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MacroBusiness Tuesday, June 28, 2022 - 12:00 Source

PMAlbo is warmongering in Europe: Anthony Albanese says it is “critical” that long-term pressure is applied to Russia over its invasion of Ukraine to send a strong signal to China. Speaking in Madrid before attending the biggest NATO summit ever held, the Prime Minister said the 30-member security alliance was well aware that China had been

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MacroBusiness Tuesday, June 28, 2022 - 11:40 Source

Australia’s wage price index growth was 2.35% in the latest reporting period, well below the inflation rate of 5.1%:   However, analysis by former federal Treasury economist Peter Downes suggests that real growth in wages is much higher than official figures indicate. Downes says the wage price index does not take into account the annual

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MacroBusiness Tuesday, June 28, 2022 - 11:20 Source

Australia’s business confidence has begun to tank amid consecutive interest rate hikes from the Reserve Bank, alongside ongoing concerns around supply chains and input costs. The Roy Morgan Business Confidence index fell by 2.9 points (-2.9%) to 97.3 – the second straight monthly decline – falling to its lowest reading since September 2020: According to

The post Aussie business confidence tanks to pandemic levels appeared first on MacroBusiness.

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Your Democracy Tuesday, June 28, 2022 - 11:01 Source
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MacroBusiness Tuesday, June 28, 2022 - 11:00 Source

Regular readers will know that I have been running hard against the notion that Australia faces a wage-price spiral, instead pinning the blame for domestically-driven inflationary pressures on businesses jacking up prices and earning fat profits. The latest March quarter Australian national accounts proved my contention, with Australia’s real unit labour cost (ULC), which according

The post It’s never been a better time to be a capitalist in Australia appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 28, 2022 - 10:40 Source

Just another bear market rally. The Market Ear with the note. — VVIX – inverse panic Believe it or not but VVIX is pretty much back to recent lows, currently printing 88.88….VIX is down over past sessions, but the gap vs VVIX remains huge. Low VVIX does not mean the VIX must collapse as the

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MacroBusiness Tuesday, June 28, 2022 - 10:20 Source

The MSM is preoccupied with the latest culture war today while the meltdown in the core of the Australian economy gets ever worse. On Friday, the geniuses at AEMO restored the National Electricity Market (NEM): AEMO will formally end the suspension of the wholesale electricity spot market in all regions of the National Electricity Market

The post AEMO restores power “market”, prices explode appeared first on MacroBusiness.

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Your Democracy Tuesday, June 28, 2022 - 10:04 Source
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MacroBusiness Tuesday, June 28, 2022 - 10:00 Source

The ferrous complex was mixed on June 27, 2022: Not very convincing price action there. Steel is still very soft. Iron ore selling has outstripped most other hard commodities in recent weeks so some sort of snap-back is normal. I have no hard view on whether we go immediately lower again. Seasonal trends are about

The post Daily iron ore price update (short and medium term) appeared first on MacroBusiness.

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Renew Economy Tuesday, June 28, 2022 - 09:39 Source

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MacroBusiness Tuesday, June 28, 2022 - 09:30 Source

Last night saw a little bit of downside volatility return to equity markets but it was all marginal as the huge gains from Friday night’s sessions across both sides of the Atlantic couldn’t be sustained.  Keeping risk sentiment elevated was a strong US durable goods order for May, although the USD pulled back against most

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 28, 2022 - 09:30 Source

Pantheon with the note. — Chinese Profits Under Pressure, and Stimulus is Still Lacking Reopening in May provided a boost to Chinese industrial production, but industrial profits continued to fall. The pace of decline moderated, but we expect profits to remain under pressure for most of the year, amidst weak demand and probable further zero-Covid

The post No flood stimulus in China appeared first on MacroBusiness.

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Renew Economy Tuesday, June 28, 2022 - 09:09 Source

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MacroBusiness Tuesday, June 28, 2022 - 09:00 Source

DXY eased last night: AUD fell across the board: Oil lifted: Even some metals too: And miners: EM stocks didn’t break new lows in the last leg lower but they’re not exactly tearing higher either: EM junk is a fiery comet still screaming sell everything! As yields lifted with oil: And stocks fell: The problem?

The post Good news, bad news for Australian dollar appeared first on MacroBusiness.

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Your Democracy Tuesday, June 28, 2022 - 08:24 Source

According to the noise made by the small but vocal LGBTQ+ community, we all should be wearing rainbow-coloured underpants. But accepting and embracing the LGBTQ+ community does not mean that we all have to be LGBTQ+. 

 

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THE BLOT REPORT Tuesday, June 28, 2022 - 07:59 Source

Now that abortion probably will be recriminalised in many states in the US, it is worth remembering that, in Australia, abortion was largely or completely removed from the criminal code in the various states and territories between 1998 and 2020.

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Renew Economy Tuesday, June 28, 2022 - 07:26 Source

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The Tally Room Tuesday, June 28, 2022 - 06:30 Source

Ben is joined by Maholopa Laveil from the University of Papua New Guinea to discuss the upcoming Papua New Guinea national election, with voting scheduled for most of July. We discuss PNG constitutional structures, election procedures, how the parties work and political geography.

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MacroBusiness Tuesday, June 28, 2022 - 00:05 Source

CoreLogic recently released data showing that Australian dwelling values soared by 190.5% over the 20 years to March 2022, driven by a 209.3% surge in detached house values: In the past 20 years, the Australian housing market has seen six periods of upswing, interrupted by 5 periods of notable decline. These downswings in the housing

The post After the 20-year boom comes the great Australian housing bust appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 28, 2022 - 00:03 Source

CoreLogic’s latest rental listings report, released yesterday, shows that rental supply continues to plummet, with listings across the nation’s capital cities down by around one-third from pre-pandemic levels: As shown above, the last time Australia’s rental listings were this low was 2014 when Australia’s population was around 10% smaller. The next chart shows that listings

The post Rental crisis sweeps from coast-to-coast across Australia appeared first on MacroBusiness.

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MacroBusiness Tuesday, June 28, 2022 - 00:01 Source

Global Macro / Markets / Investing: The First Item on the G7 Agenda Should Be to Cancel the Global South’s Debt – New Republic Recession is challenging inflation as top fear among stock and bond investors – Market Watch Cannabis use has risen with legalization and COVID lockdowns, U.N. report says – Reuters Should the

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George Monbiot Monday, June 27, 2022 - 19:09 Source

This could be how the fight against climate breakdown reaches critical mass.

By George Monbiot, published in the Guardian 24th June 2022

It has proved too easy to stop people uniting around the crucial issues of our time. Those who demand better pay and conditions for workers and justice for the poor have been pitched by demagogues and corporate lobbyists against those who demand a habitable planet.

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The Australian Independent Media Network Monday, June 27, 2022 - 18:00 Source

By Ad astra   Revisionism is a general term that can be used with both positive and negative connotations for any scholarly practice dedicated to revising an established position. That is its benign meaning. Another is: “A movement in revolutionary Marxian socialism favouring an evolutionary rather than a revolutionary spirit” Contemporaneously in the 21st Century we are…

The post Revisionism appeared first on The AIM Network.

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The Australian Independent Media Network Monday, June 27, 2022 - 17:43 Source

Economics is quite simple really, if you think about it like a game of basketball. Your aim is to get as many baskets through the ring as possible while trying to ensure that your opponent doesn’t get more through. Of course, like all analogies related to economic matters, this one breaks down if somebody points…

The post Why You’re Never Entitled To A Wage Rise OR Economics For Dummies appeared first on The AIM Network.

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The Australian Independent Media Network Monday, June 27, 2022 - 16:54 Source

I want to be a prime minister who represents the entire country, our cities, our regions, our rural communities,” the PM says, following The Fair Work Commission’s (FWC) 18 June decision to lift the minimum wage to $21.38 an hour, a 5.2% boost for 186,000 workers, yet those on awards get 4.6%. 2.7 million workers…

The post A real wage cut? What’s the go, Albo? (Part Two) appeared first on The AIM Network.

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MacroBusiness Monday, June 27, 2022 - 16:00 Source

Some very solid gains to start the new trading week on Asian share markets with risk sentiment firming following some big moves on Friday night on Wall Street. The USD remains strong against most of the undollars, with the Australian dollar trying to push a little higher but still thwarted by the interest rate differential

The post Macro Afternoon appeared first on MacroBusiness.

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MacroBusiness Monday, June 27, 2022 - 14:30 Source

On Thursday, I posted the latest Westpac McDermott Miller Consumer Confidence Survey, which recorded the lowest consumer confidence reading in records dating back to the 1980s. Moreover, as shown in the next chart, there has historically been a strong correlation between consumer confidence and gross domestic product (GDP) growth, suggesting New Zealand is headed towards

The post Ardern falls victim to Reserve Bank’s recession warmongering appeared first on MacroBusiness.

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Renew Economy Monday, June 27, 2022 - 14:08 Source

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MacroBusiness Monday, June 27, 2022 - 14:00 Source

Only a fortnight ago, the futures market was forecasting that the Reserve Bank of Australia (RBA) would lift the Official Cash Rate (OCR) to 3.8% by December and to 4.4% by May 2023: The futures market is slowly floating back towards reality, now tipping an OCR of 3.1% by December and 3.7% by May 2023:

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The Australian Independent Media Network Monday, June 27, 2022 - 13:40 Source

The rehabilitation of Spudkins Dutton In 1977 Jerry Hall, super model, cover girl and actor ditched the suave Roxy Musician Bryan Ferry for a richer but daggier Mick Jagger. Fast forward many years and Jerry decided to broaden her palate and further stress test her gag reflex by buffing the kransky of Rupert Murdoch –…

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