14 minutes | Oct 9, 2017

Who’s Watching out for Your Safety? - EP56

You may trust that government and industry are looking out for your best interests, but the sad truth is that is not always the case. In fact, when it comes to flammable cladding, money has won out over human life once again. And despite the tragic fires in London and Melbourne, little has been done to address the issue in an industry where self-regulation is clearly not enough.Toni begins with a review of the catastrophic events at the Grenfell Tower in 2017 and the LaCrosse complex in 2014, explaining who has been appointed to the bipartisan taskforce in Victoria to address the issue of Toni begins with a review of the catastrophic events at the Grenfell Tower in 2017 and the LaCrosse complex in 2014, explaining who has been appointed to the bipartisan taskforce in Victoria to address the issue of non-compliant flammable cladding. She shares her surprise at some of the Senate committee’s recommendations, and the proposed ban on the importation, sale and use of PE cladding. Toni continues with a list of recent headlines around cladding, addressing the serious safety concerns, the proposed national audit, and the full extent of the crisis. She speaks to the role the insurance industry could play in forcing action, how the struggle to obtain coverage would impact a buyer’s ability to get a mortgage, and who might foot the bill to replace non-compliant cladding. Finally, Toni discusses how the industry managed to lose sight of the value of human life in an attempt to meet demand and maximize profits. Learn why your awareness of the non-compliant cladding issue is crucial, and who you can talk to about the possibility that your building contains this dangerous material. Topics Covered The newly formed Victorian Cladding Taskforce The 2017 Grenfell Tower and 2014 Melbourne Docklands fires Recent media headlines related to the flammable cladding issue Why Toni was stunned by some of the recommendations in the Senate committee report How the insurance industry may ‘force the issue’ of building compliance The ramifications beyond safety associated with cladding How insurance premiums may be affected by cladding The need for public pressure to ensure government action on the cladding issue Why the Senate committee’s recommended ban wasn’t supported by Coalition members The insurance council’s proposed national audit to uncover the extent of the cladding problem The insurance industry’s push for an overhaul of the regulatory system How developers lose sight of the importance of human life in an attempt to meet demand Who to ask about potential cladding in your building How flammable cladding could influence the apartment market as a whole Who is responsible for replacing flammable cladding and the associated expense Learn More About Government Intervention with Flammable Cladding Read the full media release, ‘Taskforce to Address Cladding in Victoria,’ at http://www.premier.vic.gov.au/wp-content/uploads/2017/07/170703-Taskforce-To-Address-Cladding-In-Victoria.pdf. The complete ABC news article ‘Buildings with Non-Compliant Cladding May Not Get Insurance, Industry Warns’ is available at http://www.abc.net.au/news/2017-09-08/buildings-with-non-compliant-cladding-may-not-be-insured/8885162. The other flammable cladding articles mentioned in this podcast can be found at the following web addresses: ‘Australian High-Rises Swathed in Flammable Cladding Despite Suppliers Knowing of Risks’ http://www.abc.net.au/news/2017-09-04/australian-high-rises-swathed-in-flammable-cladding/8862784 ‘Queensland Bodies Corporate May Have Pay to Rip Out Combustible Cladding Once Deemed Safe’ http://www.abc.net.au/news/2017-09-05/bodies-corporate-may-have-to-pay-for-cladding-inspections/8871094 ‘Who Foots the Bill for Cladding Remediation?’ http://www.abc.net.au/radio/programs/pm/who-foots-the-bill-for-cladding-remediation/8875714 ‘Public Have a Right to Know on Cladding’ http://www.theherald.com.au/story/4901401/public-have-a-right-to-know-on-cladding/ ‘Leaders Call for Action as Full Cladding Debacle Exposed’ https://sourceable.net/leaders-call-action-full-cladding-debacle-exposed/ ‘Strata Body Calls for Federal Action to Fix Cladding Issue in Four Corners Aftermath’ http://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/75461-strata-body-calls-for-federal-action-to-fix-cladding-issue-in-four-corners-aftermath.html ‘Cladding is the Asbestos of 2017: Experts Fear Apartment Cladding Crisis’ https://www.domain.com.au/news/cladding-is-the-asbestos-of-2017-experts-fear-apartment-cladding-crisis-20170901-gy8kkl/ ‘Senate Calls for Flammable Cladding Ban’ https://www.thefifthestate.com.au/innovation/building-construction/senate-committee-calls-for-flammable-cladding-ban ‘Someone Will Be Burnt to Death: Senate Demands Ban on Flammable Cladding http://www.theage.com.au/victoria/someone-will-be-burnt-to-death-senate-demands-ban-on-flammable-cladding-20170906-gyc7oi.html ‘When to Worry About Your Apartment’s Cladding’ http://www.afr.com/personal-finance/when-to-worry-about-your-apartments-cladding-20170906-gyc8wl ‘A Matter of Urgency: Ban Use of Combustible Aluminum Panels—Senate Report http://www.afr.com/real-estate/a-matter-of-urgency-ban-use-of-combustible-aluminium-panels--senate-report-20170906-gybrzh ‘Non-Compliant Cladding? Your Building May Struggle to Get Insurance’ http://www.afr.com/real-estate/noncompliant-cladding-your-building-may-struggle-to-get-insurance-20170907-gycoe0 ‘Federal Government Washing Its Hands of Cladding Issue: Strata Body’ http://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/75687-federal-government-washing-its-hands-of-cladding-issue-strata-body.html ‘High Rise Owners Face Bill for Replacing Dangerous Cladding’ http://www.afr.com/personal-finance/high-rise-owners-face-bill-for-replacing-dangerous-cladding-20170915-gyibju The Parliament of Australia’s Interim Report on Aluminum Composite Cladding is available at http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Non-conforming45th/Interim_report_cladding Information around flammable cladding audits is located at http://www.vic.strata.community/documents/Newsletter/October/Compliance%20External%20Walls%20.pdf. Order your copy of Toni’s book, Her Property, at http://planinsek.com/product/her-property-book/. If you have additional questions or suggestions for future podcast topics, email Toni at toni@planinsek.com, and take advantage of her resources for beginners in real estate at planinsek.com. Additional information regarding Toni’s real estate business can be found at planinsekproperty.com.au, and her business email is toni@planinsekproperty.com.au. To subscribe to the podcast, please use the links below Click Here to Subscribe via iTunes Click here to Subscribe via Stitcher (Android users) If you like the show, please consider leaving the show a review in iTunes or Stitcher. A couple minutes of your time can help the show immensely! Thanks!
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