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Renew Economy Wednesday, May 8, 2024 - 09:39 Source
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MacroBusiness Wednesday, May 8, 2024 - 09:30 Source

A mixed night of risk taking with European shares surging despite increased Middle East tension while Wall Street stumbled at the close with barely any gains. The USD remains relatively weak against the currency majors although Euro pulled back in later trade and Yen continues to weaken after its epic volatility recently. The Australian dollar

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Wednesday, May 8, 2024 - 09:00 Source

Here you go, Albo. You wanted it, you got it, SEEK drops a neutron bomb on the labour market: Tumbling jobs everywhere: Armies of unemployed Indians everywhere who will underbid for any job: Albonoics will have you scrubbing toilets for 50 cent per day in a few more years. Let’s start with the fools at

The post Australia’s jobs market implodes appeared first on MacroBusiness.

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Renew Economy Wednesday, May 8, 2024 - 08:48 Source
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MacroBusiness Wednesday, May 8, 2024 - 08:30 Source

At Tuesday’s monetary policy conference, RBA governor Michele Bullock claimed that the federal government’s extreme immigration has had minimal impact on CPI inflation. Bullock claims that while immigration has driven up housing inflation (accounting for 22% of the CPI basket), it has also lowered wage growth. So, the impact on inflation has been muted: Transcript:

The post RBA runs interference on immigration appeared first on MacroBusiness.

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MacroBusiness Wednesday, May 8, 2024 - 08:00 Source

Shanghai rebar lifted a little, as did SGX: Dslian still lokks toppy: Goldman is slowly turning bearish: Goldman Sachs says iron ore demand will plateau over the next two years, with seaborne iron ore demand to lift barely in 2024 from 1.567Bt last year to 1.573Bt. That will match supply exactly, leading the market to

The post Beijing mulls scrapping iron ore appeared first on MacroBusiness.

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Your Democracy Wednesday, May 8, 2024 - 07:59 Source

WE CANNOT FOSTER PEACE BY BECOMING WARRIORS — Vladimir Leonisky (cousin)

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Your Democracy Wednesday, May 8, 2024 - 06:32 Source

On April 7, the U.S. Central Command issued a press release boasting about their destruction of a mobile surface-to-air missile system in the Houthi-controlled territory of Yemen.

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Renew Economy Wednesday, May 8, 2024 - 00:08 Source
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MacroBusiness Wednesday, May 8, 2024 - 00:05 Source

The Reserve Bank of Australia (RBA) kept the official cash rate on hold on Tuesday primarily because the household sector, which is the main driver of the Australian economy, is under deep pressure. “Household consumption growth has been particularly weak as high inflation and the earlier rises in interest rates have affected real disposable income”,

The post Australian households are under the pump appeared first on MacroBusiness.

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MacroBusiness Wednesday, May 8, 2024 - 00:02 Source

This is going to be the maa culpa of a lift lifetime. This is from PVO today about the Victorian Budget: Same Treasurer, different Premier – even more debt. That’s the story of today’s Victorian budget, handed down by long term state treasurer Tim Pallas.  It is the first state budget delivered since Dan Andrews

The post How Dan Andrews (and me) wrecked Victoria appeared first on MacroBusiness.

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WixxyLeaks Tuesday, May 7, 2024 - 18:00 Source

When standing up against a slaughter sees you branded as a “hater”, while those supporting a genocide paint themselves the victims.

Being a student in Australia these days has got to be tough.

Courses are tough to get into, you compete with overseas students for positions, the courses are ridiculously expensive, to survive you need to work crappy jobs for even crappier pay, and at the end of it all you start your adulthood with a debt that would have brought your grandparents that house that you’ll probably never afford on your own.

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MacroBusiness Tuesday, May 7, 2024 - 17:00 Source

With the FOMC meeting and latest US jobs report all absorbed, risk markets are wanting to extend their recent rebound with most markets in Asia drifting higher in today’s session. The RBA’s hold helped buoy local spirits while the Australian dollar seemingly had baked in any gains, falling back below the 66 cent level. Oil

The post Macro Afternoon appeared first on MacroBusiness.

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Prosper Australia Tuesday, May 7, 2024 - 15:31 Source

Prosper Australia today declared its disappointment at the state budget inaction on housing and tax reform. “The Housing Statement declared a goal of 800,000 new homes over the next decade, yet this budget contains only minor announcements on an increased construction for public housing,” said spokesperson Rayna Fahey. “We need dollars for dwellings, not developers.” […]

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Renew Economy Tuesday, May 7, 2024 - 15:29 Source
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Renew Economy Tuesday, May 7, 2024 - 15:29 Source
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The Australian Independent Media Network Tuesday, May 7, 2024 - 15:15 Source

Oxfam Australia Media Release In reaction to Israel’s imminent invasion of Rafah, Sally Abi-Khalil, Oxfam’s Middle East and North Africa Regional Director said: “We are horrified by Israel’s order to evacuate around 100,000 people and what appears to be an impending invasion of Rafah, despite a universal plea from world leaders urging it to stop…

The post Oxfam reaction to Rafah evacuation order appeared first on The AIM Network.

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MacroBusiness Tuesday, May 7, 2024 - 14:40 Source

As expected, the Reserve Bank of Australia (RBA) held the official cash rate (OCR) at 4.35% at today’s monetary policy meeting. However, the commentary was more hawkish and suggested the RBA is carefully weighing the latest stronger-than-expected CPI inflation print with softening consumer demand. As a result, rates are likely to remain on hold for

The post RBA cautiously holds rates at 4.35% appeared first on MacroBusiness.

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AustralianPolitics.com Tuesday, May 7, 2024 - 14:39 Source

The Reserve Bank of Australia has left rates on hold, following its Board meeting over the past two days. The cash rate remains at 4.35%. The rate was last changed in November 2023. Interest Rate Movements Since 1990 This is the statement issued by the Reserve Bank:

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Renew Economy Tuesday, May 7, 2024 - 14:25 Source
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Renew Economy Tuesday, May 7, 2024 - 14:21 Source
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Renew Economy Tuesday, May 7, 2024 - 14:19 Source
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MacroBusiness Tuesday, May 7, 2024 - 14:00 Source

It’s about as clear as mud today. “At the front end of the budget, there will be a primary focus on inflation. Towards the latter years of the budget, there will be more of a focus on growth,” he told reporters in Canberra. “It will be an inflation fighting and future making budget. There will

The post Treasurer Chalmers Budget strategy clear as mud appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 7, 2024 - 13:30 Source

SQM Research has released listings data for April, which shows that the number of residential property listings nationally fell by 6.4% over the month, falling from 256,000 recorded in March 2024 to 239,660 dwellings. However, over the year, listings rose by 5.6% nationally: The annual rise in listings was driven by Sydney (+12.8%) and Melbourne

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MacroBusiness Tuesday, May 7, 2024 - 13:00 Source

TS Lombard with a quick wrap. Macro drivers ▪US inflation is sticky, but the Fed insists that the next move is most likely a cut, not a hike. ▪Nevertheless, the FOMC remains a deer in the inflation headlights; other central banks are unlikely to wait for it to decide one way or another. ▪US-EA divergence

The post A wrap of global drivers appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 7, 2024 - 12:30 Source

Thank god for Ian Verrender, the last voice of sanity at your destroyed ABC. If only there was a diagnosed condition called One Size Fits All (OSFA) syndrome. The chances are that, if that were the case, a significant portion of our economic gurus might just find themselves exiting their shrink and heading down to

The post ABC finally covers the “forbidden topic: Immigration and inflation” appeared first on MacroBusiness.

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Your Democracy Tuesday, May 7, 2024 - 12:29 Source

https://www.youtube.com/watch?v=5hqR15v1uVI

Jesse Watters: Biden is running scared

 

 

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MacroBusiness Tuesday, May 7, 2024 - 12:00 Source

You want to make friends with your enemies; don’t complain when they use your resources to attack you: Anthony Albanese has confirmed the government have made “appropriate diplomatic representations” following a Chinese fighter jet dropping flares dangerously close to an Australian Navy helicopter over the weekend. “We regard this as unprofessional and … unacceptable. And we’ve

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MacroBusiness Tuesday, May 7, 2024 - 11:46 Source

Economist Saul Eslake contends that Victoria has become overly reliant on population growth and housing as a source of economic growth, resulting in it becoming by many metrics a poor state. “Victoria has disproportionately relied on population growth and housing as a source of economic growth”, Mr Eslake told The AFR on Monday. “As a result,

The post Pauper Victoria goes cap in hand to federal government appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 7, 2024 - 11:30 Source

Iron ore continues its bear market rally:   The latest rationale is now a new housing fix: “There is some positive change in this meeting content compared to the one held late last December; the sales of housing inventory will provide substantial help to property developers facing capital strains,” analysts at China Galaxy Securities said

The post You can save Chinese property but not iron ore appeared first on MacroBusiness.

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