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MacroBusiness Friday, July 29, 2022 - 12:30 Source

The Australian National Audit Office (ANAO) on Thursday handed down a scathing assessment of the former Coalition government’s $1.38 billion Building Better Regions Fund (BBRF). The audit found two thirds of funded infrastructure projects were “not those assessed as being the most meritorious”. Liberal-held seats received twice as many grants as Labor electorates, while Nationals

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MacroBusiness Friday, July 29, 2022 - 12:05 Source

The Australian Bureau of Statistics (ABS) today released Producer Price Index (PPI) data for the June quarter, which registered a 1.4% quarterly increase in final prices to be 5.6% higher over the year: It was the strongest lift in the PPI since December 2008. The key growth drivers were: Output of building construction (+3.9%), driven

The post Producer inflation roars to GFC high appeared first on MacroBusiness.

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MacroBusiness Friday, July 29, 2022 - 12:00 Source

By Gareth Aird, head of Australian economics at CBA: Key Points: The RBA will raise the cash rate at the August Board meeting. We expect a 50bp hike. The risks sits with a larger increase, albeit we consider that risk to be very low. The RBA will publish their full suite of updated economic forecasts

The post CBA: RBA to hike interest rates 0.5% with more to come appeared first on MacroBusiness.

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Renew Economy Friday, July 29, 2022 - 11:45 Source

transmission towers

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MacroBusiness Friday, July 29, 2022 - 11:30 Source

A manic bond bid has emerged: The Australian cycle is lagging that of the US by a quarter or two. The US is already in recession with an inverted yield curve. We’ll invert in the next quarter: More from The Market Ear: Yields – giant head and shoulders? US 10 year is close to the massive 2.7% level. A close

The post Manic bond bid appeared first on MacroBusiness.

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MacroBusiness Friday, July 29, 2022 - 11:00 Source

Communications Minister Michelle Rowland recently confirmed that Labor has abandoned plans to privatise the national broadband network for the time being, and that it will scale back proposed 3% per annum wholesale broadband price increases that the former Coalition government had directed NBN Co to implement to recoup costs. There is also speculation that Labor

The post NBN write-down imminent? appeared first on MacroBusiness.

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MacroBusiness Friday, July 29, 2022 - 10:30 Source

Last year’s NSW Budget noted that the state’s housing shortage had disappeared due to the collapse in immigration: Building approvals are now running well ahead of the change in population, which is depressed due to the lack of inward migration. This suggests a potential oversupply in the near-term relative to the underlying demand for housing

The post Sydney facing forever housing shortage appeared first on MacroBusiness.

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MacroBusiness Friday, July 29, 2022 - 10:00 Source

There is no change to the epochal shift in China’s macro settings for property. The dream is over. Goldman has more. President Xi chaired the July Politburo meeting today which set the tone for the broad policy stance in 2H of this year. The statement following the meeting reiterated the “Dynamic Zero Covid” policy stance

The post “Housing is for living in, not for speculation” appeared first on MacroBusiness.

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xkcd.com Friday, July 29, 2022 - 10:00 Source

Our work has produced great answers. Now someone just needs to figure out which questions they go with.

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Your Democracy Friday, July 29, 2022 - 09:50 Source

The Western media lamented China’s most recent breakthrough in computer chip manufacturing, achieving standards in production that were thought impossible because of sanctions imposed by the United States specifically designed to stifle Chinese advances.

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Renew Economy Friday, July 29, 2022 - 09:39 Source

Victoria big battery neoen Tesla

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Your Democracy Friday, July 29, 2022 - 09:31 Source

DPRK leader Kim Jong-un announced on Thursday that Pyongyang’s “nuclear war deterrent” was “fully ready” to respond to threats. Such saber-rattling is nothing new from Kim, but it does come after a slew of artillery and missile tests.

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MacroBusiness Friday, July 29, 2022 - 09:30 Source

Risk sentiment remain ebullient overnight as markets basically ignored the latest disappointing US GDP print as German inflation picked up higher than expected. Wall Street and European stocks rose around 1% across the board while the USD was down slightly, as Euro remains in an holding pattern with the Australian dollar almost pushing through the

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Friday, July 29, 2022 - 09:00 Source

Deary, deary, me: Dr Chalmers warned of a “confronting” update on the country’s economic and fiscal position, but his statement to the parliament painted a picture of a nation well-placed to transform challenges into opportunities. And despite previously downplaying the prospect of improvements to the budget because of record high commodity prices, the Treasurer now

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Your Democracy Friday, July 29, 2022 - 08:01 Source

Ukraine bombards Donetsk with landmines – mayor

The Donbass official urged residents to stay vigilant for banned explosive devices

Ukrainian forces airdropped banned PFM-1 anti-personnel landmines on the capital of the Donetsk People’s Republic on Wednesday night, Mayor Aleksey Kulemzin said.

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Your Democracy Friday, July 29, 2022 - 06:55 Source

Define ‘recession’: Biden’s administration refuses to see economic reality

 

Instead of addressing the most pressing problem of regular Americans, the president and his staff play word games

 

As anyone with a pulse can attest, times are tough, and every non-millionaire American is struggling with the weight of the economy.

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Your Democracy Friday, July 29, 2022 - 06:23 Source

After leaving The Washington Post in 1977, Carl Bernstein spent six months looking at the relationship of the CIA and the press during the Cold War years. His 25,000-word cover story, published in Rolling Stone on October 20, 1977, is reprinted below.

THE CIA AND THE MEDIA

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Your Democracy Friday, July 29, 2022 - 06:11 Source

Ukraine’s celebrity-in-chief just took time off from his heavy schedule of appearances at major Western gatherings for a photo shoot with his wife in Vogue magazine.  

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Renew Economy Friday, July 29, 2022 - 00:10 Source

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MacroBusiness Friday, July 29, 2022 - 00:05 Source

Coolabah Capital’s Chris Joye phoned me yesterday to tell me that Sydney dwelling values are crashing at their fastest monthly pace in at least 30 years, according to CoreLogic’s dwelling values index (which he helped create). So I went and checked, and it turns out that he’s right! As shown in the next chart, the

The post Sydney house prices crashing at record pace appeared first on MacroBusiness.

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MacroBusiness Friday, July 29, 2022 - 00:03 Source

On occasion, one can’t help wondering what drives Davos Man. It sure isn’t loyalty to one’s nation or fellow man. Greed is the thing. There is no better example of this than RIO’s announcement yesterday that it has set the date for iron ore Judgement Day: Rio Tinto said on Thursday that its Guinea subsidiary

The post RIO sets date for iron ore Judgement Day appeared first on MacroBusiness.

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MacroBusiness Friday, July 29, 2022 - 00:01 Source

Global Macro / Markets / Investing: Fed opts for 75-basis-point rate hike, flags weakening economic data – Channel News Asia Fed Hikes Rates By 75 BPS; What Does It Mean for the U.S. Economy? – Tokenist “Recession” Doesn’t Mean What You Think It Means – Mises Samsung sees mobile and PC chip demand weakening in

The post Links 29 July 2022 appeared first on MacroBusiness.

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Renew Economy Friday, July 29, 2022 - 00:01 Source

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Your Democracy Thursday, July 28, 2022 - 20:35 Source

The US has one of the most deeply-ingrained nationalistic ideologies of any nation. Accompanying the grand mass hysterias of patriotism and freedom, one of the most pervasive links in the ideological chain that creates the American sense of identity is a belief in “The American Dream”, an imaginary ideal that offers a rags-to-riches path to prosperity.

 

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John Quiggin Thursday, July 28, 2022 - 19:19 Source

As borders reopen and Covid-related restrictions are relaxed, lots of academics are celebrating the return of in-person conferences. I’m not one of them. Although I miss a lot of aspects of conferences, I’ve tried to avoid indoor meetings since the pandemic began, and there’s no reason to change that yet. And with the climate disaster getting worse all the time, I want to minimise, or at least reduce, air travel.

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The Australian Independent Media Network Thursday, July 28, 2022 - 18:49 Source

Yes, I’m sure you’re all aware that Publicity-Seeking Pauline, fresh from re-election stormed out of the Acknowledgement of Country declaring that she didn’t acknowledge that there was such a thing and she never would. Of course, this has led many to wonder why she’s never done it before, but we need to be fair here.…

The post Pauline Storms Out Declaring She Doesn’t Accept Reality And She Never Will… appeared first on The AIM Network.

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Renew Economy Thursday, July 28, 2022 - 17:04 Source

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MacroBusiness Thursday, July 28, 2022 - 17:00 Source

Asian stocks are having a relatively good response to the overnight higher risk sentiment following the latest Fed rate hike and subsequent slowdown signals, yet Chinese shares remain the laggard in the region. Stronger moves against USD are still holding on with the Australian dollar just above the 70 level while oil prices are slowly

The post Macro Afternoon appeared first on MacroBusiness.

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Cheeseburger Gothic Thursday, July 28, 2022 - 14:52 Source

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Your Democracy Thursday, July 28, 2022 - 14:40 Source

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