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Oz Blog News Commentary
MacroBusiness Monday, May 29, 2023 - 14:00 Source

As the developed world de-risks China, Australia is re-risking it. This has nothing to do with the national interest, making money, or any argument for cordial relations, it is simply the ALP’s penchant for China groveling writ large. Australia’s barley sector may be the next beneficiary of the thawing relationship with Beijing, Trade Minister Don

The post Labor lies to Australia as it grovels in Beijing appeared first on MacroBusiness.

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Renew Economy Monday, May 29, 2023 - 13:54 Source

electrolysis - sparc technologies

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MacroBusiness Monday, May 29, 2023 - 13:30 Source

The monster coal crash continues with no end in sight. Coking coal is now trading at $226 down from peaks above a preposterous $600.  Thermal coal is at $133 down from peaks around $450. This is crazy the Ukraine War commodities mania got. And there is no end in sight. For thermal coal, $133 is

The post Monster coal crash continues appeared first on MacroBusiness.

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MacroBusiness Monday, May 29, 2023 - 13:00 Source

Morgan Stanley with the note. Reports suggesting that the debt ceiling drama is inching toward a compromise agreement are good news indeed. The details emerging are still tentative,a final agreement is not yet in hand and,given the fraught state of politics in Washington, DC, legislative passage is not assured. That said, with the ‘X-date’ (when

The post X-date boom or bust? appeared first on MacroBusiness.

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Renew Economy Monday, May 29, 2023 - 12:56 Source

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John Quiggin Monday, May 29, 2023 - 12:53 Source

Another Message Board

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please.

I’ve moved my irregular email news from Mailchimp to Substack. You can read it here. You can also follow me on Mastodon here

I’m also trying out Substack as a blogging platform. For the moment, I’ll post both at this blog and on Substack.

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MacroBusiness Monday, May 29, 2023 - 12:30 Source

The AFR View has taken gaslighting on Australia’s housing shortage to a new level with the following tripe: “Australia’s housing affordability crisis is due to the supply side, stupid!” “Dr Richards’ research, published in The Australian Financial Review on Monday, shows that in the 20 years before 2001, the supply of new homes grew by

The post Stop lying. Australia’s housing shortage is immigration driven appeared first on MacroBusiness.

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Renew Economy Monday, May 29, 2023 - 12:18 Source

bango wind farm squadron energy NSW

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Renew Economy Monday, May 29, 2023 - 12:16 Source

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MacroBusiness Monday, May 29, 2023 - 12:00 Source

In last year’s state budget, the Queensland Government shocked the coal industry by stealthily hiking royalties. It included a top tier of 40% for coal prices above $300-a-tonne. The changes were in response to the Russian Invasion of Ukraine, which sent coal prices soaring and generated record profits for coal miners. In response to the

The post QLD coal royalty hike a budget bonanza appeared first on MacroBusiness.

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MacroBusiness Monday, May 29, 2023 - 11:40 Source

As the AI bubble in equities drives late-cycle economic activity, the US Federal Reserve will have to resume rate hikes. Friday’s Personal Consumption Expenditures were very strong and there are other signs too. Wells Fargo has more. Economic Resilience on Full Display in April Today’s durable goods and personal income & spending reports share a

The post US rate hikes to continue appeared first on MacroBusiness.

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MacroBusiness Monday, May 29, 2023 - 11:20 Source

The governor of the Reserve Bank of Australia, Philip Lowe, reportedly engaged in a series of heated arguments with federal Labor MPs last week. The RBA governor warned them that the large salary increases they were backing would make inflation worse unless they were accompanied by increases in productivity. Ahead we have the Fair Work

The post Woke RBA still has no idea about wages appeared first on MacroBusiness.

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MacroBusiness Monday, May 29, 2023 - 11:00 Source

Last month, an Ernest & Young report, commissioned by the Property Council of Australia (PCA), claimed that providing federal budget support for build-to-rent (BTR) housing could result in an additional 150,000 homes over the next 10 years. “The potential to create 150,000 homes over the next 10 years with just one asset class shows build-to-rent

The post Build-to-rent is no “housing policy silver bullet” appeared first on MacroBusiness.

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MacroBusiness Monday, May 29, 2023 - 10:40 Source

The US credit crunch rolls on. The use of Fed emergency facilities to cover deposit runs is still rising: Total bank credit is still falling and has not added a brass razoo in eight months: It was large banks that drove asset shrinkage this week: And total bank credit is now up just 1.79% year on

The post US credit crunch rolls on appeared first on MacroBusiness.

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Cheeseburger Gothic Monday, May 29, 2023 - 10:38 Source

I started watching Platonic on Apple TV+ last night and ended up blazing through the first three eps in one sitting. It’s not the sort of thing I’d normally watch, or at least not at first glance. It feels like a asort of romantic comedy but with the romance angle ruled out from the get go.

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MacroBusiness Monday, May 29, 2023 - 10:20 Source

The excellent Michael HArtnett at BofA on the new AI bubble.  Zeitgeist I: “I mean, if you’re going to lose your job and be replaced by AI in the next few years, might as well own some AI as a hedge, no?” Zeitgeist II: “Bubbles not easy, put plenty of investors out of business. But

The post AI bubble intensifies appeared first on MacroBusiness.

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MacroBusiness Monday, May 29, 2023 - 10:00 Source

Last week, Australian Prime Minister Anthony Albanese and Indian counterpart Narendra Modi signed the Australia-India Migration and Mobility Partnership Agreement, which aims to make it easier for students, academics and professionals to live, study and work in each other’s countries. “This Arrangement will promote the exchange of students, graduates, researchers and business people; expand our

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xkcd.com Monday, May 29, 2023 - 10:00 Source

I would never stoop to vandalism, but I'm not above discreetly deleting the occasional 'this article contains excessive amounts of detail' tag.

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Renew Economy Monday, May 29, 2023 - 09:41 Source

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MacroBusiness Monday, May 29, 2023 - 09:40 Source

Iron ore bounced on Friday as markets got excited about an X-date resolution. Dalian futures jumped: SGX and rebar were more sober: After all, the US barely consumes iron ore. On the other hand, China consumes 70% of the global seaborne market. How is it going? Badly. Car sales are slowing and property sales remain

The post America does not consume iron ore appeared first on MacroBusiness.

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Your Democracy Monday, May 29, 2023 - 09:27 Source

During the May 2023 Group of Seven (G7) summit, the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States visited the Hiroshima Peace Memorial Museum, near where the meeting was held. Not doing so would have been an act of immense discourtesy.

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MacroBusiness Monday, May 29, 2023 - 09:20 Source

Next time you go to Europe for a holiday, or your child jets out to the same for a gap year, make sure you pick up a few million tonnes of LNG. Right now you can get Aussie gas for $11.80Gj. In Asia, it is still closer to $14Gj: When you get home, you can

The post Gas cartel launches operation ‘Destroy Albo’ appeared first on MacroBusiness.

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Your Democracy Monday, May 29, 2023 - 09:08 Source

The United Nations reports that we now have the highest number of violent conflicts since World War II. Against that backdrop, we have little anti-war action world-wide.

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MacroBusiness Monday, May 29, 2023 - 09:00 Source

The US debt ceiling negotiations were finally resolved on Friday, giving Wall Street and other risk markets a boost. The latest core PCE (personal consumption) index showed an uptick in spending in the US which sent inflation expectations higher and boosted the USD as a result. Currency markets continue to flow to the safety of

The post Macro Morning appeared first on MacroBusiness.

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Your Democracy Monday, May 29, 2023 - 08:27 Source

US Senator Lindsey Graham flew to Ukraine to meet with President Volodymyr Zelensky on Friday, after which he called on the Biden administration to ramp up support for the authorities in Kiev that are conducting an ongoing proxy war against Russia.

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MacroBusiness Monday, May 29, 2023 - 00:10 Source

Jonathan Mott, a veteran banking analyst, has conducted a survey of around 1640 mortgage brokers who are responsible for 70% of home loans sold in Australia. The survey backs up concerns about “mortgage prisoners” who are unable to refinance loans because the sharp rise in interest rates and fall in home prices over the last

The post Banks “extend and pretend” as mortgage arrears rocket higher appeared first on MacroBusiness.

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MacroBusiness Monday, May 29, 2023 - 00:01 Source

Global Macro / Markets / Investing: The laws that took down mobsters are being turned against Big Oil – Grist Tossing Neoliberalism Into The Dumpster – Counter Currents How Much Work Is Enough? – Project Syndicate Crypto and Casinos: How Stake.com Pioneered a $2.6 Billion Industry Giant  – Blockchain Report The end of King Dollar?

The post Links 29 May 2023 appeared first on MacroBusiness.

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Club Troppo Sunday, May 28, 2023 - 18:41 Source

One of my favourite podcasts with journalist, scholar and gentleman Hugh Pope. Hugh has just brought to publication a book written by his father in 1990. But being well ahead of its time, the book was unpublishable. It pursued Aristotle’s point that elections installed a governing class and were therefore oligarchic.

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George Monbiot Sunday, May 28, 2023 - 17:45 Source

Bucolic fairytales are a threat to life on Earth.

By George Monbiot, published in the Guardian 26th May 2023

No issue is more important, and none so shrouded in myth and wishful thinking. The way we feed ourselves is the key determinant of whether we survive this century, as no other sector is as damaging. Yet we can scarcely begin to discuss it objectively, thanks to the power of comforting illusions.

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Your Democracy Sunday, May 28, 2023 - 17:26 Source
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