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MacroBusiness Wednesday, August 3, 2022 - 15:32 Source

Last month, the Greens threatened to use their numbers in the Senate to block Labor’s 43% 2030 emissions reduction target, Today it confirmed that it will lend its support to the bill: “While the government has been unwilling to adopt science-based targets and place a moratorium on new coal and gas, we have been able

The post Greens to support Labor’s climate targets appeared first on MacroBusiness.

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Renew Economy Wednesday, August 3, 2022 - 15:12 Source

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Your Democracy Wednesday, August 3, 2022 - 14:48 Source

Ukrainian President Vladimir Zelensky said on Tuesday that the fighting in Donbass was “hell,” claiming that Kiev’s military remained heavily outgunned and even outnumbered by Russia and appealing to the US and its allies for even more weapons such as the HIMARS rocket launchers.

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Renew Economy Wednesday, August 3, 2022 - 14:35 Source

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MacroBusiness Wednesday, August 3, 2022 - 14:00 Source

After lobbying the NSW and Victorian governments for assistance in June, one of Australia’s largest home builders – Metricon – continues to teeter on the brink of collapse. Yesterday, it unceremoniously sacked 225 employees over Microsoft Teams in a desperate bid to reduce costs: The move will impact 9 per cent of its workforce… Most

The post Home builders tumble like dominos as cost crisis escalates appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 3, 2022 - 13:30 Source

The latest ABS retail sales data showed that sales growth has fallen every month since February: Specifically, below are the monthly retail growth rates this year: Jan 2022: +1.6% Feb 2022: +1.8% Mar 2022: +1.6% Apr 2022: +0.9% May 2022: +0.7% Jun 2022: +0.2% That trend looks about to turn negative in July (figures released

The post Retail industry confidence tanks on rapid interest rate rises appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 3, 2022 - 13:00 Source

The ABS today released cost of living indices for the June quarter, which shows that aged pensioners experienced the sharpest increase in their cost of living in 2021-22 (+5.2%); although it was below Australia’s headline inflation rate (+6.1%): As explained by the ABS: Transport was the main contributor for all five household types, with the

The post Aussie pensioners winning from high inflation appeared first on MacroBusiness.

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Renew Economy Wednesday, August 3, 2022 - 12:47 Source

Diapur wind farm Victoria BayWa re vestas turbine

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Renew Economy Wednesday, August 3, 2022 - 12:35 Source

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MacroBusiness Wednesday, August 3, 2022 - 12:30 Source

SQM Research has released its Stock on Market report for July, which shows that national residential property listings rose in July by 7.1%, amid softer buyer demand: New listings (Less than 30 days) rose 1.8% over July, whereas listings over 180 days rose by 0.6%. Most notably, however, listings between 31 days and 180 days

The post Mass buyer exodus pummels Aussie housing market appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 3, 2022 - 12:00 Source

Albert Edwards at Societ General with the note. The back-to-back decline in US 1Q and 2Q GDP has provoked a robust discussion about whether this means the economy is in recession or not. Much of this debate is political and semantic. One of the key arguments to reject the recession call is that jobs growth

The post Albert Edwards: Profits collapse coming appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 3, 2022 - 11:40 Source

In June, economists lashed the Reserve Bank of Australia (RBA) for relying on business liaison, rather than actual data, to claim that Australian wage growth was strong. It then used this liaison “evidence” to justify aggressive interest rate hikes. The RBA’s reliance on liaison represented a sharp U-turn, given it previously said that it would

The post Lunatic RBA wrong again on Aussie wages appeared first on MacroBusiness.

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Your Democracy Wednesday, August 3, 2022 - 11:31 Source

Pentagon Wiped Jan. 6 Texts From Phones Belonging to Top Military Generals, Court Docs Reveal

News that texts between high-level generals can’t be located come as Democrats seek to portray the post-office deletion of messages from a number of influential Trump administration officials’ phones as a conspiracy headed up by the former president–but the DoJ says it’s standard practice.

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MacroBusiness Wednesday, August 3, 2022 - 11:20 Source

I reported yesterday how realestate.co.nz registered heavy house price falls across New Zealand, with the national average asking price of properties listed for sale plunging 8.8% from its January peak. The falls have been even steeper across Auckland, where the average asking price has tanked 11.9% from its January peak. In a similar vein, auctioneer

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MacroBusiness Wednesday, August 3, 2022 - 11:00 Source

The Reserve Bank of Australia’s (RBA) index of commodity prices dived 8.5% in June in SDR (currency-weighted) terms, which follows June’s 2.8% drop: Over the July quarter commodity prices fell 13.8% over the quarter but were 14.1% higher year-on-year in SDR terms. As explained by the RBA: The rural, non-rural and base metals sub-indices all

The post RBA commodity price index plunges appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 3, 2022 - 10:40 Source

Greens leader Adam Bandt will use today’s National Press Club speech to call for free childcare and dental care for all Australians. It is estimated that this would policy cost about $18.2 billion a year, but Bandt will contend that it can be financed by new taxes on the ‘super-profits’ of large gas companies and

The post Greens: slug gas cartel with super-profits tax appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 3, 2022 - 10:20 Source

Zoltan Poszar of Credit Suisse with his latest biggest picture narrative. For some reason, I find this argument for a higher inflation regime more persuasive than his Bretton Woods III thesis. It is the magnitude of the story he tells and its non-linearity is also crucial. We could be sailing along into a resumption or

The post War and interest rates appeared first on MacroBusiness.

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Renew Economy Wednesday, August 3, 2022 - 10:11 Source

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Renew Economy Wednesday, August 3, 2022 - 10:00 Source

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MacroBusiness Wednesday, August 3, 2022 - 10:00 Source

The Australian economy is stalling… Full report.

The post Aussie services PMI stalls appeared first on MacroBusiness.

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xkcd.com Wednesday, August 3, 2022 - 10:00 Source

Ants have reverse chemtrails--regular citizens spraying chemicals everywhere they go to control the government.

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Your Democracy Wednesday, August 3, 2022 - 09:44 Source

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THE BLOT REPORT Wednesday, August 3, 2022 - 09:31 Source
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MacroBusiness Wednesday, August 3, 2022 - 09:30 Source

An interesting note from HSBC makes the point that I’ve argued recently that the Chinese property market appears to have passed some critical tipping point in the destruction of speculative psychology. I am expecting a slow recovery at best. L-shaped is the base case. July sales–a breather, as expected. According to CRIC’s preliminary sales data,

The post Chinese property resists bailouts appeared first on MacroBusiness.

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Your Democracy Wednesday, August 3, 2022 - 09:30 Source

New $500 million scoping plans for the Powerhouse at Ultimo have been condemned as an attempt to transform the museum into an entertainment centre by the overwhelming majority of public submissions.

Only six of 104 public submissions backed the concept plans for the 2.4-hectare site that potentially allow for a new public square, entrance, and a multistorey annex on the museum’s Harris Street forecourt.

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MacroBusiness Wednesday, August 3, 2022 - 09:30 Source

Risk sentiment has flipped to one of unease given the combination of further hawkish comments from the Fed and heightened tensions over US Speaker Pelosi’s visit to Taiwan, confirming the glass jaw of Chinese diplomacy is still as fragile as ever. This sent Chinese stock markets down sharply yesterday with currency volatility not far behind

The post Macro Morning appeared first on MacroBusiness.

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The Australian Independent Media Network Wednesday, August 3, 2022 - 09:27 Source

Speaking at a festival recently, Prime Minister Anthony Albanese proposed a referendum to create an Aboriginal and Torres Strait Islander Voice. Specifically, the proposal is that the following three sentences be added to the Australian Consitution Act of 1901 1. There shall be a body, to be called the Aboriginal and Torres Strait Islander Voice.…

The post The Voice to Parliament: Why the ‘Detail’ Argument is Bunk appeared first on The AIM Network.

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Renew Economy Wednesday, August 3, 2022 - 09:24 Source

Solar installers are now required to take selfies during

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MacroBusiness Wednesday, August 3, 2022 - 09:00 Source

The Aussie gas price continued to plunge yesterday as the evil gas cartel games the Albanese Government. The electricity price crashed right along with it: The gas cartel is playing funny buggers: East coast gas exporters including Santos and Origin Energy are understood to be in discussions through their industry lobby group on proposals that

The post And now for coal domestic reservation! appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 3, 2022 - 08:30 Source

The AIG construction PMI: New orders are the key. Led lower by the post-COVID stimulus crash: Much worse ahead but this again underlines why fixing energy is so vital. There is lot of potential deflation in building materials but only if it is not held up, or made worse, by the energy shock. Full report.

The post Construction recession arrives appeared first on MacroBusiness.

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