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Victoria wrong to raise medicare levy

August 21, 2015 - 09:30 -- Admin

By Leith van Onselen As reported in The AFR today, the Victorian Government, with the backing of Queensland, will lodge a submission at today’s treasurer’s meeting proposing to raise the Medicare Levy on working Australians by 2% to 4% in order to enable the states to meet growing public health costs. Victoria claims that increasing

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Macro Morning (S&P500 flogging)

August 21, 2015 - 09:08 -- Admin

Chris Becker is ill so this morning we have an able replacement in Chris Weston. These are strange and mysterious times, and unless you are the staunchest contrarian, then these are times to be very cautious. Whether you believe in technical analysis or not, global equity markets are trending lower. This suggests looking much more aggressively at

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What is the Australian stock market rout telling us?

August 21, 2015 - 05:40 -- Admin

The ASX200 fell through support yesterday and appears headed lower, perhaps as a low as 5000: Meanwhile other developed economy bourses are flying (if slammed overnight): Against global metrics we’re being severely de-rated: So, what is happening here? Is it just your run-of-the-mill correction? It’s more in my view. A quick glance at the sectoral internals

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Madometer signals property top

August 21, 2015 - 05:38 -- Admin

Specufestors run for your lives. From MB’s favourite contrarian indicator today, the Madometer: For nearly seven years now, many commentators — Steve Keen and his disciples — have been predicting a housing bust and, if not an outright bust, have taken a very negative slant on property in their commentary for seven years at least.

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NSW feasts at stamp duty trough

August 21, 2015 - 05:37 -- Admin

By Leith van Onselen The New South Wales Government continues to cash in on Sydney property, where home prices have risen by nearly 40% in two years, according to RP Data (see next chart). As has been well documented, the explosion in housing prices has been driven by an unprecedented orgy of investor speculation, whose

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ATO, AUSTRAC warn Aussie realty a haven for Asian “organised crime”

August 21, 2015 - 05:35 -- Admin

By Leith van Onselen Earlier this year, the Paris-based Financial Action Task Force (FATF) on money laundering warned that Australian residential property is a haven for international money laundering, particularly from China, and recommended that facilitators like real estate agents, lawyers and accountants be brought into the regulatory net. The Australian Transaction Reports and Analysis

RP Data weekly Australian house price update

August 21, 2015 - 05:34 -- Admin

By Leith van Onselen In the week ended 20 August 2015, the Core Logic-RP Data 5-city daily dwelling price index, which covers the five major capital city markets, rose another 0.17% – the tenth consecutive week of rises (see next chart). Values rose in Sydney and Adelaide, but fell elsewhere (see next chart). So far

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Daily LNG price update (Origin’s unicorn)

August 21, 2015 - 04:55 -- Admin

The Brent oil price is in free fall. It tried to rally a bit on an approaching US hurricane last night but gave up and fell to $46.19 as I write: There was no news of interest but one of the drivers at this point is the passing of the US peak driving season and looming refinery

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Daily iron ore price update (break?)

August 21, 2015 - 04:54 -- Admin

Here are the iron ore charts for August 20, 2015:    Spot weakened with Tianjin down 0.5% to $55.60. Paper was firm. Rebar is done when we factor in currency adjustments. RIO and BHP were up 2% in London but that was before the New York rout. CISA fast data for early August steel output

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