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Oz Blog News Commentary
The Australian Independent Media Network Tuesday, October 15, 2024 - 13:04 Source

Vasey RSL Care has spent close to two years advocating at the highest levels of government to co-fund its innovative response to veteran homelessness – and its causes – through The V Centre Veteran Empowerment Program. In the ex-service community, one veteran takes their own life every 5 days. This is simply not acceptable, and…

The post Enough Waiting: Urgent Support Needed for Homeless Veterans appeared first on The AIM Network.

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MacroBusiness Tuesday, October 15, 2024 - 13:00 Source

New Zealanders are experiencing one of the deepest recessions in modern times. As of Q2 2024, real per capita GDP had collapsed by nearly 4%, as illustrated by the following chart: As shown by Justin Fabo at Antipodean Macro, New Zealand has recorded the largest decline in per capita GDP compared with the decade average

The post Deep rate cuts incoming as recession worsens appeared first on MacroBusiness.

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MacroBusiness Tuesday, October 15, 2024 - 12:30 Source

Last week, I posted research from the world’s largest commercial real estate group, CBRE, which projects that Australia’s rental crisis will continue as population demand overruns supply. CBRE projects that Australia’s population will balloon by 3.6 million to 31 million by 2034 (from 27.4 million currently). CBRE also projects apartment supply to hover around decade

The post Housing industry: Rental crisis “locked in” appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, October 15, 2024 - 12:15 Source

Media Release International and national refugee sector experts and advocates have identified four urgent areas of reform needed to address ongoing disadvantage and exclusion caused by Australia’s policies towards refugees and people seeking asylum. Two hundred delegates gathered in Kyneton, Victoria (11-13 October) for the two-yearly Rural Australians for Refugees conference which brings 75 groups…

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Renew Economy Tuesday, October 15, 2024 - 12:09 Source
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Renew Economy Tuesday, October 15, 2024 - 12:08 Source
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Renew Economy Tuesday, October 15, 2024 - 12:00 Source

Finley solar farm

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MacroBusiness Tuesday, October 15, 2024 - 12:00 Source

The Business Council of Australia (BCA) estimates that an extra 64,000 dwellings will be required each year if the federal government’s target of building 1.2 million new homes over five years is to be achieved. The BCA has proposed an overhaul of the planning regime in order to boost housing supply. Amongst other things, it

The post Business Council gaslights on housing crisis appeared first on MacroBusiness.

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The Tally Room Tuesday, October 15, 2024 - 11:30 Source

As part of the nomination process for the 2024 Victorian council elections, each candidate was asked to fill out a questionnaire. One of the questions was whether the candidate was endorsed by a party. Not everyone did the survey, but most candidates did. This means that it is possible to identify candidates endorsed by a registered party, but not as easily as it would be in other jurisdictions.

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MacroBusiness Tuesday, October 15, 2024 - 11:30 Source

Net overseas migration continues to retrace in New Zealand as recession-hit Kiwis escape to Australia. As illustrated below by Justin Fabo at Antipodean Macro, net migration into New Zealand has plunged from the October 2023 peak: There was an annual net migration gain of 53,800 in the year to August 2024, down sharply from the

The post More recession hit Kiwis escape to Australia appeared first on MacroBusiness.

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MacroBusiness Tuesday, October 15, 2024 - 11:00 Source

JLL has reported that the Melbourne CBD office vacancy rate rose from 19.6% in the June quarter to 19.8% in September. By contrast, Sydney’s CBD office vacancy rate contracted from 15.6% to 14.7%, with Brisbane and Canberra also recording falls in vacancy rates. The national CBD vacancy rate improved by 30 basis points to 15.1%

The post How Victoria transformed into an economic wasteland appeared first on MacroBusiness.

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MacroBusiness Tuesday, October 15, 2024 - 10:30 Source

The 2023 Intergenerational Report included the following chart showing the collapse in home ownership amongst younger Australians: As explained by Ian Verrender at The ABC, in 1981, about 55% of Australians aged 25 to 29 owned a home. Four decades later, there has been a significant decline to a little over 35%. The discrepancy narrows

The post The Australian Dream is dying alongside the ‘fair go’ appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, October 15, 2024 - 10:30 Source

The United Nations is an easy body to hate. At times, it seems to be effusion without substance, body with no backbone. It was conceived in a fit of post-war idealism, when egos were humbled and hatred briefly stemmed. Over the ruins of the Second World War, the builders were favoured over the destroyers and…

The post Israel’s War on the United Nations appeared first on The AIM Network.

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MacroBusiness Tuesday, October 15, 2024 - 10:00 Source

SHFE and SGX both firmed yesterday: Mad Dalian doesn’t care about the stimulus bust: So long as steel prices rise, iron ore can too. There has been a renewed surge in exports: Helping stabilise output: But this hangs on cheap prices, so the rally is self-defeating once again. Iron ore imports remain firm on the

The post China steel dominance climbs appeared first on MacroBusiness.

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MacroBusiness Tuesday, October 15, 2024 - 09:30 Source

It’s more of the same for Chinese credit. Total social financing was RMB 3760bn in September, up 8.0% year over year vs. 8.1% in August. Under the bonnet, M1 is still in hell, M2 lifted a little: Households barely budged, bank loan growth is still falling, it is all government bonds: Nothing here to crow

The post China weakens into weak stimulus appeared first on MacroBusiness.

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MacroBusiness Tuesday, October 15, 2024 - 09:00 Source

Breakouts aplenty on risk markets overnight with Wall Street making another record high, pulling along European equities again while the USD pushed Euro and other currencies into submission while oil prices broke down as Israeli “promised” not to target Iranian oil wells. This should translate to more bids here in Asia across stocks at least.

The post Macro Morning appeared first on MacroBusiness.

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Cheeseburger Gothic Tuesday, October 15, 2024 - 08:46 Source

I spotted a South African food store just outside of Noosa when we were last up there, and was so intrigued I just had to check it out.

There was lots of Biltong, as you’d imagine, and a heap of weird biscuits and lollies I’d never heard of before. But the thing that caught my eye was this in the barbecue section.

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MacroBusiness Tuesday, October 15, 2024 - 07:57 Source

DXY is up and away: AUD is getting hosed: North Asia too as CNY gives way: Oil and gold are under pressure: Metals too: Big miners are still in a downtrend: EM stocks yawn: Junk good: Yields eased: Stocks to the moon: A quick on China shows what’s driving AUD weakness. CNH can’t break out:

The post Australian dollar choked by China appeared first on MacroBusiness.

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Your Democracy Tuesday, October 15, 2024 - 07:49 Source

The bombing of the Basque town of Guernica, in Spain, in 1937 “heralded a terrible new age of warfare” that, almost 90 years later, remains graphically notorious as a “wanton man-made holocaust”. Over the last twelve months, Israel has made exceptional progress towards crafting a similar enduring understanding of the hellscape it has created in Gaza.

 

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MacroBusiness Tuesday, October 15, 2024 - 07:00 Source

Sameer Chopra from CBRE says apartment prices in Australia have not kept pace with construction costs over the last five years. CBRE forecasts that Australian apartment supply will only average around 50,000 units annually between 2025 and 2029. This is around half the 2017 peak and well below the rate required, given population growth. Chopra

The post “Perfect storm” to drive apartment prices and rents higher appeared first on MacroBusiness.

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Your Democracy Tuesday, October 15, 2024 - 06:25 Source

Christian apologist and math academic Professor John Lennox has challenged the views of evolutionary biologist Richard Dawkins on the issue of ultimate justice.

The two academics have debated in person before, but Lennox quoted Dawkins when addressing the issue of suffering, in his latest email circular as President of the Oxford Centre for Christian Apologetics (OCCA).

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Your Democracy Tuesday, October 15, 2024 - 06:16 Source

The heads of six Australian states will miss a reception for King Charles III when he arrives Down Under, while the British monarch has said he would not oppose the former prison colony declaring itself a republic.

While Australia has been fully independent since 1986, its titular head of state is still the British monarch. A 1999 referendum to declare a republic failed, in part due to the popularity of Queen Elizabeth II at the time.

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Your Democracy Tuesday, October 15, 2024 - 05:55 Source

Funding cuts to the BBC World Service have allowed Russian and Chinese media outlets to spread “unchallenged propaganda” across the Global South, the director-general of the British state media giant has complained.

The BBC World Service broadcasts in around 40 languages to an audience of 320 million people per week. Two years ago, the network cut more than 380 jobs and stopped radio broadcasts in ten languages, including Arabic and Persian.

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MacroBusiness Tuesday, October 15, 2024 - 00:10 Source

Builder Jason Janssen, chairman of Home Builders Action Group, has described the utter “decimation” of the home building industry in the wake of federal and state government Covid housing stimulus and the subsequent surge in construction costs. “Unfortunately a lot of builders took on too much work as part of the stimulus and they are

The post Australia’s home building industry “structurally damaged” appeared first on MacroBusiness.

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Club Troppo Monday, October 14, 2024 - 19:32 Source

The common view from politicians and so-called experts is that minority government is dreadful. I don’t agree. Nor, it seems, does former Rudd and Gillard ministerial advisor Sean Kelly. In an article in today’s Age newspaper, Kelly says:

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The Australian Independent Media Network Monday, October 14, 2024 - 18:40 Source

By Bert Hetebry As I recall, the opening scene of the 2005 movie “Pierrepoint: The Last Hangman” see a woman who had been executed, hanged, removed from the hangman’s rope and prepared for burial. The care, the gentleness of that scene belies the violence of the death which had been ordered as punishment for murder.…

The post What is Justice? appeared first on The AIM Network.

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John Quiggin Monday, October 14, 2024 - 18:08 Source

Another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please.

I’m now using Substack as a blogging platform, and for my monthly email newsletter. For the moment, I’ll post both at this blog and on Substack. You can also follow me on Mastodon here.

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John Quiggin Monday, October 14, 2024 - 18:07 Source

Over the eight decades following the end of World War II, the US has taken part in dozens of land wars, large and small. The outcomes have ranged from comprehensive victory to humiliating defeat, but all have received extensive coverage. By contrast, the US Navy’s admission of defeat in its longest and most significant campaign in many decades, has received almost no attention. Yet the failure of attempts to reopen the Suez Canal to shipping has fundamental implications for the entire rationale of maintaining a navy.

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George Monbiot Monday, October 14, 2024 - 17:53 Source

Hidden in the detail of the UK’s carbon capture and storage scheme are unlimited financial liabilities and huge environmental costs.

By George Monbiot, published in the Guardian  11th October 2024

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Renew Economy Monday, October 14, 2024 - 17:20 Source
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