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The Australian Independent Media Network Friday, June 21, 2024 - 22:00 Source

The decision by the head of the NACC not to proceed with any further investigation into the Robodebt scandal was greeted with 900 complaints about the decision.  The Inspector of the National Anti-Corruption Commission, responsible for overseeing the agency’s operations and conduct, has declared that it will commence its own investigation into the matter due to the overwhelming and sustained uproar.…

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The Australian Independent Media Network Friday, June 21, 2024 - 17:36 Source

By Bert Hetebry Before my retirement my workmate Paul said he hates working overtime because he pays way too much tax on the money earned. We talked about this time and again as he knocked off while there was still work to be done. His departure threw that workload onto those who stayed back. At…

The post I hate paying tax! appeared first on The AIM Network.

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MacroBusiness Friday, June 21, 2024 - 16:30 Source

The latest Japanese CPI print was the highlight of the last trading session in Asia with a slightly softer than expected print still seeing Yen extend its losses to multi decade lows. Volatility is expected on Wall Street tonight due to timing issues with futures so watch out for a potentially mixed return over the

The post Macro Afternoon appeared first on MacroBusiness.

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Renew Economy Friday, June 21, 2024 - 15:11 Source
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Renew Economy Friday, June 21, 2024 - 15:01 Source
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Renew Economy Friday, June 21, 2024 - 14:28 Source
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Renew Economy Friday, June 21, 2024 - 14:27 Source
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Renew Economy Friday, June 21, 2024 - 14:14 Source
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MacroBusiness Friday, June 21, 2024 - 14:00 Source

On Thursday, Statistics New Zealand released national accounts data for the March quarter, which showed that the economy emerged from a technical recession, growing by 0.2%. However, owing to New Zealand’s historically high population growth (immigration), GDP in per capita terms fell by 0.3%—the sixth consecutive quarterly decline. This meant that New Zealand’s per capita

The post This is the recession we had to have appeared first on MacroBusiness.

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New Politics Friday, June 21, 2024 - 13:41 Source

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MacroBusiness Friday, June 21, 2024 - 13:30 Source

CoreLogic’s daily dwelling values index shows that Melbourne continues to be left behind while home values across other major capitals continue to rise. Over the 28 days to 21 June 2024, Melbourne’s home values declined by 0.1%, whereas values rose by 0.7% at the 5-city aggregate level: CoreLogic shows that Melbourne home values have risen

The post Melbourne left behind as house prices boom appeared first on MacroBusiness.

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MacroBusiness Friday, June 21, 2024 - 13:00 Source

Earlier this week, Justin Fabo at Antipodean Macro published the below chart showing how Australia’s consolidated budget deficits will remain in deficit for as long as the eye can see, driven by the state governments: On Wednesday, Michael Read at The AFR reported analysis from ratings agency S&P Global showing that Australia’s state governments are

The post Welcome to the decade of deficits appeared first on MacroBusiness.

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Renew Economy Friday, June 21, 2024 - 12:32 Source
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MacroBusiness Friday, June 21, 2024 - 12:30 Source

CoreLogic is out with an update on climbing mortgage arrears. More loans are falling behind on their repayments: Mortgage arrears have been rising from their COVID lows of just 1.0% in Q3 2022, reaching 1.6% in the March quarter of 2024. This is the highest reading on mortgage arrears since Q1 2021. Higher mortgage arrears

The post Mortgage arrears climb steeply appeared first on MacroBusiness.

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Cheeseburger Gothic Friday, June 21, 2024 - 12:24 Source

Always with the negative vibes, Moriarty.

Pour one out for Oddball.

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Renew Economy Friday, June 21, 2024 - 12:08 Source
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MacroBusiness Friday, June 21, 2024 - 12:00 Source

The ANU’s Alan Gamlen says that partner migrants should be used to solve skills shortages. “An important part of the thinking going into this points system recalibration is how can we find low-hanging fruit among the family migrants – in terms of targeting applicants with attributes that best predict success in Australia, and possibly also

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The Australian Independent Media Network Friday, June 21, 2024 - 11:51 Source

It was given top billing, a near absurd show intended to rope in content on a global social media platform, thereby denying all outside Australia access to it. Because an Australian official had deemed a video too disturbing and offensive for Australians of ordinary sensibility (the standard remains opaquely absurd), the world’s citizenry were also…

The post Quixotic Regulation: Australia’s eSafety Commissioner Capitulates appeared first on The AIM Network.

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MacroBusiness Friday, June 21, 2024 - 11:30 Source

The Market Ear with the latest internals. Watch it Watch the NASDAQ candle carefully. Possible shooting star/inverted hammer candle post such a melt up could be a short term signal of this market about to take a pause. As always, we need a confirmation. Refinitiv Biggest NVDA candle We are seeing the biggest down candle

The post Overheated stocks cool off appeared first on MacroBusiness.

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Renew Economy Friday, June 21, 2024 - 11:20 Source
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MacroBusiness Friday, June 21, 2024 - 11:00 Source

On Tuesday night, I had a wonderful 90-minute discussion with Martin North of Digital Finance Analytics on all things related to the Australian economy, politics, energy market, and housing market. Among the many topics discussed was the myth that Australia is merely experiencing “catch-up” migration from the pandemic. Below a key highlights from this discussion

The post The great migration “catch-up” myth appeared first on MacroBusiness.

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The Australian Independent Media Network Friday, June 21, 2024 - 10:32 Source

A test article – is he nuts? “I thought the chance of Dutton being prime minister was so terrible,” Turnbull says. “I thought Dutton would run off to the right. He would be dog whistling. He’d be going on about Muslims and migrants, and any right-wing, hot-button, red-meat issue he could go for, he would…

The post Does P. Duddy think he’s got it in the bag? appeared first on The AIM Network.

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MacroBusiness Friday, June 21, 2024 - 10:30 Source

Shanghai rebar is not well. Iron ore is trying but largely failing: Dalian is likewise weak: Steel mills have destocked coking coal: There’s not much good news coming from China. Goldman: The PBOC governor Pan Gongsheng delivered a speech on Lujiazui Forum in the morning of June 19. The speech discussed China’s current monetary policy

The post Sell iron ore appeared first on MacroBusiness.

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MacroBusiness Friday, June 21, 2024 - 10:00 Source

Defenders of mass immigration frequently assert that a decrease in the population per dwelling is the main factor contributing to Australia’s rental crisis. The proliferation of Australians moving into shared housing in order to save money refutes their claim. On Tuesday, The ABC reported the following: More than 350,000 Australians are living as part of

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MacroBusiness Friday, June 21, 2024 - 09:39 Source

Judo Bank flash PMI has rolled again: Flash Australia Composite PMI Output Index: 50.6 (May: 52.1), 5-month low Flash Australia Services PMI Business Activity Index: 51.0 (May: 52.5), 5-month low Flash Australia Manufacturing PMI Output Index: 47.7 (May: 49.2), 3-month low Flash Australia Manufacturing PMI: 47.5 (May: 49.7), 3-month low Warren Hogan is still glass

The post Aussie flash PMI sags appeared first on MacroBusiness.

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MacroBusiness Friday, June 21, 2024 - 09:30 Source

For 13 years, this website has tracked the decline and fall of Australian policymaking. We have been astounded at how low politics and policy can go at every turn, but in actuality, this is a reflection of our age. The nation is only occasionally blessed with periods of Presbyterian clarity. The natural state of Australian

The post Australian doom arrives in energy appeared first on MacroBusiness.

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MacroBusiness Friday, June 21, 2024 - 09:00 Source

Wall Street reopened from its mid week holiday, started with potential but lost ground as hesitation and confidence disappeared with tech stocks leading a mild selloff. European stocks however reengaged to the upside on the lower Euro as the Swiss Central Bank cut rates again while Yen made another multi decade low. The Australian dollar

The post Macro Morning appeared first on MacroBusiness.

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Renew Economy Friday, June 21, 2024 - 08:56 Source
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MacroBusiness Friday, June 21, 2024 - 08:30 Source

DXY is firming again: AUD is stuck in the range. Up against EUR: North Asia is woeful: CTAs are pressing another oil head fake: Driving metals: And miners: EM has held support: Junk is threatening breakout: The yield curve steepened: Stocks reversed: The AUD is being hit from all sides by forex: DXY is being

The post Australian dollar hit from all sides appeared first on MacroBusiness.

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The Australian Independent Media Network Friday, June 21, 2024 - 07:31 Source

By Denis Bright   With both sides of the mainstream Australian political divide supporting the AUKUS deal, debate about the merits of this commitment by Scott Morrison has largely gone into recess. As the third anniversary of Scott Morrison’s announcement of the AUKUS deal on 16 September 2021 approaches, there is growing confidence in the defence…

The post Australian Futures: Bringing AUKUS Out of Stealth Mode appeared first on The AIM Network.

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