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MacroBusiness Wednesday, October 13, 2021 - 15:00 Source

Below is Deloitte Access Economics’ Weekly economic briefing with what sure looks like a double-dip recession to me: Deloitte Access Economics’ latest Business Outlook suggests that while Delta strain outbreaks of COVID-19 and associated lockdowns have delayed Australia’s economic recovery, a strong post-pandemic recovery is still on the table. The impact of lockdowns through mid-to-late

The post Deloitte: Economic recovery delayed, not derailed appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 14:30 Source

Below is SEEK’s October Employment Report: OVERVIEW OF SEPTEMBER 2021: STATE OF THE NATION: SEEK job ads were up 6.0% month-on-month (m/m). The first m/m growth since April 2021. SEEK job ads were up by 56.7% in September 2021 year-on-year (y/y) and were up 24.7% when compared to September 2019. Applications per job ad declined

The post SEEK: NSW drives job ads rebound appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 14:00 Source

Top economists, former Treasury officials and ex-politicians are warning that “Australia is fast approaching a fiscal nightmare” because the nation’s tax system isn’t ‘fit for purpose’: The tax on $100,000 goes to the heart of one of the problems. If you are on a salary of this amount, you will end up paying almost $23,000

The post Australia “fast approaching a fiscal nightmare” on tax appeared first on MacroBusiness.

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The Australian Independent Media Network Wednesday, October 13, 2021 - 13:31 Source

Morning listening on October 13. Australia’s Radio National. Members of the Morrison government are doing their interview rounds with the host, Fran Kelly. We enter a time warp, speeding away into another dimension where planet Earth, and Australia, look different. The first interview, with Nationals Senator Bridget McKenzie, is filled with the sort of rejigged…

The post Waking up to Climate Change Dinosaurs appeared first on The AIM Network.

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MacroBusiness Wednesday, October 13, 2021 - 13:30 Source

The ABS has released dwelling construction data for the June quarter, which recorded rising dwelling commencements and completions. According to the ABS, the number of dwelling commencements surged by a seasonally-adjusted 23.2% over the June quarter and by 52.8% over the year. Detached house commencements rose by 13.0% over the quarter and by 58.7% over

The post Australian dwelling construction still running strong appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 13:00 Source

Aussie bond yields have backed up spectacularly in recent weeks. It began with the shift from zero COVID to living with the virus but most of it is the energy crisis that has sent coal and LNG prices to ludicrous levels: The curve has steepened markedly as well: Spreads to the US have flipped positive

The post Aussie bond yields rip towards 2022 deflation shock appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 12:45 Source

Some more creeping weakness in the massively inflated price of trade infrastructure. As we know, Pacific routes are tumbling: Now, containers are falling as well: Chinese ports have cleared though the US west coast is still congested. The Baltic Dry has slowed too but it’s too early to declare a peak: Some semiconductor markets have

The post Containers go down with the ships appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 12:30 Source

The AFR’s Joe Aston has continued his assault against the Morrison Government’s JobKeeper waste, this time rubbishing the Australian Treasury’s paper defending JobKeeper overpayments. Aston claims that the actual level of ‘waste’ is closer to $40 billion, not the $27 billion claimed by Treasury: All of the major newspapers dutifully reported that between April and

The post Joe Aston: JobKeeper waste $40b, not $27b appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 12:00 Source

Chris Uhlman, you goose: Crisis reveals character and can lead to political revolutions. The Long Depression of the late 1800s sent shockwaves around the globe and, in The Origins of Totalitarianism, Hannah Arendt credits it with giving birth to the New Imperialism that drove the dire scramble for Africa. …A 13-year-old Jack Lang witnessed a

The post Chirs Uhlmann, you goose appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 11:45 Source

Westpac with the note: Despite both Sydney and Melbourne remaining in lock down throughout the last month consumers are relatively upbeat. At 104.6 there continues to be a clear majority of optimists nationally with little difference in the state readings – NSW (103.4); Victoria (105.4); Queensland (105.3) and Western Australia (105.4) all show similar majorities

The post Consumer sentiment drains away appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 11:30 Source

China has officially sought to join the 11 member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and is expected to lobby against Taiwan’s inclusion. Taipei Economic and Cultural Office in Australia representative Elliott Charng told a parliamentary inquiry in Canberra yesterday that Taiwan’s membership of the CPTPP would be of mutual benefit, and has

The post Australia should support Taiwan’s entry to TPP and block China’s appeared first on MacroBusiness.

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The Tally Room Wednesday, October 13, 2021 - 11:00 Source

On Monday, I posted about the trends in population growth across Sydney as seen in the NSWEC enrolment data, with a particular focus on Camden, which has more than doubled in size over the last fourteen years.

This growth in population has not been even, but has rather been concentrated at the northern end of the council, totally transforming the political geography of the area.

First up, this map shows the change in the ward boundaries from 2012 until 2021. The Camden ward boundaries were changed before the 2012, 2016 and 2021 elections (ignore the 2008 layer – it’s the same as 2012).

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MacroBusiness Wednesday, October 13, 2021 - 11:00 Source

Victoria’s Independent Broad-based Anti-corruption Commission (IBAC) yesterday heard further evidence of misuse of public resources within the state’s Labor Government. The AFR reports that Elle Schreiber, who had a senior role in the office of former Labor minister Adem Somyurek, told IBAC that she had often spent as much as 80% of her working hours

The post Calls for ‘Teflon Dan’ to front IBAC appeared first on MacroBusiness.

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xkcd.com Wednesday, October 13, 2021 - 11:00 Source

Delaware hopes to explore the western edge of areas marked with the Belgian flag, once the tornadoes die down.

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Renew Economy Wednesday, October 13, 2021 - 10:52 Source

Bombora wave technology to be used in project in Mauritius that has received a subsidy from the Japanese government.

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Renew Economy Wednesday, October 13, 2021 - 10:47 Source

SafeWork to carry out safety checks at NSW solar farms and construction sites following reports of poor practices.

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Renew Economy Wednesday, October 13, 2021 - 10:41 Source

hydro tas pumped hydro battery nation wide view of strathgordon dam in tasmania - optimised 1200Tassie to become first state to formally legislate a net zero target for 2030, and will ramp-up support for low emission industry, including green hydrogen.

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MacroBusiness Wednesday, October 13, 2021 - 10:30 Source

After recording the tightest rental vacancy rate since the Global Financial Crisis (GFC) in August, SQM Research recorded a small 0.1% rise in the national vacancy rate in October: Sydney and Brisbane’s vacancy rate rose to 2.7% and 1.4% respectively in September from 2.6% and 1.3% in August. In Adelaide, Perth, Darwin, Canberra and Hobart

The post Rental vacancies rise from GFC low appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 10:00 Source

The Morrison Government continues to stare down the barrel of an election wipeout according to the latest opinion poll from Roy Morgan Research, despite recovering some lost ground [my emphasis]: ALP support has dropped to 53% (down 1% point since late September) cf. L-NP on 47% (up 1% point) on a two-party preferred basis according

The post Roy Morgan: ALP’s election winning lead narrows appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 09:39 Source

Today’s COVID cases have been released for NSW and Victoria. There were 444 new locally acquired COVID cases recorded across NSW over the past 24 hours, along with four deaths: NSW #COVID19 UPDATE – Wednesday 13 October 2021 In the 24-hour reporting period to 8pm last night: – 90.8% of people aged 16+ have had

The post COVID Update: Daily cases rise in NSW and VIC appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 09:30 Source

The ferrous complex was catastrophic on October 12, 2021 as spot was smashed, paper eased and steel was thumped: Oddly, spot traded off crashing Singapore futures rather than a calmer Dalian. Anything seems possible these days. The underlying conditions are extraordinary. CISA’s late September output cratered 11% to lower output than 2013: Some (a lot)

The post Daily iron ore price update (catastrophic) appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 09:00 Source

Wall Street and European share markets stumbled again overnight as concern over inflation and the upcoming US earnings season continued to weigh on risk taking. The USD remains relatively strong against most of the major currencies, with Euro breaking down again, and USDJPY up to a three year high. The bond market saw a minor

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 09:00 Source

We need a new website to start tracking this. I suggest the URL www.fuckeddeveloper.com. It’ll be a smash hit for the next few years: Moody’s Investors Service, Fitch Ratings and S&P Global Ratings have cut Chinese builders’ ratings a combined 91 times through Sept. 30, triple the number of this year’s upgrades. That’s already a

The post Xi Jinping jackboot crushes Chinese property bubble appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 08:33 Source

DXY is off and running with EUR sinking: But AUD does not care, soaring with the energy Icarus: Oil and gold up: Base metals took pause: Big miners too: EM stocks look so very, very bad: Junk took a breather in its free fall: As yields eased: But stocks fell anyway: Westpac has the wrap:

The post Australian dollar soars with energy Icarus appeared first on MacroBusiness.

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Renew Economy Wednesday, October 13, 2021 - 05:00 Source

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MacroBusiness Wednesday, October 13, 2021 - 00:10 Source

Yesterday, I reported on the NSW Government’s dastardly plan to double Australia’s pre-COVID immigration intake to more than 400,000 people a year, which would “see the population swell by 2 million by 2026”: Mr Perrottet on Monday said the borders need to be opened up amid a “general labour” shortage to ensure a healthy economic

The post Perrottet: “Adding more people isn’t a sustainable economic strategy” appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 13, 2021 - 00:05 Source

The unprecedented boom in the New South Wales property market has driven stamp duty receipts to a fresh all-time high, according to data from Office of State Revenue. In the year to August 2021, stamp duty receipts surged 60% to a record high $8.8 billion: Average stamp duty has also risen to a record high

The post NSW stamp duty receipts smash records appeared first on MacroBusiness.

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Renew Economy Wednesday, October 13, 2021 - 00:03 Source

NSW unveils a green hydrogen plan, aiming to attract $80 billion of investment and slashing costs of the technology.

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Renew Economy Wednesday, October 13, 2021 - 00:02 Source

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Renew Economy Wednesday, October 13, 2021 - 00:01 Source

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