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MacroBusiness Tuesday, February 12, 2019 - 12:00 Source

By Leith van Onselen NSW Premier, Gladys Berejiklian, has shamelessly attempted to bribe the grey vote in the lead-up to the upcoming state election, pledging to give self-funded retirees $200 off their power bills. From The SMH: Premier Gladys Berejiklian on Monday said about 130,000 people aged 65 or older who hold a seniors’ health card will

The post NSW Election: Gladys Berejiklian pledges $200 retiree bribe appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 11:50 Source

By Leith van Onselen The ABS has replaced its housing and lending finance series with a singe new Lending to households and businesses release, which shows that lending to households has crashed on the back of plummeting owner-occupied and investor mortgage lending: According to the ABS: In seasonally adjusted terms, lending commitments to households fell 4.4%

The post Owner-occupied and investor mortgage lending crashes appeared first on MacroBusiness.

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Renew Economy Tuesday, February 12, 2019 - 11:49 Source

President Donald Trump and fellow Republicans attack Green New Deal as impossible and a conduit for “socialism.” Sound familiar?

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MacroBusiness Tuesday, February 12, 2019 - 11:48 Source

There was always going to be a little bounce back from the December crash: Business conditions saw a moderate rebound in January after falling sharply in December. Some improvement was likely given the difficulty in addressing seasonality around the Christmas/New year period but even after this partial reversal, conditions and forward orders continue to trend

The post NAB business survey confirms economic stall appeared first on MacroBusiness.

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Renew Economy Tuesday, February 12, 2019 - 11:47 Source

Composite wing technology featuring inbuilt solar cells with the ability to triple the flying time of drones will be exhibited for the first time at the Avalon aviation expo this month.

The post Solar wings to make debut at Avalon air show appeared first on RenewEconomy.

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MacroBusiness Tuesday, February 12, 2019 - 11:45 Source

By Leith van Onselen We’ve hit peak stupid in the negative gearing debate, with Starr Partners CEO, Douglas Driscoll, claiming Labor’s policy will magically lead to an influx of Chinese investment, thereby locking-out first home buyers. From Yahoo Finance: Instead of boosting the volume of first-home buyers in the market, the changes could lead to a

The post Winner! The dumbest ever negative gearing defence appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 11:30 Source

Via Bloombergo today: Signs are emerging that a two-year hiring burst that cut Australian unemployment by almost a percentage point is starting to cool. Labour market resilience has been central to the Reserve Bank optimism, but the prospect of slower hiring and a jobless rate drifting higher would make it tougher to maintain its “glass half

The post Bloomie: Aussie jobs market has already turned down appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 11:15 Source

Via Capital Economics: • The People’s Bank (PBOC) appears to have intervened little in FX markets last month, suggesting that the renminbi is not facing much downward pressure at present. However, with the economy likely to slow and interest rates likely to fall further over coming months, pressure is likely to return later this year.

The post Chinese capital outflow eases appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, February 12, 2019 - 11:01 Source

Media Release A Daley Labor Government will make TAFE free for more than 600,000 certificate level places in skill shortage courses over the next decade, starting with child care, disability care, aged care, construction, plumbing, and electrical trades. Labor’s plan will help people to find jobs in industries that are crying out for more workers,…

The post Labor to make TAFE courses free appeared first on The AIM Network.

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MacroBusiness Tuesday, February 12, 2019 - 11:00 Source

By Leith van Onselen At the end of 2018, the Morrison Government failed to strike a deal with the Senate cross-bench to pass a bill that would have seen fees for low-balance superannuation accounts capped at 3% and exempted fund members under the age of 25 from compulsory life insurance. Consequently, younger workers and those

The post Labor under pressure on super life insurance gouge appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 10:45 Source

By Leith van Onselen The Australian’s Adam Creighton has written an enlightening article on how the Howard-era tax cuts continue to reap pay dirt for the Baby Boomer generation: Our athletes weren’t the only group to win gold on home soil in 2000. In the year of the Sydney Olympics, baby boomers snared world-beating tax

The post Federal Budget continues to favour the old appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 10:30 Source

By Leith van Onselen With Australia’s permanent migration program already an insane 180,000 in 2017-18 – more than double the level at the turn of the century: And net overseas migration (NOM) running at more than triple the historical average, which is projected to continue for decades to come: Many of us have been hoping

The post Labor immigration extremists go all in on “Big Australia” appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 10:15 Source

Via Domain: Sally Auld, a managing director and chief economist at investment bank JPMorgan, said a change to the laws would have a potential flow-on effect for house prices, which are already in the doldrums. …“It would mean that every single person who went into the bank and wanted a mortgage would have to go

The post ASIC HEM changes to hit house prices appeared first on MacroBusiness.

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Renew Economy Tuesday, February 12, 2019 - 10:14 Source

South Australia get more than 50 proposals for grid scale storage projects as the state looks to navigate path from 50 per cent towards 100 per cent renewables.

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MacroBusiness Tuesday, February 12, 2019 - 10:00 Source

Via Bloomie: Secretary of State Michael Pompeo came close to issuing an us-or-them ultimatum to nations buying from Huawei Technology Co., saying in Hungary that contracts with the Chinese networking giant could limit the availability of U.S. equipment. “If that equipment is co-located where we have important American systems, it makes it more difficult for

The post Cold War 2.0 advances as silicon curtain descends appeared first on MacroBusiness.

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John Quiggin Tuesday, February 12, 2019 - 09:59 Source

After the righteous fury that pervaded Royal Commissioner Hayne’s interim report on the financial system, the final recommendations came as a letdown to everyone (except of course the insiders who bid up bank shares in anticipation of the news).

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MacroBusiness Tuesday, February 12, 2019 - 09:45 Source

Geez, mate, a poor look, via Domain: Experts believe Liberal MP Tim Wilson may have breached privacy laws by failing to tell hundreds of people who signed up to a petition that their names, addresses, phone numbers and emails would be transferred to a multibillion-dollar fund manager. The backbencher’s taxpayer-funded inquiry into Labor’s franking credits

The post Tim Wilson running franking bucket shop for fundie mate? appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 09:30 Source

Via the AFR: The weaker LNG export market has “taken the top off” domestic gas prices in the eastern states but industrial buyers are still jostling for supplies available within the new normal range of $9-$11 a gigajoule, well above historical levels, according to one of the few producers with gas to sell next financial

The post Gas cartel continues to plunder eastern economy appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 09:15 Source

This is a new low in political economy stupid: Mortgage brokers are a con. Their brand of competition is simply to destroy lending standards and fuel absurd property prices out of which they take massive and conflicted trailing commissions. UBS research found that brokers “a statistically significantly higher level of factual inaccuracy via the broker

The post Beyond pale mortgage brokers launch banking devils ads appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 09:00 Source

By Chris Becker  Risk markets are very mixed with a stall on Wall Street not replicated in Asian or European markets, with the latter helped by a much stronger USD. Although US Treasuries sold off slightly, the lessening prospect of any further interest rate rises by the Fed was overshadowed by concern of the continuining

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 09:00 Source

Iron ore prices for February 11, 2018: Spot did its dash and paper flamed out overnight. Chinese steel production has started the year in decent shape. Who knows when the price spike will be over? The best way to think about it is temporary, via Westpac: Vale disaster boosts the spot price of iron ore

The post Daily iron ore price update (flame out) appeared first on MacroBusiness.

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Your Democracy Tuesday, February 12, 2019 - 06:24 Source

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Amazon boss Jeff Bezos, who led the tech giant as it cozied up with US authorities to develop surveillance tools, is now complaining that his privacy has been violated.

Bezos revealed he was blackmailed by the National Enquirer, which threatened to leak his nudes. The threat came in retaliation for unfavorable coverage in the Bezos-owned Washington Post, according to the messages.

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MacroBusiness Tuesday, February 12, 2019 - 05:54 Source

Or, more to the point, DXY hits new highs as EUR and CNY sink: Driving the Australian dollar to new lows for this move: Against EMs it was mixed: Gold is struggling now as DXY rallies: And oil: And base metals: Big miners softened too: EM stocks held on: And junk: But Treasuries were flogged:

The post Australian dollar hits new low as commodity complex sags appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 00:20 Source

It didn’t really work for Do-nothing Malcolm but that’s not going to stop do-nothing Scummo from having a red not go, via Jen Hewitt: Labor is “soft” and “weak”. Scott Morrison says so…the prospect of a brawl over border protection and national security is like a beacon glimmering in the political darkness…In terms of political strategy, this

The post Scummo launches do-nothing election campaign appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 00:15 Source

By Leith van Onselen Western Sydney is the epicentre of the city’s working class. It is a prime dumping ground for the federal government’s mass immigration ‘Big Australia’ program. And it has become a virtual “special economic zone” where wages can be shredded with impunity by the wealthy owners of capital living in the East.

The post Sydney’s immigration-crushed west faces dystopian future appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 00:12 Source

By Leith van Onselen Prime Minister Scott Morrison gave a National Press Club address yesterday, where he defended the mortgage broking industry against the Hayne Royal Commission’s recommendation to overhaul mortgage broking from a commission-based to a user-pays system: “The mortgage brokers understand, with the cautious way we’ve responded to the report, that we understand

The post Property Council PM backs mortgage broker locusts appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 00:10 Source

By Leith van Onselen Domain research analyst, Eliza Owen, has published a report showing that Sydney’s rental vacancy rate is rising at the same time as rents are falling: The Sydney rental vacancy rate has been trending higher. In January 2019, the rate was 2.8 per cent, up from 1.8 per cent in the previous

The post Domain: Sydney landlords crushed by falling rents appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 12, 2019 - 00:01 Source

Global Macro / Markets / Investing: Bezos Selfie Controversy Triggers Alarm For Billionaires Worldwide – Bloomberg Wealth concentration returning to ‘levels last seen during the Roaring Twenties,’ according to new research – Washington Post Tesla Is Cranking Out Model 3s—Now It Has to Service Them – WSJ Plummeting insect numbers ’threaten collapse of nature’ –

The post Links 12 February 2019 appeared first on MacroBusiness.

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George Monbiot Monday, February 11, 2019 - 23:21 Source

Why disaster capitalists are praying for a no deal Brexit.

By George Monbiot, published in the Guardian 8th February 2019

 

Part of me wants to smash it all up. I want to see the British bubble burst: the imperial nostalgia, the groundless belief in the inherent greatness of this nation, the casual dishonesty of those who govern us, the xenophobia, the intolerance, the denial, the complacency. I want those who have caused the coming disaster to own it, so that no one ever believes them again. No Deal Brexit? Bring it on.

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Renew Economy Monday, February 11, 2019 - 22:38 Source

FonzarelliAustralia is not able to boast much about its take-up of electric vehicles, but it does have some innovative companies achieving significant break-throughs in the sector.

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