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Macro Morning

July 9, 2024 - 09:00 -- Admin

Overnight markets reflected the poor start to the trading week here in Asia with Wall Street eking out a new high but only barely as European markets continued to digest the French election results. The usual post NFP light economic calendar gave currency traders no ammunition to push the majors around with the USD starting

Housing industry rings alarm on construction recession

July 9, 2024 - 08:00 -- Admin

Last week, the Australian Bureau of Statistics (ABS) released dwelling approvals data showing that only 13,500 dwellings were approved for construction in May in trend terms: This level of approvals is 6,500 (32.5%) below the monthly run rate of 20,000 required to meet Labor’s target of building 1.2 million homes over five years. On Monday,

Australia’s job market collapses

July 9, 2024 - 07:00 -- Admin

Yarra Capital chief economist Tim Toohey warned that Australia is not creating enough jobs to soak up the large numbers of migrant workers arriving, which risks pushing the unemployment rate sharply higher. “Since mid-2023 a new phase commenced, whereby the strength in net migration was more than sufficient to supplant non-migrant workers in the workplace,

Investors catapult house prices higher

July 9, 2024 - 00:05 -- Admin

The latest mortgage finance data from the Australian Bureau of Statistics (ABS) demolished the notion that investors are abandoning Australia’s housing market. There were $10,670 million worth of mortgage commitments in May 2024, up from 29.5% from the same month in 2023. By comparison, there were $18,127 million worth of owner-occupier mortgages (excluding refinances) in

Macro Afternoon

July 8, 2024 - 16:30 -- Admin

A bit of a sour start to the trading week with Asian share markets generally lower across the region despite the positive lead from Wall Street on Friday night as the latest US jobs print came in slightly higher than expected. This volatility is mainly due to the aftermath of French elections and some PBOC

Australian mortgage holders “extend and pretend”

July 8, 2024 - 14:00 -- Admin

The prospect of the cash rate remaining on hold for some time has prompted a growing number of Australians to refinance their mortgages with a new lender or switch to an interest-only loan. Finder estimates that around 500,000 Australians—about one in five borrowers—have switched to interest-only loans, while one in eight people has extended their

Australian dollar bears lowest in three years

July 8, 2024 - 13:30 -- Admin

Bloombergo is getting excited: The typically risk-sensitive currencies were the top performers among a Group-of-10 peers last quarter, both climbing around 2% against the greenback despite a surge in volatility in global markets. Australia’s dollar closed 0.3% higher at 67.49 US cents on Friday, while New Zealand’s finished 0.5% stronger at 61.45 cents. Rate hike

Australia is a NDIS powered economy

July 8, 2024 - 13:00 -- Admin

Mark The Graph posted the below chart on Twitter (X) showing the extraordinary growth in job vacancies in the Healthcare & Social Assistance industry, which he attributes to the National Disability Insurance Scheme (NDIS): The following chart from Alex Joiner at IFM Investors likewise shows that ‘government-aligned’ jobs are booming, whereas market sector job growth

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