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MacroBusiness Thursday, July 9, 2015 - 09:09 Source

By Leith van Onselen The Australia Institute’s chief economist, Richard Denniss, has written an incredibly detailed (but long) article in The Monthly examining the myth of the Coalition’s ‘strong economic management’. The article examines both the performance of the Howard/Costello years, as well as the current Abbott/Hockey Government. Below is an extract. Again, the article

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MacroBusiness Thursday, July 9, 2015 - 06:56 Source

A near perfect economic storm is sweeping towards Australia. It comes in the form of the moves by three economic superpowers all acting in their own interests and against those of Australia simultaneously. The first storm is China where what was already a hard landing is going to get worse and drive commodity prices to

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Cheeseburger Gothic Thursday, July 9, 2015 - 05:39 Source

While you sip your morning brew, bracing for the day, contemplate literary badass Honoré de Balzac who pumped out the wordage fueled by fifty shots of black gold every day. Until his entire cardiovascular system exploded out through his eyeballs like the tentacles of Cthulhu.

The New Yorker has a great piece on Balzac's increasingly wired thoughts about every single cup:

No. 1: Ah! What a great way to start my day, by drinking a cup of delicious hot coffee.

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MacroBusiness Thursday, July 9, 2015 - 04:48 Source

It’s over. The commodities super cycle has ended, in a nuclear bang not a whimper, from Bloomie: China’s stock rout spread to the country’s commodities markets as investors rushed to raise cash. Everything from silver to sugar to eggs tumbled with the Shanghai Composite Index, which crashed to a three-month low on Wednesday. Government measures

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MacroBusiness Thursday, July 9, 2015 - 04:47 Source

Here are the iron ore charts for July 8, 2015: Benchmark Tianjin spot fell 11.3%, or $5.60, to $44.10 a tonne. Qingdao spot fell 10.1%, or $5.01, to $44.59. 12 month swaps are heading for Hell. Dalian bounced nearly 3.5% overnight to be at 364 this morning. Rebar average is horrible. BHP and RIO were flat in

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MacroBusiness Thursday, July 9, 2015 - 04:46 Source

From Bloomie: Investors who bought $2.3 billion of iron miner Fortescue Metals Group Ltd.’s 9.75 percent securities in April have lost $255 million of market value in less than a month…Fortescue’s bonds traded at 96 cents on the dollar to yield 10.6 percent at 12:27 p.m. in New York after peaking at 107.1 cents on June 12. It was

The post Glad you snapped up that FMG ponzi bond? appeared first on MacroBusiness.

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MacroBusiness Thursday, July 9, 2015 - 04:45 Source

From Reuters: Chevron’s $54 billion Gorgon LNG project – the world’s most expensive – may be forced to dump chunks of its early production onto an already saturated global spot market, as some Japanese clients warn they are unlikely to take up test shipments. …Japanese buyers holding long-term supply contracts have in the past eagerly

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MacroBusiness Thursday, July 9, 2015 - 03:45 Source

By Leith van Onselen In July last year, the Reserve Bank of Australia (RBA) released a wonkish research paper that tried to argue that Australian housing was “fairly valued” compared to renting, based on a comparison of the financial cost of renting a home versus the cost of owning a similar dwelling, whereby the latter

The post RBA launches worst property market analysis in known world appeared first on MacroBusiness.

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MacroBusiness Thursday, July 9, 2015 - 03:39 Source

Former head of BHP coal Dean Dalla Valle from The Australian: …has told a Washington, DC audience that the private sector needs to play a part in this year’s Paris climate talks. …“We must ensure our business is prepared if we are to maximise energy efficiency, minimise environmental impact, deliver economic growth for shareholders and fulfil

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MacroBusiness Thursday, July 9, 2015 - 02:54 Source

By Leith van Onselen The latest dwelling approvals data, released by the ABS, revealed that Melbourne’s dwelling construction boom has reached unprecedented levels, with a record 55,965 dwellings approved across the metropolitan area in the year to May 2015: With the lion’s share of these being attached homes (i.e. units, apartments and townhouses): Yesterday, Victoria’s

The post Melbourne’s high rise boom gets a kick along appeared first on MacroBusiness.

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MacroBusiness Thursday, July 9, 2015 - 00:23 Source

The US doesn’t want a Grexit, from the FT: US Treasury secretary Jack Lew has raised the pressure on European leaders to grant some debt relief to Greece to help avoid its exit from the eurozone and what Washington sees as an unnecessary hit to the global economy. Warning that a Greek meltdown would cause hundreds

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MacroBusiness Thursday, July 9, 2015 - 00:22 Source

From the Fed minutes: While participants generally saw the risks to their projections of economic activity and the labor market as balanced, they gave a number of reasons to be cautious in assessing the outlook. Some pointed to the risk that the weaker-than-anticipated rise in economic activity over the first half of the year could

The post Fed minutes cancel rate hikes appeared first on MacroBusiness.

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MacroBusiness Thursday, July 9, 2015 - 00:02 Source

From Bloomie: China’s securities regulator banned major shareholders, corporate executives and directors from selling stakes in listed companies for six months, its latest effort to stop the nation’s $3.5 trillion stock-market rout. Investors with stakes exceeding 5 percent must maintain their positions, the China Securities Regulatory Commission said in a statement. The rule is intended

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MacroBusiness Thursday, July 9, 2015 - 00:01 Source

Macro, Markets & Investing US and Japan increase pressure on Europe to reach a deal with Greece – Guardian International Taxation and Global Development – Project-Syndicate Why German bonds could be even riskier than Greece’s – Market Watch Why Iran is the biggest problem for oil traders – Market Watch Oil sinks toward $56 as

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Drag0nista's Blog Wednesday, July 8, 2015 - 21:30 Source

The man who faced the royal commission into unions was confident and articulate. Who...

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The Australian Independent Media Network Wednesday, July 8, 2015 - 21:02 Source

“If a bank were guaranteed to get its money back, plus interest, no matter what it did, the whole system wouldn’t work. Imagine I were to walk into the nearest branch of the Royal Bank of Scotland and say ‘You know, I just got a really great tip on the horses. Think you could lend me a couple million quid?’ Obviously they’d just laugh at me. But that’s just because they know if my horse didn’t come in, there’d be no way for them to get the money back.

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Drag0nista's Blog Wednesday, July 8, 2015 - 18:50 Source

Opposition Leader Bill Shorten might not have to be caught red-handed to be...

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Prosper Australia Wednesday, July 8, 2015 - 17:01 Source

By Phillip Anderson Cycles, Trends and Forecasts Wednesday, July 8, 2015 London, England Each year the accountancy firm Ernst & Young (E&Y) produces a report that warns of the ten most severe risks that face the mining and metals sector. Of late, resource nationalism has ranked right at the top of the list. In other […]

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MacroBusiness Wednesday, July 8, 2015 - 16:20 Source

Chris Weston, Chief Market Strategist at IG Markets On a day like today it’s hard to know where to even start writing a market wrap, such are the trends and news flow. Greece and China dominate once again, but throw in massive falls in bulk and base metals and you are left with a worrying

The post ASX at the close appeared first on MacroBusiness.

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MacroBusiness Wednesday, July 8, 2015 - 16:16 Source

In one chart:

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MacroBusiness Wednesday, July 8, 2015 - 16:16 Source

From BofAML via Zero Hedge: The A-share correction: The damage could spread far beyond the stock market A dent to market’s faith in government role We believe that the biggest damage caused by the A-share market’s roller-coaster ride since the middle of last year has been to investors’ faith in the government’s ability to manage asset prices

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George Monbiot Wednesday, July 8, 2015 - 15:38 Source

The assault on Greece is just the latest episode in a long history of shutting down choice on behalf of the financial elite.

By George Monbiot, published in the Guardian 8th Juy 2015

Greece might be financially bankrupt; the troika is politically bankrupt. Those who persecute this nation wield illegitimate, undemocratic powers: powers of the kind now afflicting us all.

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The Australian Independent Media Network Wednesday, July 8, 2015 - 14:54 Source

By Gail Tverberg

Australia’s economy would be in a lot better shape if commodity prices were higher. Its mineral exports would rise, as would its exports of coal and natural gas.

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MacroBusiness Wednesday, July 8, 2015 - 14:45 Source

As the day wears on the RIO share price wears with it, now down the better part of 3%, matching London. I put it to you that this is just the beginning. RIO may be the cheapest iron ore producer in the world but iron ore is about to spend several years being given away

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Renew Economy Wednesday, July 8, 2015 - 14:34 Source

The Clean Energy Finance Corporation says it will provide $50 million to FirstMac, a non-bank lender with a $6.5 billion portfolio that issues finance primarily via on-line portals.

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Renew Economy Wednesday, July 8, 2015 - 14:25 Source

The second round of a Central Victorian 'bulk-buy' community solar scheme has attracted 150 registrations for rooftop solar in just 29 days.

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Renew Economy Wednesday, July 8, 2015 - 14:25 Source

Latest Energex data shows 290,006 households on south-east Qld network have rooftop solar, amounting to a total installed capacity of more than 980MW.

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Renew Economy Wednesday, July 8, 2015 - 14:25 Source

Facebook has announced that its fifth data centre, currently under construction in Texas, will be 100% powered by energy bought from a purpose-built, grid-connected 200MW wind farm.

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Renew Economy Wednesday, July 8, 2015 - 14:24 Source

US govt outlines plans to triple amount of rooftop solar installed on low-income housing in America, and to boost development of community solar projects.

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Renew Economy Wednesday, July 8, 2015 - 14:24 Source

An enterprising couple has established the first Tesla taxi/limousine service in Sydney, with plans to expand to other cities.

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