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Oz Blog News Commentary
Tuesday, May 5, 2015 - 16:48 Source

(First published by Independent Australia)

Last night’s Four Corners, which showed the sexual harassment, long hours, poor accommodation, starvation wages and unlawful exploitation of young Asian men and women on ‘working holidays’ in this country, showed, as well, Coles and Woolworths involved — at arm’s length — in this form of slavery and their CEOs guilty, probably, of gaolable offences and many, many ‘service providers’, whose companies were named, liable for immediate imprisonment.

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MacroBusiness Tuesday, May 5, 2015 - 15:59 Source

Stan Shamu for Chris Weston, Chief Market Strategist at IG Markets RBA cuts but AUD rallies The much anticipated May Reserve Bank of Australia meeting has finally delivered a rate cut. Economists and the market were both expecting a cut and after a couple of months of holding fire, the central bank finally acted. The RBA

The post ASX at the close appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 5, 2015 - 15:54 Source

From Westpac’s Bill Evans: As we had forecast the Reserve Bank Board decided to lower the cash rate by 25bps to 2%. For Westpac this brings to a close an interesting six months in forecasting. When we changed our view on December 4, 2014 we were the only institution in the Bloomberg survey who forecast

The post Bill Evans on the cut appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 5, 2015 - 15:04 Source

Onya Fitch: Fitch Ratings-Sydney-05 May 2015: Fitch Ratings says the Reserve Bank of Australia’s (RBA) recent interest rate cut is likely to lead to a strengthened macro-prudential response from the Australian Prudential Regulatory Authority (APRA) for the Australian banking system, although implementation will probably remain targeted and occur on a bank-by-bank basis. Today’s rate cut

The post Fitch pounces on rate cut, demands MP appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 5, 2015 - 14:46 Source

Markets have taken the RBA cut completely backwards for no apparent reason. Bonds have been smashed: And the Aussie soared a full cent: Fairly dovish statement. Easing bias not repeated but intact. Strong currency jawboning. Macroprudential reinforced. Fade the lot I say, unless someone can explain it!

The post Markets go opposite world on rate cut appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 5, 2015 - 14:29 Source

The Reserve Bank May meeting announcement is out and it’s a 25bps cut: Statement by Glenn Stevens, Governor: Monetary Policy Decision At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.0 per cent, effective6 May 2015. The global economy is expanding at a moderate pace, but commodity

The post RBA cuts appeared first on MacroBusiness.

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Cheeseburger Gothic Tuesday, May 5, 2015 - 14:27 Source

“I really like your weapons,” said Martin Gnoji.

Karen smiled and leaned towards him as though to share a secret.

“They"re not really mine,” she stage-whispered.

Gnoji let his eyes drop to her artfully arranged cleavage.

“They look real to me,” he said, and tipped his head back and laughed. It was an ugly laugh. Louder than necessary, even in a noisy room, full of chattering idiots and a jazz band. Colonel Varatchevsky knew what he was doing. She had seen men behave this way many times. Beautiful women did. All women did.

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Tuesday, May 5, 2015 - 14:25 Source

Claim: Negative gearing keeps rent prices low.

Treasurer Joe Hockey recently defended the practice of negative gearing investment properties. “If you change negative gearing then there are significant flow-on consequences from people that rent homes and that needs to be properly considered,” he said. “There is a very strong argument that if you were to abolish negative gearing, you would see a significant increase in rents.”

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Renew Economy Tuesday, May 5, 2015 - 14:24 Source

Vector to deploy Tesla battery storage. But while Australian utilities weigh their options, Transgrid says competitive battery storage still up to decade away. Hello!

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Renew Economy Tuesday, May 5, 2015 - 14:18 Source

Andrews government’s first budget shows encouraging signs, but can it match the aspirations with funding and policy commitments?

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Renew Economy Tuesday, May 5, 2015 - 14:17 Source

Australia is going backwards in climate and energy policies and is being accused of deliberately throttling the renewable energy industry, and of gilding the lily on its Direct Action achievements. Meanwhile, pressure mounts for global climate targets to be even more ambitious.

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Renew Economy Tuesday, May 5, 2015 - 14:16 Source

States, territories agree to drive large-scale renewables uptake, as new report warns Australia risks economic crisis if it ignores shift to clean energy.

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Renew Economy Tuesday, May 5, 2015 - 14:12 Source

First panels installed at the second of two big solar projects being built in NSW, the 53MW Broken Hill Solar Plant.

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The Australian Independent Media Network Tuesday, May 5, 2015 - 14:11 Source

Yesterday, Tony Abbott and Peter Dutton published a media release informing us that

“The ongoing success of Operation Sovereign Borders (OSB) and its flow-on effects will deliver savings measures of more than $500 million in the 2015-16 Budget.”

They even produced one of their informative graphics.

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Renew Economy Tuesday, May 5, 2015 - 14:10 Source

IEA says renewables and energy efficiency to provide 75% of abatement. But memo Australia: It requires a policy to be implemented.

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Tuesday, May 5, 2015 - 13:56 Source

Last night's Four Corners report on exploited foreign workers was certainly confronting. But should we really be shocked?

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MacroBusiness Tuesday, May 5, 2015 - 12:48 Source

The Australian bond market has been moving sharply against a rate cut in the past 24 hours with yields up sharply across the curve: The curve has been steepening as well as the long end sells hardest: Part of this is the global sell off in bonds, which has actually seen Australian spreads to the

The post Bonds say no to rate cut appeared first on MacroBusiness.

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Tuesday, May 5, 2015 - 12:33 Source

The lauded performer linked the decision to difficulties in playing in Palestine but did not mention the BDS movement.

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Tuesday, May 5, 2015 - 12:13 Source

If it’s easier to influence land-use policies on the grounds of aesthetics or reducing litter and traffic than on whether fast food restaurants should be located close to hospitals or schools, do public health advocates have to rethink their...

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MacroBusiness Tuesday, May 5, 2015 - 12:10 Source

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released trade data for the month of March, with Australia recording a seasonally-adjusted trade deficit of $1,322 million. The result missed analyst’s expectations, who had expected a trade deficit of only $1.0 billion. It was the 12th monthly trade deficit in a row and

The post Trade deficit deteriorated in March quarter appeared first on MacroBusiness.

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Tuesday, May 5, 2015 - 12:07 Source

Stand between a university and $600,000 and you could find yourself in court, like this student organisation has.

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Tuesday, May 5, 2015 - 12:07 Source

Stand between a university and $600,000 and you could find yourself in court, like this student organisation has.

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MacroBusiness Tuesday, May 5, 2015 - 12:02 Source

And why not? The major’s are cutting production, there are green shoots in China and the US dollar is falling. The super cycle is back! Except that this is fantasy and what is actually happening is a short term steel mill restock amid a giant and growing iron ore glut. But it’s the former drivel

The post Iron ore equity inflates! appeared first on MacroBusiness.

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Renew Economy Tuesday, May 5, 2015 - 11:37 Source

Australia set a new record for wind energy output on Tuesday morning, breaking above 3GW for the first time.

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MacroBusiness Tuesday, May 5, 2015 - 11:35 Source

The Dun and Bradstreet business expectations survey is out and faded on the month across all measures. Sales: Profits: Capex: Employment:      And selling prices: I am of the view that this survey is pretty useless given it illustrates a consistent pattern of actual conditions predicting expectations, not the reverse.

The post D&B business survey fades appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 5, 2015 - 11:13 Source

According to a State Department memo (released by WikiLeaks), Li Keqiang (then the Party Committee Secretary of Liaoning) told a US ambassador in 2007 that the GDP figures in Liaoning were unreliable and that he himself used three other indicators: the railway cargo volume, electricity consumption and loans disbursed by banks. Keqiang index thus combines these

The post The Li Keqiang index is not well appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 5, 2015 - 10:55 Source

From the AIG: After two months of mild expansion, conditions in the services sector eased in April 2015. The seasonally-adjusted Australian Industry Group Australian Performance of Services Index (Australian PSI®) declined marginally by 0.5 points to 49.7 points this month, signalling broadly stable conditions across the services industry.  On the other hand, the three-month moving average for

The post Services PMI stalled appeared first on MacroBusiness.

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Tuesday, May 5, 2015 - 10:37 Source

Months after the Coalition refused to back an inquiry into the abuse of workers on holiday visas, devastating details of the practice have come to light.

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MacroBusiness Tuesday, May 5, 2015 - 10:22 Source

by Chris Becker On this morning ABC AM program, ex-RBA and current HSBC Chief Economist Paul Bloxham stated he thinks the RBA will hold fire for the third month in a row, as fears mount of igniting the housing bubble further: Well that’s certainly a part of the story we’ve got in mind. They face

The post Bloxo says RBA should hold appeared first on MacroBusiness.

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Renew Economy Tuesday, May 5, 2015 - 10:03 Source

CTO Peter Rive on how a $5,000 battery, co-financed with solar, can break open markets and serve grid-edge needs.

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