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Articles from MacroBusiness

NBN should be included in economic stimulus package

March 30, 2020 - 14:20 -- Admin

Earlier this month, the Parliamentary Budget Office (PBO) presented research estimating that the National Broadband Network’s (NBN) fair value is only $8.7 billion, roughly one-third the federal government’s initial equity investment of $29.5 billion: On top of this equity investment, NBN Co has also received a $19.5 billion loan that it is required to eventually

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Foxtel plunges into subscription death spiral

March 30, 2020 - 14:00 -- Admin

Foxtel is desperately pushing back against a tidal wave of customers seeking to cancel their subscriptions. Last week the company opened up its content library to Foxtel Now subscribers until 31 May. It also launched 15,000 hours of on-demand sporting content on Kayo Sports, including replays of live games, documentaries and sports entertainment. Over the

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Goldman, BofAML: Greenback boom not over

March 30, 2020 - 13:40 -- Admin

Via Goldman: …without medical breakthroughs of some kind, the next few weeks could be challenging for markets as we price in a deep global recession.”…the Dollar pulled back this week as risk assets rebounded, but our best guess is that the historic rally is not quite over. … the real trade-weighted Dollar has perhaps 3-5% upside

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17% of Aussies could be unemployed by Easter

March 30, 2020 - 13:20 -- Admin

Estimates of Australian job losses continue to worsen, with ANZ Bank’s former chief economist, Warren Hogan, forecasting that between 1.5 and 1.8 million Australian workers will have been stood down by Easter, resulting in a unemployment rate of between 15% and 17%: “I think a wage subsidy is critical at this juncture … because we

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Dodgy Byers declares banks safe

March 30, 2020 - 13:00 -- Admin

Via APRA’s Wayne Byers today: “In an environment such as this, you want the financial system to be a shock absorber to the broader economy.” “In 2008, the financial system was at the heart of the crisis, and actually amplifying the crisis through the rest of the economy. What you would hope, by building up

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Government decrees six-month rental strike

March 30, 2020 - 12:40 -- Admin

Prime Minister Scott Morrison says the states and territories will impose a six-month moratorium on renters being evicted on account of financial distress resulting from the coronavirus pandemic. He says landlords need to work with their tenants and banks to come up with agreements that are of benefit to all parties. The moratorium proposal is

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Why oil is going to zero

March 30, 2020 - 12:20 -- Admin

Via Bloomie: American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All American Pipeline LP, one of the biggest shippers of crude in the U.S., sent a letter this week asking its suppliers to

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Wuhan flu is about to gut the US

March 30, 2020 - 12:09 -- Admin

Via Domain: US President Donald Trump has extended his administration’s social distancing guidelines until the end of April, abandoning his goal to have the country running normally by Easter. Trump’s announcement came as the federal government’s top infectious disease expert, Anthony Fauci, predicted that up to 200,000 Americans could die of the coronavirus and millions

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Not enough Aussies are self-isolating to stop virus

March 30, 2020 - 12:00 -- Admin

According to Roy Morgan Research, 69% of Australians claim they are self-isolating due to the coronavirus: Over two-thirds of Australians (69%) claim they are following Government directives to self-isolate as much as possible to fight the coronavirus COVID-19 pandemic. However, 31% say they were ‘not’ self-isolating according to a special Roy Morgan Snap SMS survey

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Labor: Chinese rorting Australia’s online tourism visas

March 30, 2020 - 11:40 -- Admin

Labor’s immigration spokesperson, Kristina Keneally, has once again attacked the blatant rorting of Australia’s immigration system by Chinese using online tourism visas to arrive in Australia by plane before applying for asylum: Labor’s spokesperson for immigration says a change to the tourist visa application process has led to an almost 700 per cent spike in

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