Last night saw risk markets barely move on a quiet economic calendar or geopolitical catalysts with only the USD having any reactions as continued trade concerns with the Trump regime pushing for a baseline 15-20% tariff on all EU products sending King Dollar down against everything. Wall Street eked out more record highs with minimal
The post Macro Morning appeared first on MacroBusiness.
Australia is suffering a generational housing shortage amid historically high immigration-driven population growth and sluggish housing supply. In late 2023, the National Cabinet agreed to a new Housing Accord, which would deliver 1.2 million homes over five years, commencing on 1 July 2024. Australian dwelling approvals, commencements, and completions are currently tracking around 25% (60,000)
Former British Prime Minister Boris Johnson has said he is “quite sad” about what he describes as waning interest in the UK in supporting Ukraine.
Speaking to The Telegraph at the Ukrainian embassy in London on Saturday, he lamented that support for Ukraine in the UK is declining.
“The interest in Ukraine and the appetite is so low nowadays. I find it quite sad,” Johnson said.
Australians who have been critical of AUKUS have tended to focus on Australian problems with it – it’s too dear, we have neither a nuclear industry nor a nuclear workforce, etc.
But very recent events and reported remarks by US Defence official Elbridge Colby show how much of a problem it — or at least the nuclear submarine aspect of it — is for the US.
Pope Leo XIV said the Israeli military’s deadly attack on Gaza’s sole Catholic Church was “just one of the continuous military attacks against the civilian population and places of worship” in the Palestinian enclave.
As shown by the following chart from Justin Fabo from Antipodean Macro, Australia’s recent productivity growth has been among the worst in the advanced world. Australia’s labour productivity (GDP per hour worked) has experienced virtually zero growth since 2016. Reasons for the productivity decline: I attribute Australia’s poor productivity performance to four main factors. 1)
They lie… We lie and all is well…
…. We justify our existence with unbelievable beliefs… The main question is “are we the only species trying to make sense (nonsense) about what we are?”
“Are we the only species that can imagine the future beyond our next meal because of hunger or beyond the next session of nit-picking because we itch?”
Asian share markets are quite mixed in the first trading session of the week as concerns over the Trump regimes bullying of the EU in its “negotiations” over the looming August 1st trade deal are spilling over. The USD is losing ground against all the major currency pairs as a result with Yen also gapping
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The Reserve Bank of New Zealand released CPI inflation data today, which showed that New Zealand inflation lifted further in Q2 to 2.7%. Major bank ASB noted that while the result wasn’t a surprise, “it is an unwelcome development after NZ endured years of high interest rates to tame rampant inflation”. “The last thing New
The state of Victoria’s financial woes is well documented. In 2023-24, the state had the nation’s largest per capita net debt and the lowest credit rating (AA). Per capita state debt was only $3,600 in Labor’s first budget in 2015. It has since climbed to $21,900 and is projected over the budget forward estimates to
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