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Articles from MacroBusiness

Recession battered retailers beg RBA for rate cuts

October 2, 2024 - 13:00 -- Admin

On Tuesday, the Australian Bureau of Statistics (ABS) released retail trade data, which posted a solid 0.7% gain in August following an upwardly revised 0.1% lift in July (previously reported as flat): Unseasonably warm weather and increased Father’s Day spending both contributed to the result, which easily exceeded economists’ expectations of a 0.4% rise. The annual rate of

Melbourne and Sydney property prices weighed down by listings

October 2, 2024 - 12:30 -- Admin

CoreLogic’s daily dwelling values index shows that Melbourne and Sydney values are lagging well behind the other major capital cities: Over the past 28 days, Melbourne dwelling values declined by 0.1%, whereas Sydney’s rose by 0.2%. By comparison, values rose by 1.4% in Perth, 1.1% in Adelaide, and 0.6% in Brisbane over the same 28-day

Sydney versus Hellbourne is no contest

October 2, 2024 - 11:30 -- Admin

A bit of lite reading today: When Sandilands and Henderson launched their show in Melbourne in April, I wrote they were “crass, rude, family-unfriendly, profane, abrasive – and weirdly compelling”.  What many Sydneysiders fail to understand is that not living in Sydney is a choice – just as it is to listen to Kyle and Jackie

Losses mount across Australia’s hospitality industry

October 2, 2024 - 11:00 -- Admin

According to insolvency data from the Australian Securities and Investments Commission (ASIC), over 1,900 hospitality businesses failed last financial year as food and energy expenses rose and discretionary consumer spending fell sharply. Restaurant and Catering Australia (RCA) CEO Suresh Manickam warned that the hospitality industry was going through one of its most difficult periods in

Counting the costs of excessive immigration

October 2, 2024 - 10:30 -- Admin

In a recent speech to the Sydney Institute, Assistant Minister for Immigration Matt Thistlethwaite admitted that immigration “has provided marginal economic benefit” and has not boosted the nation’s productivity. It has also created social pressures in major cities. “Migration has been unresponsive to Australia’s needs; it has provided marginal economic benefit and has not enhanced labour

Green shoots in Chinese property?

October 2, 2024 - 10:00 -- Admin

Very, very early days but some data from Goldman. New homes sales volume on average was +126% wow, and down 1% yoy with tier-3 and Northern outperforming. Secondary transactions on average were +91% wow, and up 46% yoy with positive price appreciation expectations from both agents and homeowners. Inventory balance was flat wow and was

Iron ore blasts the shorts

October 2, 2024 - 09:30 -- Admin

With China closed, iron ore is flopping around like a fish out of water in Singapore futures: One dynamic worth mentioning is the shift in Chinese futures. Steel (and iron ore shorts, including me) have been blasted to bits: It doesn’t tell us the squeeze is over, indeed, we need to go lower. But it

Macro Morning

October 2, 2024 - 09:00 -- Admin

Last night saw a maelstrom of geopolitical events – read: war – hit risk markets from all sides with USD bid strongly on the safe haven while stocks pulled back and commodities lifted, particularly oil.  Wall Street suffered the most as tech stocks sold off while the new quarter did impact bond markets somewhat with

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