Outside Australia its been a dour Monday for Asia with all stock markets posting small losses as the USD advanced and Treasury yields continued to spike in the wake of uncertain geopolitics on both sides of the Atlantic. European stock futures are up slightly but are likely to reverse on the open but the selloff
The post Macro Afternoon appeared first on MacroBusiness.
[[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Via The Age: Former prime minister Tony Abbott says Australia’s corporate regulators should be sacked and replaced with “more vigilant” people after a string of damning revelations from the banking royal commission. …”What were the regulators doing to allow all this to be happening? And that’s the thing that keeps occurring to me every time
The post Abbott: Sack bank regulators, cut immigration appeared first on MacroBusiness.
Via the AFR: ANZ, the nation’s third largest mortgage lender, is boosting scrutiny of clients’ personal identity, income, qualifications and capacity to repay loans amid evidence of wide-scale identity theft. The bank, which is the most dependant of the major banks on brokers for distributing mortgages, is circulating “policy updates” about minimum evidence of borrowers’
The post ANZ tightens income criteria for mortgages appeared first on MacroBusiness.
By Leith van Onselen Like a beggar sitting outside 7Eleven in Melbourne’s CBD, Business Council of Australia (BCA) chief, Jennifer Westacott, continues to plead for company tax cuts. From The AFR: “Australia needs a pro-growth competitive company tax system for all businesses – big and small – to drive investment, raise productivity and increase the
The post Company tax cuts are now political poison appeared first on MacroBusiness.
By Leith van Onselen Effective interests rates for more than 40% of Australian mortgage borrowers have risen over the past 20 months, according to comparison website Mozo. From The AFR: The borrowers are paying rates above 4 per cent despite benchmark principal and interest rates being under 3.7 per cent, its analysis show… Lenders are
The post Out-of-cycle rate rises hitting 40% of mortgage borrowers appeared first on MacroBusiness.
Via CoreLogic comes the leading mortgage index which remains down solidly year on year, but has shown a trend seasonal rise off the canvas: Total capital city for-sale listings are still higher year-on-year, led by Sydney: Whereas dwelling values continue to trend lower: Nothing has changed. Housing fundamentals remain weak.
The post CoreLogic housing indicators still soft appeared first on MacroBusiness.
By Leith van Onselen Who would have thought: Budget measures aimed at helping first home buyers (FHBs) have actually driven-up the price of housing at so-called ‘affordable’ price points, thus proving self-defeating from an affordability perspective. From The Australian: Grants for first-home buyers are pushing up prices for affordable houses in the most heated markets
The post Surprise! First home buyer grants erode affordability appeared first on MacroBusiness.
By Leith van Onselen With university degrees diminishing in value on the back of an explosion in student numbers following the uncapping of university places (i.e. the demand-driven system): Leading to poor employment outcomes: And poor wages growth: Many university graduates are now questioning whether their degree was worth the cost: “ALARMING” new research shows
The post Aussies are losing faith in higher education appeared first on MacroBusiness.
By Leith van Onselen The Greens’ call for marijuana to be legalised in Australia for recreational use, with its sale to be regulated through an Australian Cannabis Agency, is estimated to be a big winner for the Federal Budget. The Parliamentary Budget Office (PBO) has estimated that the Greens’ plan could be worth around $1
The post Pot legalisation would pack Budget cone by $1 billion a year appeared first on MacroBusiness.
Via Ben Potter: The Turnbull government looks set to win approval in-principle from states and territories for the architecture of its National Energy Guarantee at Friday’s energy ministers meeting. But a key detail of the design – the target for the electricity sector to deliver carbon emissions cuts of just 26 per cent from 2005
The post The NEG should be renamed MAD appeared first on MacroBusiness.