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So long and thanks for all the debt: UBS calls end to 55 year Aussie house price boom

October 20, 2017 - 13:58 -- Admin

Via UBS: After the (forever) house price boom: consumption to be dragged by a fading household wealth effect The BIS recently released a detailed research paper on global house price trends. It found that Australian nominal house prices had astonishingly super-boomed by a cumulative 6556% in the 55 years to 2016 (Figure 1 and Figure

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NZ immediately reaps benefit of ex-ponzi growth

October 20, 2017 - 12:54 -- Admin

Via ANZ: Following the formation of the coalition government in New Zealand, AUD/NZD has made a definitive break higher and will form a range around fair value (1.1250) A sustained move higher from there will be contingent on factors on both sides of the Tasman: relative business confidence, migration and the stance of the two

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US senate passes budget in tax reform boost

October 20, 2017 - 12:44 -- Admin

Via The Guardian: The Senate has approved a multi-trillion dollar budget that Donald Trump has called a “first step towards massive tax cuts”, a largely symbolic move that sets the stage for Republicans to rewrite the US tax code without a single Democratic vote. The Senate voted 51-49 to pass the budget resolution, a blueprint

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Holden dies

October 20, 2017 - 12:38 -- Admin

Via Herald Sun: THE last ever Australian-made cars will roll off Holden’s Elizabeth production line today. The historic occasion will mark the end of almost a century of automotive manufacturing for the nation, and 69 years for Holden. More than 1000 Holden fans have pulled up outside the factory in tribute to the Lion’s history.

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Evil Anna dumps her own fake government reforms

October 20, 2017 - 12:10 -- Admin

Remember what Evil Anna said when she was appointed as chief banking apologist? “Our banks are critical to the strength and stability of our national economy and the prosperity and wellbeing of every Australian,” she said. “Personally I’ve always believed you get more done inside the tent,” she said. “That’s why I’m very excited the

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China mulls its own “Minksy moment”

October 20, 2017 - 11:19 -- Admin

Via the FT: “When there are too many pro-cyclical factors in an economy, cyclical fluctuations will be amplified,” Zhou Xiaochuan, governor of the People’s Bank of China, said at a meeting on the sidelines of the Communist party gathering in Beijing. “If we are too optimistic when things go smoothly, tensions build up, which could lead

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How to deliver cheap gas to the east coast

October 20, 2017 - 10:50 -- Admin

UBS has a go at it today: East coast gas market dynamics are going through a fundamental shift The market is resigning itself to the fact that recent actions to restrict LNG exports and divert gas into the domestic market will not have a significant impact on bringing down east coast gas prices. So what

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Bill Evans: There ain’t no inflation

October 20, 2017 - 10:03 -- Admin

Our Bill on next week’s CPI: The key economic event next week will be the release of the September quarter Consumer Price Index. Westpac’s forecasts are: 0.74% for headline; 0.27% for Trimmed Mean; and 0.32% for weighted median. The jump in the headline is largely driven by sharply rising electricity prices. They are expected to

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Captain Glenn turns doomsayer on global inflation

October 20, 2017 - 10:00 -- Admin

Via Captain Glenn in his new role as hedge fund seer: Former Reserve Bank of Australia governor Glenn Stevens says global investors have become complacent about the risks of a sharp rise in inflation that would have “considerable implications” for financial markets. An unexpected pick-up in inflation measures could see “markets flip from their current

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Coalition passes FHB super bribe

October 20, 2017 - 09:45 -- Admin

By Leith van Onselen Desperate to keep the East Coast property bubble going, the Turnbull Government has passed through the lower house legislation to allow first-home buyers (FHBs) to use up to $30,000 of voluntary super contributions for a housing deposit. From SBS: The coalition used its numbers in parliament’s lower house to pass the

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