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Articles from MacroBusiness

The epic crash of Aussie property sales

April 17, 2019 - 00:15 -- Admin

By Leith van Onselen CoreLogic’s latest dwelling sales data reveals more bad news for those groups heavily reliant on property transactions, including real estate agents and state governments (via stamp duty). It also points straight down for house prices. The next chart plots annual sales volumes across Australia’s capital cities to December 2018, which are

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SQM: Rental vacancies to rise over 2019

April 17, 2019 - 00:10 -- Admin

By Leith van Onselen SQM Research has released its rental vacancy series for February, which revealed no change in the national vacancy rate over the month or year: Over the year, increases in vacancies were recorded in Sydney (+0.8%), Melbourne (+0.2%), Canberra (+0.3%) and Darwin (+0.1%), whereas Brisbane (-0.7%), Perth (-1.2%), Adelaide (-0.3%) and Hobart

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Links 17 April 2019

April 17, 2019 - 00:01 -- Admin

Global Macro / Markets / Investing: Goldman Sachs CEO David Solomon slashes pay for his employees as revenue drops – CNBC Plug-in electric car ownership up 76% in 2018 – Fleet News Goldman Sachs Quarterly Profit Falls 20 percent – Reuters Huawei is ‘open’ to selling 5G chips to Apple for iPhones, marking a big

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Macro Afternoon

April 16, 2019 - 16:30 -- Admin

A lot better conditions here in Asia today with Chinese markets rebounding on the expectation of much better economic data while the Australian dollar was the biggest currency mover on the release of the RBA Minutes, sending the Pacific Peso down over 30 pips. The Shanghai Composite has rebounded sharply by climbing over 2% to close

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Bill Evans: RBA tilts towards rate cuts

April 16, 2019 - 15:23 -- Admin

Via Westpac: The RBA minutes clearly indicate that they are willing to cut the cash rate and have set out the conditions that need to be fulfilled for it to occur. We are encouraged by this new detail, and continue to believe the RBA will cut the cash rate in August and November this year.

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ScoMo pretends to care about traffic congestion

April 16, 2019 - 14:00 -- Admin

By Leith van Onselen With the election campaign in full swing, Prime Minister Scott Morrison suddenly cares about traffic congestion across Melbourne: More than $150 million of ‘congestion busting’ road projects in Melbourne will be announced by the Coalition on Monday. The Morrison government says the $154 million investment will help ease gridlock across the

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EY: Sydney property a dud investment

April 16, 2019 - 13:30 -- Admin

By Leith van Onselen EY has released analysis claiming that the majority of Sydneysiders would be better-off renting and investing in shares than purchasing an owner-occupied dwelling. From Domain: “It’s time to give up on the mindset that renting is dead money,” said EY chief economist Jo Masters. “There’s this idea that the only way

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The pros and cons of MMT

April 16, 2019 - 13:00 -- Admin

Authored by Michael Every via Rabobank. Mmm…MT For those who haven’t noticed, there has been a lot of discussion about Modern Monetary Theory (MMT) in the press of late. Clearly MMT, which has actually been around for decades, is currently a hot topic at the highest levels. However, even a cursory glance above shows that it is

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Auction clearances stuck below 50% in March quarter

April 16, 2019 - 12:30 -- Admin

CoreLogic has released its quarterly auction market report, which has reported a combined capital city clearance rate of only 49.9% over the March quarter, alongside tanking volumes: Around half of all homes up for auction across Australia’s capital cities sold during the first quarter of 2019, with the latest CoreLogic Quarterly Auction Market Review showing

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APRA releases new lettuce leaf

April 16, 2019 - 12:00 -- Admin

Via Martin North: The Australian Prudential Regulation Authority (APRA) has released details on the future role and use of enforcement activities in achieving its prudential objectives. Guiding principals include “risk-based”, “forward-looking”, “outcomes-based” and deterrence impact. Of course the question is, will it really make any difference? Here is the release. APRA’s new Enforcement Approach, published today, sets

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