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Monday, June 15, 2015 - 10:00
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Monday, June 15, 2015 - 10:00
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Monday, June 15, 2015 - 10:00
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MacroBusiness Monday, June 15, 2015 - 09:22 Source

By Leith van Onselen It seems Treasurer Joe Hockey’s goal of “ending the age of entitlement” doesn’t extend to his own family, with the Daily Telegraph reporting yesterday that taxpayers are paying him $1,000 a month to stay at his wife’s $2 million home in Canberra: TREASURER Joe Hockey charges taxpayers $1000 a month, the

The post Joe Hockey takes his entitlement appeared first on MacroBusiness.

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The Idiot Tax Monday, June 15, 2015 - 08:50 Source

It's tough work pushing the prospect of house price growth in Tasmania. Things are shutting. People are leaving. The pudgy guy in the state government whose daddy used to be premier even said we'd be...

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MacroBusiness Monday, June 15, 2015 - 08:47 Source

By Leith van Onselen Fairfax is reporting today that “experts” are calling on the Government to preclude wealthy home owners from accessing the Aged Pension, instead calling on them to take-out reverse mortgages against their homes: Allowing retired people to raise money through their own homes is seen as a way to make it more

The post Stop allowing wealthy home owners access to the pension appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 07:56 Source

By Chris Becker A quiet night on risk markets on Friday, as a firm University of Michigan consumer confidence print combined with the recent retail sales number put fire on potential hold in the Fed rate rises. This was reflected in rising bond yields on anticipation of higher interest rates. European stocks lost their mojo

The post Macro Morning (waiting on Fed) appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 07:48 Source

By Leith van Onselen First it was Treasurer Joe Hockey. Then it was Prime Minister Tony Abbott. And now it is Finance Minister Mathias Cormann who repeated the lie over the weekend that ‘abolishing’ negative gearing would reduce rental supply and force up rents. From The Canberra Times: Senator Cormann warned any changes to negative

The post Negative gearing lies spread through Coalition appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:41 Source

By Leith van Onselen There was some good news over the weekend, with the US House of Representatives effectively refusing to grant President Barack Obama so-called “fast track authority” to conclude the Trans-Pacific Partnership (TPP) trade agreement negotiations, which would have allowed the President to sign the deal and have it voted up or down

The post US House rejects TPP “fast track” appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:40 Source

From Westpac’s superb Red Book: ― The Westpac–Melbourne Institute Consumer Sentiment Index fell 6.9% in Jun to 95.3 from 102.4 in May. This is a surprisingly weak result that reverses all of last month’s promising postnBudget and post-rate cut rally. ― The reversal likely reflects a range of factors with renewed concerns about the economic

The post Red Book: Nervous consumer can’t carry nation appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:16 Source

A picture is worth a thousand words, from Westpac’s Red Book:   Yet, where there is life there is hope: Plenty of room to get more bearish there. And they will, from The West Australian comes the wonders of a pro-cyclical banking system: ANZ has made home ownership in WA’s boom-or-bust mining towns extremely difficult, with

The post WA households brace for property bust appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:15 Source

I haven’t touched this story so far but given it is now an international scandal I had better. From the FT: Australia has come under pressure to clarify whether its navy paid the crew of a boat full of asylum seekers to persuade them to turn back to Indonesia, as part of its hardline anti-immigration

The post Tony Abbott: People smuggler? appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:14 Source

Click to view Core Logic-RP Data’s latest weekly housing market update, which provides a useful snapshot of the housing market as at 14 June 2015. This week’s report includes: Latest weekly dwelling value results; Auction results & clearance rates; Latest median house & unit prices; Average time on market & vendor discounts; Mortgage market activity;

The post RP Data weekly housing market update appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:13 Source

The national auction clearance rate fell marginally over the weekend, but continued the record run of turbo-charged results. The preliminary national clearance rate was 77.8%, down slightly from the 79.2% recorded last weekend, according to Core Logic-RP Data: Sydney’s clearance rate fell by 3.6% to 86.5%, whereas Melbourne’s was 78.0%, down marginally from the 78.4%

The post Auction clearances still running red hot appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:05 Source

Here are the iron ore price charts for June 12, 2015:  5 Spot eased. Singapore 12 month is still serenely indifferent, Dalian eased too but put it all back on Friday night and is opening today at 452. Rebar average is doomed. Port stocks are still plummeting down 1.8 million tonnes on the week. So,

The post Daily iron ore price update (the missing link) appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:03 Source

The Brent oil price fell sharply on Friday night to $63.83. This was despite bullish news flow with the US rig count down again from 868 to 859: But production jumped again: This is not going to last. All major US shale regions are now recording output falls and plateaus. In LNG, the indicative contract

The post Daily LNG price update (Oh Canada!) appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:02 Source

Cross-posted from Investing in Chinese Stocks. Real estate industry insiders are skeptical of the housing revival, expecting it to last three months at most. They’re using the rebound to unload inventory, but investment is barely positive. Now the government admits it will have to work on stimulating the housing market if it wants the current

The post China mulls sputtering property appeared first on MacroBusiness.

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MacroBusiness Monday, June 15, 2015 - 00:01 Source

Global Macro / Markets / Investing: Paper money has been a disaster since they started printing it in 1661 – Business Insider Junk-Bond Defaults Growing as Pressure From Commodities Persists – Bloomberg What trading over the course of five different decades has taught me about drawdowns – peterlbrandt.com Emerging market funds suffer biggest outflow in

The post Links 15 June 2015 appeared first on MacroBusiness.

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The Tally Room Sunday, June 14, 2015 - 23:00 Source

The Australian Electoral Commission is currently undertaking federal redistributions in New South Wales (which is losing one seat), Western Australia (which is gaining one seat) and the ACT (which should see minor changes on the border between the two seats.

Since I last wrote about these redistributions, we have seen two rounds of submissions in New South Wales and Western Australia, with a variety of individuals and groups, including political parties, putting in ‘suggestions’ and then a second opportunity for individuals and groups to make ‘comments on suggestions’.

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The Sniper Sunday, June 14, 2015 - 21:18 Source

There is a question Tony Abbott has never answered. Perhaps he has never been asked. I cannot find any record of an answer.

It goes back to the aftermath of the 2010 election. You might consider that ancient history, not worth going into now, but it goes to the nature of the man — and this is relevant to his turbulent federal government.

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The Political Sword Sunday, June 14, 2015 - 18:30 Source

The amount of ink spilled in the analysis of the 2015 Australian budget would probably fill Sydney Harbour. The number of electrons expended in the same way would probably light up a small town for a week. There is no need to add to the consumption of electrons here. Instead, let’s look at the sales pitch.

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The Australian Independent Media Network Sunday, June 14, 2015 - 17:37 Source

There’s an air about Owen Bennett that brings to mind the interviews you see with Edward Snowden.

The same soft spoken approach. The same quiet resignation that the battle will be a long one.

The same quiet resolve to fight it to the end.

Bennett is the prime mover behind the Australian Unemployment Union, which like its predecessors in the 20th century, aims to give both voice and political strength to the unemployed.

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Sunday, June 14, 2015 - 17:36 Source

Support independent media AND your favourite Aboriginal business or not-for-profit for less the cost of a cuppa a week.

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Sunday, June 14, 2015 - 16:58 Source

So we gave some people smugglers a bit of cash to piss off. Whoopty do! Have you ever heard of the Catholic Church? 

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Sunday, June 14, 2015 - 16:58 Source

If you want a real 'Return On investment' there's much better ways to spend money than with people smugglers. Chris Graham helps save the world.

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George Monbiot Sunday, June 14, 2015 - 15:17 Source

We should stop recycling the old “Yellow Peril” myth. The people most hostile to action on climate change are American and British, not Chinese.

By George Monbiot, published on the Guardian’s website, 12th June 2015

China is the world’s excuse for cruelty and barbarism. If we don’t behave atrociously, politicians and columnists assure us, China will, so we had better do it first, before we are outcompeted.

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Sunday, June 14, 2015 - 14:38 Source

7.

In grey post-Communist drabness a boy is beaten up in a parking lot, comes home cut and bruised, sleeps, gets up late, is listless and incommunicative for an hour or so. Seeing his wounds his plump overattentive irritating mother demands he go to the hospital with his father, a burly, taciturn, sombre busdriver. They are not keen, but they go anyway. The X-rays show nothing. He stays in his room sketching, texting, refusing food, sometimes phoning his high school girlfriend. Then he is found prone by the bathtub. His condition is serious. His parents get him to the hospital, negotiate its bureaucracy, sit, wait…

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Sunday, June 14, 2015 - 13:16 Source

The very day our PM was willing housing prices up, the Senate was being warned they’re likely to come crashing down. Ian McAuley explains.

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The Australian Independent Media Network Sunday, June 14, 2015 - 11:00 Source

By Jennifer Wilson

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The Australian Independent Media Network Sunday, June 14, 2015 - 10:50 Source

According to political scientist Larry Diamond, democracy consists of four key elements: “1. A political system for choosing and replacing the government through free and fair elections. 2. The active participation of the people, as citizens, in politics and civic life. 3. Protection of the human rights of all citizens. 4. A rule of law, in which the laws and procedures apply equally to all citizens”.

On that definition, we no longer live in a democracy.

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