Articles from MacroBusiness

Housing bubble creates headaches for Australia’s retirement system

By Leith van Onselen Over the Weekend, The SMH reported how rising household debts among older Australians could ultimately cripple Australia’s retirement system: The number of Australian homeowners over the age of 65 still carrying mortgage debt has trebled since 2002, raising concerns the nation’s retirement savings could be absorbed into the housing boom. In 2002

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Trump wants China to “feel more pain”

Via Axios which has good sources on this stuff: President Trump has no intention of easing his tariffs on China, according to three sources with knowledge of his private conversations. Instead, these sources say he wants the Chinese leaders to feel more pain from his tariffs — which he believes need more time to fully

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TPP leads Australia “along the path to corporatocracy”

By Leith van Onselen With the Trans-Pacific Partnership (TPP) trade agreement passing the Senate last week, investigative journalist, Michael West, claims the deal leads Australia “along the path to corporatocracy”: This deal is another milestone along the path to corporatocracy, another capitulation of a sovereign government to foreign corporate interests, another subversion of democracy. It comes

Credit Suisse: Don’t buy banks

Via the always excellent Damien Boey at Credit Suisse:: In Tom Clancy’s 1984 best-selling novel “The Hunt for Red October”, a Russian Naval captain attempts to defect to the US by commandeering a state-of-the-art nuclear submarine “Red October” into US waters. The twist is that for a long time while the submarine is sub-merged, neither

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Australia’s visa system is being “gamed” by international students

By Leith van Onselen MB has argued ad nauseum that Australia’s education system has become an integral part of the immigration industry and Australia’s population ponzi – effectively a way for foreigners to buy backdoor permanent residency into Australia. Dr Jenny Stewart, Honorary Professor of Public Policy at the University of New South Wales, drew

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Australian bank risk management “decade” behind world

So says ANZ Banking Group’s former chief risk officer Mark Lawrence: …most local banks are nearly a decade behind international peers transforming risk capabilities and fixing cultures, because until the Hayne royal commission there had not been a “burning platform” to stir reform like the 2008 financial crisis did overseas. Violations exposed by the royal

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Aussie households world’s wealthiest thanks to expensive homes

By Leith van Onselen Credit Suisse has released its 2017 Global Wealth Report, which reveals that Australian households are the wealthiest in the world when measured by median wealth: Household wealth in Australia grew at a fast pace between 2000 and 2012 in US dollar terms, except for a short interruption in 2008. The average

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Australian CPI preview

Via Westpac: • Westpac’s forecast for the September quarter headline CPI is 0.5%qtr which will see the annual pace ease to 2.0%yr from 2.1%yr. Westpac’s forecast leaves the two quarter annualised pace at 1.6%yr. • The September quarter is a seasonally strong quarter with the ABS projecting a seasonal factor of +0.30ppt. However, this is

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Rudd blames dunderheaded Swan for RSPT calamity

Via Domainfax today: “Not only had Swan been treacherous, he’d also been a coward. He didn’t even the have the guts to come and front me and tell me face to face what he had decided to do.” Mr Rudd said Mr Swan lacked the “cerebral horsepower” of the finance minister Lindsay Tanner and was

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Income falls for one fifth of Australian workers

By Leith van Onselen The Australian Population Research Institute (APRI) has released a new study entitled “Declining Economic Mobility in Australia – A report on households and people who have experienced income decline from 2011 to 2016”, which tracked the income of the same people over time, using the longitudinal Census data from the ABS,

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