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Australian dollar bounces off 10 year low

August 26, 2019 - 14:23 -- Admin

The Australian dollar was smashed this morning as expected and has since bounced off the 10 year low of several weeks ago: Bonds are back at and through the highs: XJO is down moderate amount but is long way above its rising trend line. It has room to fall a long way before we’d even

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ATO slugs Shell with $755m tax avoidance bill

August 26, 2019 - 14:00 -- Admin

Earlier this year, it was revealed that the Australian Taxation Office (ATO) had collected an extra $7.7 billion in unpaid tax liabilities since July 2016 via its tax avoidance taskforce, with 44 multinationals changing their business models in order to meet their Australian tax liabilities. Today, The Guardian reports that the ATO’s multinational tax avoidance

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Mass immigration floods Australia with spies, insurgents

August 26, 2019 - 13:30 -- Admin

Via the ABC: Foreign espionage is taking place in Australia at a greater rate than any other time in history. It comes after revelations Rwanda has an alleged network of spies suppressing political dissent in refugee communities in Queensland The stark warning from the nation’s domestic intelligence agency follows accusations the east African nation of

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ASIC launches legal action against NAB for dodgy mortgage lending

August 26, 2019 - 13:15 -- Admin

Hot on the heels of losing its case against Westpac, the Australian Securities & Investments Commission (ASIC) has commenced legal action against NAB over alleged breaches of credit laws. Meanwhile, an accountant is seeking an explanation from NAB as to why it approved a $260,000 loan to her late partner despite the fact that he

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McGrathmageddon blows up again

August 26, 2019 - 13:00 -- Admin

It’s the failure that just keeps on giving: Or, we are at the threshold of a global shock as China is forced to go ex-growth just as the RBA runs out of ammo and a bulk commodities rout rips the heart out of the Budget limiting fiscal stimulus as stock market crash bunkers the consumer. 

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Dwelling construction bust to wipe out 100k-plus jobs

August 26, 2019 - 12:45 -- Admin

Fletcher Building recently stated that it expects a 20% decline in new dwelling approvals in 2019-20. Its comments echo those by the Housing Industry Association (HIA), which has forecast that new building approvals will be around 20% below the most recent “boom-time average” as a consequence of tighter credit rules. It adds that sustained infrastructure

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China warns troops coming to Hong Kong

August 26, 2019 - 12:30 -- Admin

Step by step Hong Kong gets worse, via SCMP: A gunshot was fired on Sunday and water cannon were deployed for the first time in Hong Kong’s increasingly violent anti-government protests. Three police officers, who were chased and beaten by a mob of club-wielding protesters, pulled their revolvers, with one firing at least one warning

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How to attract top talent into teaching

August 26, 2019 - 12:15 -- Admin

Australia’s top teachers should be able to earn $80,000 a year more, and top school-leavers should receive $10,000-a-year scholarships if they take up teaching, according to a $1.6 billion Grattan Institute blueprint to boost teacher quality and student performance: Australia needs more high achievers in teaching. People who are good learners themselves are far better

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Japan shows China how to handle Trump on trade

August 26, 2019 - 12:00 -- Admin

Via Politico: President Donald Trump said Sunday that a trade deal with Japan “is done in principle.” “We have been working on a deal with Japan for a long time,” he said at the G-7 summit alongside Japanese Prime Minister Shinzo Abe and teams from both countries. “It involves agriculture and it involves e-commerce and

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Welcome to monetary regime change

August 26, 2019 - 11:45 -- Admin

Via the excellent Damien Boey at Credit Suisse: On Friday evening, we learnt from leading central bankers that the world is not experiencing a mid-cycle slowdown. Rather, it could be on the cusp of a regime shift in global monetary policy. Equities were extremely weak and volatile, while the yield curve inverted dramatically further amid

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