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Iron ore lobby dies with juniors

April 1, 2015 - 14:55 -- Admin

From the SMH: The Magnetite Network, which was formed in 2009 to represent the interests of Atlas Iron, BC Iron, Citic Pacific Mining, Karara Mining and Asia Iron Australia, has suspended activities as its member companies cut costs amid weak iron ore prices. “Just like a mine site that goes on to care and maintenance

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Wealthy collecting $10b super tax free

April 1, 2015 - 14:33 -- Admin

By Leith van Onselen The Association of Superannuation Funds Australia (ASFA) has today released new research showing that wealthy retirees are collecting $10 billion worth of income tax free, courtesy of the Howard Government’s short-sighted decision in 2006 to scrap taxes on the retirement income from super. According to this report, there are over 200,000 people

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Engineering construction levitates above mining cliff

April 1, 2015 - 12:41 -- Admin

By Leith van Onselen The ABS has released engineering construction data for the December quarter of 2014, which revealed a 0.6% seasonally adjusted fall in the value of work done over the quarter, a 12.4% fall over the year, and an ongoing reduction in the construction pipeline. According to the ABS, private sector engineering construction

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Bassanese: Iron headed for $25

April 1, 2015 - 12:35 -- Admin

From David Bassanese: If you think the current rout in iron ore prices is bad enough, I have some potentially troubling news for you: by long-run historical standards, prices still appear relatively high. The implicit assumption from both the Federal Government and commodity analysts in recent years was that “this time is different”. Almost everyone

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China PMI flops into expansion

April 1, 2015 - 12:23 -- Admin

The second of China’s PMIs (the official version) is out for March and did better than the private HSBC measure managing to flop over the line into expansion up 0.2 points to 50.1. Output jumped to 52.1 but new orders remain subdued at 50.2 and new export orders are contracting at 48.3:   Hardly spectacular and

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Dwelling approvals retrace in February

April 1, 2015 - 11:58 -- Admin

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of February. At the national level, the number of dwelling approvals fell by a seasonally adjusted 3.2% to 18,768. The overall fall was driven by the volatile unit and apartment segment, which fell by 6.0% in February.

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How Howard expanded the negative gearing “tax shelter”

April 1, 2015 - 11:29 -- Admin

By Leith van Onselen Following the release Monday of the Australian Treasury’s discussion paper on tax, there has been lots of calls for the Abbott Government remove the 50% discount on capital gains tax (CGT), which has overwhelmingly benefited the rich by creating a tax shelter via, among other things, negative gearing. Here’s an example

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How to generate a RIO “buy”

April 1, 2015 - 11:11 -- Admin

Big iron is again outperforming on the stockmarket today even as its business dissolves. Let’s take a look at how this magnificent fiction is achieved. Deutsche has just cut its iron ore prices to $51 for 2015 and $60 for next year and today recommended RIO as a buy (not picking on it especially): After

The post How to generate a RIO “buy” appeared first on MacroBusiness.

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Lateline hammers TPP trade sell-out

April 1, 2015 - 10:44 -- Admin

By Leith van Onselen Last night, ABC’s Lateline dedicated an entire program to the Trans-Pacific Partnership (TPP) – the US-led trade deal being negotiated between 12 Pacific Rim nations, including Australia. The first segment showed how interests within the US political system – particularly the Democratic Party and unions – are opposed to the TPP,

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Dad’s Army slams macroprudential

April 1, 2015 - 10:28 -- Admin

The new commentator at Dad’s Army, Miranda Maxwell, takes on macroprudential todayand gives it a panning: New Zealand’s experience with home loan limits is a cautionary tale. There, loan-to-value ratio ‘speed limits’ were introduced in October 2013 and dictate that banks limit residential mortgage lending at a LVR greater than 80 per cent to no more than 10

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