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Cruel Coalition: Newstart “appropriate” and no rise necessary

April 16, 2019 - 09:30 -- Admin

By Leith van Onselen With the Budget projected to head back to surplus, and the Coalition pledging money for tax cuts and retirees, it still refuses to throw the unemployed a bone. Yesterday, social services minister, Paul Fletcher, again dismissed calls to raise Newstart, claiming the government’s current policy is “appropriate”. From The Guardian: Asked if

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Scummo’s enormous budget black hole

April 16, 2019 - 08:39 -- Admin

Via the AFR comes Scummo’s monstrous budget black hole: The Morrison government would need to cut spending by about $40 billion a year by 2030 to afford its big personal income tax cuts and deliver on its budget surplus forecasts, new analysis by the Grattan Institute shows. The Coalition has positioned its $387 billion in

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Macro Morning

April 16, 2019 - 08:30 -- Admin

By Chris Becker  Last night saw risk markets in a contained mood without much activity with both sides of the Atlantic putting in scratch sessions on stock markets while currencies were range bound as no significant economic events were reported. Treasury yields were also relatively unchanged with Fed futures still stuck on an even chance

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Greens: Make Australia a migrant retirement village

April 16, 2019 - 00:15 -- Admin

By Leith van Onselen Greens Senator, Nick McKim, has labelled “horrific” the number of years taken for migrants to bring their elderly parents to Australia under Australia’s permanent migration program. From SBS News: Migrant advocates have voiced outrage and disbelief as it emerged wait times for some Australian family reunion visas are now up to

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NSW stamp duty crash deepens

April 16, 2019 - 00:10 -- Admin

By Leith van Onselen The NSW Office of State Revenue has released stamp duty data to March, which reveals a massive $1.5 billion (21%) decline over the past year and a $1.9 billion (25%) decline since stamp duty receipts peaked in October 2017: The latest retracement in stamp duty receipts follows a sharp 19% decline

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Domain confirms Sydney rental smash

April 16, 2019 - 00:08 -- Admin

By Leith van Onselen Earlier this month, CoreLogic released its Quarterly Rental Report, which revealed that Sydney median rents had fallen by 3.1% in the year to March: Late last week, Domain also released March quarter rental report, which posted a 1.8% (houses) and 3.6% (units) decline in Sydney rents in the year to March: As

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Links 16 April 2019

April 16, 2019 - 00:01 -- Admin

Global Macro / Markets / Investing: The mountain of corporate debt will be the seed of the next financial crisis – Cadtm Regulations Needed After Cryptocurrency CEO Takes Passwords To Grave – Ponderwall Is Green Growth Possible? – Ineteconomics Selling with the enemy: Why rival retailers embrace Amazon.com – Japan Today Ethereum set a course

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Macro Afternoon

April 15, 2019 - 17:30 -- Admin

Outside China it’s been a fairly good run across stock markets here in Asia to start the week, absorbing the weekend news and lifting on the risk-on Friday mood. The USD continues to weaken against almost everything but gold, which is facing a near three month low as buying support evaporates. The Shanghai Composite has

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Gittins lashes hopeless Treasury Budget forecasts

April 15, 2019 - 14:30 -- Admin

By Leith van Onselen Ross Gittins has done a good job today destroying the Australian Treasury’s perennially heroic Budget forecasts, which forever project an imminent ‘future boom’ for the Australian economy: …the longer Treasury dwells in the land of hope-springs-eternal, the more it gives its political masters the budget numbers they crave: ones showing the

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REIWA: Perth housing “at or nearing the bottom”

April 15, 2019 - 13:30 -- Admin

By Leith van Onselen You’ve gotta love the Real Estate Institute of Western Australia (REIWA). No matter what the data is showing, they are always quick to call an imminent housing rebound. In June 2015, REIWA chief David Airey claimed Perth’s housing market was set to soar: “Given the sustained period of flat market in

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