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MacroBusiness Friday, July 1, 2022 - 14:30 Source

According to economist Tony Alexander, New Zealand mortgage rates are rising at their fastest rate on record at more than triple the pace of the tightening cycle between 2004 and 2008. Alexander also believes that the Reserve Bank of New Zealand (RBNZ) is at grave risk of overshooting, which will drive a deeper economic contraction

The post Reserve Bank “overshoot” to pummel New Zealand’s housing market appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 14:00 Source

100 days out from the 2018 Victorian election, Premier Daniel Andrews claimed that privatisation had failed and that further asset sales were off the agenda: Premier Daniel Andrews will warn against privatisation, austerity and what he calls a “free market free-for-all” in Victoria in a speech laying out Labor’s agenda 100 days from a state election…

The post Liar Victorian Government privatises monopoly motor registry appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 13:30 Source

As we keep saying, commodity supply-side adjustments are wildly dynamic and take manifold forms. The current energy shock will work itself through in a few years. In the shorter term, I am of the view that oil will need to fall a lot more than the low-$100s to placate the Fed and recession will do

The post Russian oil floods EMs appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 13:00 Source

Last week, Westpac and ANZ hiked their fixed mortgage rates by 0.5% and 0.9% respectively, which more than doubled fixed rates from a year earlier. Yesterday, Australia’s biggest bank CBA joined the fold hiking its fixed rates by a whopping 1.4% across all loan terms: This has taken CBA’s fixed mortgage rates to more than

The post “Incredible” fixed mortgage rates soar into stratosphere appeared first on MacroBusiness.

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Renew Economy Friday, July 1, 2022 - 12:47 Source

Former Chief scientist of Australia Ian Chubb speaks during an address to the National Press Club in Canberra, (AAP Image/Lukas Coch)

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Renew Economy Friday, July 1, 2022 - 12:45 Source

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MacroBusiness Friday, July 1, 2022 - 12:40 Source

Alex Turnbull has written a nice piece on what’s coming from China. What matters in this is that China is developing a huge energy price advantage as it dislocates its local coal prices from the global shock delivered by Russian sanctions by buying cheap Russian energies and producing more of its own coal. This leaves

The post Aussie metals processing is about to be destroyed appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 12:20 Source

By Gareth Aird, head of Australian economics at CBA: Key Points: Dwelling prices fell by 0.8% across the eight capital cities in June. Annual growth has dipped to 8.7%. Prices fell solidly in Sydney and Melbourne while gains were recorded in Brisbane, Perth and Adelaide. Our expectation for the RBA to increase the cash rate

The post CBA: Fate of housing market in RBA’s hands appeared first on MacroBusiness.

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Renew Economy Friday, July 1, 2022 - 12:06 Source

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Renew Economy Friday, July 1, 2022 - 12:04 Source

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MacroBusiness Friday, July 1, 2022 - 12:00 Source

Bill Evans of Westpac is serenely cheering on the Lunatic RBA. He needs to wake up. This is a rerun of the errors of early 2008 when a global recession and ginormous deflationary shock were hurtling toward Australia and the Lunatic RBA hiked its way to the moon chasing supply-side price rises it could affect.  

The post Lunatic RBA to hike 50bps into global crash appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 11:30 Source

Australia has a record 480,000 job vacancies, with KPMG chief economist Brendan Rynne saying there is a “skills mismatch” between the sorts of jobs available and the skills possessed by those who are seeking work. Boosting immigration and developing training systems that allow people to reskill more quickly are seen as among the solutions to

The post Before opening visa floodgates, use migrants already here appeared first on MacroBusiness.

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Your Democracy Friday, July 1, 2022 - 11:09 Source

It is really not common to have testimonies indicating that the American government planned to assassinate a Western journalist who had exposed the crimes of the said American government.

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MacroBusiness Friday, July 1, 2022 - 11:00 Source

The Market Ear with more recession cracks. — Winter IS coming Robin Brooks: “Global recession is coming. Longer-term real US interest rates have kept rising and financial conditions have kept tightening, even as recession worries have grown more acute. So the automatic stabilizer for the economy – that real rates stop rising – hasn’t kicked

The post Recession cracks spread appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 10:30 Source

NAB’s Q2 residential property survey is out, with the bank viciously downgrading its outlook for Australia’s housing market. NAB now forecasts that Sydney and Melbourne dwelling values will plunge by around 22% over 2022 and 2023, with the other capitals also forecast to record heavy falls next year as the cash rate soars to 2.6%:

The post NAB: Sydney and Melbourne house prices to plummet 22% appeared first on MacroBusiness.

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Renew Economy Friday, July 1, 2022 - 10:13 Source

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Renew Economy Friday, July 1, 2022 - 10:13 Source

AEMO's main roadmap shows Australia's main grid getting close, but not quite, to 100 per cent renewables ove

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MacroBusiness Friday, July 1, 2022 - 10:00 Source

The ferrous complex faded on June 30, 2022: At issue was the Chinese PMI. The wider bounce did not translate to steel. Indeed, the Steel PMI was as bad as it gets: Judging from the steel industry PMI surveyed and released by the China Federation of Iron and Steel Logistics Professional Committee, in June 2022,

The post Daily iron ore price update (as bad as it gets) appeared first on MacroBusiness.

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xkcd.com Friday, July 1, 2022 - 10:00 Source

The math and philosophy people also claim everything, but the astronomers argue that the stuff they study really only comprises a small number of paper surfaces.

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Your Democracy Friday, July 1, 2022 - 09:44 Source

Russian President Vladimir Putin has shot back at Western leaders who mocked his athletic exploits, saying they would look “disgusting” if they tried to emulate his bare-torso appearances.

Mr Putin made the comment during a visit to Turkmenistan on Thursday when asked about Western leaders joking about him at the G7 summit.

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MacroBusiness Friday, July 1, 2022 - 09:40 Source

OMICRON has been imprisoned in Xinjiang: Mobility is back Infrastructure is the stimulus tip of the spear: Energy is back: Property has rebounded but developer spreads are signalling no end to the trouble: The PMIs jumped. Pantheon: China’s June PMIs provided an encouraging sign of a strong recovery from the zero-Covid lockdown. The surge in

The post China’s COVID bounce takes shape, but… appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 09:30 Source

Risk sentiment continued to lack confidence overnight as downward volatility returned to equity markets as Wall Street fell nearly 1% in the wake of poor consumer spending data, while European stocks sold off as German unemployment spiked unexpectedly. The USD didn’t benefit as much as expected on the defense, with Euro surging, also helped by

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 09:20 Source

While Albo’s cowards are busy protecting a war-profiteering foreign energy cartel, it has fastened itself to household budgets like a foot-long leech to their flesh: AGL Energy has slugged its NSW customers with a $300 annual increase in their power bills as the power giant passes on soaring costs in the national electricity market. The

The post The energy monster is about to devour Albo’s cowards appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 09:00 Source

DXY eased overnight: AUD has a very bearish chart sitting right on key support: Oil cracked: Metals are flaming, free-falling recession comets: Miners too: EM stocks are clinging to the Chinese rally: Junk is screaming doom: The bond bear market is over: Ominously, stocks are now falling anyway: Westpac has the wrap: Event Wrap US

The post Australian dollar clings to hope as stocks sink appeared first on MacroBusiness.

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Your Democracy Friday, July 1, 2022 - 08:37 Source

The ABC has launched a new brand campaign in line with celebrations to mark the broadcaster’s 90th year, with four hundred individuals featuring at the heart of the campaign.

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MacroBusiness Friday, July 1, 2022 - 08:30 Source

AIG with the release: Metals processing is the canary in the energy shock coal mine (pun intended). Full report.

The post Aussie PMI hangs on appeared first on MacroBusiness.

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Your Democracy Friday, July 1, 2022 - 08:21 Source

US President Joe Biden has declared that Washington will “stick with Ukraine as long as it takes,” insisting the conflict with Russia won’t end with Moscow prevailing over Kiev. 

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Your Democracy Friday, July 1, 2022 - 07:33 Source

NATO has completed its post-Cold War transformation from Europe's guard dog into America's attack dog

 

From an ostensible defensive alliance, NATO has grown into an aggressor designed to promote ‘rules’ dictated by the US

 

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MacroBusiness Friday, July 1, 2022 - 00:05 Source

The Reserve Bank of Australia (RBA) has updated its household finances data for the March quarter, which presents the financial position of Australian households at the housing market’s peak just one month before the RBA commenced hiking rates. As shown in the next chart, the value of Australia’s housing assets hit an all-time high 6.6

The post Aussie households leverage recklessly into housing market appeared first on MacroBusiness.

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MacroBusiness Friday, July 1, 2022 - 00:03 Source

The ‘Big Australia’ immigration shills continue to pile pressure on the Albanese Government to throw open Australia’s border, this time calling for an abolition of skilled occupation lists, reductions in visa fees, and the easing of bureaucratic processes surrounding immigration: “Occupation lists need to go, they do not work,” Grattan Institute economic policy program director,

The post Make this one change before opening skilled visa floodgates appeared first on MacroBusiness.

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