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Cliffs CEO launches new rant

August 20, 2015 - 12:25 -- Admin

It’s never a dull moment with iron ore miner and Cliffs CEO Lourenco Goncalves, from Bloomie: “It’s like a bad virus…Australia continues to give iron ore to China almost for free, allowing them to produce more than they need.” “What China is exporting alone is bigger than the second-biggest producer of steel in the world: it

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Economy leaves young Aussies behind

August 20, 2015 - 12:22 -- Admin

By Leith van Onselen The Australian Institute of Health and Welfare (AIHW) has released its biennial welfare report card, which finds that younger people are struggling to find work, and are increasingly unmarried and living at home. From The Guardian: More young people are joining the dole queue, with the youth unemployment rate increasing from

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Australia 10 year bond yield cracks

August 20, 2015 - 11:18 -- Admin

It’s all coming true today. The 10 year bond yield just cracked support at 2.69%: It is now in an established downtrend that could take it all the way back to 2.4% and lower. Broader yields are also falling with half a rate cut now priced into the 2 year: It’s inevitable now that the

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LNG carnage

August 20, 2015 - 10:54 -- Admin

Phew, it’s awwn. If the plummeting oil price was not enough, ORG has reported a bit of shocker as well, from the AFR: Origin Energy has sunk to a full-year net loss of $658 million as write-downs in the oil and gas business and in the now-divested Contact Energy hit the bottom line, while underlying

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More calls to switch stamp duty for land taxes

August 20, 2015 - 10:40 -- Admin

By Leith van Onselen RMIT University professor, Gavin Wood, spoke at a Housing Industry Association meeting yesterday, whereby he backed calls to replace stamp duties with a broad-based land tax. From The Daily Telegraph: “Stamp duty discourages mobility and that’s a major problem for the economy”… “It also prevents people from using certain housing stock.

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BHP and RIO pushed to the brink

August 20, 2015 - 10:39 -- Admin

The oil and commodities crash has hammered RIO and BHP this morning to within a whisker of terminal chart supports before we head ignominiously for GFC lows. RIO is down 2.1% at $49.50 within its enormous and bearish descending triangle pattern and within spitting distance of the 2012 post-GFC low: The GFC was in the

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How does the Australian dollar impact LNG?

August 20, 2015 - 10:21 -- Admin

Several readers have asked recently how the Australian dollar impacts LNG. It is a positive arbitrage for the QLD projects because they price many costs in local currency. UBS measures the impact today: At At current oil prices ORG still meets BBB- standards At spot A$ oil ORG will receive around A$220m per year in

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The great ASX de-rating

August 20, 2015 - 10:00 -- Admin

From Goldman: Four of the five long-run models we monitor now point to significant valuation upside for the ASX 200. 1) The Schiller P/E (Price / 10-year average real EPS) is the most bullish indicator, pointing to 28% upside on the current market price (EPS is in-line with its 10-yr average, c.20% below the 2007

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ACOSS schools Government on tax reform

August 20, 2015 - 09:53 -- Admin

By Leith van Onselen The head of the Australian Council of Social Service (ACOSS), Cassandra Goldie, has penned an excellent piece calling on the Government to keep all options for tax reform on the table – including closing higher income “tax shelters” like superannuation, negative gearing and the 50% capital gains tax discount – rather

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ASIC finds widespread interest-only rorting

August 20, 2015 - 09:32 -- Admin

Cross-posted from Martin North. ASIC today released a report that found lenders providing interest-only mortgages need to lift their standards to meet important consumer protection laws. They identified a number of issues relating to bank underwriting practices. We would also make the point that despite the low losses on interest-only loans to date in Australia,

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