Blogotariat

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

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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

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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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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

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

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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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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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

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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.

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 […]

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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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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