Blogotariat

Yesterday’s statement by Defence Minister Richard Marles that Australia’s geography and continent would be crucial to any United States prosecution of a war against China will go down as a dark moment in Australia’s history.

ARENA to provide $19.8m for NeoSmelt, a venture designed to prove that iron ore from Australia's giant Pilbara mining province can be used to make low carbon steel.

Waratah Super Battery sets Australian charging and discharge record as it works through commissioning, and as its owner snaps up staff from bankrupt supplier.

The leaders of the Group of Seven (G7) expressed support for Israel's security in a joint statement amid the escalation with Iran, pointing to the importance of de-escalation in the region.

"We affirm that Israel has a right to defend itself. We reiterate our support for the security of Israel," the statement says. "We urge that the resolution of the Iranian crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza."

South Australia gears up to launch a long duration energy storage tender before the end of the year, calling for projects with at least eight hour durations.

New Zealand’s economy is a basket case. Consider the following data points, many of which come from Justin Fabo from Antipodean Macro. The following chart of national accounts data to Q4 2024 shows that New Zealand has experienced a sharp decline in GDP and national income. More recent data suggests that the economy remains moribund.

The post New Zealand is an ‘economic basket case’ appeared first on MacroBusiness.

According to The Guardian, Australia’s tobacco excise rate has tripled in the past decade, from 46c to $1.40 per cigarette, accounting for $28 of the average $40 price for a packet of 20 cigarettes. This has led economists to suggest either a freeze or a cut to the excise rate while Australia cracks down on

The post Sometimes less is more with taxation appeared first on MacroBusiness.

Overbought, says the Market Ear. SPX vs US financial conditions The two have moved in tandem, but note the latest little gap… Source: BNY Turning cautious The great JPM market intelligence team have played the melt up well. They are turning more cautious here: Geopolitical tensions and energy price spikes raise pullback risk, though any

The post Overbought appeared first on MacroBusiness.

The Commonwealth Grants Commission (CGC) reduced Queensland’s share of goods and services tax (GST) revenue by $2.4 billion in March due to the state’s strong revenue from coal royalties. Queensland’s GST allocation was also reduced by $384 million in 2024-25. Federal Treasurer Jim Chalmers indicated at the time that he would not overrule the independent

The post Which state is being ‘dudded’ on GST? appeared first on MacroBusiness.

Slowly but surely, iron ore is breaking down. Yesterday’s May output data was the weakest in six years. Yet, it is not yet doomsday, except, perhaps, for the climate. China has abandoned any pretence of a green steel transition. The output falls are equally large in BOF and EAF, but the Five Year Plan was

The post China’s green steel dream disappears appeared first on MacroBusiness.

Sell Abu Dhabi half of Santos. Or some fraction of that makes sense to the national interest. We must all remember the history of this evil firm. As explained by The Australian in 2017 (below), Santos built two LNG export trains out of Gladstone, Queensland, without enough gas to meet export contracts. As a result,

The post Sell Abu Dhabi half of Santos appeared first on MacroBusiness.

  As the G7 meeting in Canada gets underway, the headlines are still dominated by the Israeli-Iranian war with the potential for a ceasefire pushing European and US stocks higher overnight. The USD was able to gain some lost ground but remained quite mixed against the currency majors with news of a potential trade deal

The post Macro Morning appeared first on MacroBusiness.