Articles from MacroBusiness

Dovish RBA realises its ‘pushing on a string’

Dovish RBA minutes out just now: International Economic Conditions Members commenced their discussion by noting that the slower pace of global economic activity had continued in recent months. This had been particularly evident in the manufacturing sector. Survey measures of conditions in the manufacturing sector had declined across a range of economies, although they had

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AFG: Home loan activity crashes to five year low

By Leith van Onselen Australian Finance Group (AFG) has released its housing finance data for the March quarter, which registered a heavy quarterly decline in the number and value of mortgage applications, with applications also crashing over the year. The number of mortgage applications fell by 9.7% over the March quarter and was down by

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RIO iron ore damage less than expected

Via RIO this morning: Rio Tinto chief executive J-S Jacques said “Our iron ore business faced several challenges at the start of this year, particularly from tropical cyclones. As a result, and following the continuing assessment of damage at the port resulting from the cyclones and other minor disruptions, 2019 guidance for Pilbara shipments is

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ANZ job cuts to dwarf CBA?

Bit dodgy this: In the next three years ANZ CEO Shayne Elliott will get rid of another 8000 of the bank’s employees — almost a quarter of the big four’s workforce. …When Elliott took over the Melbourne-headquartered bank in January 2016 its total workforce was just over 50,000, according to its annual report. As of

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Business rents seekers bawl at Labor’s trust reforms

By Leith van Onselen The Australian Chamber of Commerce & Industry (ACCI) and the Council of Small Business of Australia (COSBA) has urged Labor to reconsider its proposed $17 billion reforms to the taxation of discretionary trusts, arguing that many small and family-owned businesses could be adversely affected by the policy. From The Australian: “Our

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CLSA: Banks won’t cut mortgage rates

CLSA’s excellent Brian Johnston is on the money here: Veteran CLSA bank analyst Brian Johnson said while funding costs had fallen, margins were still under pressure due to increased costs as investors coming to the end of their interest-only periods are forced to switch mortgage products to pay off both the principal and interest. Switching

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Deplorable Gotti urges Coalition scare campaign

By Leith van Onselen Instead of arguing on policy merit, baby boomer mouthpiece Robert Gottliebsen has urged the Coalition to wage an almighty scare campaign against Labor’s tax policies in a bid to wrestle electoral victory from the jaws of defeat: A scare campaign would raise the prospect that all pensioners are in danger [from

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A little mortgage life?

Not getting worse any more at least, according to CoreLogic’s leading mortgage index: Listings still rising year on year as sales volumes are so low: The great Hayne RC drop appears to have eased now and we’re back into a grind lower for prices. Full report.

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Farmers prefer migrant workers because they’re easier to exploit

By Leith van Onselen Australia’s migrant slave economy continues to be exposed. After last week labelling “outrageous” a Fair Work Commission ruling that fruit pickers should be entitled to overtime if they work excessive hours, it has now been revealed that farmers are choosing to employ migrant workers because they are easier to exploit. From 7News:

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Daniel Andrews in hock to China?

Via the AFR comes Australia’s secessionist China state: Victorian premier Daniel Andrews will attend Chinese president Xi Jinping’s forum to promote its controversial Belt and Road Initiative (BRI) infrastructure program next week, as Australia’s relationship with Beijing comes under fresh scrutiny ahead of the federal election. The visit by Mr Andrews and Australian business groups

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