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Oz Blog News Commentary
MacroBusiness Tuesday, July 21, 2015 - 11:38 Source

The minutes for June are out: Minutes of the Monetary Policy Meeting of the Reserve Bank Board Sydney – 7 July 2015 Members Present Glenn Stevens (Governor and Chair), Philip Lowe (Deputy Governor), John Akehurst, Roger Corbett AO, John Edwards, Kathryn Fagg, John Fraser (Secretary to the Treasury) Members granted leave of absence to Heather Ridout

The post RBA minutes retain soft easing bias appeared first on MacroBusiness.

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Delimiter Tuesday, July 21, 2015 - 10:59 Source

Labor MP Ed Husic has published a lengthy article arguing new legislation and industry self-regulatory measures pushed by the Government will “do little” to resolve the issue of Internet piracy, arguing the issue is a market problem and needs to be addressed by focusing on bad corporate behaviour instead.

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MacroBusiness Tuesday, July 21, 2015 - 10:40 Source

By Leith van Onselen Canada and Australia have a lot in common. Both economies are commodity exporters. Both countries have experienced high rates of immigration. Both countries largely dodged the global recession that shocked the developed world. Both are said to have world-beating banking systems. And both nations have amongst the developed world’s most expensive housing, when measured and

The post Canada’s warning for Australia appeared first on MacroBusiness.

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The Melbourne Urbanist Tuesday, July 21, 2015 - 10:35 Source

Are the fines for lower level speeding offences too onerous?

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The Australian Independent Media Network Tuesday, July 21, 2015 - 10:23 Source

The carbon tax has been resurrected. It’s a double whammy. No, a triple! Pensioners will freeze and manufacturers will go out of business. The cost of living will skyrocket with a great big tax on everything.

Raising the GST to 15% is, however, very sensible.

Can they not see the incongruity?

Instead of collecting over $13.5 billion from polluters, hence encouraging them to invest in energy efficiency, we are paying out over $3 billion in public subsidies through the emissions reduction fund and the Green Army.

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MacroBusiness Tuesday, July 21, 2015 - 10:13 Source

From Sydney Morning Domain: Australians might think Chinese investors have pushed up property prices, but “we ain’t seen nothing yet”, according to Colonial First State Global Asset Management chief economist Stephen Halmarick who is tipping the liberalisation of China’s capital markets will inflate asset prices acrosss the globe. In recent weeks there has been a

The post More China property spruik from Fairfax appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 09:55 Source

By Leith van Onselen The ANZ-Roy Morgan Research consumer confidence index bounced back in the week ended 19 July, rebounding 4.8 points to 111.8 to be tracking just below the long-run average of around 113 points (see next chart). The improvement was likely due to the rebound in the Chinese stock market as well as

The post Consumer confidence bounces back appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 09:45 Source

By Leith van Onselen Statistics New Zealand has released its permanent & long-term migration figures for June 2015, which revealed that net migration to New Zealand remained near record highs in seasonally adjusted terms: Moreover, net annual migration from New Zealand to Australia hit its lowest level in more than 23-years (since December 1991): According

The post Kiwi exodus signalling Australian recession? appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 09:42 Source

From Zero Hedge comes a mad world:   Who will Rupert elect?  

The post Donald Trump surges in Republican polls appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, July 21, 2015 - 09:06 Source

The Speaker of the House of Representatives of the Parliament of Australia is ON PROBATION. I really struggle to get my head around the implication of that. Has any other Speaker in Australia’s history ever been “ON PROBATION?

Let me repeat this less the ramification of the statement escapes you. The Speaker of the House of Representatives of the Parliament of Australia is ON PROBATION.

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The Australian Independent Media Network Tuesday, July 21, 2015 - 08:54 Source

So we have a shark swimming by and all of a sudden this surfer, Mick Fanning, sees it and decides to punch it, in spite of not seeing “any teeth”.

Yeah, all right, it sounds silly, but I’m thinking of applying for a job with the Murdoch empire and I’m just practising different ways of framing a story. In fact, I’m rather surprised that they didn’t run with:

“LABOR FAILS TO NOTICE EXCESSIVE EXPENSES FROM BISHOP”

or

“CARBON TAX ADDED TO COST OF HELICOPTER FLIGHT”

But enough about Bronhilda. When even Paul Sheahan and Andrew Bolt are criticising her, we know that she’s done for.

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MacroBusiness Tuesday, July 21, 2015 - 08:50 Source

By Chris Becker A slow start to the week, unless you’re a commodity trader, with no economic releases overnight to react to, US stock markets put in scratch returns as losses in commodity producers are offset by tech gains and US treasuries were sold off. In Europe, the mood was a bit brighter as the Euro

The post Macro Morning (commodity bust) appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 08:47 Source

By Leith van Onselen Fairfax’s Peter Martin has today written a nice dissection of the negative gearing debate, imploring the Labor Party to push on with its plan to unwind negative gearing, grandfathering rules for existing property investors whilst targeting taxpayer concessions towards newly constructed dwellings only: Negative gearing and the associated capital gains tax

The post ALP can out-flank Abbott on negative gearing appeared first on MacroBusiness.

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Cheeseburger Gothic Tuesday, July 21, 2015 - 08:44 Source

It has happened. Hip-hop is now offically a golden oldie genre.

At Blunty.

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MacroBusiness Tuesday, July 21, 2015 - 08:21 Source

The triple-headed risk hydra that has been stalking global markets through 2015 today finds itself switching heads. The hydra is the global withdrawal of post-GFC stimulus in Europe, China and the US. For China, the attempt to manage its structural adjustment to slower growth via a stock market boom (and crash) has at least been stabilised,

The post The triple-headed risk hydra turns to US appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 08:09 Source

By Leith van Onselen This blog has written a lot about the upcoming economic storm approaching Western Australia as the state comes out the back of the biggest commodity price and mining investment boom in history, along with the likely crashing of dwelling investment as its population growth plummets. Today, I want to shift attention

The post Sell Darwin housing now! appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 05:31 Source

Starting back in 2011 I posted rather frequently about the macroeconomic situation in Europe. My basic premise for what we would see in its future was best summed up with the following sentence. Periphery nations weakening, France in the middle, Germany outperforming, but the whole ship slowly sinking. Given recent history that seems to have

The post The Greek resolution, such as it is appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 03:40 Source

From The Australian: Bill Shorten’s support has hit a record low 27 per cent as voters mark the Labor leader’s performance as worse than Tony Abbott’s, despite backing for the ALP rising to a four-month high. The latest Newspoll, conducted exclusively for The Australian, also shows Mr Abbott is back in front as preferred prime

The post Newpoll: Labor up, Kingslayer down appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 00:13 Source

From The Australian comes Atlas regrets: The Australian understands that Atlas had completed documentation for a “company-transforming transaction” with one of three so-called strategic parties with which it was in discussions, but the deal went unsigned after iron ore price posted its biggest single-day fall to its lowest level in more than six years. “Given the

The post Atlas regrets (updated) appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 00:06 Source

Here are the iron ore charts for July 20, 2015: Spot gyrations have thrown up a big rally with Tianjin up 3.8% to $51.90. 12 month swaps have caught the fever and backed away from new lows. Dalian jumped yesterday but flew overnight to 391. Rebar average even added a few pennies. Chinese iron ore

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

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MacroBusiness Tuesday, July 21, 2015 - 00:05 Source

Brent can’t catch a break now down again overnight to $56.52. There was no real news of interest but the strong run in the US dollar appears to be enough for now to keep it falling. John Kemp notes that the market is very short: Hedge funds and other money managers have rarely been so

The post Daily LNG price update (oil smash) appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 00:02 Source

Courtesy of FTAlphaville comes Michael Pettis on the China stock crash: It’s not just that markets are about volatility. It is that volatility can never be eliminated. Volatility in one variable can be suppressed, but only by increasing volatility in another variable or by suppressing it temporarily in exchange for a more disruptive adjustment at

The post Pettis on the China stock crash appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 21, 2015 - 00:01 Source

Global Macro / Markets / Investing: Speculators smash gold as dollar squeeze tightens – The Telegraph 7 Reasons Why Gold Is Plunging Again – ETF.com Gold bugs squashed by aggressive selling – Financial Times Commodity Rout Extends Toward 13-Year Low as Gold Shunned on Fed – Bloomberg Think Gold’s Pricey Now? Wait Until It Hits

The post Links 21 July 2015 appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, July 20, 2015 - 20:48 Source

By Jennifer Wilson

Prime Minister Tony Abbott’s decision to put his handpicked Speaker Bronwyn Bishop “on probation” demonstrates, as perhaps little else can, his contemptuous disregard for our Parliament and its processes.

As Speaker, it is Bishop’s job to discipline all MPs, thus setting the tone for parliamentary behaviour, and using the authority of her position to ensure that behaviour is within the guidelines and traditions of the Westminster system.

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Monday, July 20, 2015 - 18:59 Source

As New South Wales and South Australia launch discussions on the merits of lifting the rate of the GST from 10 to 15 per cent “in order to pay for the increasing cost of healthcare”, they might want first to consider their health care...

Read more on the blog...

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Monday, July 20, 2015 - 17:58 Source

Arise Sir Patrick and Sir Noel, for you are the chosen ones. Chris Graham reports.

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The Australian Independent Media Network Monday, July 20, 2015 - 17:45 Source

Whilst MPs were banned from attending Q&A, gay marriage was called “decadent” and the price of divorce drastically increased, a far more significant story was buried beneath the news heap. Whilst Australia’s conservatives enacted their culture wars in increasingly petty ways, a far more significant global culture war was illuminated.

Read more Views: 327
Monday, July 20, 2015 - 17:07 Source

A boat off Dampier with a lot of Vietnamese on it was called by Dutton an ‘on-water matter’ he didn’t comment on though it showed he had not ‘stopped the boats’, and nor had Morrison, or Abbott, or Angus.

Read more Views: 247
Monday, July 20, 2015 - 16:42 Source

The company in charge of the controversy-plagued centre has been given a dressing down by senators after explaining its response to abuse on the island. Max Chalmers reports.

Read more Views: 195
Cheeseburger Gothic Monday, July 20, 2015 - 16:42 Source

Not sure why, but we have trolls. Possibly related to a tweet I sent about the Reclaim Australia rallies. You'll notice the occasional one line comment, usually abusing the first commenter in any given thread. I have snuffed out a hand full already.

Those with access to the comment deletion cannon may now exercise free fire privileges.

Read more Views: 296

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