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Chinese house prices off to the races

August 15, 2018 - 12:10 -- Admin

The great Chinese ponzi is alive and well with house prices for July off to the races up monthly 1.1% and annual 5.8%: Price gains are broad-based outside of a few top tier eastern megacities: Which is a lot of them: Here’s the raw data: And the prices versus iron ore inventories tracker: Given these

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Weak wages growth demolishes Budget forecast

August 15, 2018 - 12:01 -- Admin

By Leith van Onselen The Australian Bureau of Statistics (ABS) has just released its Labor Price Index for the June quarter of 2018, which revealed a trend weakening in wages growth from already anaemic levels: According to the ABS, wages grew by 0.62% (s.a.) and 0.47% (trend) in the June quarter. Private sector wages grew

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Aussie household financial confidence erodes further

August 15, 2018 - 11:41 -- Admin

From Martin North today: The latest edition of the DFA Household Financial Confidence Index to end July 2018 remains in below average territory, coming in at 89.6, compared with 89.7 last month.  We had expected a bounce this month, in fact the rate of decline did slow, thanks to small pay rises for some in the

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Vic Labor backflips on privatisation

August 15, 2018 - 11:30 -- Admin

By Leith van Onselen It’s amazing how an election campaign suddenly forces politicians to speak in the public interest. Fresh from flogging-off the Port of Melbourne, Victorian Treasurer Tim Pallas last year confirmed that more asset sales were on the agenda: “I have said since before we formed government that we were committed to the idea

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As company tax cuts face defeat, business pivots to Labor

August 15, 2018 - 11:15 -- Admin

By Leith van Onselen With Australia’s Senate all but certain to defeat the Turnbull Government’s Bill to lower the tax rate for all companies with turnovers above $50 million by 2026-27, Bluescope chief Mark Vassella has called on the Government to allow companies to write-off new investments. From The AFR: Speaking on ABC radio, Mr

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Idiot gate-crashes immigration debate

August 15, 2018 - 11:11 -- Admin

I really did not want to touch this poison but the media is going nuts so here it is: Queensland senator Fraser Anning has praised the White Australia Policy and called for a plebiscite as “the final solution to the immigration problem” in the most inflammatory maiden speech to an Australian Parliament since One Nation

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Westpac consumer sentiment reverses

August 15, 2018 - 11:06 -- Admin

Via Bill Evans: The consumer mood deteriorated in August, giving back about half of the surprisingly strong gains seen in June and July. Those gains look to have been partly a positive response to the tax cuts announced in the May Budget, which passed into legislation in June, the first round of cuts coming into

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Peter Dutton’s fake immigration cuts exposed

August 15, 2018 - 11:00 -- Admin

By Leith van Onselen “Smoke and mirrors”. That’s the best way to describe the Coalition’s fake 21,000 cut to the permanent migrant intake. From The ABC: International students, graduates and people on bridging visas are continuing to fuel Australia’s immigration boom. The number of temporary visa holders in Australia in June increased by 107,000 in

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Ken Henry should resign

August 15, 2018 - 10:45 -- Admin

Via the AFR today: The scale of NAB’s inability to report licence breaches on time has been revealed in a document published by the Hayne royal commission which shows the bank breaking conditions of its licence at the alarming rate of around once every week between 2014 and 2017. Of the 297 breaches the bank

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How far will house prices fall?

August 15, 2018 - 10:30 -- Admin

Via Gottiboff today: Let’s assume such a major overseas event will not take place and concentrate on the events we can control which are contributing to the housing mess in Sydney and Melbourne. We’ll start with the banks and their regulators. The banks now have a set of rules that have been imposed on them

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