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Oz Blog News Commentary
John Quiggin Tuesday, June 25, 2019 - 14:38 Source

That’s the headline from my latest piece in Inside Story, in Libra, Facebook’s newly announced cryptocurrency. Opening and closing paras below

Facebook’s announcement that it is launching a #cryptocurrency called Libra raises two questions. Will Libra compete with the most famous cryptocurrency, #Bitcoin ? And what is a cryptocurrency anyway?

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John Quiggin Tuesday, June 25, 2019 - 14:18 Source

I’m doing a run of radio interviews this week, including

  • A discussion of Economics In Two Lessons with Nick Rheinburger, morning presenter for ABC Illawarra
  • A talk about the history of Australian farming, with Annabelle Quince of Rear Vision, the history program on ABC RN
  • A discussion of the resurgence of socialism with Tom Switzer on ABC RN Between The Lines

The first interview should go to air on Thursday morning. I’m not sure about the other two

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MacroBusiness Tuesday, June 25, 2019 - 14:14 Source

Via New Daily: The property industry is pointing to high auction clearance rates as evidence of a strong post-election recovery, but experienced analysts say the latest figures only tell half the story. Last week recorded the highest final clearance rate (61.8 per cent) since May last year, prompting those with skin in the game to

The post What are auction clearance rates telling us? appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 13:52 Source

The FT has an interesting debate on it:   The price of iron ore has surged 60 per cent to above $115 a tonne so far this year, according to S&P Global Platts…But it also runs the risk of attracting fresh supply and bringing this year’s rally to an abrupt end. “The market is telling

The post Is iron ore signal or bubble? appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 13:23 Source

The AUD is down a little through the morning with no misbegotten RBA utterances to keep it aloft: XJO is down marginally: Aussie bonds are up: Bitcoin and gold are upperer: Dalian is soft: Big Iron up anyway: Big Gas is meh: Big Gold to the moon! Big Banks are all over: Big Realty is

The post Gold and bitcoin leave Australia dollar in the dust appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 12:45 Source

Back into the oven for the pizza giant, via the Herald Sun: Pizza giant Domino’s will on Tuesday be hit with a class action by workers who claim to have been underpaid for almost five years. The class action is being brought on behalf of delivery drivers and in-store workers employed across Domino’s franchise network.

The post Dominos back into the oven for wage theft appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 12:30 Source

Over recent years, I have called for an overhaul of Australia’s dietary guidelines, including Australia’s Health Star Rating System, which has too often ignored the prevalence of sugar while demonising natural saturated fats. I have also criticised Australian dieticians’ staunch defence of existing failed dietary guidelines that promote a high carbohydrate / low fat diet.

The post Choice calls for Health Star Ratings overhaul appeared first on MacroBusiness.

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Renew Economy Tuesday, June 25, 2019 - 12:14 Source

genex-solar-hydro-cmeps-nov2017-high-res-aerial-helicopter1-4-of-17_1_orig - optimisedGenex will raise $16 million to fund the completion of the Jemalong Solar Farm as the company doubles the capacity of its solar portfolio.

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Renew Economy Tuesday, June 25, 2019 - 12:06 Source

The 89MW Clermont Solar Farm, north of Emerald in Queensland, has begun sending power to the grid – just as the state's big solar industry gets some good news.

The post Clermont Solar Farm connects to the grid in Queensland appeared first on RenewEconomy.

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MacroBusiness Tuesday, June 25, 2019 - 12:00 Source

Not this Houses and Holes, who is flourishing. The houses and holes economy is cooked, says Adrian Blundell-Wignall, former director of the OECD, an adjunct professor at Sydney University and author of Globalisation and Finance at the Crossroads, via the AFR: “A plan” is not about government policy overreach exposed as flawed in the 1970s. A greater

The post Blundell-Wignall: Houses and holes are done appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 11:45 Source

So says the RBA: Dr Lowe also said major infrastructure funding should be run like monetary policy – at arm’s length from the government – so that voters trust it is fit for purpose. “If we don’t get it right then the public doesn’t trust the politicians,” he said at the Crawford leadership forum in Canberra

The post Should we run infrastructure like the RBA? appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 11:30 Source

Andrew Charlton from AlphaBeta has released a new report examining the cost of late payments to Australian businesses and the wider economy. The key findings are as follows: There’s plenty of evidence that late payments hurt cashflow, employment and wages for small businesses internationally. But there has been little data to truly quantify these costs

The post Late payments are costing the economy billions appeared first on MacroBusiness.

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Renew Economy Tuesday, June 25, 2019 - 11:22 Source

Close up of electrical tower and blue sky Renewable energy and smart grid - optimisedGreenSync secures landmark deal to deploy its demand response software into British electricity market, in what could be the "world's most advanced" network control system.

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MacroBusiness Tuesday, June 25, 2019 - 11:15 Source

This is the amusing joke, the idiot cousin if you will, that every Australian strategic analyst overlooks red faced, via Peter Hartcher: The leadership in Tehran repeatedly has said that if Iran is not allowed to export oil through the Persian Gulf, no one will. “Either everyone will export, or no one,” as Supreme Leader

The post In Iran war, Straya has 23 days to lights out appeared first on MacroBusiness.

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Renew Economy Tuesday, June 25, 2019 - 11:13 Source

acciona solar farm panels queensland-2Queensland Court of Appeal upholds Supreme Court decision of nearly one month ago, again blocking changes to solar safety regulations that threatened to bring the state's large-scale and commercial installations to a halt.

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MacroBusiness Tuesday, June 25, 2019 - 11:00 Source

The Australian’s Judith Sloan has penned an article today attacking claims of “generational injustice”: Intergenerational injustice is a myth… what do we mean by intergenerational injustice? The Grattan view is that people on the same income should be taxed in exactly the same way irrespective of their age. It doesn’t matter to the researchers that

The post “Generational injustice” is no myth appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 10:45 Source

The Assistant Minister for Superannuation, Janet Hume, has given the strongest indication yet that the Coalition will scrap the legislated increase in the superannuation guarantee (compulsory super) to 12%, as well as make superannuation contributions voluntary for those aged under 25. From The SMH: Jane Hume urged warring industry and retail funds to “lay down

The post Coalition to scrap “immoral” 12% compulsory super increase appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 10:30 Source

Australia’s housing bust has driven the biggest fall in new car sales in nine years, according to the Federal Chamber of Automotive Industries (FCAI): Sales of new cars in Australia have fallen for 14 consecutive months… “You’ve got the election, you’ve had a negative impact on lending as a result of the royal commission and you’ve

The post Housing bust drives new car sales off cliff appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 10:15 Source

Things have gone from bad to worse for residents of Sydney’s Mascot Tower. After the building was evacuated two weekends ago amid serious structural cracking, engineers have reported that the building is “moving in downward motion”. From SBS News: Mascot Towers’ coordinating engineer has now identified a new issue along the northern and eastern boundaries

The post NSW Government too late the hero on highrise slum towers appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 10:00 Source

By Leith van Onselen The NSW Office of State Revenue has released stamp duty data to May, which reveals a massive $1.6 billion (23%) decline over the past year and a $2.1 billion (29%) decline since stamp duty receipts peaked in October 2017: The latest retracement in stamp duty receipts follows a sharp 22% decline

The post NSW stamp duty bust deepens appeared first on MacroBusiness.

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Renew Economy Tuesday, June 25, 2019 - 09:50 Source

hydrogen plantFor Australia, hydrogen holds great promise in the production of renewable, storable fuel. But this must be weighed carefully against any drawbacks – or better options.

The post Hydrogen: Holy grail for 100% renewables – or hype? appeared first on RenewEconomy.

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MacroBusiness Tuesday, June 25, 2019 - 09:45 Source

Via The Australian comes the good news: Scott Morrison will move to ­ensure the Senate sits without a break until the Coalition’s entire $158 billion income tax cut package is passed when parliament resume­s next week, after Labor’s frontbench yesterday rejected calls from its own senior MPs to wave through all three stages of the

The post Time ScoMo put himself ahead of the gas cartel appeared first on MacroBusiness.

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Renew Economy Tuesday, June 25, 2019 - 09:35 Source

Australian-founded SIMEC Atlantis Energy will partner with General Electric’s Power Conversion business to develop the world’s largest tidal stream turbine.

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MacroBusiness Tuesday, June 25, 2019 - 09:30 Source

Via the AFR comes one of the legends of strategic policy in Australia, Hugh White: China’s bid for regional hegemony poses the most momentous strategic challenge America has faced in Asia since at least the Vietnam War, if not the Second World War. And yet Australia, as its closest ally in Asia, is declining to

The post Hugh White needs to get laid urgently in the national interest appeared first on MacroBusiness.

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Renew Economy Tuesday, June 25, 2019 - 09:16 Source

The growth of rooftop solar in W.A. means the world's biggest isolated grid could be a blueprint for the planning of a distributed energy system.

The post Rooftop solar throws massive curve ball to world’s most isolated grid appeared first on RenewEconomy.

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MacroBusiness Tuesday, June 25, 2019 - 09:15 Source

From Westpac this time: • As mentioned in our front page essay, last week’s RBA Board Minutes did nothing to silence the increasing market focus on the potential for the RBA to venture into more unconditional forms of monetary policy, such as quantitative easing. That is despite RBA Governor Lowe stating later in the week

The post More on Aussie QE appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 09:00 Source

Iron spot prices eased back. Paper fell harder. Steel jumped higher. Reuters explains: China’s top steel city of Tangshan has imposed a new set of output restrictions on its iron and steel firms because of persistently high industrial gas pollution levels, the local government-backed Tangshan Labour Daily reported on Monday. Two units of steel giant

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

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The Australian Independent Media Network Tuesday, June 25, 2019 - 08:48 Source

At what is rapidly becoming their ABC, Andrew Probyn has labelled Labor’s compromise on tax cuts a “dog’s breakfast”. “By splitting hairs on splitting bills, the Labor leader will now simply be accused by Scott Morrison and the Coalition of standing in the way of Australians getting a tax cut,” says Probyn. No economic analysis. …

The post It is your journalism that is a “dog’s breakfast”, Andrew appeared first on The AIM Network.

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MacroBusiness Tuesday, June 25, 2019 - 08:30 Source

By Chris Becker  Risk sentiment in overnight markets remained cautious, with interest rates falling again, pulling the USD down while lifting gold to another new record high. With no new economic events to go on or news catalysts, it was a relatively dull session! Looking at yesterday’s action in Asia first, with Chinese share markets almost unchanged

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 25, 2019 - 06:22 Source

DXY was soft again last night. EUR up and CNY down: The Australian dollar lifted against all DMs: And EMs: Gold broke out of its giant, bullish ascending triangle: Oil fell: Big miners rose: With metals: EM stocks were stalled: Junk stable: Treasuries were bid: And bunds: And local bonds: Stocks held on: Yesterday’s US

The post Australian dollar roars into the G20 appeared first on MacroBusiness.

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