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Labor the new masters of infrastructure pork

November 23, 2022 - 12:00 -- Admin

Earlier this week, The Age published an article featuring a range of infrastructure experts deriding the Andrews Government’s billion Suburban Rail Loop (SRL): The Loop’s costings have already blown out from the initial $50 billion to $125 billion, a figure the government disputes. Some believe it will end up costing even more: Michael Buxton, professor

China heads for COVID worst case scenario

November 23, 2022 - 11:00 -- Admin

Chinese COVID is off the leash: Lockdowns are spreading but they’re confused. Sinocism: Beijing recorded three Covid-related deaths, the first official deaths from Covid in the PRC in six months. Cases are surging in several cities including Beijing, Shijiazhuang, which has now locked down, Guangzhou and Chongqing. Vice Premier and Covid czar Sun Chunlan made

Aussie flash PMI sinks into recession

November 23, 2022 - 10:40 -- Admin

S&P with the note. Full report. Flash Australia PMI Composite Output Index at 47.7 (Oct: 49.8). 10-month low. Flash Australia Services PMI Activity Index at 47.2 (Oct: 49.3). 10-month low. Flash Australia Manufacturing Output Index at 50.5 (Oct: 52.7). 6-month low. Flash Australia Manufacturing PMI at 51.5 (Oct: 52.7). 29-month low. Australian private sector output

Australian dollar bear market bounces

November 23, 2022 - 10:00 -- Admin

DXY softened last night: AUD firmed: All of the usual followed with EM, junk and commods up: But curve inversion got deeper again in the US: Stocks are trading on DXY only: There’s some improvement in Fed nowcasted inflation with all measures converging on the CorePCE at around 5% annualised: As GDPNow booms: There’s more

Macro Morning

November 23, 2022 - 09:20 -- Admin

Wall Street closed at a two year high overnight, with the S&P500 Index finally breaking through the 4000 point barrier on a reversal in risk sentiment. Meanwhile in currency land, the USD was unable to continue its recent lift higher against the major currencies with Euro pushed back above the 1.03 level as the Australian

Where is the energy solution?

November 23, 2022 - 09:00 -- Admin

We’re all waiting with bated breath for the energy solution. Including those deep in the know: “That $76 billion in investment to deliver the transition … needs to be paid for.” The federal budget estimated an increase of 56 per cent in power bills for households over the next two years, and Mr Calabria warned

Westpac: Australian housing “hostage” to RBA

November 23, 2022 - 00:05 -- Admin

Below is an edited extract from Westpac’s latest Housing Pulse, which forecasts further heavy price falls for Australian property on the back of aggressive interest rate hikes from the Reserve Bank of Australia (RBA). ___________________________________________________________________________________________ Australia’s housing correction is showing no signs of letting up, prices and turnover again moving lower since our last report

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