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APRA warns Murray

February 20, 2014 - 14:40 -- Admin

From the AFR, Australian Prudential Regulation Authority chairman John Laker has warned in a speech today that: “The impact of seeking to retreat from the status quo on the hard won reputation of the Australian banking system … will I am sure be carefully weighed by the inquiry,” Dr Laker told an audience at the Institute [...]

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Superannuation balances hit $1.8 trillion

February 20, 2014 - 14:16 -- Admin

Cross-posted from DFA Blog APRA today released its quarterly superannuation statistics. They report that total estimated assets, which include the assets of self-managed superannuation funds and the balance of life office statutory funds, rose to $1.8 trillion at 31 December 2013.  Read about superannuation in our series of posts, The Superannuation Story. Self managed superannuation [...]

Apprenticeships resume falling

February 20, 2014 - 14:11 -- Admin

From the National Centre for Vocational Education Research (NCVER) comes weak but lagging labour force data today: This publication presents early estimates of apprentice and trainee commencements for the December quarter 2013. Indicative information about this quarter is presented here; the most recent figures are estimated, taking into account reporting lags that occur at the time [...]

China flash PMI fugly

February 20, 2014 - 13:57 -- Admin

The China Flash PMI is out for February and it’s poor: Flash China Manufacturing PMI™ at 48.3 in February (49.5 in January). Seven-month low. Flash China Manufacturing Output Index at 49.2 in February (50.8 in January). Seven-month low. The internals are deteriorating: One little upside in new export orders otherwise look out below. Australian dollar [...]

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“Rigged” Commission of Audit should be broadened

February 20, 2014 - 09:09 -- Admin

By Leith van Onselen The Chairman of a Senate committee, dominated by Labor and Greens representatives, has accused the Government’s Commission of Audit of being “rigged”, following the release of an interim report yesterday. From the Canberra Times: “The Abbott government has constructed very narrow terms of reference for the commission and hand-picked ideological allies [...]

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IMF, Germany, Hockey warn fractured G20

February 20, 2014 - 06:40 -- Admin

Tomorrow’s Sydney G20 meeting is shaping up as a conflicted affair. Overnight, in a clear warning to the meeting, the IMF declared that emerging markets (EM) will derail the recovery if tapering proceeds. From Bloomie: Risks of prolonged market turmoil inemerging markets and of deflation in the euro area are threatening the world’s improved economic prospects, [...]

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China tightens bank liquidity rules

February 20, 2014 - 05:47 -- Admin

From the WSJ: China unveiled rules aimed at making sure banks keep on hand enough cash and other liquid assets after three credit squeezes hit the nation’s financial system last year. …The new rules require banks to keep what is called a liquidity coverage ratio — a measurement comparing liquid assets to total net cash [...]

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US data freezes solid

February 20, 2014 - 05:21 -- Admin

It’s a torrent of bad data now. Last night January US housing starts and permits tanked (charts from Calculated Risk): Housing Starts:Privately-owned housing starts in January were at a seasonally adjusted annual rate of 880,000. This is 16.0 percent below the revised December estimate of 1,048,000 and is 2.0 percent below the January 2013 rate [...]

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“clear presumption in favor” of taper as data freezes

February 20, 2014 - 05:21 -- Admin

The FOMC minutes last night were definitive: In their discussion of the path for monetary policy, most participants judged that the incoming information about the economy was broadly in line with their expectations and that a further modest step down in the pace of purchases was appropriate. A couple of participants observed that continued low [...]

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Government prepares Qantas liberation

February 20, 2014 - 03:51 -- Admin

From the AFR: After The Australian Financial Review reported lifting the act was the long-term option being considered by the Coalition, Treasurer Joe Hockey revealed preparations were well advanced ahead of a cabinet discussion on Qantas some time after February 27. …The government would not ­elaborate on what changes were being proposed to the 1992 law which [...]

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