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Tax expert: company tax cuts to benefit rich

August 17, 2017 - 08:22 -- Admin

By Leith van Onselen A leading tax expert has thrown a hand grenade at the Turnbull Government’s company tax cut policy, claiming that the rich would benefit the most if company taxes were lowered. From The AFR: Richard Vann, the Challis Professor of Law at the University of Sydney, said the government was relentlessly eager

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Daily iron ore price update (despair)

August 17, 2017 - 08:21 -- Admin

Iron ore price charts for August 16, 2017: Tianjin spot fell 60 cents to $71.70. Paper went berserk overnight. Steel was sinking but I know not what it will do today. The two coals have ceased to make sense to me. Today I’m wondering if I should close this column. I pride myself on having

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Property parasite bullish on ponzi economy “gold rush”

August 17, 2017 - 08:03 -- Admin

By Leith van Onselen CEO of Stockland (and former Property Council President), Mark Steinert, is loving the Australian economy right now, with the company making out like bandits from the immigration-driven population crush occurring across Melbourne and Sydney. From The AFR: Steinert looks at Melbourne and sees a city experiencing the strongest population growth since

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Drumbeats grow for Australian QE

August 17, 2017 - 08:01 -- Admin

Via Paul Dales at Capital Economics: We suspect that history will be turned on its head over the next decade or so with Australia and New Zealand experiencing lower inflation rates than some of their peers. It follows that their exchange rates are likely to be weaker than otherwise and that their government bond yields

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Dovish Fed launches metals madness

August 17, 2017 - 07:33 -- Admin

The DXY reversed last night as Fed minutes came in dovish: The Aussie dollar roared: But fell against other EMs: Gold took off: Brent fell: But base metals went nuts (as did iron ore): Big miners followed: And EM stocks: High yield firmed: US yields fell: European too: European stocks bounced, US a little: DXY

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Trump isolated as neo-Nazi crisis escalates

August 17, 2017 - 06:47 -- Admin

From the NYT: President Trump’s main council of top corporate leaders disbanded on Wednesday following the president’s controversial remarks in which he equated white nationalist hate groups with the protesters opposing them. Soon after, the president announced on Twitter that he would end his executive councils, rather than put “pressure” on executives. The quick sequence

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Baaaaanabygate triggers Coalition despair

August 17, 2017 - 06:26 -- Admin

Via the AFR: Liberal MPs despairing at the mounting crises plaguing the government are starting to question the political judgment of the Prime Minister’s office and whether the Coalition can win the next election. As the government limped through another parliamentary sitting day hamstrung by Barnaby Joyce’s dual citizenship debacle, MPs said the only positive

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Wages are going to fall further

August 17, 2017 - 00:30 -- Admin

Some great charts from Westpac today tells the story of wages. Total hourly wages ex bonuses increased 0.5% in Q3, in line with expectations. It continues to hold just above the record low of 0.4% in 2016 Q4 which overall, a surprisingly soft outcome given the relative positive state of the Australian labour market. The

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Australian Blade Runner 2049

August 17, 2017 - 00:30 -- Admin

Some great charts from Westpac today tells the story of wages. Total hourly wages ex bonuses increased 0.5% in Q3, in line with expectations. It continues to hold just above the record low of 0.4% in 2016 Q4 which overall, a surprisingly soft outcome given the relative positive state of the Australian labour market. The

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Salt of the Ponzi launches decentralisation pipe dream

August 17, 2017 - 00:15 -- Admin

By Leith van Onselen Bernard Salt – the self-proclaimed “unabashed supporter of a bigger Australia” – took to LinkedIn yesterday in response to Dick Smith’s call for Australia to slash Australia’s immigration intake, calling for Australia’s immigration intake to be shifted away from Sydney and Melbourne: Speaking to Seven News nationally for broadcast tonight. Dick

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