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The infrastructure boom is a con job

May 10, 2017 - 10:42 -- Admin

By Leith van Onselen Fairfax’s Michael Pascoe has slammed the Coalition’s purported $75 billion in infrastructure spending, claiming it’s a “con job”: Morrison has got away with rehashing Hockey’s infrastructure PR trick – think of a big number and keep adding years until you reach it… That’s what ScoMo has done with his headline-grabbing “$75

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Of course the banks should pass the levy onto customers

May 10, 2017 - 10:22 -- Admin

Via The Australian: The Turnbull government has warned the big five banks not to lie to their customers if they pass on a new $6 billion levy, AAP reports. There are suggestions the banks may move quickly to raise mortgage rates by up to 0.15 per cent to compensate for the budget measure. Prime Minister

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Macro Morning

May 10, 2017 - 09:56 -- Admin

By Chris Becker   While tech stocks in the US advanced to new highs and European bourses dragged along, the broader industrial shares fell due to continued falls in commodity prices even as better than expected corporate earnings were announced. Bets on higher interest rates from the Fed sooner rather than later saw gold and

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Property parasites swarm Budget’s foreign buyer measures

May 10, 2017 - 09:44 -- Admin

By Leith van Onselen The property lobby has been quick to oppose the Budget’s measures targeting foreign buyers. Here’s the Housing Industry Association (HIA) via their Media Release: HIA is concerned about the negative impacts on residential building from the Budget’s measures on foreign investment. Plans to tax vacant homes, limit the share of foreign

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NZ politicians also pigs in the housing trough

May 10, 2017 - 09:09 -- Admin

By Leith van Onselen Last month, The ABC posted a ripping article on the high degree of investment property ownership by Australia’s federal politicians, which is likely acting as a strong disincentive to them making fundamental reform to fix Australia’s housing woes: The 226 individuals own 524 properties between them and about half of them

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Australian dollar sinks with yield spread

May 10, 2017 - 09:09 -- Admin

The Aussie dollar correction continues, sinking as low a 73.3 cents last night. It is also sinking fast against the euro, versus the yen it is trying: Softening commodity prices and waning sentiment on China are playing a role, as is the declining yield spread to the US, which hit a new 17 year low

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One chart destroys ScoMo’s fantasy Budget

May 10, 2017 - 08:09 -- Admin

By Leith van Onselen While Houses & Holes has already done an excellent job demolishing the Budget’s overall economic and financial assumptions, I want to focus on just one part: the assumed jump in wages growth from 1.9% currently to 3.75% in 2020-2021: This wages growth assumption is particularly important to the Government’s forecast return

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Morrison’s psychedelic futureboom

May 10, 2017 - 03:10 -- Admin

Blunder, lie or psychedelic vision, I don’t know which, but the Budget has little chance of hitting its forecasts on the growth assumptions presented. Apparently, the surplus will arrive on cue in 2020/21: Driven by the futureboom that begins in 2019: Sadly the Budget does not provide the inputs to said futureboom, only the next

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Anna Bligh’s pay rises to $6bn

May 10, 2017 - 02:59 -- Admin

Turns out that running a fake government can be quite expensive. From Chanticleer: After almost a year of shadow boxing between politicians and bankers, Treasurer Scott Morrison’s budget reveals the depth of rancour in the upper ranks of the Turnbull government toward the country’s major banks and those who run them. A bank levy that

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