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MacroBusiness Tuesday, June 19, 2018 - 00:19 Source

The Bank of International Settlements is out with a new assessment of cryptocurrencies. It does not pull its punches: …a key potential limitation in terms of efficiency is the enormous cost of generating decentralised trust. One would expect miners to compete to add new blocks to the ledger through the proof-of-work until their anticipated profits

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MacroBusiness Tuesday, June 19, 2018 - 00:15 Source

It’s all part of the plan, from Domainfax Zones that control medium-density property development in sensitive areas would be changed and tightened up, under a Coalition promise to “protect” Melbourne’s streets. …Under Labor, developers on blocks bigger than 400 square metres have been allowed to build as many dwellings as they like – but they must

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MacroBusiness Tuesday, June 19, 2018 - 00:15 Source

Via Domainfax: Ipsos Public Affairs has been monitoring Victorians’ attitudes about issues for a decade, surveying 750 people each quarter. At the 2014 election, just 7 per cent of Melburnians, and 6 per cent statewide,  said they were concerned about population growth. In the most recent Ipsos survey this month, 20 per cent of respondents in

The post Population ponzi rockets as voter issue appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 19, 2018 - 00:15 Source

Via CoreLogic comes leading listings which are trending up” And leading mortgages which are trending down: Detailed Sydney and Melbourne auction results show an unchanged pattern with Sydney’s mortgage belt suffering and Melbourne showing more widespread but shallower pain:   Full report.

The post CoreLogic leading indexes still point down appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 19, 2018 - 00:10 Source

By Leith van Onselen The Australian Bureau of Statistics yesterday released its overseas short-term arrivals and departures figures for April, which continued to show a trend rise in the number of inbound visitors, with Chinese arrivals continuing to boom. The number of short-term visitor arrivals fell a seasonal 22.1% in April in original terms, whereas

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MacroBusiness Tuesday, June 19, 2018 - 00:10 Source

Never mind the appropriate divisions of public policy and private business. Never mind market integrity or rules. Never mind science or evidence-based policy. The Coalition energy loons are in town. We begin at the top with Josh Frydenberg and the AFR: A deal struck in late 2015 by AGL Energy under its then relatively new

The post Frydenberg’s energy chaos intensifies appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 19, 2018 - 00:01 Source

Global Macro / Markets / Investing: If you think your job is pointless, it probably is – WaPo (Bullshit Jobs by David Graeber) OPEC is discussing a compromise agreement to boost oil production as Iran, Venz, Iraq threaten to veto supply increase – Bloomberg Crowded trade watch: no-one likes the Swiss franc – FT Alphaville

The post Links 19 June 2018 appeared first on MacroBusiness.

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Club Troppo Monday, June 18, 2018 - 22:57 Source


The first time I’ve ever had something published with the graphic being a cockroach. And hopefully not the last. From the FT.

Bob Sleeper (Letters, June 15) is concerned that if central banks embraced competitive neutrality and extended to us all the utility banking they provide commercial banks, that would leave high-risk loans to the private sector. For me that’s a feature, not a bug.

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The Australian Independent Media Network Monday, June 18, 2018 - 18:00 Source

This week we originally were going to be discussing Pauline Hanson’s One Nation party and their apparent habit of losing Senators. After all, to lose one Senator is careless, two is a concern and so on. Apart from the Betoota Advocate doing the satire better, they also bring in the relevant point of popularism. Hanson is “President…

The post The perils of popularism appeared first on The AIM Network.

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The Australian Independent Media Network Monday, June 18, 2018 - 17:25 Source

By Jane Salmon The person who allegedly killed Euridyce Dixon has been said to be struggling with autism. This is not an excuse for anything he may have done. What has happened is inexcusable. Not only has a fine woman of wit and conscience had her life taken … Not only has someone innocent died in…

The post Cutting High Functioning Autism Funding Re: NDIS appeared first on The AIM Network.

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Monday, June 18, 2018 - 16:55 Source

The Liberal Party federal council’s call to sell off the ABC is unlikely to be taken up by the parliamentary party, but the fact that it was made at all represents not only a major challenge to Malcolm Turnbull but also a break with the party’s own history. The prime minister is quite right to insist that policy remains the sole prerogative of the parliamentary party: the perfectly sound reasons why this is so were enunciated repeatedly by the party’s founder, Robert Menzies, during his long period in power.

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MacroBusiness Monday, June 18, 2018 - 16:30 Source

Subdued trading in Asia today with Chinese stock markets closed, as Japanese did the heavy lifting, taking the poor Friday night Wall Street lead and running with it. Perhaps a holiday in China today is a good thing with the tit-for-tat trade war looming with the US, can we next get Trump’s twitter account on

The post Macro Afternoon appeared first on MacroBusiness.

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George Monbiot Monday, June 18, 2018 - 15:44 Source

The denial of popular sovereignty by mainstream leaders allows demagogues like Trump to pose as democratic champions.

By George Monbiot, published in the Guardian 18th June 2018

 

He gets almost everything wrong. But last weekend Donald Trump got something right. To the horror of the other leaders of the rich world, he defended democracy against its detractors. Perhaps predictably, he has been universally condemned for it.

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Renew Economy Monday, June 18, 2018 - 15:28 Source

Macquarie Capital sells two 40% stakes in Lal Lal Wind Farm, which is reported to have off-take deal with “two Australian industrials.”

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Renew Economy Monday, June 18, 2018 - 15:21 Source

Latest version of National Energy Guarantee raises concerns it could put a de-facto cap on efforts by states, retailers and even corporate buyers, while the creation of a closed registry raises issues about transparency.

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Monday, June 18, 2018 - 15:04 Source

And lo, as did King Solomon before him, the Honourable Justice Jonathan Beach of the Federal Court last week ordered the baby cut in twain. The Cormack Foundation, a $70 million investment fund, has been subject of a long and bitter feud among Victoria’s Liberals. The party, under state president Michael Kroger, claims its resources are held in trust for the Liberals alone.

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Renew Economy Monday, June 18, 2018 - 14:59 Source

NAB launches $200m Low Carbon Shared Portfolio, backed by senior loans to seven wind and large-scale solar farms, and with a $90m cornerstone investment from the CEFC.

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Your Democracy Monday, June 18, 2018 - 14:32 Source

oak leaves

It is interesting to contemplate the fact that the same thing that is causing the glaciers to melt and the inundation of low-lying areas — industrial, technological, and economic progress — is an intrinsic part of the same phenomenon that is dissolving religions, families, politics, and so forth.

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MacroBusiness Monday, June 18, 2018 - 14:18 Source

by Chris Becker The Australian dollar opened just below 76 cents against King USD last week, but ended on Friday more than 1.5 cents (or 150 pips) lower to finish closer to the 74 handle. To put that into context, it has lost nearly 6 cents since its high on Australia Day at just over

The post The bears are piling up for the Aussie dollar appeared first on MacroBusiness.

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Harrangue Man Monday, June 18, 2018 - 14:09 Source

I had manked up my twin pairs of slippers to the point of yuck and found they'd been replaced by handsome tartan innard coloured affairs. Hopefully I will not bleed through these ones. I'm still going through a rough patch of picking at the rough patches on my feet. I plan to stop doing this. I don't like this habit but it's deeply ingrained. How to ungrain it?The wounded brain is a wondrous thing; like an outback road sign peppered with shot. It still does the job but the wind whistles through it.

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MacroBusiness Monday, June 18, 2018 - 13:37 Source

Honestly, how does this pass as serious debate: Liberal senator James Paterson has called for universities to face fines for failing to uphold free speech, claiming that financial penalties would go some way to preventing the “administrative cowardice” behind the Australian National University’s decision to scrap plans for a course in Western civilisation. As debate

The post Coalition child: Fine unis to enforce my version of free speech appeared first on MacroBusiness.

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Harrangue Man Monday, June 18, 2018 - 13:22 Source

I immediately fucked up a basic task of not doing something utterly stupid. It sunk in within 20 minutes after I continued to watch what I'd critiqued and what was said changed my perspective. I realised what that meant and had to report the fail and that I would not do it again.Fucking hell, what a rookie fucking mistake to make. I dobbed myself in; it's always best to admit a fail that have someone tell it to you. It's the equivalent of fucking about with a forklift and driving the prongs through a roller door.Lesson learned. Fucking ouch.

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MacroBusiness Monday, June 18, 2018 - 13:15 Source

More credit crunch porn at the AFR today: Mortgage brokers and buyers agents’ claim million-dollar property sales are collapsing as increasingly risk-averse lenders reassess their exposure and pull out, causing deals to collapse. Sales between $3 million and $5 million and settlements for off-the-plan apartments – where preliminary lender offers were made two-to-four years ago

The post Property deals collapse as banks strip buyers “naked” appeared first on MacroBusiness.

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Renew Economy Monday, June 18, 2018 - 13:08 Source

Demand response is so hot right now. But how does it work? And what sort of impact are these new resources having on the NEM's frequency and ancillary services markets?

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MacroBusiness Monday, June 18, 2018 - 12:44 Source

Via the AFR: For Australian entrepreneur Andrea Myles, Prime Minister Malcolm Turnbull dropped what she refers to as his “Mandarin bomb” at exactly the wrong time. It was December last year, around the time Myles was recruiting participants for the third “China Australia Millennial Project”, which puts young Australian and Chinese entrepreneurs in a room

The post Good news: Chinese millennials turn off Australia appeared first on MacroBusiness.

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The Melbourne Urbanist Monday, June 18, 2018 - 12:07 Source

It promised a lot, but this month oBike walked away from Melbourne after just one year. The key problem was the same one faced by all forms of cycling in Australian cities What can we learn from oBike’s demise? Advertisements

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Monday, June 18, 2018 - 11:54 Source

Among the many dumb things Tony Abbott did to precipitate his downfall as prime minister was to toss reassuring culture war declarations to the feral base of the Liberal Party, via Sky News and the Bolt Report.

On one occasion he assured an on-air personality — Andrew Bolt, I think, perhaps when he was still on Channel 10 — that he shared the worldview of News Corp rather than the ABC. It’s the kind of statement that would be harmless if Bolt’s viewers were its only audience, but naturally it ricocheted around the internet and into mainstream media, where it could be witnessed by the politically disengaged hordes.

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MacroBusiness Monday, June 18, 2018 - 11:40 Source

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released visitor arrivals and departures data for the month of April, which again posted turbo-charged net annual permanent and long-term arrivals. In the year to April 2018, there were 800,240 permanent and long-term arrivals into Australia – up 4% from April 2017 and an

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MacroBusiness Monday, June 18, 2018 - 11:36 Source

AUD is down through the morning: As DXY threatens breakout of an inverse head and shoulders bottom: Bonds are bid: XJO is down a little: But Big Iron is bashed (Dalian is shut): Big Gas is down: And Big Gold: Big Scum has caught a break as yields fall. This could be a tradable rally

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MacroBusiness Monday, June 18, 2018 - 11:30 Source

JPM runs a neat global bond curve index that is worth a mention: In particular, the yield spread between the 7-10 year minus the 1-3 year maturity buckets of our global government bond index (JPM GBI Broad bond index) shifted to negative territory this week for the first time since 2007. This can be seen in

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