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MacroBusiness Monday, December 11, 2017 - 09:40 Source

By Leith van Onselen Late last week, the Australian Taxation Office (ATO) dumped data on corporate tax paid in the 2015-16 year, which revealed that more than 700 large companies paid absolutely nothing, despite earning a combined income of $500 billion.  ABC News explains the dataset: There are some things we need to tell you

The post The great corporate tax dodge appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 09:30 Source

By Chris Becker  Another US non-farm payroll print has passed with Friday’s unemployment headline number not showing some disappointing results within, namely wage growth, but this hasn’t changed the market’s view of a certain rate hike by the Fed this month. This has been priced in to most USD pairs, but the Aussie dollar is

The post Macro Morning (Trading Week) appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 09:20 Source

Here it is in lurid colour, from The New Daily: Nearly 80 per cent of the foreign donations made to Australia’s political parties since the year 2000 were linked to China, a study of electoral commission data has revealed. As Malcolm Turnbull vows to stand up to Beijing amid growing concerns over foreign interference, an analysis

The post Who’s overreacting here, Australia or China? appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 09:00 Source

By Leith van Onselen A few week’s back, CoreLogic released data showing that the bottom 10% of dwellings in Melbourne are valued at an unaffordable $439,519 – well out of reach of most first home buyers: This followed CoreLogic’s September 2017 Mapping the Market Report, which revealed a shocking decline in affordable family-friendly housing across

The post Mass immigration drives death of Melbourne affordable housing appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, December 11, 2017 - 06:00 Source

Monday 11 December 2017 On December 7 I wrote a piece titled “Bill had me fooled. I actually believed him”. In part, this is what I said: “I have been writing on the subject for years now with a particular slant towards lying. So it comes as a bit of a shock, when the leader of…

The post Day to Day Politics: I was right when I criticised Shorten. appeared first on The AIM Network.

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politicalowl Monday, December 11, 2017 - 01:34 Source
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Club Troppo Monday, December 11, 2017 - 00:42 Source

The extraordinary outpouring of national happiness following the passage of the same sex marriage legislation on Thursday unavoidably gives rise to the question of whether some similar community consultation/plebiscite/survey mechanism (perhaps a well-designed and secure online survey mechanism rather than an unwieldy and expensive postal survey) might be an effective way to restore falling public confidence in Australia’s liberal democratic political system. For Labor, the Greens and most of the YES/LGBTQIA community, the immediate answer seems to be a resounding NO.

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MacroBusiness Monday, December 11, 2017 - 00:30 Source

Via Saxo comes the Outrageous predictions for 2018: Fed loses independence as US Treasury takes charge Treasury enacts 2.5% yield cap after massive spike Bank of Japan loses control of its monetary policy USDJPY rises to 150 and then collapses to 100 China issues CNY-denominated oil futures contract Petro-renminbi surges, USDCNY below 6.0 Volatility spikes on

The post Outrageous predictions for 2018 appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:29 Source

By Leith van Onselen Throughout the previous New Zealand National Government’s reign, it continually pinned the blame for New Zealand’s woeful housing affordability on a lack of supply, completely ignoring the role played by the government’s own mass immigration program: On Friday, Westpac released a research note, entitled “They came, they saw, they’re leaving”, which

The post Westpac: Falling NZ immigration to improve housing affordability, raise wages appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:28 Source

Australia’s last journalist standing, Adele Ferguson, has done it again: Gold Coast-based RFG is the country’s biggest food franchise operator, whose brands include Donut King, Brumby’s, Gloria Jean’s, Pizza Capers, Crust Gourmet Pizzas and Michel’s Patisserie. It has a market capitalisation of about $800 million and claims to have more than 2500 stores. Since listing on the ASX

The post Abuses pile upon Australia’s coolie army appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:27 Source

Treasury released a large and very good study Friday: On a variety of measures, wage growth is low. Regional mining areas have experienced faster wage growth, but wage growth has slowed in both mining and non-mining regions. Wage growth has been fairly similar across capital cities and regional areas, although the level of wages is

The post Why wages aren’t growing (and aren’t going to) appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:26 Source

By Leith van Onselen The latest Roy Morgan Research (RMR) unemployment estimate for November registered a 0.3% increase in the unemployment rate over the month and the key figure is a 0.6% increase over the year, with underemployment also rising: Below are the key points from the release: The workforce is 13,174,000, up 128,000 on

The post Roy Morgan unemployment rises to 9.8% in November appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:26 Source

Via The Australian: ASIO has identified about 10 ­political candidates at state and local government elections whom it believes have close ties to Chinese intelligence services, in what sec­urity officials assess as a deliberate strategy by Beijing to wield influence through Australian politics. Days after the Turnbull ­government unveiled a package of measures aimed at

The post ASIO: Manchurian candidates infiltrating elections appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:20 Source

Via Bill Evans at Westpac: Both the Reserve Bank and Treasury will be disturbed by the details behind the September quarter national accounts which printed on December 6. The accounts showed that the Australian economy expanded by a less than expected 0.6% in the September quarter to deliver an annual growth rate of 2.8%. We

The post Bill Evans: Consumer tapped-out appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:20 Source

It’s an eternal story of greed and loss: By the middle of the first decade of the twenty-first century, the psychology of the boom was well established. After multiple years of strong growth and rising asset values, risks seem to diminish in financial markets. The gambler has thrown the dice a number of times, and

The post How the Bitcoin pyramid bubble will proceed appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:20 Source

The pyramid scheme can always collapse very easily because it relies exclusively upon finding ever greater numbers of fools to keep it rising in price. Usually that’s represented as a pyramid with ever greater numbers required at the base as it grows. But, in truth, it should be represented as in inverted pyramid with ever

The post Bitcoin is sub-prime currency appeared first on MacroBusiness.

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North Coast Voices Monday, December 11, 2017 - 00:16 Source

Indian multinational, the family-owned Adani Group, appears to have financed its Queensland mining venture with debt. The book value of Adani Enterprises' Carmichael mine project was just under US$2.3bn by mid-2017.

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MacroBusiness Monday, December 11, 2017 - 00:15 Source

DXY was firm Friday night: AUD just hung onto 75 cents: And was weak against EMs: AUD CFTC speculative positions rose slightly to still moderately long at 40k: Gold was soft: Brent was strong as US rigs added just two. The lag between price and rollout is three-four months. More are coming: Base metals were

The post Goldilocks US jobs send stocks to new highs appeared first on MacroBusiness.

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North Coast Voices Monday, December 11, 2017 - 00:15 Source

Nothing like receiving bad news in the lead up to the festive season......News.com.au, 6 December 2017:CONTROVERSIAL plans to drug test unemployed welfare recipients will be suspended indefinitely after the Senate refused to endorse the idea.The Turnbull government had hoped to drug test 5000 Newstart and Youth Allowance recipients across three trial sites in NSW, Queensland and Western Australia from January.But Social Services Minister Christian Porter indicated this morning provisions for the pilot will be stripped from an omnibus welfare bill and dealt with separately, so other measures can be signed o

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MacroBusiness Monday, December 11, 2017 - 00:10 Source

CoreLogic released its auction report yesterday, which reported a small fall in the preliminary national auction clearance rate to 63.1% from 63.5% last weekend, and remained well below the 71.6% recorded in the same weekend last year: Auction volumes nationally were 3,353 – slightly above the 3,432 recorded in the same weekend last year: As

The post Sydney’s auction clearance rate in free fall appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:06 Source

From the AFR: AGL Energy has rejected Turnbull government pressure to extend the life of the coal-fired Liddell power station and instead revealed a $1.36 billion plan to replace it with electricity generated from gas, wind, solar and other supply. In a blunt rebuff of Canberra’s request for the 45-year-old Hunter Valley plant to be either sold

The post AGL plans endless energy shock appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:05 Source

Iron ore price charts for December 8, 2017: Tianjin benchmark lifted $2 to $68.40. Everything is still firm. We could easily see another spike ahead.

The post Daily iron ore price update (not over) appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:04 Source

Chinese inflation was out over the weekend with the CPI at 1.7% and PPI falling back 5.8%: The CPI is quite contained with inflation in services and deflation in food: The PPI’s narrow commodity inflation persists: Still all coal, oil, metals, chemicals…

The post China’s narrow commodity inflation persists appeared first on MacroBusiness.

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MacroBusiness Monday, December 11, 2017 - 00:01 Source

Global Macro / Markets / Investing: Bitcoin Futures Promise Wild Ride for Risk-Loving Traders – WSJ The battle in AI – The Economist Enron 2.0? ECB, Global Banks On The Hook For $21 Billion In Steinhoff Implosion – Zero Hedge Bitcoin mining ’is causing electricity blackouts’ – Mail Online Bitcoin Billionaire Winklevoss Sees Surge of

The post Links 11 December 2017 appeared first on MacroBusiness.

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The Australian Independent Media Network Sunday, December 10, 2017 - 23:40 Source

Loud hosannas resound in Canberra. Hallelujah. Could it be the joyous news that Harry and Meghan Markle will grace us with their royal presence at a charity polo match in Marvellous Melbourne early next year? Or is it Dotard Trump’s Middle East diplomatic masterstroke? Swayed by Zionist lobbyists and fat-cat Republican donors’ demands he moves…

The post A double agent in the house? It’s the least of our worries. appeared first on The AIM Network.

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The Australian Independent Media Network Sunday, December 10, 2017 - 19:51 Source

Normally around this time of the year over at The Political Sword we write an article that discusses some of the themes and issues that we looked at through the year that has nearly finished. In 2017, we’re going to do something different. You may remember in March this year, we announced with great sorrow…

The post Watch this space in 2017 – Redux appeared first on The AIM Network.

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Peter Martin Sunday, December 10, 2017 - 19:41 Source

How on earth could same-sex marriage deliver 10 years' worth of economic benefits? And why on earth do 18 of Australia's leading economists expect it to?

The experts were surveyed this week by the Economic Society of Australia. Thirty answered this question: "Will changing the law to allow same-sex couples to marry generate net economic benefits for the nation as a whole over the next 10 years?"

Eighteen thought it would. Only seven thought it would not.

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oecomuse Sunday, December 10, 2017 - 18:12 Source

Nobody with ears could mistake the words of recently re-elected Nationals Party leader Barnaby Joyce for stirring speechmaking. But in a close run thing, the indulgent nonsense from Prime Minister Malcolm Turnbull, when the House of Representatives eventually reconvened to debate marriage equality, was the bigger oratorical mess.

Joyce first. The footage of his breathlessly anticipated return to Canberra shows Barnaby muddling through a poorly-conceived and grossly misleading analogy on eligibility for the national parliament.

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Inside Story Sunday, December 10, 2017 - 17:38 Source

In the current environment, Labor’s win in Queensland is unusual. It is the first time a Labor state or federal government has been re-elected unequivocally anywhere in Australia since Anna Bligh’s historic breakthrough in March 2009. Are the times shifting Labor’s way? Or is this, as Malcolm Turnbull tells us, a result peculiar to Queensland?

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Renew Economy Sunday, December 10, 2017 - 16:03 Source

China-Australia renewable energy firm lands PPA with AGL for construction of 300MW of large scale solar - the biggest contract so far in Australia.

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