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Record low wages growth shatters Budget forecast

August 16, 2017 - 11:47 -- Admin

By Leith van Onselen The Australian Bureau of Statistics (ABS) has just released its Wage Price Index for the June quarter of 2017, which revealed a continuation of weak wages growth across the economy, with annual wages growing at the lowest rate in the series’ 20 year history: According to the ABS, wages grew by

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Franchise visa rorters bill hangs in the balance

August 16, 2017 - 11:46 -- Admin

By Leith van Onselen After extensive behind-the-scenes lobbying campaign by the Franchise Council of Australia, led by former Liberal Small Business Minister Bruce Billson, the Turnbull Government earlier this year delayed a vote on a bill to prevent worker exploitation. Now the Coalition is in negotiations in the Senate, and the bill reportedly hangs in the

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Gas cartel hoses your money into the sea

August 16, 2017 - 11:41 -- Admin

The gas cartel is in full swing this week. We had the Santos write down yesterday. Today Origin, as it’s white elephant hoses another $3.1bn into the sea: But who cares when your artificial gas shortage throws up electricity profits growth like this: Recalling that gas sets the price of electricity in the National Electricity

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“Alarming” NZ immigration might be even higher than reported

August 16, 2017 - 11:20 -- Admin

By Leith van Onselen Earlier this week, Statistics New Zealand released its population estimates for the June quarter of 2016, which recorded an unprecedented population increase of 100,400 (2.1%) in the year to June, driven by a record high 72,300 net migration: Today, Economics forecaster and consultancy Infometrics has produced new research suggesting that the

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Leading index remains below trend

August 16, 2017 - 11:17 -- Admin

From Westpac: • The six month annualised growth rate in the WestpacMelbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose from –0.54% in June to –0.10% in July. Despite the improvement in the growth rate it remains negative for a second

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Fairfax readies Domainmaggeddon

August 16, 2017 - 11:08 -- Admin

Thanks to McGrathmaggeddon we know exactly what to look for in over-inflated and poorly timed exit strategy IPO. Fairfax today announced something a little similar. It’s full year result was ordinary with falling revenue but costs falling eve faster to deliver a rebounding net profit after big losses the year before: Needless to say, shrinking

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Property lobby has lost the argument on negative gearing

August 16, 2017 - 09:53 -- Admin

By Leith van Onselen The Coalition’s staunch defence of negative gearing is looking sillier by the day, with a new survey of 13,000 people by the think tank The Australian Institute for Progress revealing that most people believe that negative gearing reform holds the key to housing affordability. From The AFR: Of all respondents 24

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The Dominoes warning

August 16, 2017 - 09:38 -- Admin

I am not very interested in Dominoes as a business per se. But I am interested in it as an exemplar of the wage…ahem…massaging business models that have taken hold in Australia’s service sectors. Adele Ferguson is clear today: Since it listed on the ASX in 2005 at $2.20, Domino’s shares surged more than 2500

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Macro Morning

August 16, 2017 - 09:25 -- Admin

By Chris Becker   The USD led the charge overnight as advanced retail sales surprised to the upside, sending bond yields higher on even firmer expectations of another rate hike from the Federal Reserve before the year is out. Stocks were relatively flat in the US as a result, while European bourses advanced on good

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Will Dick Smith’s Fair Go “stuff the whole economy”?

August 16, 2017 - 08:24 -- Admin

By Leith van Onselen As expected, several “experts’ have lashed Dick Smith’s call to cut immigration, arguing that it would trash the economy. From The Australian: Economists and senior business figures have disputed Dick Smith’s claims that immigration is fuelling inequality and questioned his Grim Reaper campaign to save the nation from its “addiction to

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