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MacroBusiness Tuesday, March 31, 2020 - 09:40 Source

Via the excellent Damien Boey at Credit Suisse: The Australian government has pledged an additional $130 billion over the next 6 months in wage subsidies. Eligible firms will be paid $1500 per fortnight to subsidize workers stood down in the wake of COVID-19 shutdowns. The stimulus comes on top of the second $66 billion stimulus

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MacroBusiness Tuesday, March 31, 2020 - 09:30 Source

By Chris Becker  Overnight risk markets took the stimulus ball and ran with it, ignoring the growing COVID-19 virus caseload and deaths, particularly in the heart of the global economic machine, the USA. Quarter and month end rebalancing may also be playing a part, but it seems like another short covering bounce as the economic

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Harrangue Man Tuesday, March 31, 2020 - 09:25 Source

There was a change over the past two days; social distancing is now embedded. A jogger ran a wide berth around my bike. There are less people out.I dropped my chain going into scrub to avoid someone who was already off the path; I had to glide home.The grass is long, like post-civ long, and the feathery tendrils droop over the path to brush your legs as you glide down.People trapped at home are clearly doing some jobs.

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MacroBusiness Tuesday, March 31, 2020 - 09:20 Source

Is the WHO biased? I don’t know. How could I? What we can say is that it is clearly biased in favour of the Communist Party of China. We have seen that in its delayed responses throughout the Wuhan flu pandemic. Now there is this, via the BBC: Taiwan is seen as one of the

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MacroBusiness Tuesday, March 31, 2020 - 09:00 Source

Iron ore prices for March 30, 2020: Spot was hit. Paper was mualed as contracts rolled forward. Steel too. This is what I expect for the rest of the year. More and more pricing pain as the global depression sucks away demand more fully than supply is curtailed by the virus.

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Poll Bludger Tuesday, March 31, 2020 - 08:41 Source

Two new polls suggest early skepticism about the threat posed by coronavirus is fast disappearing.

The post Essential Research and Roy Morgan: more coronavirus polling appeared first on The Poll Bludger.

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MacroBusiness Tuesday, March 31, 2020 - 07:34 Source

DXY was up overnight: The Australian dollar was roughly stable as the rocket flamed out: But surged against EMs: Gold yawn: Oil is worthless: Which does not bode well for dirt: Miners were OK: EM stocks too: US junk rallied. Not EM: Bonds were mixed: Stocks tacked on gains: Westpac has the wrap: Event Wrap

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Renew Economy Tuesday, March 31, 2020 - 07:03 Source

Report says renewable hydrogen could beat out gas on power generation – but it’s not the answer for low-carbon automotive transport.

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Poll Bludger Tuesday, March 31, 2020 - 03:48 Source

At the end of every second month, this site rattles the tin at its valued readers, on whose patronage it relies to survive. Never has it done so in circumstances quite so unpromising as at present. So if you can find it in your hearts and/or wallets to do so now, it will be appreciated … Continue reading "Donation drive"

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MacroBusiness Tuesday, March 31, 2020 - 00:15 Source

Yesterday afternoon, Prime Minister Scott Morrison and Treasurer Josh Frydenberg officially announced that a $1,500 a fortnight “job keeper” wage subsidy will be paid to businesses to ensure they retain staff. The particulars of the agreement are as follows: The wage subsidy package will cost $130 billion over six months. Six million Australians are expected

The post Coalition creates most complex UBI imagainable appeared first on MacroBusiness.

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Harrangue Man Tuesday, March 31, 2020 - 00:15 Source

I sleep alone due to night terrors so it's a rare event for me to roll over, open my eyes and see another's face staring at mine, let alone that face being Hitler's.I have a dodgy copy of Mein Kampf given to me at Xmas. We were without good wifi and so I read about two thirds of it, the cover bent back. When I got home I put it on a shelf next to the bed.Hence the curled cover with that genocidal grognard's face staring at me when I rolled over.Baveria owned the copyright but it expired allowing others to republish. My dodgy copy failed the basic test of Hitler word provision which is you refute and give context to what he said.

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MacroBusiness Tuesday, March 31, 2020 - 00:10 Source

Economist Callam Pickering has posted alarming data at job site Indeed showing that job postings in Australia have collapsed by 24% versus the same time last year, with weakness apparent “across almost every occupational group” other than healthcare and supermarkets: At the same time, searches for supermarket jobs have surged to record highs: This comes

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MacroBusiness Tuesday, March 31, 2020 - 00:01 Source

Global Macro / Markets / Investing: ‘Shareholders come last’: Billionaire entrepreneur Mark Cuban says CEOs should prioritize employees and their families in coronavirus crisis – Business Insider Graphic: Three months that shook global markets – Reuters Understanding the Economic Shock of Coronavirus – HBR Coronavirus sparks a global gold rush, there is a severe shortage

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Your Democracy Monday, March 30, 2020 - 21:33 Source

brazilAs the world tries desperately to tackle the coronavirus pandemic, Brazil's president is doing his best to downplay it. 

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MacroBusiness Monday, March 30, 2020 - 16:30 Source

Outside local stocks its been another rough start to the trading week throughout Asia for risk markets, but US futures are pushing higher as the risk complex again reweights the growing pile of virus victims versus the verisimilitude of a v-shaped recovery! USD is holding its ground against the major currency pairs, although gold has

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Your Democracy Monday, March 30, 2020 - 16:10 Source

country

As of midnight tonight, gatherings in Australia will be restricted to two people in a further attempt to contain the coronavirus pandemic.

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Renew Economy Monday, March 30, 2020 - 15:44 Source

Report out of Norway warns full extent of impact of Covid-19 on global renewables market is "just beginning to reveal itself;" Covid restrictions hit Tilt Renewables NZ wind farm.

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Renew Economy Monday, March 30, 2020 - 15:18 Source

Coalition of community groups call for additional government support for homes and small businesses under financial stress to deal with energy costs.

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John Quiggin Monday, March 30, 2020 - 15:06 Source

The New Daily asked me to write a bit on the question “What should/will the post-coronavirus economy look like?

Here’s what I sent

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MacroBusiness Monday, March 30, 2020 - 14:20 Source

Earlier this month, the Parliamentary Budget Office (PBO) presented research estimating that the National Broadband Network’s (NBN) fair value is only $8.7 billion, roughly one-third the federal government’s initial equity investment of $29.5 billion: On top of this equity investment, NBN Co has also received a $19.5 billion loan that it is required to eventually

The post NBN should be included in economic stimulus package appeared first on MacroBusiness.

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Renew Economy Monday, March 30, 2020 - 14:08 Source

AER says NSW-Queensland interconnector upgrade stacks up economically, will address system security problems and help lower wholesale electricity prices.

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MacroBusiness Monday, March 30, 2020 - 14:00 Source

Foxtel is desperately pushing back against a tidal wave of customers seeking to cancel their subscriptions. Last week the company opened up its content library to Foxtel Now subscribers until 31 May. It also launched 15,000 hours of on-demand sporting content on Kayo Sports, including replays of live games, documentaries and sports entertainment. Over the

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MacroBusiness Monday, March 30, 2020 - 13:40 Source

Via Goldman: …without medical breakthroughs of some kind, the next few weeks could be challenging for markets as we price in a deep global recession.”…the Dollar pulled back this week as risk assets rebounded, but our best guess is that the historic rally is not quite over. … the real trade-weighted Dollar has perhaps 3-5% upside

The post Goldman, BofAML: Greenback boom not over appeared first on MacroBusiness.

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MacroBusiness Monday, March 30, 2020 - 13:20 Source

Estimates of Australian job losses continue to worsen, with ANZ Bank’s former chief economist, Warren Hogan, forecasting that between 1.5 and 1.8 million Australian workers will have been stood down by Easter, resulting in a unemployment rate of between 15% and 17%: “I think a wage subsidy is critical at this juncture … because we

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MacroBusiness Monday, March 30, 2020 - 13:00 Source

Via APRA’s Wayne Byers today: “In an environment such as this, you want the financial system to be a shock absorber to the broader economy.” “In 2008, the financial system was at the heart of the crisis, and actually amplifying the crisis through the rest of the economy. What you would hope, by building up

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MacroBusiness Monday, March 30, 2020 - 12:40 Source

Prime Minister Scott Morrison says the states and territories will impose a six-month moratorium on renters being evicted on account of financial distress resulting from the coronavirus pandemic. He says landlords need to work with their tenants and banks to come up with agreements that are of benefit to all parties. The moratorium proposal is

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MacroBusiness Monday, March 30, 2020 - 12:20 Source

Via Bloomie: American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All American Pipeline LP, one of the biggest shippers of crude in the U.S., sent a letter this week asking its suppliers to

The post Why oil is going to zero appeared first on MacroBusiness.

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Renew Economy Monday, March 30, 2020 - 12:15 Source

metropolitan mine coal peabody - optimisedNSW Berejiklian government quietly waves through planning approvals for coal mine expansion under Sydney drinking water catchment, ignoring criticism from environmental groups.

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Renew Economy Monday, March 30, 2020 - 12:13 Source

natural gas cooking appliance act governmentA look at the numbers shows that in eastern Australia, gas demand is going nowhere - for a whole bunch of reasons, including costs, climate and competition.

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MacroBusiness Monday, March 30, 2020 - 12:09 Source

Via Domain: US President Donald Trump has extended his administration’s social distancing guidelines until the end of April, abandoning his goal to have the country running normally by Easter. Trump’s announcement came as the federal government’s top infectious disease expert, Anthony Fauci, predicted that up to 200,000 Americans could die of the coronavirus and millions

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