If Friday’s private sector credit data from the Reserve Bank of Australia (RBA) showed one thing it was that COVID-19 has put a final nail in the Australian consumer’s coffin. According to the RBA, the stock of personal credit was already in terminal decline. However, COVID-19 has sent it crashing through the floor, collapsing by
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What a world this is, via Domain: Federal Parliament’s first Chinese-born MP says the Andrews government’s deal with Beijing on the trillion-dollar Belt and Road Initiative has been shrouded in secrecy, and called on the state to release full details of the scheme’s benefit to Victoria. Gladys Liu said although Australia was open to entering
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By Chris Becker Action on markets on Friday night was centered around the US reaction to the Chinese boot on the neck on Hong Kong, with Trump unable to enact anything but hot air in response which calmed stocks on Wall Street somewhat even though the headline Dow fell slightly. The weekend race riots across
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Iron ore prices for May 29, 2020: Everything to the moon. The China PMI has construction registering above 60 again, boom-time levels. This is despite what remains a weak Chinese recovery: But, as usual, what growth in activity there is is focussed on, you guessed it, empty apartments and roads to nowhere. So all good
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Via The Australian: Direct cash grants for home renovations are expected to be a key plank of a multi-billion-dollar building stimulus package to rescue the housing construction industry and save tens of thousands of jobs. Scott Morrison is also expected to announce $1.75bn in federal funding to the NSW government to bring forward the construction
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Via AIG: Still getting worse but at least slowing. I don’t expect a swift recovery. Full report.
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Despite Australian workers facing massive income declines, Labor continues to lobby hard for the superannuation guarantee (SG) to be lifted to 12%: Senior Labor figures said compulsory super, which originated under the Hawke government’s accord process in the 1980s, should be protected as the Morrison government forged a new compact with unions and business to
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Via The Australian: Seeking a “first-mover” advantage in the competitive global education business, Australia’s 39 major universities have put a plan to the government to restart the entry of international students under strict health guidelines. The proposal by Universities Australia, sent to the federal government on Thursday for consideration by the national cabinet, will require
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DXY was weak Friday night: The Australian dollar is right at the breakout line versus USD: EMs were soft: Gold jumped: Oil jumped: Dirt meh: Miners were strong: EM stocks tried: Junk succeeded: Bonds were bid: And stocks: El Trumpo chose not to confront China over Hong Kong with a range of meek measures that will
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CoreLogic’s dwelling value results for May are out at the 5-city level, with values falling 0.48% over the month led by a heavy 0.91% decline across Melbourne: It was the first monthly decline since June 2019: Over the May quarter, dwelling values rose by 0.4% across the major capitals, with growth slowing fast: Falls across
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