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Political cowardice, bad taxes and the FIRB furball

August 11, 2015 - 14:25 -- Admin

By David Collyer, cross-posted from Prosper Australia: The Australian people are being distracted from the main game by a mad side-show over foreign nationals buying our land. The sheer scale of this buying is further inflating our sorely overheated property market, imposing great costs on first-time buyers, giving a free carry to existing owners and

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Big iron flies on China data

August 11, 2015 - 13:18 -- Admin

Big iron is off to the races today with everyone up 2%: The run started with China’s whacko credit data which I have now explained in this post. The idiocy spreads are wider: But juniors can’t catch a bid: The rally is also gaining support from Dalian futures which are up four points to 377.

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Has QLD fracked itself?

August 11, 2015 - 13:08 -- Admin

By Leith van Onselen A few years back, I watch the US documentary Gaslands (available on Netflix), which documents in great detail communities in the US that have been adversely impacted by natural gas drilling and, specifically, hydraulic fracking. The film shows the destruction of many US farming communities via poisoning of drinking water and

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Straya the carbon glutton

August 11, 2015 - 12:48 -- Admin

From Tristan Edis comes the carbon fatso: The table below details the percentage reduction of Australia’s emissions relative to 2005 level emissions, which the Government is choosing to use, as well as relative to 2000 and 1990 level emissions. It then compares this to the emission reduction pledges of other nations and the EU (the

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China devalues yuan

August 11, 2015 - 12:29 -- Admin

From Bloomberg: China weakened the yuan’s daily reference rate by a record 1.9 percent, allowing depreciation to combat a slump in exports. The currency dropped an unprecedented 1.2 percent to 6.2848 per dollar as of 9:43 a.m. in Shanghai, and slid a similar amount in Hong Kong’s offshore trading. The onshore spot rate was 0.9

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NAB business survey gives up the gains

August 11, 2015 - 11:55 -- Admin

The July NAB survey is out and soured: The exuberant readings on business confidence seen in recent months was pared back in July (from +8 to +4). While confidence eased in most industries, much of the change stemmed from mining and construction firms (which includes a large share on non-residential and engineering firms), suggesting an

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SA unemployment enters crisis

August 11, 2015 - 11:46 -- Admin

By Leith van Onselen From The Australian: It is feared there are more job losses on the horizon for South Australia as mining company Arrium prepares to release an update next week on a strategic review of its business, including the Whyalla steelworks. A senior federal government source yesterday said Canberra was “extremely worried about

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Chinese wild lending data explained (updated)

August 11, 2015 - 11:29 -- Admin

China has released absolutely crazy July credit data sending Australian equity markets equally bonkers. The headline numbers for new yuan loans in total social financing came in at a modest 718 billion yuan but bank lending went mad up 1.48 trillion and shadow bank lending crashed by 762 billion yuan: The net impact was still a

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Fix inequities before raising the super guarantee

August 11, 2015 - 10:58 -- Admin

By Leith van Onselen The Australian’s Judith Sloan has published an article today arguing against raising the superannuation guarantee – the amount that employees must compulsorily contribute to super – to 12%: There is definitely one sense, however, in which our superannuation system is the envy of the world: it is a goldmine for the

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How far is Perth property going to fall?

August 11, 2015 - 09:54 -- Admin

Not very far according to Domainfax: …The latest figures provided by REIWA state that Perth’s median house price had dipped to $530,000 in June 2015 – plunging by $20,000 in six months. Property investor and founder of Property Club Kevin Young said harsh policies pursued by banks will put further strain on Perth’s property market.

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