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ASX peaks as banks and miners tumble

May 9, 2017 - 12:32 -- Admin

Dalian is not being nice to iron ore again: Coking coal is a bit better: Big Iron is hanging on again in hope. I suppose it has to wait for the obvious to happen. FMG did hit new correction lows at the open but has since rebounded as Hot Copper dills pile in: Big Gas

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Retail sales growth plummets as income wanes

May 9, 2017 - 11:59 -- Admin

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released retail sales figures for the month of March, which registered a 0.1% fall in seasonally-adjusted sales over the month with annual sales clocking in at just 2.1% growth – the weakest annual growth since June 2013: In trend terms, annual retail sales growth

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Hate to tell you but Australia is white

May 9, 2017 - 11:37 -- Admin

The absurd Labor “Australia First” ad-bashing goes on today: ACTU secretary Sally McManus joins chorus of condemnation of Bill Shorten and his “Australians First’’ Labor Party ad for its lack of cultural diversity. “I think it was a really silly and a wrong ad,’’ she told ABC radio. “It didn’t represent what Australia is and

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The rise and rise of stamp duty

May 9, 2017 - 11:09 -- Admin

CoreLogic’s Cameron Kusher has produced an interesting analysis of property taxation across Australia, which reveals that state and territory governments collected a record high 51.9% of taxation revenue from property in the 2015-16 financial year, driven primarily by surging stamp duty receipts in New South Wales and Victoria: The value of property taxes collected was

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I admit it. Domainfax without journos is boring

May 9, 2017 - 11:06 -- Admin

Five days into the journo strike now and Dominfax has become paralytically boring. The usual themes are all there: Trump-bashing, parochial trivia, celebrity life, political porn and sport: Conspicuously absent is the usual property porn which tells you what the journos mostly do. It may be dull but it is quite a relief to my

The post I admit it. Domainfax without journos is boring appeared first on MacroBusiness.

Australia’s banks are going ex-growth

May 9, 2017 - 10:56 -- Admin

By Leith van Onselen CBA is out with its trading update today and it continues the trend of recent “utility” profits, via AFR: Commonwealth Bank has met expectations on Tuesday morning after announcing a small rise in third quarter cash profit to March 31 of $2.4 billion from $2.3 billion from the previous corresponding period. The result

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Adani mine subsidy has one purpose: Defeating One Nation

May 9, 2017 - 10:12 -- Admin

Hooray, via the ABC: A confidential report obtained by the ABC says coal prices will fall significantly and exports from Australia’s biggest coal port will decline if Adani’s giant coal mine in north Queensland goes ahead. The research has come amid a major split in the Labor Party over plans to offer the giant Carmichael

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Gundlach’s bad call

May 9, 2017 - 09:43 -- Admin

DXY jumped last night: Commodity currencies sank: Gold hung on: Oil too: Base metals were hit: And big miners: EM stocks eased: High yield too: US bonds were sold: European spreads widened: And stocks fell back a bit: A good video here from Bond King Jeff Gundlach at the Sohn Conference gives us some meat

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Tony’s tradies to get lucky again

May 9, 2017 - 09:27 -- Admin

By Leith van Onselen Rumours abound today that the “Tony’s tradies” initiative implemented in the 2015-16 Budget, which allowed small-to-medium sized businesses to write-off $20,000 of capital expenditures, will be extended for another year. From The Australian: The government is planning a small-business blitz in coming days to sell a highly popular tax break that

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Morrison still high on Budget acid as outlook sinks

May 9, 2017 - 09:08 -- Admin

From the The Australian: “Australians have been making big sacrifices to ensure that we’ve achieved the growth that we’ve had and I want to tell them that it’s been worth it,” he said. Mr Morrison also believes this year’s budget is grounded in the principles of fairness and opportunity and is a practical response to

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