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Articles from MacroBusiness

Coalition forced to compromise on super life insurance gouge

February 15, 2019 - 11:00 -- Admin

By Leith van Onselen At the end of 2018, the Morrison Government failed to strike a deal with the Senate cross-bench to pass a bill that would have seen fees for low-balance superannuation accounts capped at 3% and exempted fund members under the age of 25 from compulsory life insurance. Last night, the Government struck

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NZ immigration continues to retrace

February 15, 2019 - 10:45 -- Admin

By Leith van Onselen After Statistics New Zealand last month changed the way that it measures net overseas migration (NOM), resulting in large falls in the estimated migrant intake, it has released migration estimates for the 2018 calendar year, which reveals that NOM fell further to 48,278 people, down from a peak of 62,227 in

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Telstra warns of rising internet costs from NBN losses

February 15, 2019 - 10:30 -- Admin

By Leith van Onselen Telstra has advised that its profit fell by 27% to $1.2 billion in the first half of 2018-19. CEO Andy Penn said revenue is being affected by the impact of the national broadband network (NBN) on its fixed-line business. He argues that the NBN’s wholesale prices will eventually need to be

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Scummo now has no energy policy

February 15, 2019 - 10:15 -- Admin

According to popular argument, it killed Malcolm Turnbull and the Libs in Wentworth, and has brought the government to its knees in blue ribbon electorates around the country. Yes, it’s energy policy. Yet as of today, with an election three months away, the Scummo Government has none, via AFR: So Scott Morrison’s big stick has

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Ken Henry leaves behind Australia’s least trusted bank

February 15, 2019 - 10:00 -- Admin

Via The Australian: Ken Henry is nothing if not staunch in his self-belief. His friends have often described him as the “great oak” – the stronger the wind blew, the harder he pushed back. For months since a disastrous appearance before the Hayne banking royal commission last year, Henry was convinced that he had done

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Australian dollar remains bound to Euro’s fate

February 15, 2019 - 09:45 -- Admin

DXY softened a touch last night as EUR firmed: The Australian dollar was weak against DMs: But strong against EMs: Gold firmed: Oil too: Base metals are giving reflation the bird: Big miners were mixed: EM stocks flat: And junk: Treasuries bid big: The bund curve keeps flattening: Stocks were flat: The big data release

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Goldman goes there: “pre-election rate cut”

February 15, 2019 - 09:30 -- Admin

Goldman yesterday pushed out its rate hike expectations to mid-2020: We still view the most likely scenario as one in which the economy navigates a key risk period over the first half of 2019 and interest rates edge higher over the medium term – albeit somewhat later than we previously forecast. …We have some sympathy

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Daily iron ore price update (if not for Vale…)

February 15, 2019 - 09:07 -- Admin

Iron ore prices for February 14, 2019: We may be setting some kind of trading range in the $80s here but we’ll have to wait and see. I still expect mills to destock violently the moment they feel secure about Vale supplies. The signs in yesterday’s Chinese trade data confirm as much. Iron ore imports

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Return of the immigration ‘bait-and-switch’

February 15, 2019 - 00:15 -- Admin

By Leith van Onselen MB has previously lambasted the immigration ‘bait-and-switch’ deployed by former Prime Minister John Howard whereby he slammed the door shut on the relatively small number of refugees arriving into Australia by boat all the while stealthily shoving open the door to economic migrants arriving here by plane. The ultimate result was

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Low-wage temporary migrants flood Sydney and Melbourne

February 15, 2019 - 00:12 -- Admin

By Leith van Onselen The ABS yesterday released a report entitled Insights from the Australian Census and Temporary Entrants Integrated Dataset, 2016, which revealed that there were 1,500,409 temporary residents in Australia on Census night, comprising: 41% Special Category (New Zealand citizen) visa holders – 664,957 persons (634,250 residents and 30,705 overseas visitors). 30% Student

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