MARINO, Nola Liberal Harvey, WA agricultural
MARINO, Nola Liberal Harvey, WA agricultural
MARINO, Nola Liberal Harvey, WA agricultural
MARINO, Nola Liberal Harvey, WA agricultural
MARINO, Nola Liberal Myalup, WA agricultural
MARINO, Nola Liberal Myalup, WA agricultural
MARINO, Nola Liberal Harvey, WA residential
MARLES, Richard Labor East Geelong, VIC investment
MARLES, Richard Labor East Geelong, VIC residential
MARLES, Richard Labor Queanbeyan, ACT residential
MARSHALL, Gavin Labor North Melbourne, VIC residential
MCALLISTER, Jennifer Labor Redfern, NSW residential
MCBRIDE, Emma Labor Norah Head, NSW investment
MCBRIDE, Emma Labor The Entrance, NSW residential
MCCARTHY, Malarndirri Labor , NT traditional land owner
MCCORMACK, Michael Nationals Melbourne  , VIC investment
MCCORMACK, Michael Nationals Wagga Wagga, NSW residential
MCGOWAN, Cathy Independent Wodonga Shire, VIC investment
MCGOWAN, Cathy Independent Indigo Shire, VIC residential
MCGRATH, James Liberal Flaxton, QLD investment
MCGRATH, James Liberal Warwick, QLD residential
MCKENZIE, Bridget Nationals Elwood, VIC investment
MCKIM, Nick Greens Nubeena, TAS holiday home
MCKIM, Nick Greens Tinderbox, TAS investment
MCKIM, Nick Greens West Hobart, TAS residential
MCVEIGH, John LNP Prince Henry Heights, QLD investment
MCVEIGH, John LNP Prince Henry Heights, QLD residential
MITCHELL, Brian Labor Penna , TAS residential
MITCHELL, Rob Labor Whittlesea, VIC residential
MOORE, Claire Labor Does not own property, according to the register of interests
MORRISON, Scott Liberal Dolans Bay, NSW residential
MORTON, Ben Liberal Applecross, WA residential
MORTON, Ben Liberal Griffith, ACT residential
NASH, Fiona Nationals Crowther, NSW agricultural
NASH, Fiona Nationals Garema, NSW residential
NASH, Fiona Nationals Forbes, NSW residential
NEUMANN, Shayne Labor Caloundra (unit), QLD investment
NEUMANN, Shayne Labor Palm Beach (unit), QLD investment
O'BRIEN, Llew LNP Chatsworth, QLD residential
O'BRIEN, Ted LNP Newstead, QLD investment
O'BRIEN, Ted LNP Buderim, QLD residential
O'CONNOR, Brendan Labor Kingston, ACT investment
O'CONNOR, Brendan Labor Griffith, ACT investment
O'CONNOR, Brendan Labor Keilor, VIC residential
O'DOWD, Ken Liberal Gladstone (unit), QLD investment
O'DOWD, Ken Liberal Gladstone, QLD residential
O'DWYER, Kelly Liberal Cranbourne, VIC commercial/investment Minority share in developed land and shopping centre
O'NEIL, Clare Labor East Melbourne, VIC residential
O'NEILL, Deborah Labor Copacabana, NSW investment
O'NEILL, Deborah Labor Stanley, TAS investment
O'NEILL, Deborah Labor Alcomie, TAS investment
O'NEILL, Deborah Labor Yorkeys Knob, QLD investment
O'NEILL, Deborah Labor Kingston, ACT investment
O'NEILL, Deborah Labor Copacabana, NSW residential
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Kleinton, QLD agricultural
O'SULLIVAN, Barry Nationals Toowoomba, QLD commercial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD commercial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD commercial/investment
O'SULLIVAN, Barry Nationals Kingaroy, QLD commercial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD commercial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD commercial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD commercial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD industrial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD industrial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD industrial/investment
O'SULLIVAN, Barry Nationals Toowoomba, QLD industrial/investment
O'SULLIVAN, Barry Nationals toowoomba, QLD industrial/investment
O'SULLIVAN, Barry Nationals Goondiwindi, QLD investment
O'SULLIVAN, Barry Nationals Goondiwindi, QLD investment
O'SULLIVAN, Barry Nationals Silver Ridge, QLD investment
O'SULLIVAN, Barry Nationals Silver Ridge, QLD investment
O'SULLIVAN, Barry Nationals Silver Ridge, QLD investment
O'SULLIVAN, Barry Nationals Silver Ridge, QLD investment
O'SULLIVAN, Barry Nationals Brisbane, QLD investment
O'SULLIVAN, Barry Nationals Brisbane, QLD investment
O'SULLIVAN, Barry Nationals East Toowoomba, QLD residential
O'SULLIVAN, Barry Nationals Canberra, ACT residential
O'TOOLE, Catherine Labor Aitkenvale, QLD investment
O'TOOLE, Catherine Labor Aitkenvale, QLD residential
OWENS, Julie Labor North Parramatta, NSW residential
PARRY, Stephen Liberal Sisters Beach, TAS investment
PARRY, Stephen Liberal Kingston, ACT investment
PARRY, Stephen Liberal Tweed Heads, NSW investment
PARRY, Stephen Liberal Sandford, TAS residential
PASIN, Tony Liberal Mount Gambier, SA investment
PASIN, Tony Liberal OB Flat, SA investment
PASIN, Tony Liberal Adelaide, SA investment
PASIN, Tony Liberal Mount Gambier, SA residential
PATERSON, James Liberal Kingston, ACT residential
PAYNE, Marise Liberal Mulgoa, NSW residential
PAYNE, Marise Liberal Chippendale, NSW residential
PAYNE, Marise Liberal Mulgoa, NSW residential
PERRETT, Graham Labor Moorooka, QLD residential
PITT, Keith LNP Branyan, QLD investment
PITT, Keith LNP Kingston, ACT investment
PITT, Keith LNP Branyan, QLD residential
PLIBERSEK, Tanya Labor Kingston, ACT residential
PLIBERSEK, Tanya Labor Rosebery, NSW residential
POLLEY, Helen Labor Launceston, TAS investment
POLLEY, Helen Labor Kingston, ACT investment
POLLEY, Helen Labor Launceston, TAS residential
PORTER, Christian Liberal Yanchep, WA residential
PORTER, Christian Liberal Kingston, ACT residential
PORTER, Christian Liberal Wembley, WA residential
PRATT, Louise Labor Maylands, WA residential
PRENTICE, Jane LNP Narrabundah  , ACT residential
PRENTICE, Jane LNP Pullenvale, QLD residential
PRICE, Melissa Liberal Marmion, WA residential
PRICE, Melissa Liberal Kingston, ACT residential
PYNE, Christopher Liberal Robe, SA investment
PYNE, Christopher Liberal Wattle Park, SA residential
RAMSEY, Rowan Liberal Kimba, SA agricultural
RAMSEY, Rowan Liberal Port Neill (house), SA investment
RAMSEY, Rowan Liberal Maylands (unit), SA investment
RAMSEY, Rowan Liberal Jamestown (house), SA investment
REYNOLDS, Linda Liberal Indonesia,  holiday home
REYNOLDS, Linda Liberal Narrabundah, ACT residential
RHIANNON, Lee Greens Bondi Jet, NSW residential
RICE, Janet Greens Sisters Beach, TAS holiday home
RICE, Janet Greens Footscray, VIC residential
RISHWORTH, Amanda Labor Cumberland Park, SA investment
RISHWORTH, Amanda Labor Hallett Cove, SA residential
RISHWORTH, Amanda Labor Griffith, ACT residential
ROBERT, Stuart Liberal Nerang, QLD residential
ROBERTS, Malcolm One Nation Pullenvale, QLD residential
ROWLAND, Michelle Labor Potts Point, NSW investment
ROWLAND, Michelle Labor Caves Beach, NSW investment
ROWLAND, Michelle Labor Glenwood, NSW investment
ROWLAND, Michelle Labor Randwick, NSW investment
ROWLAND, Michelle Labor Kingston, ACT investment
RUSTON, Anne Liberal Renmark, SA agricultural
RUSTON, Anne Liberal Renmark, SA residential
RYAN, Joanne Labor Werribee, VIC residential
RYAN, Scott Liberal Carlton North, VIC residential
SCULLION, Nigel Liberal Howard Springs, NT residential
SCULLION, Nigel Liberal Turner, ACT residential
SESELJA, Zed Liberal Does not own property, according to the register of interests
SHARKIE, Rebekha Nick Xenophon Team Birdwood, SA residential
SHORTEN, Bill Labor Moonee Ponds, VIC residential
SIEWERT, Rachel Greens Griffith, ACT residential
SIEWERT, Rachel Greens Karrinyup, WA residential
SINGH, Lisa Labor Sandy Bay, TAS residential
SINODINOS, Arthur Liberal Does not own property, according to the register of interests
SMITH, Dean Liberal Inglewood, WA residential
SMITH, Tony Liberal Blairgowrie, VIC holiday home
SMITH, Tony Liberal Chirnside Park, VIC residential
SNOWDON, Warren Labor Narrabundah, ACT investment
SNOWDON, Warren Labor Eastside, NT residential
STANLEY, Anne Labor Lurnea, NSW residential
STERLE, Glenn Labor Halls Head, WA investment
STERLE, Glenn Labor Kingston, ACT investment
STERLE, Glenn Labor Kardinya, WA residential
STERLE, Glenn Labor Kingston, ACT residential
SUDMALIS, Ann Liberal Culburra Beach, NSW residential
SUDMALIS, Ann Liberal Narrabundah, ACT residential
SUKKAR, Michael Liberal Canberra, ACT investment
SUKKAR, Michael Liberal Blackburn, VIC residential
SWAN, Wayne Labor Maroochydore, QLD investment
SWAN, Wayne Labor Kedron, QLD residential
SWANSON, Meryl Labor Kurri Kurri, NSW investment
SWANSON, Meryl Labor Buchanan, NSW residential
TAYLOR, Angus Liberal Sydney, NSW investment
TAYLOR, Angus Liberal Goulburn, NSW residential
TEHAN, Dan Liberal O'Connor, ACT investment
TEHAN, Dan Liberal Hamilton, VIC residential
TEMPLEMAN, Susan Labor Winmalee, NSW residential
TEMPLEMAN, Susan Labor Campbell, ACT residential
THISTLETHWAITE, Matt Labor Matraville, NSW residential
TUDGE, Alan Liberal Vermont South, VIC investment
TUDGE, Alan Liberal Wantirna South, VIC residential
TUDGE, Alan Liberal Canberra, ACT residential
TURNBULL, Malcolm Liberal Canberra (apartment), ACT residential Listed as being for "other business purposes"
TURNBULL, Malcolm Liberal Hunter Valley, NSW agricultural
TURNBULL, Malcolm Liberal Potts Point, NSW commercial/investment
TURNBULL, Malcolm Liberal Point Piper, NSW residential
URQUHART, Anne Labor Ulverstone, TAS investment Land only
URQUHART, Anne Labor Gawler, TAS residential
VAMVAKINOU, Maria Labor Brunswick  , VIC investment
VAMVAKINOU, Maria Labor Carlton, VIC investment
VAMVAKINOU, Maria Labor Sunshine, VIC investment
VAMVAKINOU, Maria Labor Northcote, VIC residential
VAN MANEN, Bert LNP Cornubia, QLD residential
VASTA, Ross Liberal Brisbane, QLD investment
VASTA, Ross Liberal Manly, QLD investment
VASTA, Ross Liberal Carindale, QLD residential
WALLACE, Andrew LNP Does not own property, according to the register of interests. Is a director of companies with property holdings.
WATERS, Larissa Greens Pullenvale, QLD residential
WATT, Murray Labor Ashgrove, QLD residential
WATTS, Tim Labor Footscray, VIC residential
WHISH WILSON, Peter Greens Trevallyn, TAS residential
WHISH WILSON, Peter Greens Bicheno, TAS residential
WICKS, Lucy Liberal Dee Why , NSW investment
WILKIE, Andrew Independent Neika, TAS residential
WILLIAMS, John Nationals Newscastle, NSW investment
WILLIAMS, John Nationals Inverell, NSW residential
WILSON, Josh Labor Beaconsfield, WA investment
WILSON, Josh Labor Spearwood, WA investment
WILSON, Josh Labor Fremantle, WA residential
WILSON, Rick Liberal Katanning, WA agricultural Owned by a pastoral company
WILSON, Rick Liberal Canberra, ACT investment Tenanted by the Embassy of the Russian Federation
WILSON, Rick Liberal Scarborough, WA investment
WILSON, Rick Liberal Albany, WA residential
WILSON, Tim Liberal Melbourne, VIC investment
WILSON, Tim Liberal Mornington Pensinsula, VIC investment
WILSON, Tim Liberal Canberra, ACT investment
WILSON, Tim Liberal city of Bayside, VIC residential
WONG, Penny Labor Turner, ACT residential
WONG, Penny Labor Millswood, SA residential
WONG, Penny Labor Adelaide, SA residential
WOOD, Jason Liberal Sassafrass, VIC investment
WOOD, Jason Liberal Dandenong Ranges, VIC residential
WYATT, Ken Liberal South Perth (townhouse), WA residential
WYATT, Ken Liberal Kingston (unit), WA residential
XENOPHON, Nick Nick Xenophon Team Paradise, SA commercial/investment
XENOPHON, Nick Nick Xenophon Team Adelaide, SA investment
XENOPHON, Nick Nick Xenophon Team Adelaide, SA investment
XENOPHON, Nick Nick Xenophon Team Adelaide, SA investment
XENOPHON, Nick Nick Xenophon Team Adelaide, SA investment
ZAPPIA, Tony Labor Pooraka, SA investment
ZAPPIA, Tony Labor St Kilda, VIC investment
ZAPPIA, Tony Labor Moana, SA investment
ZAPPIA, Tony Labor Ingle Farm, SA investment
ZAPPIA, Tony Labor Pooraka, SA residential
ZIMMERMAN, Trent Liberal Does not own property, according to the register of interests

The data is from the Parliament's registers of interests.

We've included agricultural, commercial, industrial and residential properties. We've also included properties jointly owned with spouses or family members and we've included properties with and without mortgages.

We've also included properties owned by trusts or companies, where the parliamentarian is a beneficiary and they have declared their interest. Quite a few politicians have declared property investment companies or trusts but not the properties owned so the real number of properties owned could be higher.

We haven't included the properties wholly owned by politicians' spouses, even though they are sometimes declared.

The two newest senators, One Nation's Peter Georgiou and Family First's Lucy Gichuhi have not yet filled out their declarations and so are not included in this analysis.

Chinese GDP accelerates, driven by debt and construction

At first blush, the latest data dump from the China's industrious National Bureau of Statistics had a decidedly bullish tone to it.

GDP kicked up another notch to an annualised rate of 6.9 per cent for the first quarter, beating market expectations and well above the Government's target of around 6.5 per cent, or "higher if possible".

Industrial production accelerated sharply in March, as did retail sales and fixed asset investment - a proxy for infrastructure spending.

All heady stuff, but buried in the detail was plenty of flesh for the China bears to gnaw on.

The "old economy" jalopy was still rattling along at breakneck speed, fuelled by high-octane debt.

Societe Generale's chief China economist Wei Yao noted the industrial sector - particularly metal mining and production - accounted for most of the acceleration in overall growth, while growth in the services-focussed tertiary sector softened.

Construction and debt is still driving China's growth

The red hot housing sector got hotter, despite official efforts to cool it down.

New home starts picked up again in March and land sale revenues jumped by 23 per cent, up from the not-too-tardy 13 per cent growth in February.

That helped drive steel production in March to record monthly levels and underpinned the surge in iron ore and coal prices earlier in the year, which is now unwinding apace.

Medium-to-long term loans to households - pretty well a euphemism for mortgage debt - grew by 800 billion yuan ($150 billion) in March, the quickest monthly growth ever recorded.

Total social finance - a measure for credit in the economy - was up 4 per cent on last year to 6.93 trillion yuan ($1.3 trillion), spurred along by more than 320 per cent growth in the shadow banking sector.

Global credit ratings agency Fitch noted that, even with a more modest growth target this year, credit growth will easily outpace GDP by a factor of between 50-and-100 per cent.

"[The rate of credit growth implies] a further rise in leverage across the broader economy this year, despite the authorities' acknowledgement of these growing financial risks," Fitch said in a recent research note.

So much for the government's pledge to crack down on debt and the measures it put in place to tighten up lending standards in property.

"Clearly, the housing tightening measures put in place late 2017 in about 20 big cities have not been very effective, as the strong momentum simply spilled over to lower-tier cities adjacent to those big cities," Wei Yao noted.

That momentum is likely to roll forward for some time, before a harsher round of tightening measures are likely to kick in.

Is the debt fuelled growth sustainable?

But the question is, what next?

ANZ's chief China economist Raymond Yeung told clients that, for a start, the 6.9 per cent headline growth figure needed to be interpreted with caution, given it would have needed quarterly growth of 1.6 per cent, rather than the 1.3 per cent the NBS calculated.

"It seems to us that the statistical bureau has adopted a different set of seasonal adjustment factors and that a smaller quarter-on-quarter rate has resulted in a higher headline growth.

But that is perhaps only a cosmetic concern, given the degree scepticism that already pervades the quick-fire calculation of GDP, which drops just a couple of weeks after the quarterly books are ruled off.

Mr Yeung has deeper worries about the quality of the growth.

"The Chinese Government has a tendency to rely on infrastructure development to sustain growth in the long term," Mr Yeung said.

That drive was underlined by the recent announcement of the development Xiong'an New Economic Zone, 100 kilometres south-west of Beijing.

The new zone in the heavily industrialised and polluted Hebei province will be primed to develop innovative and technology based industries, and is roughly modelled on the Shenzhen special economic zone adjacent to Hong Kong that helped drive China's economic reforms and growth 30 years ago.

Mr Yeung said the scale of the enterprise is massive.

While it will need a lot of steel and concrete, it will also need lashings of debt as well.

"The infrastructure build-out will eventually cover 2,000 square kilometres, a size similar to Shenzhen's, another top-tier city with GDP equivalent to 2.6 per cent of the national total in 2016," he said.

"The question we need to ask is whether this investment-led model is sustainable as the authorities have trouble taming credit."

As Mr Yeung pointed out last year, total loans grew by almost 13 per cent, with another 4.2 trillion yuan debt added in the past three months - roughly equivalent to almost a quarter of first quarter GDP.

"We need to watch closely whether China's top leadership will send a stronger signal to tighten monetary policy shortly," Mr Yeung noted.

Reining in debt poses big risks

However, it is a delicate balancing act according to NAB's Gerard Berg.

"While the PBoC (Peoples' Bank of China) appears to have a tightening bias, given the rising US fed funds rate and the attempts to control capital outflows, the risks associated with high debts in the corporate sector mean that the PBoC is likely to be cautious with its rate increases," Mr Berg said.

While it is one thing to deflate a bubble, it is entirely an entirely different thing to accidently burst one.

Clearly some of the speculative exuberance in commodities has started to wane in the face of what is expected be a renewed effort to rein in debt.

Iron ore prices have tumbled more than 25 per cent since the start of the year and the market is now deeply in bear territory.

At the same time a 130-million-tonne mountain of stock-piled iron ore has grown around Chinese ports.

Mr Berg said NAB is sticking to its - and the official - forecast of 6.5 per cent GDP growth, as the construction-led boom is likely to start cooling in coming quarters.

With the GDP target already pretty well in the bag after just one quarter of 2017, the Government may turn its attention to reining in debt and a run away property market sooner rather than later.

That would not be great __news for the big commodity exporters, or their investors.

This week in finance: Trump tax cuts and inflation set to dominate markets

The first tangible evidence that there is something behind the so-called "Trump trade" may be presented this week when the US President's much-vaunted tax policy is unveiled.

Donald Trump's confirmation that his tax plan would be finally be released on Wednesday (Thursday AEST), didn't totally light up the market with Wall Street slipping on Friday, although it made a solid 0.5 per cent gain for the week.

Uncertainty about events in Europe — particularly France — didn't help, although another batch of solid corporate results were a positive.

Futures trading on the ASX over the weekend split the difference, and pointed to a flat opening to a shortened week's trading.

Inflation set to rise

Locally, first quarter inflation (Thursday) will be the focus of attention this week.

The punditry has forecast a headline inflation increase of 0.6 per cent over the quarter, to give annual rate of 2.2 per cent.

If correct, it would move the headline figure back within the Reserve Bank's 2-to-3 per cent target band for the first time in two-and-a-half years.

The last quarter of 2016 saw headline inflation growing at an insipid 1.5 per cent.

Much of the jump will be supported by the negative — some said deflationary — March quarter figure from last year dropping out of calculations.

However, there is still a fair bit of inflationary fuel being supplied by soaring east coast gas prices, as well as education fees and food prices rising over the quarter.

RBC's Michael Turner noted outside these sectors inflationary trends remain subdued, reflecting stagnant wages and falling margins among retailers.

"We expect this will leave the average of the RBA's core measures at a more modest 1.8 per cent, a rate of underlying inflation we expect will persist for most of 2017," Mr Turner said.

US tax plans a big test for Trump administration

Mr Trump certainly set the bar pretty high when back in February he described his impending tax plan as "phenomenal".

It is perhaps the key piece of the economic revolution he plans, buttressed by big infrastructure spending, financial deregulation and cost-cutting measures in areas such as health care.

So far nothing much has happened, bar an ill-fated effort to wind back Obamacare, so the tax announcement is a big deal and real test of the administration's economic and fiscal credibility.

The package so far has been leak-proof, but the 2016 election campaign speeches highlighted deep personal and corporate tax cuts as central.

The number of tax brackets will be revised down from 7 to 3, while there will be a cap on deductibility of business interest payments and a crackdown on multinationals squirreling their profit away overseas.

A failure to deliver on expectations could have very ugly repercussions for the already faltering Trump trade.

Corporate America gaining strength, economy may be slowing

While the traders wait anxiously for the tax news, they will be able to amuse themselves with the busiest week of the current US reporting season.

On Reuters' numbers, around 40 per cent of the benchmark S&P500 index — representing $US7.7 trillion of value — will trot out results this week.

This includes giants such as the company formerly-known-as Google, aka Alphabet, Amazon, Microsoft and Exxon.

So far, results have well and truly beaten expectations, with earnings-per-share growth for the quarter up 11.2 per cent, the strongest effort in more than five years.

While corporate America is motoring away, the rest of the economy may be hitting the brakes again.

The consensus for GDP out on Friday is for growth to have slowed to an annualised 1.3 per cent, from a not-exactly-flat-chat 2.1 per cent in the previous quarter.

Some analysts are describing the weakness as a pretty big "headfake" — a basketball term, for appearing to drive in one direction, and suddenly taking off in another.

Weak consumer spending will certainly be a brake on GDP this time around, but savings are solid — and who knows, a big surprise from the impending announcement on tax cuts may just unleash a wave of wallet emptying.

Oil deal extended and iron ore edges back

Oil endured another tough week, with global markets sliding 2 per cent on Friday.

Both the global benchmark Brent crude and US-based West Texas crude slid 7 per cent for the week, with US prices dipping below $US50 a barrel for the first time since March.

With prices looking very much like one-way traffic, __news emerged on the weekend — after the markets closed — that the deal brokered by the Saudis and Russia to cut production by 1.8 million barrels a day will be extended by another six months.

The usual sources "familiar with the matter", spoke to the usual wire services to pass on the whisper that the deal will be extended to the end of the year in a effort to clear the massive oil glut that has built up.

That might support prices again briefly, but generally it just encourages greater production in US onshore fields, which again drives the price back down.

US production is at its highest level since August 2015, with the rig count still going up, as it has every week for more than three months.

Iron ore climbed off the mat on Friday, with spot prices up a bit over 1 per cent, but still down more than 30 per cent from their February peak.

Future prices had a bit more spring their step, up 6 per cent rallying along with their mates in the steel futures game.

Both iron ore and steel futures jumped around 10 per cent late in the week, after hitting their lowest point since early January.

The move didn't totally surprise ANZ commodities analyst Daniel Hynes.

"We are still constructive on iron ore, with enough bullish price indicators to suggest the sell-off in recent weeks is overdone," Mr Hynes said.

"However in the short term, negative sentiment will make it difficult to arrest the selling and for prices to stabilise."

The ANZ house view is iron ore will settle in the $US70-$80/tonne range for the remainder of the year.

Others have a far gloomier opinion.

Australia

Day What to watch What to expect

Wednesday

26/4/17

Inflation

BHP production

Q1: Headline rate forecast to rise to 2.2pc YoY

Quarterly production report

Thursday

27/4/17

Import/export prices

RBA speech

Mirvac update

S32 production

Stockland update

Q1: Export prices rose a booming 12.4pc last quarter

Governor Phillip Lowe speech

Investor briefing from the property developer

Quarterly production report

Investor briefing and quarterly results

Friday

28/4/17

Private sector credit

Producer price index

Origin Energy report

March: Growing at around 5pc YoY

Q1: Very modest 1pc YoY growth last quarter

Quarterly production numbers

Overseas

Day What to watch What to expect

Tuesday

25/4/17

US: New home sales Mar: Has been fairly solid

Wednesday

26/4/17

US: Tax announcement Donald Trump expected to release details of his tax package

Thursday

27/4/17

CH: Industrial profits

US Wholesale inventories

EU: ECB meeting

JP: BoJ meeting

Mar: Up 2.3pc YoY in February

Mar:

Refinancing rate to be held at zero

No change expected

Friday

28/4/17

US: GDP

UK: GDP

EU: CPI estimate

Q1: Growth forecast to slow to 1.2pc YoY

Q1: Growth forecast to be 1.9pc YOY

Apr: Inflation forecast to be growing at 1.5pc