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Scott Morrison outright lies on immigration and negative gearing

August 15, 2017 - 10:33 -- Admin

By Leith van Onselen Australia’s real estate treasurer, Scott Morrison, gave a poor interview on The Chris Smith Show yesterday, whereby he contorted arguments in favour of negative gearing and maintaining Australia’s mass immigration ‘Big Australia’ policy. First, here’s Morrison’s remarks around negative gearing (from 2.36): “One in five police officers negatively gear. About 62%

The fallout from ConBank

August 15, 2017 - 10:28 -- Admin

Via Morgan Stanley: The pending retirement of CEO Narev in 2018 suggests more change is likely at CBA. At the same time, we believe the end of the mortgage bull market and increased political and regulatory scrutiny will weigh on CBA’s growth, returns and trading multiples. Response to the AUSTRAC announcement: The Chairman has responded

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Macro Morning

August 15, 2017 - 09:31 -- Admin

By Chris Becker   Volatility deflates overnight as worries over Korea abated, sending stocks higher as safe havens like Yen and gold were dumped. Meanwhile, the USD returned to strength which emboldened European stocks that have been under the weight of the Euro, while oil dropped. Yesterday in mainland China the Shanghai Composite came back

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And now for a war on renters

August 15, 2017 - 09:22 -- Admin

By Leith van Onselen The 2016 Census was unkind to Australia’s growing army of renters: Not only have rental costs increased significantly relative to household incomes over the past 15 years: But the proportion of renters in “stress” – defined as spending more than 30% of their household incomes on paying their rents – has

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Daily iron ore price update (top)

August 15, 2017 - 09:20 -- Admin

Iron ore charts for August 14, 2017: Tianjin benchmark was unchanged at $74.30 though I suspect that should read “unupdated” given big falls in steel and iron ore futures. I still think we’re at the top here. Everything is inflated, demand is fading, stocks are high. There’s no mileage in bidding prices up. The question

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Oligarchic public servants big winners in low wage economy

August 15, 2017 - 09:02 -- Admin

By Leith van Onselen I’ve noted over recent months how a wide disconnect has opened up between the pay rises being received by federal politicians and senior bureaucrats compared with the rest of the population. This disconnect is shown clearly in the most recent wages price data from the ABS, which showed public sector wages

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LNG contractpocalypse arrives

August 15, 2017 - 08:56 -- Admin

I’ve been warning of this for a few years, via Macquarie: Event  WPL, OSH and STO release their 2017 half-year results on Aug 16, 22 and 24, respectively, and we updated our outlook ahead of results. Impact  Impairment risks: We believe both STO and WPL could announce impairments for H1CY17, together totalling ~US$1bn.

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Australian dollar flames out

August 15, 2017 - 05:51 -- Admin

DXY rebounded with risk overnight: The Aussie was weak against both majors: It was also weak against other EMs: Gold fell: The Brent short squeeze ended with a bang: Base metals rose: Big miners too: EM stocks bounced: High yield too: US yields rose but the curve flattened: European spreads tightened: And stocks launched: The

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Why is the ASX so crap?

August 15, 2017 - 05:49 -- Admin

Via the AFR:   It’s almost impossible to find anyone these days who’s not frustrated about the lacklustre efforts of the local sharemarket when compared to Wall Street and how the major S&P ASX 200 index just can’t get much beyond the 5700 level in any meaningful way. Unfortunately for investors, both trends look set to continue.

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Baaaaanaby Kiwi to bring down government?

August 15, 2017 - 04:00 -- Admin

Baaaanaby Joyce is a Kiwi and the excuses are flowing as the government could fall in a bi-election: The deputy prime minister’s case has been referred to the High Court along with that of his colleague, Nationals Senator Matthew Canavan, who has stood aside from cabinet until it is resolved. On several occasions in past weeks

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