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MacroBusiness Monday, July 13, 2015 - 11:01 Source

From the AFR: …the June quarter numbers about to be reported by energy companies will make the hit clear, with UBS forecasting June quarter LNG prices slumping as much as 35 per cent from the March quarter, despite a modest recovery in oil prices. UBS analyst Nik Burns said sales for the larger oil and

The post Here comes the LNG profit hit appeared first on MacroBusiness.

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Monday, July 13, 2015 - 10:34 Source

I think its a very good idea Bob and will create the impression that this is “Australia’s most balanced blog.”

“More balanced than QandA.” could be the subheading on the blog’s masthead.

So let me kick it off.

‘The Three Best Things the Liberals did this Week’

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Monday, July 13, 2015 - 10:34 Source

Mmmh…

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MacroBusiness Monday, July 13, 2015 - 10:34 Source

From ekathemerini: Greek Prime Minister Alexis Tsipras is set to begin a bruising week by clearing out party rebels opposed to an austerity package that will have to go through parliament within days, people close to the government say. With Greece’s future in the eurozone in the balance and European partners demanding immediate action to

The post Greece writhes appeared first on MacroBusiness.

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The Melbourne Urbanist Monday, July 13, 2015 - 10:19 Source

Can apartment residents be trusted to make their own decisions?

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MacroBusiness Monday, July 13, 2015 - 10:17 Source

By Leith van Onselen Australian Treasury head, John Fraser, gave a speech on Friday to the 2015 Australian Conference of Economists, whereby he pushed the case for tax reform: Unless we lift productivity growth, through reforms across all sectors of our economy, we face a future of stagnant and possibly declining living standards – a

The post Treasury Secretary John Fraser calls for tax reform appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 10:09 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 12 July 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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Monday, July 13, 2015 - 10:07 Source

Hunt admitted that no more money would go to wind farms, though they made the government a billion a year, nor to rooftop solar for houses and small blocks of flats, which every Australian wanted. He also admitted, or hinted, that these cancellations had been commanded by a Cabinet which had not consulted him. He is the Minister for the Environment.

Tim Flannery said emissions had gone down under Labor, and up under Abbott, who had exceeded in skyfilth the previous government’s gains. Tim said we would become the ‘world pariah’ on climate change.

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xkcd.com Monday, July 13, 2015 - 10:00 Source

The Lord of the Rings sequel, set years after the Ring hubbub has died down, is just Samwise discreetly creeping back to Bag End to finish dropping the eaves.

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MacroBusiness Monday, July 13, 2015 - 09:54 Source

From RBC: We think the near term outlook for the majors remains difficult. We expect iron ore to remain weak over H2, while other key commodities such as oil, copper, metallurgical coal, and aluminium are all facing near term headwinds. Our preference for RIO (Sector Perform) over BHP (Underperform) is based on its more attractive

The post More on big iron profit damage appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 09:40 Source

From Westpac: • The ABS quarterly survey “Engineering Construction Activity” provides an update of the infrastructure sector, including details on commencements and the work pipeline. Here we provide an overview of the sector. • Activity: Infrastructure construction work is in the midst of a downturn, from record highs, as the mining boom transitions from the

The post The infrastructure PM who builds…nuthin’ appeared first on MacroBusiness.

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Cheeseburger Gothic Monday, July 13, 2015 - 09:37 Source

I was doing so well getting back towards my goal weight of the mid-80s. Until Professor Boylan turned up, martinis clutched in one fist, a brace of slow cooked lamb shoulders in the other. I fear to step on the scales and check my weight now – not that there would be much point. I doubt I could see them over my bulging gut.

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MacroBusiness Monday, July 13, 2015 - 09:31 Source

Cross-posted from Martin North. APRA released their comparative capital study today. Overall, whilst it shows that on an international comparison basis Australian banks are well placed, they are not placed in the top quartile of their international peers, so confirms the observation made  by the FSI Inquiry. For the purpose of this analysis, APRA has

The post APRA: More bank capital needed appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 09:26 Source

By Leith van Onselen The Property Council of Australia (PCA) has stepped-up its lobbying on tax reform, commissioning research based on a survey of 1,957 respondents showing that most Australians would prefer to see stamp duty abolished in exchange for an increase in the GST: A comprehensive report from Newgate Research Community attitudes towards tax

The post Property Council talks its book on tax reform appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 08:12 Source

By Chris Becker The sound of jackboots reverberating off polished marble floors in the halls of Brussels and the banks in Germany were crystal clear over the weekend, making the point to other peripheral “States” in Europe – we own you. How those echoes reverberate through markets will be the key theme this week. Recapping

The post Macro Morning (Greek echoes) appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:26 Source

Rehypothecation. It’s a strange word. It doesn’t mean you’ve got asthma and it has nothing to do with the meaning of life but your financial well-being now depends upon understanding what it means. The Wikipaedia definition is as good as any: Rehypothecation is a practice that occurs principally in the financial markets, where a bank or other

The post Get set for Australia’s China margin call appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:26 Source

From Investing in Chinese Stocks comes a story to shake Australian foundations: Here’s a good reason for the government to be panicking about the stock market crash. The housing market is already being affected, proving that the boom in Shenzhen was stock market related. The industry is on the lookout for a drop in Shenzhen’s

The post China’s Minsky moment appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:25 Source

The weekend’s European news could not be more extraordinary. A superb opinion piece by Yanis Varafoukas in The Guardian brought everything to a head: In 2010, the Greek state became insolvent. Two options consistent with continuing membership of the eurozone presented themselves: the sensible one, that any decent banker would recommend – restructuring the debt and reforming

The post Greece brought a latte to a gunfight appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:24 Source

From a Janet Yellen speech Friday night: My own outlook for the economy and inflation is broadly consistent with the central tendency of the projections submitted by FOMC participants at the time of our June meeting. Based on my outlook, I expect that it will be appropriate at some point later this year to take

The post Yellen: We’ll hike this year (no you won’t) appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:23 Source

By Leith van Onselen The Australian published an interesting article over the weekend claiming that around 4,000 homes purchased by Chinese-based investors over the past two years are being kept empty, often leading to over grown lawns and dereliction across Australia’s suburbs: MacroPlan Dimasi chief economist Jason Anderson expects a further 10,000 new homes bought

The post Illegal Asian buyers raise ghost house fears appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:23 Source

By Leith van Onselen Friday’s housing finance data for May showed clear signs that the dwelling construction cycle is approaching its peak, with the number of commitments for construction and new dwellings slumping by a combined 5.6% in May to be down by 5.7% over the year (see next chart).   Looking at the rolling

The post Dwelling construction is topping-out appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:20 Source

Core Logic-RP Data released its auction market report last night, which revealed a slight weakening in the national auction clearance rate. The preliminary national clearance rate was 76.2%, down from the 78.1% recorded last weekend, according to Core Logic-RP Data: Sydney’s clearance rate fell by 3.5% to 81.0%, whereas Melbourne’s was 78.2%, up from the

The post Auction clearances slowly descend from orbit appeared first on MacroBusiness.

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

From Fairfax: Tony Abbott has dramatically escalated his war on wind power, creating a new cabinet split and provoking a warning he is putting international investment at risk. Fairfax Media can reveal the government has ordered the $10 billion Clean Energy Finance Corporation not to make any new investments in wind power projects. …The decision

The post Abbott passes more wind war appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:05 Source

Here are the iron ore charts for July 10, 2015:    Qingdao spot rallied 2.3% to $50.10. Tianjin benchmark ended up 3.3% to $49.90. 12 month swaps added a little and Dalian a little more with it rising another 3 points Friday night to 372. Rebar average actually added a little too. As did port

The post Daily iron or price update (rally) appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:05 Source

The Brent oil price settled virtually unchanged on Friday night at $58.59. Price support came from the general lift in markets on Greece and China, as well as further delays to the Iran deal but most else was bearish. From the FT: In a bearish assessment of market conditions the International Energy Agency said the

The post Daily LNG price update (rig bounce) appeared first on MacroBusiness.

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MacroBusiness Monday, July 13, 2015 - 00:01 Source

Global Macro / Markets / Investing: Why Investing Is So Complicated, and How to Make It Simpler – New York Times Service labour market: The engine of growth and inequality – VOX Global Solar Power Capacity About To Hit 200 GW – cleantechnica.com Greek, Chinese and Puerto Rican Crises All Fall Short of Going Global

The post Links 13 July 2015 appeared first on MacroBusiness.

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Sunday, July 12, 2015 - 19:54 Source

We have a very unAustralian dream, and it involves giving away all our advertising. Chris Graham explains.

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The Political Sword Sunday, July 12, 2015 - 18:30 Source

In the next few months, most Australians will be considering their financial affairs and the preparation of their annual tax return. It is usually a time for some questioning around how you did manage to spend all that money in the past year and what changes you can make to become thriftier in the upcoming year.

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The Australian Independent Media Network Sunday, July 12, 2015 - 17:27 Source

Four young men died ‘under’ the Labor Government’s Home Insulation Program. Events, so tragic and avoidable that our current Prime Minister ordered a Royal Commission into the program within months of taking office. The Prime Minister, in self-justification that the Royal Commission was the most urgent matter facing the nation boasted that it revealed a ‘litany of failures‘ from the Rudd Government.

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Sunday, July 12, 2015 - 16:37 Source

For three days Dyson Heydon has not said what parts of Shorten’s testimony were incredible. Nor has he apologised, or resigned.

When, at last, he does any of these three things it will be noted here.

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