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Government backbenchers revolt over Gonski 2.0

May 4, 2017 - 00:17 -- Admin

By Leith van Onselen Coalition backbench MPs, let by Tony Abbott, are reportedly livid at the Turnbull Government’s revamped $18.6 billion “Gonski 2.0” needs-based school funding plan because it promises to cut funding to 24 elite non-government schools. From The Australian: Liberals and Nationals broke ranks yesterday to vent their anger… some schools will lose

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Victoria’s privatisations are a dud deal for taxpayers

May 4, 2017 - 00:15 -- Admin

By Leith van Onselen I explained yesterday why I believed that the Victorian Government’s planned mass sell-off of the state’s assets to pay for infrastructure investment was a dud deal for taxpayers and users, who are likely to end up paying more for services as the new private monopoly owners gouge customers. Now, David Hayward

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Capital controls send Straya the wrong Chinese property buyers

May 4, 2017 - 00:12 -- Admin

From Bloomie: Money quote right at the end, describing how rich Chinese buying homes can get money out of China but investors in new builds cannot.

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Ahead of Budget, NSW stamp duty receipts boom

May 4, 2017 - 00:12 -- Admin

By Leith van Onselen Ahead of the State Budget next month, the NSW Office of State Revenue has updated its stamp duty data for March 2017, which shows that annual receipts continued their second wind on the back of rising Sydney home prices and rebounding transaction volumes: As shown above, NSW stamp duty receipts hit

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Australian mining is totally unprepared for the cliff ahead

May 4, 2017 - 00:06 -- Admin

Via UBS: 3 days in Perth with 14 corporates; Perth is cautiously optimistic Last week, we travelled to Perth to catch up with 14 corporates ranging from S32 & FMG to the gold & nickel miners and as well as the mining service providers & drillers. We have come away from Australia’s mining capital with

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Daily iron ore price update (smashed)

May 4, 2017 - 00:05 -- Admin

Iron ore price charts for May 3, 2017: Spot was basically flat. But paper went up in flames overnight. Mid-April CISA data shows steel mills overproducing their arses off. BHP and RIO were down -2% and -3% in London. More prices to come. Metal Bulletin has some texture to send a shiver down Australian spines:

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Chinese interest rates soar as credit shudders

May 4, 2017 - 00:04 -- Admin

Hello. Caijing: 多地房贷利率上调:广州进9折时代 上海现9.5折 Shanghai area before the first home lowest interest rates was 10% below the benchmark, now this has been cut to 5%; second-home interest rate is still generally the benchmark interest rate plus 10%. Guangzhou area, May 1 small holiday after the mortgage interest rate to accelerate into the “90% era.” Previsouly. state-owned

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Links 4 May 2017

May 4, 2017 - 00:01 -- Admin

Global Macro / Markets / Investing: Our Problem with Monopolies, and Why Everything Sucks – Talking Points memo ’The higher the inequality, the more likely we are to move away from democracy’ – The Guardian That thing about EUR derivative clearing and the ECB – Medium Americas: This one Clinton quote shows why her supporters hate the media –

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Macro Afternoon

May 3, 2017 - 17:20 -- Admin

by Chris Becker Its holiday time for most of Asia, with Hong Kong and Japanese share markets closed, the focus pivoted to China and its satellite Australia, where the latter dipped suddenly on poor earnings from ANZ and BHP. Lower commodity prices are not helping either with gold slipping and oil down before the Atlantic

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Is Auckland’s housing market rolling over?

May 3, 2017 - 14:15 -- Admin

By Leith van Onselen Several strings of data suggests that the Reserve Bank of New Zealand’s (RBNZ) loan-to-value ratio (LVR) restrictions targeting investors, which were announced in July 2016, are beginning to have the desired effect of cooling Auckland’s runaway housing market. As noted yesterday, the share of mortgages going to investors has cooled significantly

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