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Renew Economy Tuesday, August 9, 2022 - 14:25 Source

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MacroBusiness Tuesday, August 9, 2022 - 14:00 Source

If you were a powerful politician, there is a good chance you would make decisions that favour your mates. How do we know you might behave in this way? We set up a computer game to see whether everyday people get seduced into favouring their mates at the expense of others. The experiment involved over 600 university

The post Australian politics rigged by mates and grey corruption appeared first on MacroBusiness.

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Your Democracy Tuesday, August 9, 2022 - 13:43 Source

Sen. Bernie Sanders took to the Senate floor on Tuesday to offer a sweeping critique of the Democratic Party’s new reconciliation package, applying particularly close scrutiny to the legislation’s massive and destructive handouts to the fossil fuel industry.

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MacroBusiness Tuesday, August 9, 2022 - 13:40 Source

Until recently, oil was busy wrecking the business cycle. But, in the last few weeks, it has come off fast and is in the process of lifting economic activity. Where do we go from here? My own view is that it will hang on the Fed. Oil is not in sufficient deficit to drive the

The post Will oil ruin or save the cycle? appeared first on MacroBusiness.

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Your Democracy Tuesday, August 9, 2022 - 13:37 Source

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MacroBusiness Tuesday, August 9, 2022 - 13:20 Source

The Federal Chamber of Automotive Industries (FCAI) released new car sales data for July, with sales nationally down basically flat against the same month last year, but annual sales growth continuing to stall: Commenting on the result, CEO of FCAI Tony Webber explained that global supply chain issues continue to restrict sales: “Vehicle and component

The post Supply constraints stunt Aussie new car sales appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 9, 2022 - 13:00 Source

The ABS today released its Household Spending Indicator for June, which revealed household spending increased 10.2% through the year in dollar terms, with both services (+15.9%) and goods (+5.0%), and discretionary (+10.8%) and non-discretionary (+9.8%) spending lifting: Annual spending growth was solid across all jurisdictions:   According to Jacqui Vitas, head of macroeconomic statistics at

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MacroBusiness Tuesday, August 9, 2022 - 12:45 Source

Last year when we all enjoyed a brief period of relative RBA sanity, it junked its business liaison program and said it would not tighten policy until it saw actual strong wage gains in hard data. As we know, that regime collapsed in a month or two as the RBA was once again freaked out

The post Broken NAB business survey forecasts wages explosion appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 9, 2022 - 12:30 Source

Shadow employment and workplace relations minister Michaelia Cash has criticised the federal government’s upcoming jobs summit, claiming it will have union demands ‘rubber stamped’ at the expense of employers: Unions are “taking advantage” of Labor’s federal election win and will use the government’s upcoming jobs summit to have their demands “rubber stamped” at the expense

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Renew Economy Tuesday, August 9, 2022 - 12:28 Source

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Renew Economy Tuesday, August 9, 2022 - 12:25 Source

Hydrogen fuel cell bus

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MacroBusiness Tuesday, August 9, 2022 - 12:00 Source

An interesting fault line has developed between Australia’s economists on interest rates. On the hawkish side are outfits like ANZ and Westpac, who basically hold the market’s view that the official cash rate (OCR) will soar to a peak of 3.35%, meaning the RBA is only about half way through its monetary tightening cycle. As

The post Economists duke it out on Aussie interest rates appeared first on MacroBusiness.

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Your Democracy Tuesday, August 9, 2022 - 11:37 Source

The difficulty for the Australian Labor government in deciding how to respond to the Julian Assange case is that once a prosecution is characterised as a political prosecution then, by its nature, there can be no expectation of due process.

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MacroBusiness Tuesday, August 9, 2022 - 11:30 Source

Bill Evans of Westpac cheering on the destruction of his own bank! Consumption is not going to hold up for very long and business investment will be next. Pass the popcorn. —————————————————————————————– The Westpac Melbourne Institute of Consumer Sentiment Index fell by 3% from 83.8 in July to 81.2 in August. This reading is on

The post Consumer sentiment free falls with house prices appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 9, 2022 - 11:00 Source

Residents of the UK are doing so: Like millions of people across Britain, Josina, a teacher from Sheffield, is being pushed into poverty by rising energy prices. This October, when bills are set to rise again, she will have to cut back on food and other essentials if she has any hope of keeping up

The post Should Australians go on an energy bill strike? appeared first on MacroBusiness.

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Your Democracy Tuesday, August 9, 2022 - 10:51 Source

Kyiv: The head of Amnesty International’s Ukraine chapter has resigned, saying the human rights organisation shot down her opposition to publishing a report that claimed Ukrainian forces had exposed civilians to Russian attacks by basing themselves in populated areas.

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MacroBusiness Tuesday, August 9, 2022 - 10:30 Source

Via Charlie McElligott at Nomura: If “data dependency” is the new “forward guidance,” then what a week ahead for markets: besides the obligatory “biggest CPI print ever,” we get PPI, Initial Claims, Empire Fed, NAHB and U Mich Sentiment & Infl Expectation so CPI House View: We expect a deceleration for headline inflation to 0.1%

The post The bullish case for stocks appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 9, 2022 - 10:06 Source

ANZ-Roy Morgan’s weekly consumer confidence index has crashed by 4.5% to its lowest level since April 2020. This follows the Reserve Bank of Australia’s (RBA) third consecutive 0.5% rate hike last Tuesday: Key points from the release are as follows: Consumer confidence sank 4.5% last week, more than offsetting the gains over the previous three

The post Lunatic RBA crashes Aussie consumer confidence appeared first on MacroBusiness.

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Cheeseburger Gothic Tuesday, August 9, 2022 - 09:54 Source

Jane is away for a few days with work, and naturally, I have regressed to extreme caveman status. Cooked up a tasty pork butt on the weekend, and I’ve been getting through that at every meal. And last night, I caught up with a movie I had meant to watch on the big screen, maybe even iMax, but, you know… fucking Covid.

Dune.

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Your Democracy Tuesday, August 9, 2022 - 09:45 Source

New York Times reporter Maggie Haberman released photos on Monday apparently showing former President Donald Trump’s handwritten notes flushed down two toilets, supposedly in violation of White House protocol. Trump himself ridiculed Haberman, and his office called her scoop “desperate.”

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MacroBusiness Tuesday, August 9, 2022 - 09:30 Source

Labor’s housing and homelessness minister, Julie Collins, yesterday gave a speech at Day 1 of the National Homelessness Conference at the Australian Housing and Urban Research Institute (AHURI), whereby she accused the former Coalition government of a “decade of inaction” on the issue. Collins noted that there were 116,000 homeless people recorded on census night

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MacroBusiness Tuesday, August 9, 2022 - 09:30 Source

Wall Street was again hesitant overnight as traders continue to absorb the impact of quite strong US unemployment print from Friday night plus the latest Congress machinations around spending. The USD remains strong against most of the major currencies although the Australian dollar has picked up pace to try to get back to its pre-RBA

The post Macro Morning appeared first on MacroBusiness.

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Your Democracy Tuesday, August 9, 2022 - 09:16 Source

Former deputy premier John Barilaro has been told to prepare for a grilling about his girlfriend's job at Investment NSW later this week, as the saga into his appointment to a lucrative trade position continues.

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MacroBusiness Tuesday, August 9, 2022 - 09:00 Source

You know you’re winning a debate when consensus followers like Chris Richardson are climbing aboard after years of ignoring a critical issue: After this month, however, consumer cash flows will be fully exposed…Much of the pressure is coming from energy costs. …Are there solutions? Economists aren’t usually fans of policies such as domestic gas reservation,

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Renew Economy Tuesday, August 9, 2022 - 08:52 Source

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Your Democracy Tuesday, August 9, 2022 - 06:55 Source

Democrats and the Washington press corps spent the last week insisting that the party was about to close a notorious tax loophole that allows many Wall Street billionaires to pay a lower tax rate than most Americans. 

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MacroBusiness Tuesday, August 9, 2022 - 00:10 Source

PropTrack’s automated valuation model (AVM) data, reported in News.com.au, shows more than 300 suburbs across Australia experienced six-figure price declines over the July quarter. A dozen suburbs have also experienced prices falls of more than $500,000 since March. These include wealthy suburbs across parts of Sydney’s northern beaches and eastern suburbs, Melbourne’s Mornington Peninsula, as

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MacroBusiness Tuesday, August 9, 2022 - 00:05 Source

Chartered Accountants Australia & New Zealand (CA ANZ) claims there is an acute shortage of accountants, which necessitates a big lift in the nation’s ‘skilled’ migration program: A survey of 18 firms in July revealed 519 outstanding skilled visa candidate applications for junior to intermediate level jobs, and on average at least one drop-out due

The post Accountants highlight Australia’s skilled visa farce appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 9, 2022 - 00:01 Source

Global Macro / Markets / Investing: Think 9% Inflation Is Bad? Try 90% – NY Times CEOs Blame Remote Workers for Slow Sales, Earnings Shortfalls  – Bloomberg Asia shares sluggish, dollar energised by U.S. rate risk – Reuters Historic climate bill to supercharge clean energy industry – Politico Americas: Republicans block cap on insulin costs

The post Links 9 August 2022 appeared first on MacroBusiness.

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Renew Economy Monday, August 8, 2022 - 23:24 Source

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