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MacroBusiness Wednesday, November 20, 2019 - 11:14 Source

Via LMIP: Unemployment to keep on rising and wages to keep on falling. Go Recessionberg.

The post Skilled vacancies drain away appeared first on MacroBusiness.

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THE BLOT REPORT Wednesday, November 20, 2019 - 11:09 Source

Not content with
losing his contract with Rugby Australia and Rugby New South Wales because of
his hateful tweet about homosexuals being condemned to hell unless they repent1,
now the buffoonish Israel Folau has said that the timing of the current round
of bushfires was not a coincidence. He stated, in his often confusing way, at
Kenthurst church: “Look how rapid these bushfires, these droughts, all these
things have come in a short period of time. You think it is a coincidence or
not? … They have changed that law and legalised same-sex marriage and now those

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MacroBusiness Wednesday, November 20, 2019 - 11:00 Source

Via The Australian: As much as $1.35bn in wages are underpaid each year according to new estimates that underline the risk to business from moves to criminalise so-called wage theft and amplify calls for an overhaul of the awards system to reduce complexity. Estimates from accounting firm PwC suggest underpayment affects as much as 21

The post Wage theft bill passes $1.35bn appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 10:46 Source

Via Bill Evans at Westpac: • The six month annualised growth rate in the Westpac– Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, lifted from –1.01% in September to –0.91% in October. Despite a slight improvement in the month, the Leading

The post Australian leading index remains cratered appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 10:40 Source

From the RBA sock puppet, Terry McCrann, today: The Reserve Bank did not “seriously ponder” a “shock” Cup Day rate cut — as some have interpreted, or rather misinterpreted, the minutes of that meeting. This is not just about getting ‘yesterday right’; it is even more important about not building in a misunderstanding of what

The post Sockpuppet: RBA no “lock” for more cuts appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 10:20 Source

Good stuff here from HSBC: The only other game changer I can see would be a major European fiscal stimulus that, so far, is not coming.

The post HSBC: Stick with the US dollar appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 10:00 Source

Via WSJ: Over the weekend, China’s Harbin Bank said it was now under government control. That comes months after Chinese authorities seized control of another small lender, Baoshang Bank, and state institutions took stakes in a third, Bank of Jinzhou. Bank runs have erupted elsewhere. Several other lenders have yet to file 2018 annual reports,

The post Why are Chinese banks suddenly failing? appeared first on MacroBusiness.

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Renew Economy Wednesday, November 20, 2019 - 09:48 Source

World’s largest “green” hydrogen production facility begins operation at a steel mill in Austria, where it seeks to demonstrate that fossil fuels can be replaced for industrial uses.

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MacroBusiness Wednesday, November 20, 2019 - 09:40 Source

Via the AFR: Scott Morrison has all but slammed the door on fast-tracked tax cuts or other ”panicked reactions” in next month’s mid-year budget update, saying the government has already injected $9.5 billion of near-term stimulus into the economy since the May election. Under external pressure to do more to stimulate the economy than he

The post Scummo rules out stimulus appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 09:34 Source

Oh dear, via ABC: AUSTRAC has applied to the Federal Court for civil penalty orders against Westpac for deficient oversight of its anti-money laundering and terrorism financing obligations. AUSTRAC boss Nicole Rose described Westpac’s behaviour as “serious and systemic non-compliance”. That’s 23 million contraventions. For perspective, the CBA scandal which resulted ina $700m fine was:

The post Austrac sues Westpac for money laundering appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 09:20 Source

Texture from Reuters: Richard Lu, a senior analyst at metals consultancy CRU’s Beijing office, said the rally in steel prices remained supported by fundamentals in the physical market, with inventories falling and demand picking up. He also said a new round of operating restrictions on Chinese steel mills was possible. Rubbish. And the outlook is

The post Daily iron ore price update (runaway steel) appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 09:00 Source

DXY was soft last night as EUR and CNY lifted: The Australian dollar added a bit versus DMs: And EMs: Gold held on: Oil let go: Metals did better: And miners: Plus EM stocks: Junk was soft: Bonds all rallied: Despite stocks charging on: Wrap from Westpac: Event Wrap US Oct. housing starts (1314k, est. 1320k) and permits

The post Australian dollar bounces as global stocks roar appeared first on MacroBusiness.

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Renew Economy Wednesday, November 20, 2019 - 08:31 Source

Renewables reach 30 per cent of demand on Australia's main grid for whole week for the first time.

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The Australian Independent Media Network Wednesday, November 20, 2019 - 06:00 Source

That 1000 people would pay $1000 dollars each to attend a function to celebrate former Prime Minister Tony Abbott’s 25 years in Australian politics astonished me. To find out that they had to turn many others away amazed me even more. Then to find out that most of the speakers reckoned he was underappreciated left…

The post Tony Abbott’s government was “remarkably underappreciated”, says Tony Abbott appeared first on The AIM Network.

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MacroBusiness Wednesday, November 20, 2019 - 06:00 Source

By Chris Becker  US stocks lost ground as Trump fumbled around comments regarding Chinese tariffs, pushing industrials down while tech stocks had a slight tick upwards, as the USD lost ground against the undollars. Pound Sterling was the exception as the Tories continue to par back in the polls while Bitcoin cracked below the $8000

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:20 Source

Given the old bullyboy’s unhealthy hold over the national imagination regarding the future of Chinese ties, let’s explore where his vision would take us. Paul Keating would like to see Australia’s commitment to ANZUS modulated versus Chinese interests. That will mean a much more insecure commitment by the US to Australia so the first implication

The post So, what does Paul Keating’s Sinostralia look like? appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:10 Source

SQM Research’s latest newsletter provides commentary on Australia’s pending dwelling construction bust, which SQM believes will run into 2021 and could cause a significant increase in unemployment: Today we have run with three charts – Australian dwelling completions, commencements and approvals. The point of this exercise is to illustrate that the current rate cuts are

The post Why housing construction will fall into 2021 appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:06 Source

Late last month, the Australian Bureau of Statistics (ABS) released its 2018-19 Australian System of National Accounts (ASNA) release, which provided a detailed presentation of annual national accounts data. Locked away on Table 61 was my favourite section of the release: data on aggregate land values at the state and national levels. This year’s release

The post Deflation hits Australia’s residential land markets appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:05 Source

Yesterday, the lobby group for Australia’s migration agents – the Migration Institute of Australia (MIA) – attacked the $53,900 minimum salary attached to the Coalition’s new regional visas: The Migration Institute of Australia has criticised the decision to require regional-based migrants to earn $53,900 a year in order to qualify for permanent residency. “While the

The post Migration Institute: $53,900 salary too high for “skilled” visas appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:01 Source

Global Macro / Markets / Investing: Economic Inequality and Human Enhancement – The Future Scape Global Debt Surges to a Record $250 Trillion, Highlighting a Need for Bitcoin – Be In Crypto Fed’s push into funding markets stirs fears of widening role – Politico Airbus scores major deals as Boeing falters at Dubai airshow –

The post Links 20 November 2019 appeared first on MacroBusiness.

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Under The Milky Way Tuesday, November 19, 2019 - 21:54 Source

The thing is, Democracy will end.

At some point the current dominant expression of Democracy – Universal Franchise with mass political parties and redistributive taxation – will fail to deliver solutions to urgent problems: Climate; Migration;War; National Sovereignty – and it will be discarded for something else.

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MacroBusiness Tuesday, November 19, 2019 - 17:00 Source

Japanese stocks are weighing on Asian risk taking as selling exhaustion is seeing Chinese markets both on the mainland and in oppressed Hong Kong surge higher. The USD remains under pressure although a lack of buying in Aussie dollar is seeing the local currency fall short of the 68 cent level. Chinese stocks have continued

The post Macro Afternoon appeared first on MacroBusiness.

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Prosper Australia Tuesday, November 19, 2019 - 16:48 Source

1pm, Dec 4th Parliament House With interest rate cuts failing to stop the economic slide, and consistent warnings from our RBA chief that monetary policy cannot do what fiscal stimulus must, what else can we do to support Australia’s prosperity? Helping us navigate the political-economic pressures of the day is Josh Ryan-Collins, renowned UK economist […]

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Grattan Blog Tuesday, November 19, 2019 - 16:32 Source

There is no good news for private health insurers in the quarterly health Insurance statistics released today.

read more More of the same in private hospital insurance data

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MacroBusiness Tuesday, November 19, 2019 - 15:00 Source

Via Zero Hedge: Confirming that there is something fundamentally broken with China’s debt transmission mechanism and that, by implication, Chinese bad loans are soaring, two weeks after we reported that there was a bank run at Henan Yichuan Rural Commercial Bank which brought the bank to the verge of collapse, the WSJ reported that Harbin Bank, a

The post Another Chinese bank goes under appeared first on MacroBusiness.

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MacroBusiness Tuesday, November 19, 2019 - 15:00 Source

From Roy Morgan Research: Surveyed in October, Australians as a whole expect prices to increase by 4.1% annually over the next two years. This is up very slightly (0.1%) on how they were feeling in September, but is down to a greater degree (0.4%) on their expectations a year earlier. Comparing price expectations around Australia

The post Inflation expectations remain in the gutter appeared first on MacroBusiness.

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MacroBusiness Tuesday, November 19, 2019 - 14:45 Source

It’s amazing that after 15 years of mass immigration: Australia’s business groups claim we are experiencing ‘skills shortages’ almost every industry, the latest example being truck drivers: An impending truck driver shortage… [is a key theme] to emerge from the more than 60 public submissions made to a Senate committee reviewing safety and efficiency in

The post And now for a truck driver shortage appeared first on MacroBusiness.

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Renew Economy Tuesday, November 19, 2019 - 14:38 Source

rebate rooftop solar suburbResearch shows that owners of rooftop solar come from diverse political backgrounds and substantially more likely to be politically active.

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Renew Economy Tuesday, November 19, 2019 - 14:36 Source

Palaszczuk Government sinks $13.8 million into finding the minerals needed for advanced electronics and renewable technologies.

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MacroBusiness Tuesday, November 19, 2019 - 14:30 Source

In desperate search of quick cash to fund the state’s ballooning population, the Victorian Government is looking to sell-off the state’s monopoly motor registry agency, VicRoads, to private interests: Investment bank Morgan Stanley has won the role to embark on a scoping study for the Victorian Government to determine whether to sell its motor registry

The post Another idiotic privatisation takes flight appeared first on MacroBusiness.

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