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The Australian Independent Media Network Tuesday, May 3, 2022 - 14:00 Source

The words spoken by Senator Gallagher during an interview this morning were what I was saying back in March of this year. A federal government with only a teaspoon of economic understanding would have, or indeed should have, seen the dangers of what the supply side-effects of the lack of secondary materials would have on…

The post “With Scott Morrison it’s always too little, too late” appeared first on The AIM Network.

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MacroBusiness Tuesday, May 3, 2022 - 14:00 Source

As we know, business groups are lobbying the federal government heavily to boost migrant numbers, including by demanding: Uncapped access to temporary migrant workers and the abolition of labour market testing so-called Temporary Skills Shortage (TSS) visas. Speedier and cheaper visa application processes. Doubling of the permanent skilled migration intake to 200,000 a year to

The post Before importing more migrant workers, use those already here appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 13:56 Source

BofA via ZH. — Bank of America’s Savita Subramanian writes in her weekly Eranings Tracker now that week 3 is in the history books… …. we have clearly reached the “end of euphoria” phase. Which is not to say that earnings as reported are terrible, on the contrary: 276 S&P 500 companies (71% of earnings) have

The post More US earnings warnings appeared first on MacroBusiness.

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Cheeseburger Gothic Tuesday, May 3, 2022 - 13:49 Source

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MacroBusiness Tuesday, May 3, 2022 - 13:40 Source

NSW Independent Commission Against Corruption (ICAC) commissioner Stephen Rushton, SC, appeared before state parliament’s ICAC oversight committee yesterday. Rushton told the committee that people who have referred to ICAC as a ‘kangaroo court’ were “buffoons”, and that such comments risked eroding trust in ICAC and undermining public trust in governments. Prime Minister Scott Morrison has

The post NSW ICAC chief labels corrupt ScoMo a “buffoon” appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 13:20 Source

Aussie consumer confidence has bombed ahead of today’s rates decision by the RBA, according to the ANZ/Roy Morgan Research consumer confidence index. As shown in the next chart, Aussie consumer confidence crashed by 6.0% over the last week as annual headline inflation surged by 5.1%: Commenting on the result, ANZ’s head of Australian economics, David

The post Consumer confidence bombs ahead of rates decision appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 13:00 Source

Much like Newspoll and Resolve yesterday, Roy Morgan’s latest polling on voter intentions has Labor (55.5%) widening its two-party preferred lead over the Coalition (44.5%): The ALP gained 1% point on a two-party preferred basis during the week to Sunday May 1, increasing its lead to 10% points: ALP 55.5% cf. L-NP 44.5% according to

The post Roy Morgan: ALP widens lead as government confidence collapses appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, May 3, 2022 - 13:00 Source

Five reasons not to vote for a Coalition government led by Morrison and Joyce One:  It is patently obvious the Coalition are not serious about taking action on climate change. Morrison and Joyce fondled a piece of coal in parliament telling us not to be afraid.  Angus Taylor is gifting our money hand over fist…

The post Five reasons not to vote for a Coalition government led by Morrison and Joyce appeared first on The AIM Network.

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MacroBusiness Tuesday, May 3, 2022 - 12:30 Source

Prime Minister Scott Morrison has attacked Labor’s proposed shared equity scheme for home buyers, which would see the federal government take a 30% to 40% share in their property. Morrison claims Labor “wants the government to own your home”. However, he has previously supported similar schemes operated by state governments and the private sector: Morrison

The post Coalition, Labor lock horns in faux housing affordability war appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 12:00 Source

Morgan Stanley with the good news. The macro reasoning is very simple. Massive US inventories hit by consumer demand hiccup as the Fed crushes asset prices which spills over to Europe and China already on their knees from war, energy, property and OMICRON shocks. Voila! Global recession.  — As expected, price action turned especially vicious

The post Why stocks will fall much further appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, May 3, 2022 - 11:31 Source

He has been seen, not always accurately, as the more moderate in an otherwise conservative Liberal Party, which has governed Australia since 2013 in an at times troubled alliance with the Nationals. He has served as party deputy to Prime Minister Scott Morrison, and proudly promotes his role as the country’s treasurer during the COVID-19…

The post Panic in Kooyong: The Threat to the Australian Liberal Party appeared first on The AIM Network.

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MacroBusiness Tuesday, May 3, 2022 - 11:30 Source

A new missive from Zoltan Pozsar of Credit Suisse brings together the specter of a sovereign debt crisis in the US triggering more QE by next year. Zoltan argues that the Fed will be forced by chokepoint inflation to ease before it wants to in order for governments to spend to solve the very chokepoints

The post Zoltan Poszar anchors Bretton Woods III to shortage of air appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 11:00 Source

You can’t be too bullish King Dollar. So says BofA and I’m inclined to agree. Though I do see two possible short-term risks for this bullish trend. Russia must surely be realising that it can’t beat Ukraine when the entire Western military-industrial complex stands behind it. It needs a quick win in the Donbass and

The post You can’t be too bullish King Dollar appeared first on MacroBusiness.

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Renew Economy Tuesday, May 3, 2022 - 10:39 Source

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MacroBusiness Tuesday, May 3, 2022 - 10:30 Source

Former Reserve Bank of Australia (RBA) governor, Ian Macfarlane, believes younger Australians should be “squealing louder” about inter-generational inequity, which is seeing them being over-taxed on their labour income while the wealthy older generations pay minimal taxes: “The people who hold all the wealth are the older people – we don’t really tax wealth. The

The post Younger generations should “squeal louder” for wealth taxes appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 10:00 Source

The Russian-Ukraine war has catapulted the Reserve Bank of Australia’s (RBA) index of commodity prices to its highest ever level. As shown in the next chart, the commodity price index soared 3.4% in April in SDR (currency-weighted) terms to be up 19.4% over the quarter and by 39.9% year-on-year: The RBA’s commodity price index in

The post Russian-Ukraine war catapults commodity prices into stratosphere appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 09:30 Source

Barclays has a crack at the Chinese property crash today: Lifting lockdowns crucial for easing measures to take effect… We maintain our forecast of a 20% y/y decline in contracted sales in 2022e (China Property: Cautious on high-cash-price bonds, 2 March 2022), but downside risks increase if lockdowns are lifted later than we expect. We

The post Inside the Chinese property crash appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 09:00 Source

There is one reason why the RBA should hike rates today and it has nothing to do with economics and everything to do with politics. It is PM Morrison: So tomorrow it’s not about me, it’s not about Mr Albanese, it’s not about the Treasurer or the Shadow Treasurer, it’s about Australians themselves and the

The post The RBA should hike Scott Morrison out of office appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 08:30 Source

Overnight stock markets were quite mixed with European bourses pulling back while Wall Street initially made a new low before a late surge saw them barely recover to the Friday night starting position, as the correction mode remains intact. Bond markets are where the action really is with 10 year US Treasury yields making a

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 08:16 Source

DXY is on the verge of breaking even higher as EUR pukes lower. Parity ahead for these two: AUD tumbled to new lows though recovered some: Oil still looks bearish. Gold is sinking on rising real yields: Commodities are no longer enjoying the DXY: Miners were split: EM stocks are at the cliff: So is

The post Australian dollar flogged again appeared first on MacroBusiness.

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Your Democracy Tuesday, May 3, 2022 - 06:59 Source

Philosopher Friedrich Nietzsche wrote: “Underneath this reality in which we live and have our being, another and altogether different reality lies concealed.

 

What does this mean at a democratic level? 

 

It could mean (and it does) that the government of the people by the people is a surface distraction.

 

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Your Democracy Tuesday, May 3, 2022 - 06:31 Source

On Saturday, the Chinese Embassy in Washington asked the Biden administration to halt the supply of weapons to Taiwan, warning that the People’s Republic reserves the right to respond to such provocative behaviour. Beijing considers Taiwan an integral part of China destined for eventual peaceful reunification with the mainland.

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The Tally Room Tuesday, May 3, 2022 - 06:30 Source

Ben is joined today by Ben Moffitt from the Australian Catholic University to talk about right-wing minor parties and their role in the federal election, and to profile the seat of Macquarie.

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Your Democracy Tuesday, May 3, 2022 - 06:13 Source

Israel Summons Russia’s Ambassador, Demands Apology Over Lavrov’s Remarks About Hitler, Zelensky

In an interview with an Italian TV channel on Sunday, the Russian foreign minister suggested that Ukrainian President Volodymyr Zelensky’s oft-made claim that Ukraine does not suffer from problems with Nazism because Zelensky himself is Jewish was severely flawed.

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MacroBusiness Tuesday, May 3, 2022 - 00:10 Source

Over recent months we’ve witnessed both the Coalition and Labor launch a raft of new policies – from home loan guarantees to shared equity schemes – aimed at driving more first-time buyers into the housing market and propping up home values. At the same time, a bigger crisis is taking place among Australia’s growing army

The post Aussie renters the invisible housing affordability victims appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 00:05 Source

SQM Research managing director, Louis Christopher, believes the high inflationary period Australia is entering could actually prevent a house price crash even if mortgage rates rise sharply: Rising inflation could temper the declines to some extent as higher inflation tended to lift dwelling values. “There is a chance here with accelerating inflation that investors and

The post Will rising inflation prevent a house price crash? appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 3, 2022 - 00:01 Source

Global Macro / Markets / Investing: Netflix slashes staff after its share price cratered by 50% – Daily Mail Warren Buffett, Charlie Munger Blast Crypto As ‘Stupid’ and Worthless – Business Insider Bank of America cuts S&P 500 target as ‘specter of a recession looms’ – CNBC Americas: Critics say corporate greed is making inflation

The post Links 3 May 2022 appeared first on MacroBusiness.

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Renew Economy Monday, May 2, 2022 - 19:42 Source

Mike Cannon-Brookes

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The Australian Independent Media Network Monday, May 2, 2022 - 18:58 Source

At this point I’m wondering exactly how many people will comment on the title without reading what I actually write. I imagine at least one person will write: “You idiot, the ABC are INDEPENDENT and won’t be siding with anyone!” Which is sort of my point. I don’t know about anyone else but when I…

The post Independent ABC Must Declare Who They’ll Side With After The Election! appeared first on The AIM Network.

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MacroBusiness Monday, May 2, 2022 - 18:09 Source

AUD/USD EUR/USD USD/JPY   GBP/USD   Gold Brent Crude   West Texas Intermediate   S&P 500   ASX200  

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