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Auction clearances post seasonal bounce

February 14, 2019 - 12:30 -- Admin

By Leith van Onselen Last weekend, CoreLogic released its preliminary auction clearance rates, which revealed the following results: Today, CoreLogic has released its final auction results, which reported a 3.0% decline in the final national auction clearance rate to 51.1%: As you can see, Sydney’s auction clearance rate fell by 5.2% to 54.0% whereas Melbourne’s fell

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Two can play the fear game: Mediscare 2.0 warms up

February 14, 2019 - 12:15 -- Admin

Via New Daily: Labor is preparing to unleash a Mediscare 2.0-style campaign, claiming the Morrison government cannot be trusted on GP fee increases and cuts to health. In her first major speech to the National Press Club, opposition health spokeswoman Catherine King said having failed to introduce the $7 GP co-payment, the Prime Minister was trying

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CoreLogic: Million dollar suburbs shrinking as home values fall

February 14, 2019 - 12:00 -- Admin

By Leith van Onselen A strong theme of this housing bust has been the degree to which value falls have been driven by the top-end of the market. As shown in the next chart, the top 25% of capital city homes (“High Value”) fell 9.9% in the year to January 2019, versus falls of 4.8%

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SA rejoice: You’re losing the battle to attract migrants

February 14, 2019 - 11:45 -- Admin

This is totally perverse from the ABC: South Australia is losing a very important battle — to win the hearts and minds of those migrating to Australia. Premier Steven Marshall wants to gain some ground by attracting skilled migrants to the state rather than Victoria and New South Wales, as the State Government holds a

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HSBC buries Bloxo: Australian dollar to 66 cents

February 14, 2019 - 11:43 -- Admin

Where’s the ever bullish Bloxo? Via HSBC: “While the [global] risks appear to have receded for now, this may be masking the growing risks from the second, which is gathering momentum and deserves more attention. “The deceleration in the flow of housing credit has been evident since at least early 2018 but has only recently

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NBN debacle worthy of its own Royal Commission

February 14, 2019 - 11:30 -- Admin

By Leith van Onselen With a veritable conga-line of analysts calling on the federal government to write-down the value of the National Broadband Network (NBN) by $20 billion in order to make the wholesale costs low enough for telcos to remain profitable and to provide customers with competitively priced high-speed internet, ACCC head Rod Sims

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Longview Economics: Australian “recession likely” in 2019-20

February 14, 2019 - 11:15 -- Admin

By Leith van Onselen Following on from Gerard Minack’s report contending that “a recession in Australia is becoming more likely”,  Longview Economics has delivered a similar verdict: Summary & Conclusion: Excess in the Australian housing market has been widely discussed by investors and commentators for a number of years. Underpinned by cheap money, house prices

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Is it time to heed the Baltic Cry?

February 14, 2019 - 10:45 -- Admin

I gave up on the Baltic Dry many years ago when a shipping glut dislocated it from wider global economic activity. Is it time to revisit it? If so, it is not painting a pretty picture: There are a few reasons to be wary of the crash: China’s recent rolling import coal bans are piling

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Developer Villa World hit by falling sales

February 14, 2019 - 10:30 -- Admin

By Leith van Onselen Listed developer Villa World reported a 2018-19 interim net profit of $17.6 million, which is in line with the same period in 2017-18. However, the company reported a 30% slump in sales volumes to 517 lots during 1H19, versus 742 lots in 1H18: Demand for the Company’s core product – affordable land

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RBNZ exposes corrupt APRA on bank capital

February 14, 2019 - 10:15 -- Admin

By Leith van Onselen The Reserve Bank of New Zealand (RBNZ) clearly does not trust APRA to do its job and protect the economy. Because the RBNZ has launched a proposal to raise tier 1 regulatory capital held by the banks to 16%: Under the proposal, over five years or so, banks’ Tier 1 capital

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