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MacroBusiness Tuesday, August 14, 2018 - 00:04 Source

China released new yuan loans last night and the result is more slowing in July. Bank lending was strong at 1450bn yuan. But total social financing was much less so at 1040bn yuan meaning shadow finance contracted for the third straight month down a whopping -440bn yuan:: This is now an unprecedented crash in shadow

The post Chinese credit till has the brakes on appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 14, 2018 - 00:04 Source

We all know how it ends. Eventually China is overwhelmed by its own bad debt. The dreams of empire crumble to empty vestiges, wealth greys with demographics, dynamism sinks into the rentier bog and endless growth into secular stagnation. This is China’s destiny and Australia will suffer for it. But in the meantime we are

The post China is fantastically reliant upon Australia appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 14, 2018 - 00:01 Source

Global Macro / Markets / Investing: The Mystery Behind Tether, the Crypto World’s Digital Dollar – WSJ Frackers Burn Cash to Sustain U.S. Oil Boom – WSJ Trump’s Tariffs Foster Crisis at the W.T.O. – NY Times Turkey’s Financial Crisis Surprised Many. Except This Analyst. – NY Times Turkey’s crisis could widen, and its options

The post Links 14 August 2018 appeared first on MacroBusiness.

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Your Democracy Monday, August 13, 2018 - 20:22 Source
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John Quiggin Monday, August 13, 2018 - 18:50 Source

Against my better judgement, I got sucked into a minor Twitterstorm over the weekend. The main outcome was to remind me that, while Twitter is useful in the role of a microblog, providing quick links to, and sharp observations on, more substantial material, it is utterly useless as a venue for discussion and debate.

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Your Democracy Monday, August 13, 2018 - 17:35 Source
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En Passant Monday, August 13, 2018 - 17:09 Source


Cartoon by Mark David / @mdavidcartoons.

 

From Reefgate to the Banking Royal Commission and Joyce versus Husar to Cash and the AWU raids, the case for a Federal ICAC is comprehensive, writes John Passant in Independent Australia.

Click here to read the article.

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MacroBusiness Monday, August 13, 2018 - 16:17 Source

A sea of red across Asian stock markets in response to Friday’s selloff in European banks as the Turkish financial worries grow. Emerging market currencies are being pummeled, plus the majors with offshore Yuan trading at a two week high, ready to break through the 7 handle while Yen is being bid up strongly on

The post Macro Afternoon appeared first on MacroBusiness.

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Harrangue Man Monday, August 13, 2018 - 16:06 Source

We've covered PTSD and buses in the mechanical sense from the number of posts about when I've had my startle reflex fired by air brakes discharging near my plump person; they're a constant menace.But now we move into the inside where the people are because they can be a problem. Buses are supposed to be like libraries or the elevator. People stay quiet and mind their own business.

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Renew Economy Monday, August 13, 2018 - 15:06 Source

Ratch Australia's 42.5MW solar project powers up, at its location next to the decommissioned Collinsville coal plant.

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Renew Economy Monday, August 13, 2018 - 15:06 Source

Ratch Australia's 42.5MW solar project powers up, at its location next to the decommissioned Collinsville coal plant.

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Renew Economy Monday, August 13, 2018 - 14:52 Source

Amid stand-off over the NEG, state and federal ministers took a major step forward on renewables integration by deciding to take action on AEMO's 20-year blueprint, and got enthusiastic about Alan Finkel's big ideas for renewable hydrogen.

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Renew Economy Monday, August 13, 2018 - 14:39 Source

Two new reports confirm NEG would kill off renewable energy in Australia after 2021, put Australia at "back of pack" on climate.

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Renew Economy Monday, August 13, 2018 - 14:27 Source

A NEG is worth having only if the ambition can be (easily) lifted, otherwise it's worse than useless, locking in a do-nothing policy for a decade.

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Renew Economy Monday, August 13, 2018 - 14:18 Source

Tesla to unveil Model 3 electric vehicles for first time in Australia next week, as analysts report production nears end of August target of 6,000/week.

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Renew Economy Monday, August 13, 2018 - 14:06 Source

Sims urges Coalition MPs to abolish rooftop solar subsidies as part of a package including the underwriting of "firm capacity" and price controls.

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Renew Economy Monday, August 13, 2018 - 13:47 Source

Despite NEG imbroglio, CoAG did some good work on integration of renewables and looking to green hydrogen future. Plus: Interview with NAB’s energy market guru, Andrew Smith.

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Renew Economy Monday, August 13, 2018 - 13:37 Source

Federal energy minister says Victoria's lights will go out if Labor states don't support NEG. Victoria energy minister says: poppycock.

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MacroBusiness Monday, August 13, 2018 - 13:00 Source

By Leith van Onselen Earlier this year, the chair of the Migration Council of Australia (MCA) and big business lobbyist for the Australian Industry Group (AIG), Innes Willox, penned an article in The Australian claiming that “now is not the time to cut migration” because of “skills shortages” [my emphasis]: Australia does not have a

The post As Migration Council chair howls “skills shortage”, Aussies can’t land jobs appeared first on MacroBusiness.

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Renew Economy Monday, August 13, 2018 - 12:31 Source

Remember the Babel fish from the Hitch-hiker's Guide to the Galaxy? Advocates are using them to justify the NEG.

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MacroBusiness Monday, August 13, 2018 - 12:30 Source

Via Gottiboff today: There are no simple answers as to how our corporate and government decision-making ran off the rails. …I reckon the rot actually started in Canberra around 1999, when the Howard government changed the public service policy. Until that time public servants, like executives, were required to give “frank, fearless and honest” advice

The post Gottiboff: John Howard wrecked the public srvice appeared first on MacroBusiness.

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Renew Economy Monday, August 13, 2018 - 12:20 Source

Coalition MPs told they may get their new coal fired generator. Seriously.

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MacroBusiness Monday, August 13, 2018 - 11:45 Source

After a full year in the office, we are happy to announce round two of the MB Fund seminar series. This year’s agenda is of course The Great Australian Housing Crash! Come one and come all to see (and meet) Leith van Onselen, David Llewellyn-Smith and Damien Klassen as they discuss just how fast and

The post 2018 MB Fund Melbourne Seminar announced! appeared first on MacroBusiness.

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Renew Economy Monday, August 13, 2018 - 11:33 Source

The Egyptian Electricity Transmission Company current review for the 200 MW Kom Ombo solar PV project has caused an immediate publicity campaign from the two companies involved.

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MacroBusiness Monday, August 13, 2018 - 11:30 Source

By Leith van Onselen Over the past few month’s, it has become clear that Melbourne’s housing correction has begun, with Melbourne taking the mantle of the nation’s weakest housing market, with values declining by 1.8% over the July quarter: Today, The AFR reports that Melbourne’s auction market has become “dismal” as the number of bidders

The post Melbourne auction market “dismal” as bidders disappear appeared first on MacroBusiness.

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MacroBusiness Monday, August 13, 2018 - 11:14 Source

Via Bill Evans at Westpac: The Reserve Bank’s August Statement on Monetary Policy provides few surprises. Of most interest in the Statement is the update in the Bank’s forecasts. In particular, this update includes another six months of forecasts to cover the whole of 2020. The GDP growth rate forecasts through to end 2018 and

The post RBA slashes inflation forecast appeared first on MacroBusiness.

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MacroBusiness Monday, August 13, 2018 - 11:04 Source

The AUD is at new two year lows this morning: Looks like the next supports are down in the mid-71 cents range. It’s DXY to the moon and EUR flushed: Bonds are bid strongly and yields are breaking into a downtrend: XJO is holding up, down 20 pips: Dalian has popped at the open on MOAR

The post Australian dollar thumped to new lows, ASX holds on appeared first on MacroBusiness.

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MacroBusiness Monday, August 13, 2018 - 11:00 Source

By Leith van Onselen Over recent weeks, we have witnessed several ‘authorities’ warn that Australia’s infrastructure is failing in the face of strong immigration-fuelled population growth (see here). Today, former Infrastructure Australia CEO turned Australian Logistics Council Chair, Philip Davies, joined the chorus warning that worsening congestion in our major cities, brought about by rapid

The post Mass immigration wrecking transport efficiency appeared first on MacroBusiness.

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MacroBusiness Monday, August 13, 2018 - 10:45 Source

Ah yes, RBA wages virtue signalling. Previously: In June, Reserve Bank governor Philip Lowe issued an extraordinary call to workers: rise up and demand pay rises. “The crisis really is in real wage growth,” he said. “Western workers feel like they cannot get a pay rise.” Yet last week we had this from the Hypocrite

The post RBA crushes wages in currency subsidiary appeared first on MacroBusiness.

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MacroBusiness Monday, August 13, 2018 - 10:30 Source

Via Bloomie: The People’s Bank of China won’t implement stimulus in “flood-irrigation” style, according to the quarterly monetary policy report released Friday night in Beijing. Prudent monetary policy should maintain neutrality and “keep balance between tightening and easing,” indicating a slightly easier bias than it did three months ago. …The bank said it will flexibly

The post China pushes MOAR stimulus appeared first on MacroBusiness.

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