Once upon a time, the Australian Industry Group (AIG) had three PMIs (manufacturing, services and construction) that were far from perfect but still useful. Moreover, all three were widely quoted in the press, so they were certainly good for AIG. Then, one day, somebody decided to recreate the indexes as the Australian Industry Index, which
The Australian Bureau of Statistics (ABS) has released the June quarter National Accounts, which were an unmitigated disaster and confirmed that Australia is in a deep per capita recession. The economy as measured by real GDP grew by only 0.2% in the September quarter, badly missing economists’ expectations of a 0.4% print: Real per capita
From the AMA. Data out today paints a grim picture of Australia’s public hospitals with nearly one in two patients spending more than the recommended time in emergency departments, while the planned surgery waiting list soars past 850,000 people. The Australian Institute of Health and Welfare (AIHW) data is further proof that Australia’s public hospitals are
Independent economist Tarric Brooker has posted a bunch of charts on Twitter (X) assessing Australia’s economic growth model, which is based on population growth (immigration) and ever-rising house prices. “Real household disposable income per capita went backwards in the past decade”, notes Brooker: “Data from as early as 2017 shows commute times rising, in some
Australia is experiencing an unprecedented boom in international students, which is driving the nation’s record-breaking net overseas migration and rental crisis. According to the Department of Home Affairs, there were a record 673,000 student visas on issue in October, which was more than 100,000 above the pre-pandemic peak: The number of graduate visas on issue
Cross-posted from ZH. This may help explain the recent strength in DXY, BTC and gold, which is an unusual combination. Several weeks ago, as the Fed’s Overnight Reverse Repo tumbled below $900 billion for the first time since June 2021 amid a growing debate of where and when the Fed’s reserve scarcity constraint will be hit, we
Global gas prices continue to crash. European prices are rolling: As US gas can arrive profitably for well under $10GJ: If there is no cold snap soon, the ongoing Asian gas price will crash will sink into single figures: Coal will follow: We are still in the strong demand seasonal period for both. If we
With Australia’s population growing like a lab experiment via mass immigration, it needs ongoing strong infrastructure investment. Otherwise, it faces capital shallowing and lower productivity growth. But strong infrastructure investment is also juicing domestic demand and inflationary pressures. In the below note, CBA senior economist, Belinda Allen, explains the infrastructure conundrum facing Australian policy makers.
Such is life when the market decides your dictator is an idiot. It is farewell to capital: And asset prices. Houses: Stocks: Housing stocks: Not even credit can save it: Taiwan invasion, anyone? Goodbye, farewell and all that: Moody’s Investors Service cut its outlook for Chinese sovereign bonds to negative, underscoring deepening global concerns about
DXY is back: AUD puke: The peg: Oil is in trouble: Dirt gave up: Miners too: EM dead: Junk pause: Bonds are hot, hot, hot: Stocks are not, not, not: More weak US data delivered the Treasury heat. Goldman: Job openings decreased by 617k to 8,733k in October (vs. a downwardly revised 9,350k in September),