The following chart from Justin Fabo from Antipodean Macro illustrates that, in real inflation-adjusted terms, New Zealand dwelling values have crashed back to 2019 pre-pandemic levels: At the same time, the Reserve Bank of New Zealand has slashed the official cash rate by 3.0% to 2.5%, which has driven mortgage rates sharply lower. As a
Data released in the U.S. prior to the government shutdown painted an optimistic picture of the economy. Second-quarter economic growth was revised up to 3.8% annualised, and consumer spending grew by 2.8% in the third quarter. Although comforting, these data raise a question: why is growth so resilient when other economic indicators, including employment and
The Market Ear has the rub. Just got too extreme We have been pointing out the case for a gold correction recently, here and here. Things simply got way too extreme. One of those measures is just how dislocated gold got vs 200 day moving average. Things have calmed down some over the past days, but the dislocation
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Murdoch hating is Crikey’s core business model. Which, hilariously, makes it just as bad as Murdoch, across some imaginary divide that has little to do with any identifiable value system beyond monkeys throwing poop. Bernard Keane is so lost in Murdoch hate that he has embraced the most vicious autocracy on earth. You might find
The Australian Bureau of Statistics (ABS) last week released the annual national accounts for the 2024-25 financial year, which are summarised below. While the aggregate Australian economy grew by 1.4% for the second consecutive year, per capita GDP continued to shrink. Real per capita GDP declined by 0.3% in 2024-25, which follows the 1.0% contraction
In its first term in office, the Albanese government signed two migration-related pacts with India, specifically designed to increase migration flows to Australia, namely: The Australia-India Migration and Mobility Partnership Agreement. The Mechanism for Mutual Recognition of Qualifications. The Albanese government’s federal election victory prompted celebrations from the Indian community and migration agents, reflecting the
God knows why. They can have my place. Machetes and all. Overseas buyers bought 2606 properties in Victoria last year compared with 1703 in 2021-22, a more than 50 per cent increase over two years, figures from the Australian Taxation Office’s inaugural Register of Foreign Ownership report show. I guess it’s still worse in the Third World.
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When the new electoral map was published in 1984, it kicked off a game of musical chairs, but with a difference – this time there were more seats than players. Some of these seats were more attractive than others, but it wasn’t simply a matter of every sitting MP moving to the safest possible seat.
Last month, Prime Minister Anthony Albanese falsely asserted that Australia will experience a “era of growth and prosperity” through a renewables-based future, with the private sector at the forefront. “The global shift to clean energy is the biggest economic transformation since the industrial revolution and it is a profound economic opportunity for Australia”, Albanese said
In the world of modern Australian politics, the once great debate of ideas between the likes of Chifley and Menzies is but a memory, replaced by a battle of small-target opposition versus small-target government. In some ways, there is a good reason for this: it works at the ballot box. At the 2013 election, then
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RBA governor Michelle Bullock did a fireside chat last night, which was pretty dull but it did have a few moments of interest. Bullock made it pretty clear that the board is unlikely to cut rates next week, putting the recent unemployment surge down to one month of data. Of course, it is a clear
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Wall Street rallied again overnight on the prospect of a potential US-China trade deal while also supported by the Fed punch bowl where everyone expects one rate cut this week. The USD pulled back against some of the majors, stabilising against the burgeoning Canadian Loonie while Euro drifted higher, as the Australian dollar stood out
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Putin calm re oil sanctions and in reply to first question re EU ban on Russian toilet bowls: “This will cost them dearly. They will need them, if they maintain same policies toward Russia.” FSB’s Bortnikov briefs Nat’l Security Council on counterterrorism...
https://www.youtube.com/watch?v=ticym1Y0bMw