Nobody believed that the federal government’s target to build 1.2 million homes over five years was realistic. The highest single year of construction in Australia’s history was 225,500 in 2017, 6% below the annual target of 240,000 homes a year. As shown above, new housing supply is tracking near decade lows, with only 177,000 new
Risk markets in Asia are building positive momentum despite the flat sessions on Wall Street overnight although all eyes are on Japan as their longer dated bond yields spike again while the fiscal situation in the US is deteriorating the Trump regime continues to ram through its wealth redistribution tax bill that will enshrine trillion
The Productivity Commission (PC) recently announced a review of the corporate tax system, with the PC expected to release a draft report in late July and its final recommendations in December. Commission chair Danielle Wood says the review will examine issues such as tax incentives for new capital expenditure and cutting the tax rate paid
Some more on sinking Chinese property today, a subject that just keeps on giving. Anywhere outside of Tier One is a black hole. Another yawnulus bites the dust. Inventory improved a little. So long as you don’t count all those half-finished hulks and holes in the ground. I reckon I’ll be writing this post for
Australia is a kind of mind-moulding autocracy in which the words “immigration” and “racist” are interchangeable. At the zenith of this ersatz society sits a central bank that is paid to do one job and one job only: never mention the word “immigration”. In an immigration-led labour market expansion economy, it is therefore entirely predictable
The Market Ear on the machines. —- Volatility compression – extreme edition S&P average stock IV has decreased by 12.6v over the last month. For additional context, the 1-month change in the 10-day moving average of intraday volatility is at the lowest level since COVID and second lowest since 2010. Source: GS Fear evaporated Goldman’s
Treasurer Jim Chalmers has refused to rule out extending the federal government’s energy rebate for a third time. However, he acknowledges that the government is aware that the $6.8 billion rebate must end at some stage, which is why it has been extended for only six months rather than a year. “We only extended it
Westpac summarises the drivel. One area that the RBA had previously pointed to as a reason for not being confident that inflation can be sustained at current levels is the tightness of the labour market. While it still highlighted indicators that suggested remaining tightness, the forecasts for unemployment have been lifted slightly, while those for
Westpac with the note. The six-month annualised growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, slowed to 0.2% in April from 0.5% in March. The above-trend growth pulse that emerged at the start of the year
DXY down. AUD down too. Leads boots again. Oli and gold up. Metals undecided. Miners EM stuck. High yield. Yields stable. Stocks stall. Credit Agricole. Higher long-term Treasury yields and tighter swap spreads have come following Moody’s Ratings downgrade. Moody’s downgraded the US to Aa1 from Aaa and changed the outlookto stable from negative on