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Renew Economy Tuesday, July 5, 2022 - 11:58 Source

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MacroBusiness Tuesday, July 5, 2022 - 11:30 Source

A fortnight ago, Australian Chamber of Commerce and Industry (ACCI) CEO, Andrew McKellar, called on the federal government to open up employer-sponsored ‘skilled’ visas to all occupations: “The current delays just aren’t good enough when so many businesses are left without staff and therefore can’t afford to stay open… “To make the skilled migration system

The post Business groups, Labor and Liberals back ‘skilled’ visa scab grab appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 5, 2022 - 11:00 Source

Today’s meeting by the RBA, where everyone and his dog is expecting a solid 0.5% or 50 basis point hike, is not going to save the beleaugured Australian dollar. First, the wonks at ING rationale for the big five oh: the inflation expectations data, (with a) 6.7% print in the latest release, should have banished

The post Australian dollar plunges toward two year low before RBA hike appeared first on MacroBusiness.

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Cheeseburger Gothic Tuesday, July 5, 2022 - 10:50 Source

I’ve been playing around with ideas for a Felafel TV series. Don’t get too excited because God knows I’m not. I’m just playing around with it in my downtime. There are many obstacles to adaptation, firstly finding somebody with a couple of million dollarydoos to pay for it.

Let’s assume somebody did drop a gigantanormous ward of the folding stuff on me, however. You still gotta get past the book having only two lines of dialogue and no characters who last for more than one or two pages. Most of them come and go within a paragraph.

Doesn’t make for much of a through-line.

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Your Democracy Tuesday, July 5, 2022 - 10:45 Source

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MacroBusiness Tuesday, July 5, 2022 - 10:45 Source

The weekly ANZ-Roy Morgan Consumer Confidence Index has fallen 1.2% and remains firmly at recessionary levels: According to ANZ Head of Australian Economics, David Plank: Consumer confidence decreased 1.2% last week, driven by a 4ppt increase in the number of respondents who think it is a ‘bad time to buy’ a major household item. A

The post Aussie consumer confidence tumbles into recessionary abyss appeared first on MacroBusiness.

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Your Democracy Tuesday, July 5, 2022 - 10:35 Source
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MacroBusiness Tuesday, July 5, 2022 - 10:30 Source

Roy Morgan has released its unemployment estimate for June, with the nation’s unemployment rate falling to an equal pandemic low of 7.8% and underemployment falling to 8.5%: Key changes are as follows: Unemployment in June fell 44,000 to 1.13 million Australians (7.8% of the workforce) while under-employment was down slightly by 13,000 to 1.23 million

The post Roy Morgan unemployment falls to pandemic low appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, July 5, 2022 - 10:07 Source

  The right-wing nutters on Sky-after-Dark are beside themselves with righteous indignation that prime minister Albanese is spending so much time overseas when he should be visiting flood inundated suburbs in Sydney. They liken Albanese’s overseas trip to that of Scott Morrison’s family holiday in Hawaii during the 2019 bushfires – a holiday that the…

The post Airbus Albo ! appeared first on The AIM Network.

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MacroBusiness Tuesday, July 5, 2022 - 10:00 Source

The Housing Industry Association (HIA) has hailed Friday’s release of 40,000 new places under the Federal Government’s Home Guarantee Scheme, describing it as “great news for all aspirational home buyers in Australia”: The Home Guarantee Scheme comprises the First Home Guarantee, previously known as the First Home Loan Deposit Scheme, and the Family Home Guarantee. The

The post 40,000 Aussie first home buyers hurled into negative equity swamp appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 5, 2022 - 09:30 Source

Goldman reports that Chinese household consumption slowed in Q1, and will very likely slow further in Q2. Given OMICRON is likely to rebound, and property sales will come off again, China’s economy is facing growing headwinds: Sluggish consumption growth in Q1 and further weakening in Q2 According to the NBS household surveys, household consumption per

The post Chinese households hit the consumption brakes appeared first on MacroBusiness.

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Renew Economy Tuesday, July 5, 2022 - 09:09 Source

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MacroBusiness Tuesday, July 5, 2022 - 09:00 Source

The iron ore complex suffered another round of selling on Monday, with the impact of closed mills and increased shipments pushing inventory higher:     Texture from Reuters: Chinese mills have idled dozens of blast furnaces as stocks piled up after domestic demand weakened, hit by covid-19 restrictions and bad weather. The rising prospect of

The post Daily iron ore price update (inventories rising) appeared first on MacroBusiness.

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Renew Economy Tuesday, July 5, 2022 - 08:55 Source

sun cable solar and battery

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MacroBusiness Tuesday, July 5, 2022 - 08:30 Source

Risk sentiment stabilised overnight only because of a lack of economic catalysts and closed markets on Wall Street due to the long weekend.  European stocks struggled without direction while the  USD was mixed against the undollars, with Euro and Pound Sterling lifting slightly, while the Australian dollar stalled out after trying to bounce back from

The post Macro Morning appeared first on MacroBusiness.

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Your Democracy Tuesday, July 5, 2022 - 07:49 Source

 

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Your Democracy Tuesday, July 5, 2022 - 07:40 Source
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Your Democracy Tuesday, July 5, 2022 - 07:34 Source

Liz Truss warns the world of evil women

 

The British foreign secretary disagreed with UK PM’s ‘if Putin were a woman’ claim, adding that such rhetoric is “unhelpful” for Kiev

 

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MacroBusiness Tuesday, July 5, 2022 - 00:05 Source

Even before today’s expected 0.5% rise in the official cash rate, Australia’s various housing indicators are flashing red for property prices. The latest national auction clearance rate, which has traditionally been a sound leading indicator for price growth, has collapsed – recording its worst result since April 2020 when the nation was in hard lockdown:

The post All indicators point to major Australian house price falls appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 5, 2022 - 00:03 Source

CoreLogic reported that Australian rents grew by 9.5% in the year to June 2022 – the highest rate of growth since December 2007 when Australia was importing a record number of migrants. Moreover, with immigration returning, unit rents are now growing faster than houses in Sydney and Melbourne: “Such strong rental conditions through the current

The post Soaring housing rents launch inflation into orbit appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 5, 2022 - 00:01 Source

Global Macro / Markets / Investing: Exxon Sees Massive $5.5 Billion Refinery Windfall as Prices Jump – Bloomberg Goldman Sachs says political scare ads highlighting inflation could stoke high prices even higher – Fortune Return To The Office? CEOs Learn To Love Remote Workers, For Now – Investors Africa’s desperate hunger: Ukraine war pushes Somalia

The post Links 5 July 2022 appeared first on MacroBusiness.

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George Monbiot Monday, July 4, 2022 - 23:13 Source

A government that cannot tolerate protest is a government that cannot tolerate democracy.

By George Monbiot, published in the Guardian 2nd July 2022

Governments tend to define democracy as narrowly as possible. The story they tell goes as follows. You vote. The majority party takes office. You leave it to govern on your behalf for the next four or five years. If you don’t like one of its policies, you can petition your representative, who will put their own ambitions, party loyalty and pressure from powerful interests aside to ensure that your voice is heard.

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Your Democracy Monday, July 4, 2022 - 20:22 Source

When the Russian invasion of Ukraine started on February 24, Australian embassy staffer Nadia Teriokhina had one thought on her mind: She didn't want to get trapped behind enemy lines.

She told Anthony Albanese she counted herself among the lucky ones.

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Your Democracy Monday, July 4, 2022 - 17:36 Source

Macron says he doesn’t want to ‘annihilate’ Russia

While the French president has backed anti-Russia sanctions, he has refrained from the extreme rhetoric of his US and UK counterparts

MEANWHILE:

Ukraine angry at French state media

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Renew Economy Monday, July 4, 2022 - 16:55 Source

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MacroBusiness Monday, July 4, 2022 - 16:00 Source

Asian share markets are doing well despite the lack of a lead from Wall Street as it has a long weekend and despite the big mixed messages from economic data on Friday night. The defensive USD is joining in with a stronger Yen to keep other undollars depressed as the Australian dollar remains poised here

The post Macro Afternoon appeared first on MacroBusiness.

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Your Democracy Monday, July 4, 2022 - 14:54 Source

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Renew Economy Monday, July 4, 2022 - 14:51 Source

 Canva).

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MacroBusiness Monday, July 4, 2022 - 14:30 Source

The latest batch of consumer confidence reports for New Zealand shows that Kiwis remain extremely depressed on the back of soaring inflation and interest rates. The ANZ-Roy Morgan’s consumer confidence index fell 1.8 points in June to 80.5 to be a touch above April’s record low: ANZ-Roy Morgan’s confidence composite gauge is also pointing firmly

The post Ardern looks on helplessly as New Zealand hurtles toward recession appeared first on MacroBusiness.

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Renew Economy Monday, July 4, 2022 - 14:30 Source

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