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Stink! AFR throws haymaker at MB for RBA

December 11, 2018 - 00:20 -- Admin

Via Jonathon Shapiro at the AFR late yesterday: Housing bears are famous for hearing what they want to hear. And last week, Reserve Bank assistant governor Guy Debelle made it very easy when he dared to suggest that “quantitative easing” was a policy option. For the bears, who appear to be revelling in each set of weak auction

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Australian households’ lost decade rolls on

December 11, 2018 - 00:15 -- Admin

By Leith van Onselen Australia’s production, as measured by real GDP, continues to diverge wildly from the growth (or lack thereof) in ordinary Australian’s living standards. To illustrate why, I have once again deflated three measures of the domestic economy, as provided in the June quarter national accounts (released last week), by the ABS’ population

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Mirabile dictu: Crikey discovers the income recession!

December 11, 2018 - 00:12 -- Admin

Mirabile dictu, Crikey’s Bernard Keane has finally discovered the real problem: …while much of the political and media class were obsessing about some asylum seekers last week, our understanding of the economy changed significantly in the wake of the September quarter GDP figures and the reaction of the Reserve Bank about where interest rates might

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CoreLogic: Unsold properties surge 20% in Sydney/Melbourne

December 11, 2018 - 00:11 -- Admin

CoreLogic’s weekly housing indicators continue to show broad weakness. Dwelling values have fallen heavily, led by Sydney and Melbourne: Auction clearances have crashed, again led by Sydney and Melbourne: Whereas mortgage credit remains stillborn: At the same time, listings have exploded upwards to 2012 highs as unsold ‘stale’ stock accumulates across Sydney and Melbourne; albeit

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Whyalla births green steel export powerhouse

December 11, 2018 - 00:05 -- Admin

Yes, you read that right, from The Australian: British billionaire industrialist Sanjeev Gupta, backed by heavyweight Chinese investors, plans to build one of the world’s largest steel plants in Whyalla, 380km north of Adelaide. Flanked by Scott Morrison, Bill Shorten and South Australian Premier Steven Marshall at this morning’s announcement, Mr Gupta said construction of

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Links 11 December 2018

December 11, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: Sell-offs could be down to machines that control 80% of the US stock market, fund manager says – CNBC Stocks extend decline as trade woes batter sentiment – Reuters The Market’s Latest Problem: Hesitation to Buy the Dip – WSJ The Case Against Meritocracy – NY Times Coinbase abandons

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Macro Afternoon

December 10, 2018 - 17:00 -- Admin

It’s not looking good out there with volatility rising and stocks falling across the board in response to Friday nights US unemployment print and the weekend revelations of the Huawei arrest (and Trump’s possible impending arrest?) and the big drop in US Treasury yields as safe haven buying trumps a Santa Claus rally. The Shanghai Composite was

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Mortgage broker parasites redouble attack on Hayne reforms

December 10, 2018 - 15:15 -- Admin

By Leith van Onselen The banking royal commission interim report was scathing of mortgage broker commissions and the fact that loans written through mortgage brokers have tended to have higher leverage, more interest-only loans, higher debt-to-income and loan-to-value ratios, higher interest costs and an increased likelihood that borrowers will fall into arrears. Now, Australia’s mortgage broking

NZ Labour also seeks to end negative gearing

December 10, 2018 - 14:10 -- Admin

By Leith van Onselen In the lead up to last year’s September General Election, the NZ Labour Party pledged that it would end negative gearing if it is elected. Now, the policy is nearing implementation, with The Treasury and Inland Revenue releasing a Regulatory Impact Statement (RIS) assessing the policy. The aim of the proposed law

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Chinese tourists and students abuse Australia’s protection visas

December 10, 2018 - 13:40 -- Admin

By Leith van Onselen The great Australian immigration rort has hit a whole new level of ridiculousness today, with Chinese tourists and international students helping to drive an absurd 311% increase in asylum seeker claims. From The ABC: Key points: People claiming to be Christian, LGBTI and love children are among those seeking asylum All

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