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MacroBusiness Thursday, January 6, 2022 - 15:09 Source

The Northern Territory has turned full police state, announcing today that the unvaccinated will effectively be locked in their homes until midday on Monday [my emphasis]: The NT has recorded 256 new cases of COVID-19, including 27 cases of community transmission, Chief Minister Michael Gunner said… Territory-wide, there are 23 people with COVID-19 in hospital

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The Australian Independent Media Network Thursday, January 6, 2022 - 15:06 Source

Awards and honours bestowed by States or private committees, republican or monarchical, are bound to be corrupted by considerations of hypocrisy, racketeering and general, chummy disposition. From the Nobel Peace Prize to the range of eccentric and esoteric orders bestowed each year in Britain by Her Majesty, diddling and manipulating is never far behind. You…

The post Sir Tony Blair: Bloody Knight of the Realm appeared first on The AIM Network.

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MacroBusiness Thursday, January 6, 2022 - 14:30 Source

Goldman Sachs with the note: The number of Covid cases in China jumped in late December, with Shaanxi province the new epicenter. Although China has not yet reported any local infections linked to Omicron, markets have been increasingly concerned about the potential impact if the highly transmissible variant enters China and leads to further restrictions.

The post Beijing’s COVID zero-tolerance policy under Omicron assault appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 14:03 Source

South Australia has recorded 3070 new COVID cases over the past 24 hours – down from 3493 yesterday: Active cases have climbed to 21,215: There are 123 people in hospital, with 12 people in intensive care and one person is ventilated. Premier Steven Marshall said the results were encouraging: “There was no change to ICU

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MacroBusiness Thursday, January 6, 2022 - 13:30 Source

BofA Global Research with the note: The impact of Covid on the economy has evolved over time. Here we argue Omicron adds a new chapter to the Covidonomics textbook: Successive waves of Covid are increasingly impacting the supply-side of the economy more than the demand-side. The biggest impact from Omicron will likely be a large

The post Omicron adds new chapter to Covidonomics textbook appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 13:30 Source

Risk markets took a big deep breath overnight with the release of the Federal Reserve’s December minutes, which showed a much more hawkish path ahead in 2022 for the bank followed by all other banks as labour market conditions and rising inflation spook the wonks. The Fed explicitly stated that it might need to raise

The post Fed spoils the party with faster taper appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 12:30 Source

The RBA takes a long summer break each year, missing all the action and drama of the Australian Open (and Novax Novak), as its policy wonks and abacus counters get busy on the beaches and avoid the riff raff plus any major economic or social developments like the OMICRON breakout. Must be nice. Anyway, with

The post Australian dollar at whim of the Fed until RBA wakes up appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 12:00 Source

Investment guru Ray Dalio is all in on the Fed/ECB print orgazmo and says to borrow like no tomorrow: “This printing of money and buying of debt assets has driven interest rates so low that cash and bonds are stupid to own,” he wrote in a post on LinkedIn. “I think one should consider minimizing

The post Dalio says avoid cash and bonds as autocracy rises appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 11:41 Source

Queensland has recorded another 10,332 new COVID cases over the past 24 hours – roughly double the number of cases from two days ago: Active cases have also soared to 42,250 – up more than double from Monday: A man in his 80s has died with the virus, and there are 12 people in intensive

The post COVID runs rampant across QLD appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 11:30 Source

Labor last year announced that it will not make changes to the stage three income tax cuts if it wins the upcoming federal election. It also abandoned the negative gearing and capital gains tax reforms taken to the past two federal elections. Both changes followed in the wake of Labor formally dumping its franking credits

The post Anthony Albanese’s Labor goes full Coalition-lite appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 11:00 Source

In today’s investment webinar MB Fund’s Head of Investments Damien Klassen, Chief Economist Leith van Onselen and Senior Financial Advisor Sam Kerr illuminate us on why immigration is the key to Australian interest rates in 2022. On the agenda: After 11 long years of interest rate cuts, many commentators and markets are forecasting a rise

The post MB Fund Podcast: Why immigration is the key to Australian interest rates in 2022 appeared first on MacroBusiness.

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The Tally Room Thursday, January 6, 2022 - 11:00 Source

I keep banging on about the importance of magnitude in determining how elections work. The number of councillors elected for each ward at the NSW council election has a major influence on each council’s party system and how votes translate into seats. Indeed the voting system has an influence on which parties run and how well they poll, and thus seats have an influence on votes, not just the other way around.

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MacroBusiness Thursday, January 6, 2022 - 10:30 Source

Despite a big lift in listings at the end of last year, Australia’s housing market remains incredibly tight, according to CoreLogic. While new listings were running at their highest level in six years: Total listings finished 2021 24.7% below the five-year average: A key reason is because sales volumes were running at their highest level

The post Aussie housing supply remains extraordinarily tight appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 10:00 Source

Late last year, I questioned why climate change activists and environmentalists refuse to question the planned reboot of the mass immigration ‘Big Australia’ policy, which will place increasing strain on Australia’s natural environment and make meeting the nation’s “zero net” emissions commitments by 2050 and impossible goal: While Australia’s emissions depend on many factors – including

The post Big Australia immigration threatens nation’s water security appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 09:30 Source

NSW has recorded another 34,994 new COVID cases and six deaths: Victoria has recorded 21,997 new COVID cases and six deaths: The next chart plots daily cases across both jurisdictions since the beginning of the Delta wave in winter last year: Active cases have also ballooned: Hospitalisations are rocketing across both states: Whereas COVID deaths

The post Hospitals strain as COVID cases balloon appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 09:00 Source

Goldman Sachs with the note: Inflation trends: The core PCE price index rose 0.46% month-over-month in November to a new three-decade high of 4.68% year-on-year, and core CPI inflation rose to 4.96%. Core inflation was again boosted by rapid shelter inflation—which has run at the highest level since 1990 over the last three months—and another

The post US inflation is yet to peak appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 08:30 Source

The New Year party was spoiled by the release of the Fed minutes overnight, indicating a much more hawkish bent as we head into the taper and “normalisation” of interest rates in 2022. This caused tech stocks to fall sharply, dragging down industrials on Wall Street and pushing 10 year Treasury yields higher to almost

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 08:00 Source

Iron ore prices rose yesterday in China as demand pushed spot prices of the metal to the highest in more than a week, with futures spiking alongside as the coal squeeze continues: And there’s more argy-bargy on where the precious metal will go in 2022 with forecasts still all over the place. More from AFR:

The post Daily iron ore price update (forecasts remain hopeful) appeared first on MacroBusiness.

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Your Democracy Thursday, January 6, 2022 - 07:37 Source

 global warming is realglobal warming is real

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MacroBusiness Thursday, January 6, 2022 - 00:10 Source

The New Daily’s Matthew Elmas posted a terrific article summarising the difficulties RBA Governor Phil Lowe faces in trying to accelerate Australian wage growth above 3%: Reserve Bank governor Philip Lowe had just finished delivering a broad speech on the Australian economy in rural New South Wales when the topic of what economic success looks

The post RBA desperately seeking wage growth appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 00:05 Source

CoreLogic’s Tim Lawless has provided the below charts showing the average change in house values across Australia’s eight capital cities in 2021: While Brisbane houses (30.4%) experienced the strongest percentage growth in 2021, in sheer dollar terms it was dwarfed by Sydney, whose median house value soared by $314,188 over the calendar year. Across every

The post Houses earned much more than Aussie workers in 2021 appeared first on MacroBusiness.

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MacroBusiness Thursday, January 6, 2022 - 00:01 Source

Global Macro / Markets / Investing: Those Who Underestimate Omicron Aren’t Doing the Math – Infection Control Insurance executive says death rates among working-age people up 40 percent – WYFI The World’s Lowest Fertility Rate Is About to Get Even Lower – Bloomberg Hyundai stops engine development and reassigns engineers to EVs – Ars Technica

The post Links 6 January 2022 appeared first on MacroBusiness.

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The Australian Independent Media Network Wednesday, January 5, 2022 - 20:17 Source

AIATSIS Media Release The Australian Government’s announcement today of its commitment to establish a national Aboriginal and Torres Strait Islander cultural precinct in the heart of Canberra was warmly welcomed by the Chair of the Council of the Australian Institute of Aboriginal and Torres Strait Islander Studies, Ms Jodie Sizer, and by AIATSIS CEO, Mr…

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John Quiggin Wednesday, January 5, 2022 - 16:36 Source

Just before Christmas, I published a piece in The Interpreter (Lowy Institute) arguing that most of the claims made by the contending parties in the South China Sea are myths designed to promote the interests of nationalists and militarists in a variety of countries, including Australia. Final paras

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MacroBusiness Wednesday, January 5, 2022 - 16:30 Source

Asian stock markets are retracing across the region in response to the sharp falls on tech stocks overnight on Wall Street but it appears to be mean reversion more than an outright selloff at this stage. The Australian dollar remains under pressure alongside other risk currencies however, with Bitcoin still struggling at the $46K level

The post Macro Afternoon appeared first on MacroBusiness.

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John Quiggin Wednesday, January 5, 2022 - 16:07 Source

Write about your hopes, fears, predictions for the coming year.

Usual comment rules apply. I’m going to be cracking down hard on snark this year, so if you’re in any doubt about your response to another commenter, don’t post it.

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Cheeseburger Gothic Wednesday, January 5, 2022 - 15:29 Source

It's a funny old business, launching a book in the middle of a pandemic. Feels sort of disconnected. The Shattered Skies drops tomorrow, and I have to admit I thought it was next week. Once upon a time that wouldn't have been possible. Once upon a time we used to have book launches, and book tours, and rounds of media interviews and appearances all of them locked in months in advance.

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The Australian Independent Media Network Wednesday, January 5, 2022 - 14:40 Source

Jobkeeper has proved to be a gravy train for wealthy private schools serving the most advantaged families in Victoria. New financial statements posted on the Charities Commission website before Christmas reveal the shameless greed of some of the wealthiest most exclusive private schools in Victoria. Twenty-one schools received $90 million in Jobkeeper payments while making…

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MacroBusiness Wednesday, January 5, 2022 - 14:30 Source

The RBA released its monthly chart pack this morning with some end of year figures and as always its a fun flirtatious flick-through! Let’s look at inflation first, which is either transitory or out of control depending on your point of view, but that’s a steep curve higher for Yankee-land and Euro-Disney: The US and

The post RBA Chart Pack for January 2022 appeared first on MacroBusiness.

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MacroBusiness Wednesday, January 5, 2022 - 14:00 Source

Social media is going crazy today over tennis champion Novak Djokovic being granted an exemption to play in this year’s Australian Open: World number one Novak Djokovic says he will defend his Australian Open title at Melbourne Park this month after receiving a medical exemption from getting vaccinated against COVID-19… The Australian Open confirmed Djokovic

The post Novak Djokovic vaccine controversy a giant nothingburger appeared first on MacroBusiness.

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