The Reserve Bank of New Zealand cut the official cash rate (OCR) by 25bp to 3.0%, a decision widely expected by economists and markets. This meant that the OCR has fallen by 2.5% from its 5.5% peak in mid-2024. The above OCR track published by the Reserve Bank is projected to end the year at
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Platitude one. Treasurer Jim Chalmers has opened the door for an assault on superannuation concessions and other wealth taxes in exchange for lower income tax, by declaring intergenerational equity will drive reforms that could be taken to the next election or implemented beforehand. Wrapping up the three-day Economic Reform Roundtable on Thursday, Chalmers said while there was no clear
James Campbell from the Daily Telegraph reported on the explosion in bogus asylum seekers under the Albanese government: When Labor came to office, there were roughly 68,000 people who had been told they must leave who were still here. By the end of July, this number had reached 98,979, which without a doubt will be
I am philosophically opposed to using scarce taxpayer funds to subsidise private car purchases. Battery electric vehicles (BEVs) are heavily subsidised in Australia. Every year, the federal government loses more than $500 million in tax income due to the Fringe Benefits Tax (FBT) exemption for BEVs, a figure that will rise as the number of
The Herald Sun has another frustrating gas debate today. Gas exports from the east coast could be brought under a new licence scheme to protect supplies for Aussie users, under a plan backed by industry groups and manufacturers. But the looming overhaul is dividing the states, with Queensland blaming the southern states for looming gas shortfalls.
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One of the main purposes of migration is to raise productivity. After all, governments are ostensibly meant to be pursuing a highly targeted process to bring in the best and brightest that the country needs. It’s rather self-evident that welcoming brilliant innovators to the nation who are earning 2.5x or more the average income will
The ferrous complex is trying to hold $100. I expect it to fail. Not on anything especially dramatic. Largely because the seasonal headwinds for September are strong amid weakening Chinese growth. Goldman. Imports pulse is weak. Surprises bearish. Construction steel versus the rest means ongoing pressure on recycling but seasonality should also pull down BOF. It’s
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The Market Ear. Watching the sensitive stuff ETH trying to tell tech something? These two have moved in perfect tandem over the past 2 months, but the latest gap is becoming very wide. Source: LSEG Workspace The worrisome part of the calendar The S&P 500 down 5 days in a row – front-running the calendar
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The Productivity Commission (PC) was never the same after Gary Banks departed as chair in 2013, after leading the organisation from its inception in 1998. Back then, you could trust the institution to deliver sound advice grounded in evidence. Sadly, the PC has become politicised and lost its way. It is telling that not one
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DXY is back. AUD has entered freefall. CNY is fine. Gold is confused. Metals are nervous. Big bear intact. EM swoon. Junk hiccupped finally. As yields broke higher. Stocks kept falling. There wasn’t any earthmoving data. All eyes are on Jay Powell. Goldman says he’s going to break. Goldman economist David Mericle expects Powell to
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Overnight saw Wall Street stumble for the fifth consecutive session as traders get nervous about tonight’s Jackson Hole meeting and possible big changes at the Federal Reserve proper as the Trump regime wants to install sycophants on the board ASAP. The USD is seeing more signs of a strength with a strong flash PMI overnight
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