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MacroBusiness Tuesday, June 9, 2015 - 08:37 Source

By Leith van Onselen The Australian Greens announced over the weekend their policy to quarantine negative gearing so that rental losses on both houses and shares could no longer be claimed against unrelated wage/salary earnings. Under the Greens plan, those already holding negatively geared investments would be grandfathered, with the changes only affecting new investors

The post The Greens’ negative gearing policy is a winner appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 9, 2015 - 08:00 Source

By Chris Becker The fallout from Friday nights non-farm payroll print in the US continues and renewed stress about a Greek default pulled stocks down around the world as Australia had a holiday. American and European stocks are now hitting new lows, putting paid to the “Sell in May” principle as summer seems a better proposition

The post Macro Morning (stock stutter) appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 9, 2015 - 06:50 Source

Australia’s last sane man standing – Saul Eslake – nailed the bubble over the weekend: “I would say they are causing social harm because they are widening the gap between those who have houses and those who don’t, and freezing younger generations out of home ownership,” he told Fairfax Media. The social harm is far more

The post How a bubble ate a nation appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 9, 2015 - 00:58 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 7 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 Tuesday, June 9, 2015 - 00:58 Source

The national auction clearance rate rose again over the weekend, continuing the record run of results. The preliminary national clearance rate was 79.2%, up from the 78.9% recorded last weekend, according to Core Logic-RP Data: Sydney’s clearance rate rocketed by 3.6% to 90.1%, whereas Melbourne’s was 78.4%, up marginally from the 78.3% clearance rate recorded

The post Auction clearances still locked in orbit appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 9, 2015 - 00:41 Source

For seven years now MB and sons has argued that Australia is trapped in a growth straight-jacket, wedged between the need for fiscal consolidation (to protect its bank’s offshore borrowings) and the compulsion by households to save after the GFC shock: The double head wind has resulted in sub-standard growth that is obvious to anyone with

The post Australia in the great secular stagnation appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 9, 2015 - 00:33 Source

MB’s five drivers model of the Australian model nicely projected the recent breakout in the Aussie. As the battler is now sinking again let’s update the model. The five drivers are: interest rate differentials; global and Australian growth (more recently this has become more nuanced for the Aussie to be more about Chinese growth); investor

The post Five drivers converge on lower Australian dollar appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 9, 2015 - 00:23 Source

The price of Brent oil rose a little from Friday to $62.67 for a number of reasons: over the weekend, OPEC kept it oil output targets unchanged; the US rig count fell 7 to 868: and, China’s oil restock is over, made clear in weak import numbers yesterday: Goldman remains bearish: October, $45/bbl End of 2015 target is $50

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

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MacroBusiness Tuesday, June 9, 2015 - 00:16 Source

Here are the iron ore charts for June 8, 2015 (incorporating 2 days): Qingdao spot weakened marginally and Tianjin was flat. Paper was mixed with Singapore 12 month swaps challenging $50 again. Dalian remains firm, however, and added 1 point last night. Rebar average just can’t stop falling and that tells you how weak steel is.

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

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MacroBusiness Tuesday, June 9, 2015 - 00:15 Source

From the Globe and Mail comes a useful forecast for Chinese steel: Yang Zengkui climbs a hill behind his small restaurant on the industrial outskirts of Shijiazhuang. Under a blue sky that was once rare here, he looks out over China’s Cement Alley. Twenty, maybe 30, cement plants are visible. It’s hard to count them all:

The post What Chinese cement can tell us about steel appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 9, 2015 - 00:10 Source

From Morgan Stanley: Although unlikely to boost demand this year, wethink OBOR could potentially provide new sources of commodity demand in the coming years. We think that if the initiative energizes global infrastructure development beyond our base case, OBOR could lift the associated commodity consumption patterns. In September 2013, Chinese leader Xi Jinping first discussed

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MacroBusiness Tuesday, June 9, 2015 - 00:07 Source

From The Guardian: Norway’s parliament has formally endorsed the move to sell off coal investments from its $900bn sovereign wealth fund, the world’s biggest. It is the largest fossil fuel divestment yet, affecting 122 companies across the world, and marking a new success for the fast-growing and UN-backed climate change campaign. …A dozen coal-related companies

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MacroBusiness Tuesday, June 9, 2015 - 00:05 Source

The first batch of Chin’a May data arrived yesterday and if it’s going to set the tone for the week ahead then the iron ore top will be in. Trade data for May registered a 2.8% fall in exports, which was slightly better than the 4% expected but imports continue to tank with commodity prices,

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MacroBusiness Tuesday, June 9, 2015 - 00:03 Source

From BofAML: The European proposal is asking three times more fiscal measures than what the former Greek government was willing to accept, despite a much lower primary surplus target. The Greek proposal is not specific enough on reforms, while insists on pre-election promises that we believe are unacceptable to the other side—reversing labor market reforms

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The Australian Independent Media Network Monday, June 8, 2015 - 20:50 Source

If there is one thing about Tony Abbott he loves a good fight.  He reminisces proudly of his boxing days and of his ‘sledging’ days of his youth; citing this as his only ability as a cricketer. “I couldn’t bat, I couldn’t bowl, I couldn’t field, but I could sledge….”

He has a long history of attacking the Rudd and Gillard Governments as opposition leader. He has forever ingrained in history a record of attacking Julia Gillard as a person and as a woman to the point Gillard felt compelled to give her famous misogyny speech.

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The Australian Independent Media Network Monday, June 8, 2015 - 20:13 Source

The subtitle of this 2014 book is ‘Australia’s Greatest Citizen General’, which gave me hope that it might look at Sir John Monash as a citizen as well as a general. Alas, this was not to be. The book is a plea for a re-evaluation of Monash’s contribution as a soldier in World War I, and is central to Fischer’s campaign to have him posthumously promoted to Field Marshall. Tim Fischer is a former leader of the National Party and deputy Prime Minister of Australia, so I should have known better.

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Fraudcast News Monday, June 8, 2015 - 18:36 Source

 Orhan Tsolak/Alamy

Attractive young Greek people used to make a politics article more enticing. Photograph: Orhan Tsolak/Alamy

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Monday, June 8, 2015 - 16:54 Source

A Labor Senator has expressed outrage that a company escaped prosectuion for ripping off almost $1 million from workers. Thom Mitchell reports. 

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Monday, June 8, 2015 - 15:52 Source

A senate committee has been split over the Bill, with Coalition senators digging in despite serious warnings. Max Chalmers reports.

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Delimiter Monday, June 8, 2015 - 15:30 Source

this is just a very quick post to alert readers that Delimiter is no longer actively using the Feedburner RSS subscription service. Please update our feed in your RSS reader accordingly.

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Monday, June 8, 2015 - 15:29 Source

An anonymous whistleblower’s explosive revelations that immigration detention contractors were spying on Senator Sarah Hanson-Young have not been referred for police investigation. Max Chalmers reports.

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Monday, June 8, 2015 - 15:15 Source

A fringe group in Alice Springs remains unrepentant, amid condemnation from the NT Government. Amy McQuire reports.

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The Australian Independent Media Network Monday, June 8, 2015 - 14:14 Source

Amanda Vanstone, in her column in The Age today, gives us an inkling of not just a divided cabinet, but one where the knives are out for someone and that someone is probably Tony Abbott.

The now infamous cabinet leak on citizenship that has captivated everyone in the media and given the average person in the street some insight into the goings on in cabinet, will also stand, I suspect, as the first salvo, in a renewed attempt to dump Abbott.

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WixxyLeaks Monday, June 8, 2015 - 14:00 Source

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We live in a country with a government that claims to be tough on terror. Laws are being toughened up, our border protection set to DEFCON 4, and debate rages over whether government should have access to our META Data (if only we could find a politician to explain what it is).

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Monday, June 8, 2015 - 10:29 Source

Abbott gave no knighthoods to anyone, having been advised by his masseuse Credlin not to give one to Pell, his confessor, until his many crimes against suicidal children had been ‘sorted by the courts’, nor to his friend Hollingworth, the paedophile protector, as ‘he had one already’.

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xkcd.com Monday, June 8, 2015 - 10:00 Source

 Perfectly coherent words, but in the pet's language, not mine.

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MacroBusiness Monday, June 8, 2015 - 01:12 Source

Asia China Merchants’ explosive private-banking growth sets up global expansion push – SCMP Finance ministers’ talks back on track – SCMP Androids invade Japan’s service industry – Nikkei Asian Review Japan’s fertility rate headed for long-term decline – Nikkei Asian Review The key to India’s economy? Look to the heavens – Nikkei Asian Review Turks

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Sunday, June 7, 2015 - 18:58 Source

Was there, is there, video by Wilson Security of Hanson Young in the shower?

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The Political Sword Sunday, June 7, 2015 - 18:30 Source

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The Australian Independent Media Network Sunday, June 7, 2015 - 17:33 Source

Sarah Hanson-Young described Tony Abbott/s action as ‘creepy’.

On being told that Wilson private security made claims that employees at the Australian-run immigration detention centre had spied on South Australian Greens senator Senator Hanson-Young during recent her visit to Nauru. Hanson-Young was followed without her being aware of it. Asked about this, Tony Abbott said “I don’t accept that characterisation. I believe she was being, in fact, looked after while she was there.”

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