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MacroBusiness Tuesday, December 11, 2018 - 00:20 Source

Via Jonathon Shapiro at the AFR late yesterday: Housing bears are famous for hearing what they want to hear. And last week, Reserve Bank assistant governor Guy Debelle made it very easy when he dared to suggest that “quantitative easing” was a policy option. For the bears, who appear to be revelling in each set of weak auction

The post Stink! AFR throws haymaker at MB for RBA appeared first on MacroBusiness.

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MacroBusiness Tuesday, December 11, 2018 - 00:15 Source

By Leith van Onselen Australia’s production, as measured by real GDP, continues to diverge wildly from the growth (or lack thereof) in ordinary Australian’s living standards. To illustrate why, I have once again deflated three measures of the domestic economy, as provided in the June quarter national accounts (released last week), by the ABS’ population

The post Australian households’ lost decade rolls on appeared first on MacroBusiness.

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MacroBusiness Tuesday, December 11, 2018 - 00:12 Source

Mirabile dictu, Crikey’s Bernard Keane has finally discovered the real problem: …while much of the political and media class were obsessing about some asylum seekers last week, our understanding of the economy changed significantly in the wake of the September quarter GDP figures and the reaction of the Reserve Bank about where interest rates might

The post Mirabile dictu: Crikey discovers the income recession! appeared first on MacroBusiness.

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MacroBusiness Tuesday, December 11, 2018 - 00:11 Source

CoreLogic’s weekly housing indicators continue to show broad weakness. Dwelling values have fallen heavily, led by Sydney and Melbourne: Auction clearances have crashed, again led by Sydney and Melbourne: Whereas mortgage credit remains stillborn: At the same time, listings have exploded upwards to 2012 highs as unsold ‘stale’ stock accumulates across Sydney and Melbourne; albeit

The post CoreLogic: Unsold properties surge 20% in Sydney/Melbourne appeared first on MacroBusiness.

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MacroBusiness Tuesday, December 11, 2018 - 00:05 Source

Yes, you read that right, from The Australian: British billionaire industrialist Sanjeev Gupta, backed by heavyweight Chinese investors, plans to build one of the world’s largest steel plants in Whyalla, 380km north of Adelaide. Flanked by Scott Morrison, Bill Shorten and South Australian Premier Steven Marshall at this morning’s announcement, Mr Gupta said construction of

The post Whyalla births green steel export powerhouse appeared first on MacroBusiness.

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MacroBusiness Tuesday, December 11, 2018 - 00:01 Source

Global Macro / Markets / Investing: Sell-offs could be down to machines that control 80% of the US stock market, fund manager says – CNBC Stocks extend decline as trade woes batter sentiment – Reuters The Market’s Latest Problem: Hesitation to Buy the Dip – WSJ The Case Against Meritocracy – NY Times Coinbase abandons

The post Links 11 December 2018 appeared first on MacroBusiness.

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Club Troppo Monday, December 10, 2018 - 22:05 Source

Regional and Racial Inequality in Infectious Disease Mortality in U.S. Cities, 1900-1948
James J. Feigenbaum, Christopher Muller, and Elizabeth Wrigley-Field #25345

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The Australian Independent Media Network Monday, December 10, 2018 - 20:06 Source

By Khaled Elomar I reflect on my childhood in a war-torn country (Lebanon). The absence of hope, security and prosperity. The instability of rule and governance. The limited education that any child or adolescent is exposed to, if they are lucky to be exposed to any of it at all. Then I see where I am…

The post My Land appeared first on The AIM Network.

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En Passant Monday, December 10, 2018 - 20:06 Source

It is likely Australian voters will put the Labor Party into power in 2019. Will they be any better than this full death rattle Morrison Government, I ask in Independent Australia.

Click here to read the whole article. 

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The Australian Independent Media Network Monday, December 10, 2018 - 18:00 Source

One of the production team behind The Political Sword regularly attends a trivia night at a local pub. Recently the host (who runs a company that hosts multiple trivia nights every night of the week — so he’s pretty good at finding obscure facts) made the claim that 49 percent of Australians are either immigrants or one/both…

The post Oh the irony appeared first on The AIM Network.

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MacroBusiness Monday, December 10, 2018 - 17:00 Source

It’s not looking good out there with volatility rising and stocks falling across the board in response to Friday nights US unemployment print and the weekend revelations of the Huawei arrest (and Trump’s possible impending arrest?) and the big drop in US Treasury yields as safe haven buying trumps a Santa Claus rally. The Shanghai Composite was

The post Macro Afternoon appeared first on MacroBusiness.

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George Monbiot Monday, December 10, 2018 - 16:15 Source

The remarkable story of how the hard-right Koch brothers funded a Trotskyite splinter group.

By George Monbiot, published in the Guardian 7th November 2018

 

Dark money is among the greatest current threats to democracy. It means money spent below the public radar, that seeks to change political outcomes. It enables very rich people and corporations to influence politics without showing their hands.

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Renew Economy Monday, December 10, 2018 - 15:58 Source

Tony Abbott, my opponent for the seat of Warringah at the next federal election, thinks building new coal fired power stations will reduce power prices. He is sadly mistaken.

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Renew Economy Monday, December 10, 2018 - 15:55 Source

Study shows contribution to grid from Australia's rooftop solar systems up 33% over 2018. At this rate, it could supply 14% of NEM demand within 5 years.

The post Rooftop solar could supply 15% of Australian demand by 2023 appeared first on RenewEconomy.

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Renew Economy Monday, December 10, 2018 - 15:17 Source

GuptaSteel magnate unveils more sensational details of Whyalla's renewable powered industrial revolution, including plans for an additional steel plant – "one of world's biggest."

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MacroBusiness Monday, December 10, 2018 - 15:15 Source

By Leith van Onselen The banking royal commission interim report was scathing of mortgage broker commissions and the fact that loans written through mortgage brokers have tended to have higher leverage, more interest-only loans, higher debt-to-income and loan-to-value ratios, higher interest costs and an increased likelihood that borrowers will fall into arrears. Now, Australia’s mortgage broking

The post Mortgage broker parasites redouble attack on Hayne reforms appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, December 10, 2018 - 15:01 Source

“Of course there’s one Spain. If there was another, we’d all be in that one.” (Joke on Franco’s Spain, in LondonReview of Books, 37, July, 2015). Beware the corpse that never truly expires. General Francisco Franco might well been tombed in the Valley of the Fallen (Vallede los Caídos) – at least for the moment…

The post Exhuming Franco: Spain’s Immemorial Divisions appeared first on The AIM Network.

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The Australian Independent Media Network Monday, December 10, 2018 - 14:39 Source

By John Haly The battle for climate change mitigation is euphemistically referred to as a “debate” amidst ideologically restrained political advocates that still think there are legitimate oppositional interpretations about it, to respect. When opinions replace facts in a “post-truth” world, the result may be that confusion and ideology reign inappropriately in society. The increasing occurrence amidst western nations…

The post A Climate of Opinion appeared first on The AIM Network.

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Renew Economy Monday, December 10, 2018 - 14:34 Source

Delegates at COP24, KatowiceIn a deadly diplomatic strike, big oil and gas nations took a key scientific report out of the Katowice text, replacing it with an ambiguous formulation that merely notes its existence.

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MacroBusiness Monday, December 10, 2018 - 14:10 Source

By Leith van Onselen In the lead up to last year’s September General Election, the NZ Labour Party pledged that it would end negative gearing if it is elected. Now, the policy is nearing implementation, with The Treasury and Inland Revenue releasing a Regulatory Impact Statement (RIS) assessing the policy. The aim of the proposed law

The post NZ Labour also seeks to end negative gearing appeared first on MacroBusiness.

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MacroBusiness Monday, December 10, 2018 - 13:40 Source

By Leith van Onselen The great Australian immigration rort has hit a whole new level of ridiculousness today, with Chinese tourists and international students helping to drive an absurd 311% increase in asylum seeker claims. From The ABC: Key points: People claiming to be Christian, LGBTI and love children are among those seeking asylum All

The post Chinese tourists and students abuse Australia’s protection visas appeared first on MacroBusiness.

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Renew Economy Monday, December 10, 2018 - 13:33 Source

Nexif reaches financial close on stage two of 212MW Lincoln Gap Wind Farm, near Port August in SA. The renewables hub will host the state’s third big battery, and possibly solar, too.

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MacroBusiness Monday, December 10, 2018 - 13:12 Source

And so it begins, from Goldman which has been far too hawkish this cycle all along: hike in December is still very likely (in our view 90%) probability of a move in March has now fallen to slightly below 50% A decision to pause in March would also be consistent with the likelihood that tariff-related

The post Goldman doves up on Fed, lifts AUD appeared first on MacroBusiness.

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MacroBusiness Monday, December 10, 2018 - 13:10 Source

By Leith van Onselen The Australian’s Judith Sloan has continued her commendable attack against Paul Keating’s compulsory superannuation monster, describing it as “one of the costliest and most ineffective retirement models in the world”: Most people think Paul Keating has four children. In fact, he has five. The fifth is compulsory superannuation: super for short…

The post Keating’s superannuation monster is out of control appeared first on MacroBusiness.

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MacroBusiness Monday, December 10, 2018 - 12:43 Source

By Leith van Onselen Today’s housing finance data for October, released by the Australian Bureau of Statistics (ABS), posted a rebound in finance commitments, with both investor and owner-occupied demand lifting. According to the ABS, the total number of owner-occupier finance commitments (excluding refinancings) rose by 2.3% in October in seasonally adjusted terms but has

The post Housing finance records dead cat bounce appeared first on MacroBusiness.

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MacroBusiness Monday, December 10, 2018 - 12:30 Source

By Leith van Onselen With Sydney unit values down 6.5% since the June 2017 peak, according to CoreLogic: Buyers that purchased off-the-plan apartments near the peak of the boom are now sinking into negative equity and settlement risk is rising: Sydneysiders who snapped up off-the-plan apartments at the peak of the property boom are now

The post Off the plan Sydney buyers sink underwater appeared first on MacroBusiness.

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MacroBusiness Monday, December 10, 2018 - 12:15 Source

Via Goldman: …two challenges brought us here. Internally, policymakers’ efforts to constrain the growth of shadow banking and reduce financial risks worked almost too well. Financial regulations introduced in 2017 and early 2018 led to a meaningful contraction in shadow banking, which slowed overall credit growth and tightened credit conditions, particularly for private companies. And externally,

The post Why isn’t Chinese stimulus working? appeared first on MacroBusiness.

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MacroBusiness Monday, December 10, 2018 - 12:00 Source

By Leith van Onselen The Property Council has commissioned modelling which shows that lowering immigration into NSW would boost real wages. From The SMH: The NSW economy could grow by $130 billion less over the coming decade if net migration to the state was halved, as has been called for by Premier Gladys Berejiklian… It

The post Property Council: Lower immigration would boost wages appeared first on MacroBusiness.

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Renew Economy Monday, December 10, 2018 - 11:47 Source

A scaled up ALP baseline-and-credit scheme for industry is modelled to be short from day one, with domestic offsets the marginal source of emissions reductions.

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MacroBusiness Monday, December 10, 2018 - 11:45 Source

By Leith van Onselen The vertical fiscal imbalances plaguing the federation has reared its ugly head again, with Victorian Premier, Daniel Andrews, writing to Prime Minister Scott Morrison demanding billions of dollars in funding from the federal government to cope with unrelenting immigration-driven population growth. From The SMH: In a letter to Prime Minister Scott

The post Victorian Premier turns infrastructure gun on ScoMo appeared first on MacroBusiness.

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