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CIS demands austerity from states

May 28, 2020 - 11:20 -- Admin

The Centre for Independent Studies (CIS) has forecast that the combined debt of the state and federal governments will top $1.2 trillion by 2022. This equates to about 60% of GDP. The CIS also warns that much of the states’ revenue is at risk of a major decline in coming months due to the impact

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Seek new job ads rebound 40% from lows

May 28, 2020 - 11:00 -- Admin

From Seek: Key insights (weeks 20 & 21 compared to April 2020): New job ads posted on SEEK during the fortnight ended 24 May are up 39.7% compared to April 2020. This is a further uplift from 26.8% In the previous two weeks. The biggest contributors to job ad growth are Trades & Services, Hospitality

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NZ facing worst ever economic downturn

May 28, 2020 - 10:40 -- Admin

The Reserve Bank of New Zealand (RBNZ) yesterday released its bi-annual Financial Stability Report (FSR), which stated that the nation faces its sharpest economic contraction in 160 years: In New Zealand, border closures and economic lockdowns have led to an unprecedented decline in economic activity. Even accounting for an expected recovery in the second half

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Daily iron ore price update (still steel)

May 28, 2020 - 10:20 -- Admin

Apologies for lateness today. Been wrestling with a Telstra bot all morning. Iron ore prices for May 27, 2020: Not much in news. Here’s the latest steel inventory chart: Looks impressive but it isn’t. Seasonally-adjusted the stock is just as high as it was at its peak. The reasons why is that demand remains relatively

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Q1 GDP tipped to fall, ensuring Australian recession

May 28, 2020 - 10:00 -- Admin

The record surge in March retail sales on the back of panic buying of groceries, alongside the smaller than expected fall in construction, won’t be enough to save Q1 GDP, according to economists: Westpac’s Andrew Hanlan said the slightly better than expected [construction] figure would not change the view of the bank’s economists that March

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Too early to celebrate value comeback

May 28, 2020 - 09:50 -- Admin

Via the excellent Damien Boey at Credit Suisse: Value bounces hard. Over the past few days, we have seen value factors outperform very sharply. Sectorally in Australia, high yielding banks have led the charge, while healthcare stocks have been the laggards. The bid for resources stocks has also unwound, strangely on concerns about US-China tensions on the one hand, but

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Investors dump rental properties

May 28, 2020 - 09:40 -- Admin

People often say that investors are the marginal price setters in the property market, especially in Sydney and Melbourne. If true, the below story from The AFR will have the property industry concerned, given investors are reportedly set to dump rental properties: One in three renters face housing stress and are at risk of defaulting

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No university bailout for international students

May 28, 2020 - 07:29 -- Admin

Australia’s universities continue to cry poor over the reduction in international student numbers, signaling heavy financial and job losses: While universities across Australia have different exposures to the coronavirus-induced downturn, revenue is estimated to drop by $3 billion this year collectively. That could cause the loss of up to 21,000 jobs, with 7,000 estimated to

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Aussie jobs market continues to improve

May 28, 2020 - 00:11 -- Admin

Callam Pickering, economist at global jobs site Indeed, has provided another update on Australian job postings. According to Pickering, new job postings have more than doubled since their low on 19-April: Total job postings are tracking 51% below their trend last year, but have clearly improved over recent weeks: Pickering has also deconstructed ABS data

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Australia’s superannuation system drives inequality

May 28, 2020 - 00:10 -- Admin

Robert Lechte, a welfare-state advocate living in Melbourne, believes that Australia’s superannuation system “enshrines inequality”: Like other market-based schemes, superannuation has reinforced and accelerated existing inequalities. Because super is primarily funded by employer contributions, it is self-evidently terrible for the unemployed or those out of paid work due to disability, sickness, or caregiving. They earn