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MacroBusiness Thursday, June 20, 2024 - 12:11 Source

We interrupt your regular programming of nuclear balderdash with the newsflash that: Australia’s energy market operator has convened an emergency meeting of the gas industry after warning fuel supplies are running tight and without urgent action there could be insufficient reserves for the rest of winter. The alert underscores Australia’s tight gas supplies, which could

The post AEMO declares gas emergency appeared first on MacroBusiness.

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MacroBusiness Thursday, June 20, 2024 - 12:05 Source

China recently re-sparked a metals boom with more announcements of stimulus. We are joined by David Llewellyn-Smith today as we explore the stimulus, what is real and what is a mirage. Can’t make it to the live series? Catch up on the content via Podcasts or our recorded Videos. Damien Klassen is Chief Investment Officer at the Macrobusiness Fund,

The post MB Fund Podcast: China Stimulus: Oasis or Mirage? appeared first on MacroBusiness.

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MacroBusiness Thursday, June 20, 2024 - 12:00 Source

The Aussie bank bubble, which boils down to a CBA bubble, has been noticed by short-sellers: Veteran hedge fund manager Philip King has taken a short position in shares of Commonwealth Bank of Australia, citing one of the world’s most expensive valuations. With a forward price-earnings multiple of 22 times, CBA is the priciest bank

The post Bulging CBA bubble attracts shorts appeared first on MacroBusiness.

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Renew Economy Thursday, June 20, 2024 - 11:49 Source
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MacroBusiness Thursday, June 20, 2024 - 11:30 Source

This week’s NSW budget froze the tax-free threshold for land tax at $1.075 million. Annual indexation in line with property price changes will also stop. The REINSW has reacted angrily to the change, describing the move as “a tax grab by stealth” that will hurt renters: “Given the high cost of holding a residential property, adding

The post Cue the outrage over NSW’s land tax changes appeared first on MacroBusiness.

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MacroBusiness Thursday, June 20, 2024 - 11:00 Source

Earlier this week, Westpac tipped that New Zealand’s real GDP would decline by 0.2% in the March quarter to be 0.3% lower year-on-year. On Thursday, Statistics New Zealand released the official national accounts for the March quarter, which showed that the economy grew by 0.2% over the quarter to be up 0.3% year-on-year. The internals

The post Reserve Bank relief as economy bounces back appeared first on MacroBusiness.

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Cheeseburger Gothic Thursday, June 20, 2024 - 10:39 Source

I’ve decided it is Sandwich Week here at the Burger. And so you’re getting this link to a great piece at the NYT on 57 of the best sandwiches in New York. They’re great sandwiches, but even better would be eating one while scrolling the story on your phone. This is one of those pieces that seems purpose-built for consumption on a fondle slab. It’s just a lovely piece of digital media.

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MacroBusiness Thursday, June 20, 2024 - 10:30 Source

Shanghai rebar is going sideways. So are SGX iron ore futures: Dalian is much the same: Coking coal is breaking down: There are ominous signs of what is ahead for iron ore producers: Mineral Resources will cease shipments from its Yilgarn iron ore hub by the end of this year in a bombshell move that

The post Iron ore cost curve shakeout begins with a bang appeared first on MacroBusiness.

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Renew Economy Thursday, June 20, 2024 - 10:09 Source
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MacroBusiness Thursday, June 20, 2024 - 10:00 Source

Truly, this is incredible. As Dutton’s nuclear fantasy grips the media, the only actual problem with the Australian energy transition—the gas cartel—has run wild. Freed of scrutiny by the nuclear “debate”, the gas price has moonshot to $20Gj: There is no comparable move in global markets: And the local electricity price has erupted right alongside

The post Gas cartel runs wild as nation lost in nuclear appeared first on MacroBusiness.

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MacroBusiness Thursday, June 20, 2024 - 09:30 Source

Let us momentarily imagine that Labor is proposing nuclear power without costings from opposition. The uproar for the Coalition would be immense, and rightly so. Yet that’s what the Coalition is proposing to take to the election: The cost of the nuclear proposal has not been revealed at this stage, with Mr Dutton declining to

The post Is the Coalition kidding with no costings nuclear? appeared first on MacroBusiness.

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Renew Economy Thursday, June 20, 2024 - 09:22 Source
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MacroBusiness Thursday, June 20, 2024 - 09:00 Source

With Wall Street closed for a mid week holiday, risk markets were listless as European stocks faltered after their recent rebound. The USD was mixed again although Euro and Pound Sterling are losing short term momentum while the Australian dollar is still holding on to its post RBA meeting gains well above the 66 cent

The post Macro Morning appeared first on MacroBusiness.

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Renew Economy Thursday, June 20, 2024 - 08:47 Source
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MacroBusiness Thursday, June 20, 2024 - 08:30 Source

Over many years, opinion poll after opinion poll has shown that Australians do not support high levels of immigration. This fact was explicitly acknowledged by immigration influencer Abul Rizvi, who noted before the 2022 federal election that neither side would propose lifting immigration because they would be decimated at the ballot box. “If the prime

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MacroBusiness Thursday, June 20, 2024 - 07:00 Source

Alan Kohler argues that Australia needs an Australian Energy Market Operator (AEMO) for housing to match supply and demand: There needs to be a kind of equivalent of the Australian Energy Market Operator (AEMO) for housing. That is, the National Housing Supply and Affordability Council with teeth, and with its own staff instead of the

The post No Alan, Australia doesn’t need an AEMO for housing appeared first on MacroBusiness.

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Renew Economy Thursday, June 20, 2024 - 05:37 Source
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MacroBusiness Thursday, June 20, 2024 - 00:10 Source

The Housing Industry Association (HIA) has released new home sales data for April, which tanked by 12.6% over the month: The slump in sales followed the surge in demand in March as buyers rushed to beat cost increases from the implementation of the National Construction Code in Victoria and Queensland. “The changes to the NCC

The post Australia’s housing targets flattened by perfect storm appeared first on MacroBusiness.

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MacroBusiness Thursday, June 20, 2024 - 00:05 Source

With friends like Innes Willox at the Australian Industry Group, industry doesn’t need enemies: “It is welcome that the coalition has put some of their nuclear cards on the table. It is a debate that Australia needs to have. Australia has real energy problems that demand well-considered responses from all sides of politics,” Innes Willox,

The post Sack waffling Willox, put a brick in charge of AIG appeared first on MacroBusiness.

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Renew Economy Wednesday, June 19, 2024 - 20:47 Source
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Renew Economy Wednesday, June 19, 2024 - 20:42 Source
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MacroBusiness Wednesday, June 19, 2024 - 16:30 Source

With Wall Street having a mid week holiday tonight, the impetus for more risk taking has subsided somewhat with Asian stocks mixed across the region. Local stocks are just holding on to their post RBA hold gains with the Australian dollar moving higher towards the 67 cent level. Oil prices are holding on to their

The post Macro Afternoon appeared first on MacroBusiness.

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Renew Economy Wednesday, June 19, 2024 - 15:23 Source
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Renew Economy Wednesday, June 19, 2024 - 15:20 Source
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Renew Economy Wednesday, June 19, 2024 - 15:08 Source
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The Australian Independent Media Network Wednesday, June 19, 2024 - 14:45 Source

Friends of the Earth Media Release National environmental justice group Friends of the Earth Australia (FoE) has slammed opposition leader Peter Dutton’s release of the Coalition nuclear policy, describing it as a nuclear nightmare and a cynical ploy to keep burning coal and gas. Nuclear is simply too expensive and will take far too long…

The post Dutton’s nuclear nightmare a blatant attempt to keep burning coal and gas appeared first on The AIM Network.

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Renew Economy Wednesday, June 19, 2024 - 14:26 Source

The second of the four cooling towers of the decommissioned Biblis nuclear power plant is collapsing as planned during demolition in Biblis, Germany, Thursday, Feb. 23, 2023. It was not blown up, but destabilized with excavators until it collapsed. The nuclear power plant was decommissioned following Germany's nuclear phase-out in the wake of the Fukushima disaster in 2011.</body></html>

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Renew Economy Wednesday, June 19, 2024 - 14:25 Source
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The Australian Independent Media Network Wednesday, June 19, 2024 - 14:15 Source

Climate Council Media Release THE CLIMATE COUNCIL has slammed the Coalition’s energy scheme as “a smokescreen for its commitment to coal and gas” and “radioactive greenwash”, which would delay Australia’s urgent and accelerating shift to clean energy and away from fossil fuels. Analysis of Dutton’s scheme shows it has a gaping hole at its heart.…

The post Dutton’s climate policy: Let it burn appeared first on The AIM Network.

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MacroBusiness Wednesday, June 19, 2024 - 13:30 Source

Data from Suburbtrends shows that more than 4,000 ex-rental residential properties across Victoria were listed for sale in May. This includes 3,126 in Melbourne, which is 32% higher year-on-year. Suburbtrends founder Kent Lardner says the Victorian state government’s new tax on property investors has been a key driver of landlords’ exit from the housing market.

The post The great property investor “exodus” myth appeared first on MacroBusiness.

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