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MacroBusiness Monday, August 3, 2020 - 13:00 Source

SBS News continues to shill for unemployed temporary migrants on ‘skilled’ visas, demanding they be given welfare support from Australian taxpayers and easier access to jobs: Some unemployed temporary visa holders are facing a double whammy of being ineligible for government assistance during the coronavirus pandemic and facing hurdles in being able to work for

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MacroBusiness Monday, August 3, 2020 - 12:40 Source

More sense from Jacinda Ardern: New Zealand Prime Minister Jacinda Ardern has put off the possibility of a trans-Tasman travel bubble between New Zealand and Australia due to the developing situation in Victoria. Ms Ardern said Australia would need to have 28 consecutive days with zero community transmission, something she believes will not be possible

The post Ardern pricks Australia/NZ travel bubble appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 12:20 Source

CoreLogic has officially released its dwelling value results for July, which reported an “orderly” 0.8% decline in values across the capital cities: According to CoreLogic’s head of research, Tim Lawless, housing markets have remained relatively resilient through the COVID period so far. “The impact from COVID-19 on housing values has been orderly to-date, with CoreLogic’s

The post Corelogic: Aussie property risks “skewed to the downside” appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 12:00 Source

For months I’ve not addressed Adam Creighton’s virus tirade demanding more people die to save business. It’s obvious that this is a false binary. The virus crushes economies whether governments step in to address it or not. Instead, I’ll just leave this here to let you take the measure of the man: Shameful what’s occurring

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The Australian Independent Media Network Monday, August 3, 2020 - 11:56 Source

Edith Cowan University Media Release The stunning turquoise bays of Rottnest Island could be key to a carbon-neutral future for Perth’s favourite island getaway, according to new research from Edith Cowan University (ECU) and The University of Western Australia. For the first time researchers have accurately measured the amount of carbon dioxide being absorbed by…

The post Seagrass paves the way for a carbon-neutral Rottnest appeared first on The AIM Network.

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MacroBusiness Monday, August 3, 2020 - 11:40 Source

MB has spent a lot of time focusing on the ‘fiscal cliff’ facing Australian households once emergency income support is wound back from October, specifically: JobKeeper will be reduced from $1500 to $1200 ($750 part-time); and JobSeeker will be reduced from $1100 to $815. This ‘fiscal cliff’ is illustrated nicely below by the Grattan Institute,

The post JobSeeker cuts will hammer economy appeared first on MacroBusiness.

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Renew Economy Monday, August 3, 2020 - 11:34 Source

RES and Macquarie land finance and a buyer for the second stage of the huge Murra Warra wind project in western Victoria.

The post RES, Macquarie land finance and buyer to double size of Murra Warra wind farm appeared first on RenewEconomy.

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Renew Economy Monday, August 3, 2020 - 11:34 Source

RES and Macquarie land finance and a buyer for the second stage of the huge Murra Warra wind project in western Victoria.

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MacroBusiness Monday, August 3, 2020 - 11:20 Source

Via Banking Day: At-call and term deposit rates continued to fall last month, in what comparison site Mozo called “a significant retreat”. AMP made some of the biggest cuts, reducing the six-month introductory rate on its Saver account by 70 basis points to 1.5 per cent and the ongoing bonus rate on its Bett3r account

The post Deposit rates crater appeared first on MacroBusiness.

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John Quiggin Monday, August 3, 2020 - 11:20 Source

In a recent post, I pointed out that long-term (30 year) real interest rates on safe (AAA) bonds had fallen to zero, and suggested that this meant the end of capitalism, at least in the sense that the term was understood in classical economics. On the other hand, stock markets have been doing very well. So what is going on? This is a complicated story and I’m still working it out,An important starting point is the fact that the most profitable companies, particularly tech companies, don’t have all that much in the way of capital assets compared to their market value.

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MacroBusiness Monday, August 3, 2020 - 11:00 Source

Oh dear: HAHAHA, UQ is distributing this standard response sheet to all staff at Open Day tomorrow. Which means it was promptly leaked to me by dozens of sympathetic staff. What absolute geniuses. How much more humiliating can this get? pic.twitter.com/byDHK3z2kQ — Drew Pavlou 柏乐志 (@DrewPavlou) August 1, 2020 In short, if someone mentions China,

The post UQ issues freedom of speech talking points appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 10:40 Source

The Australian dollar is struggling this morning: Bonds the usual flatline: XJO is soft” Big Iron is up: Big Gas not: Big Gold is: Big Banks have been sucked back into the bath of blood: WBC technicals tell the tale. Supports all broken: Property crash!

The post ASX bath of blood drowns banks appeared first on MacroBusiness.

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John Quiggin Monday, August 3, 2020 - 10:23 Source

Back again with another Monday Message Board.

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link

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MacroBusiness Monday, August 3, 2020 - 10:20 Source

Kristina Clifton, Senior Economist at CBA, has released interesting analysis examining household incomes and expenditure. She finds that average household disposable incomes have grown over the past year, thanks to emergency income support and early superannuation release, but expenditure has obviously fallen: The income of the average household has lifted over the past year driven

The post CBA: Aussie households are better-off than you think appeared first on MacroBusiness.

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Renew Economy Monday, August 3, 2020 - 10:14 Source

Gas industry is spending large sums of money on PR and marketing campaigns, astroturfing and front groups to oppose initiatives aimed at curbing direct gas use.

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MacroBusiness Monday, August 3, 2020 - 10:00 Source

Nice work here from Seth Klarman of Baupost: Peering into the Future: The Possible Longer-Term Ramifications of the COVID-19 Pandemic For most of the last century, a reasonable approach to assessing a company’s future prospects was to expect mean reversion. Fluctuations in business performance were largely cyclical phenomena. The stock market, as always, could be

The post The structural changes of COVID-19 appeared first on MacroBusiness.

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Renew Economy Monday, August 3, 2020 - 10:00 Source

coal fired power station closure decommissioning decline - optimisedGlobal coal capacity has declined for the first time, with coal plant retirements outpacing new plant construction during the first half of 2020.

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xkcd.com Monday, August 3, 2020 - 10:00 Source

I vaguely and irrationally resent how useful WebPlotDigitizer is.

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MacroBusiness Monday, August 3, 2020 - 09:40 Source

Australian dollar gold is at all-time highs this morning: Australian gold equities are matching the bull market: But note that equities usually very much overshoot the underlying metal before the bull market is done. Given I see gold going to $3000 at least this cycle, the prospects for the miners are excellent. That said, do

The post Australian dollar gold hits all-time high appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 09:30 Source

By Chris Becker  The very interesting divergence on global stock markets continued on Friday night with Wall Street going gaga for tech stock earnings while the rest of the civilized world took a deep breath and realised that COVID-19 troubles are not going away, with steep falls across the remainder of the risk complex. The

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 09:20 Source

Various discredited economists and pollies are still busying themselves with the game of politics as the body count rises: Good to see a bipartisan approach to MMT – let’s not waste any more time on this & look for policies that will make a meaningful and lasting difference to the economy and people’s lives https://t.co/rew6D6594I

The post Cometh the moment, cometh the Kohler appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 09:00 Source

Iron ore prices for July 31, 2020: Spot stable. Paper up. Steel plodding along. The Chinese Steel PMI was out and it wasn’t great: That’s some meh levels that do not justify today’s prices. But that only strengthens my notion that this is a policy-driven rally with steel mills pumping the stuff out purely to

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

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MacroBusiness Monday, August 3, 2020 - 08:30 Source

Via AIG: Nothing to crow about there. It’s inched off the floor of the pit thanks to virus-protected food and that’s all. Full report.

The post PMI inches off pit floor appeared first on MacroBusiness.

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Your Democracy Monday, August 3, 2020 - 07:35 Source

war...

War demands a lot of energy and a twisted sense of values.

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New Politics Monday, August 3, 2020 - 00:36 Source

Margaret Thatcher and Ronald Reagan instigated a brand of neoliberal economics and politics that affected the world for almost four decades.

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MacroBusiness Monday, August 3, 2020 - 00:11 Source

I wish it were hard to believe that just last week Josh Depressionberg announced a major tightening of fiscal support, the RBA put the stimulus cue in the rack, and the Morrison Government tried to bulldoze state quarantine borders in preparation for a rushed international opening to renew mass immigration and his favoured house price

The post One week in, Morrison’s recovery plan implodes appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 00:10 Source

Friday’s private sector credit data from the Reserve Bank of Australia (RBA) revealed that the stock of personal credit, which was already in terminal decline, collapsed by 10.5% in the year to June – the biggest plunge in recorded history: As shown above, this decline in personal credit growth easily exceeds the troughs of the

The post Aussie households choke on own vomit appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 00:05 Source

CoreLogic’s preliminary auction clearance rate rebounded to 65.3% from 59.2% last weekend: Melbourne’s preliminary clearance rate rebounded to 59.8% from 49.8% last week, due to bombing volumes (and fewer withdrawals). As noted by CoreLogic: There were 351 Melbourne homes scheduled for auction this week, lower than the 540 over the week prior. The lower volumes

The post Auction market hangs on appeared first on MacroBusiness.

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MacroBusiness Monday, August 3, 2020 - 00:01 Source

Macro & Markets US, China both lag badly in industrial robot race – Asia Times Global housing market chaos nowhere near end – Asia Times Central banks’ coronavirus bailouts are distorting the market, but do they even realise it? – SCMP WTO contender Amina Mohamed backs a new rule book in US-China trade war –

The post Links 3 August 2020 appeared first on MacroBusiness.

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MacroBusiness Sunday, August 2, 2020 - 18:01 Source

Global ratings agency, S&P, is the latest to jump on the Aussie housing bust bandwagon, predicting a peak-to-trough decline of 10% nationally with Sydney and Melbourne to experience heavier falls: “We think Sydney and Melbourne are two markets that are likely to drop by more than 10 per cent, but Melbourne is weaker as population

The post S&P rings the bell: Aussie property to bust appeared first on MacroBusiness.

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