Australia is a kind of mind-moulding autocracy in which the words “immigration” and “racist” are interchangeable. At the zenith of this ersatz society sits a central bank that is paid to do one job and one job only: never mention the word “immigration”. In an immigration-led labour market expansion economy, it is therefore entirely predictable
The Market Ear on the machines. —- Volatility compression – extreme edition S&P average stock IV has decreased by 12.6v over the last month. For additional context, the 1-month change in the 10-day moving average of intraday volatility is at the lowest level since COVID and second lowest since 2010. Source: GS Fear evaporated Goldman’s
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Nationals’ leader David Littleproud has singled out nuclear energy as a key reason for his party’s spectacular split from the Liberals, as both parties seek to rebuild following the Coalition’s devastating election loss.
Speaking to the media on Tuesday, Littleproud said:
Treasurer Jim Chalmers has refused to rule out extending the federal government’s energy rebate for a third time. However, he acknowledges that the government is aware that the $6.8 billion rebate must end at some stage, which is why it has been extended for only six months rather than a year. “We only extended it
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Yesterday, the Nationals announced that they would not be renewing the coalition with the Liberal Party following the 2025 federal election. This is unlikely to be a permanent break, but rather the parties taking some time apart to re-assess their positions after a devastating election defeat.
Westpac summarises the drivel. One area that the RBA had previously pointed to as a reason for not being confident that inflation can be sustained at current levels is the tightness of the labour market. While it still highlighted indicators that suggested remaining tightness, the forecasts for unemployment have been lifted slightly, while those for
Westpac with the note. The six-month annualised growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, slowed to 0.2% in April from 0.5% in March. The above-trend growth pulse that emerged at the start of the year
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DXY down. AUD down too. Leads boots again. Oli and gold up. Metals undecided. Miners EM stuck. High yield. Yields stable. Stocks stall. Credit Agricole. Higher long-term Treasury yields and tighter swap spreads have come following Moody’s Ratings downgrade. Moody’s downgraded the US to Aa1 from Aaa and changed the outlookto stable from negative on
I explained last week why Australia’s energy costs will inevitably soar as the nation replaces traditional baseload generation with renewables in pursuit of Labor’s 82% renewable energy target. The reasons for the high cost of renewable energy are straightforward. They depend on the weather; therefore, they are intermittent and have low load factors. Renewables need
