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There is nothing that a pollie likes more than temporary revenue recycled as permanent spending. Capital Economics with the note: Treasurer Josh Frydenberg revealed in today’s Budget that the government will spend nearly all of the windfall accruing from the stronger economic recovery. That will result in a permanently larger role of the state and a

The post The old temporary revenue meets permanent spending trick! appeared first on MacroBusiness.

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According to Digital Finance Analytics (DFA), mortgage stress levels continue to rise, with 1.52 million households across the country in mortgage stress at the beginning of May, a 1.1% increase from the prior month. This is up significantly from February 2020, just prior to the COVID pandemic, when 32.9% of households were deemed by DFA

The post How can mortgage stress be rising? appeared first on MacroBusiness.

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Westpac with the note: Headline Weekly Payroll jobs estimates rose 0.4% between April 24 and April 10. Total wages paid by employers rose by 0.3%. For the second fortnight in a row, seasonal factors associated with shifting school holidays have made it difficult to obtain a clear read on the impact of the ending of

The post Post JobKeeper jobs softness appears appeared first on MacroBusiness.

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While the NASDAQ was unchanged overnight, the risk of the risk complex continued to oscillate into negative territory on inflation concerns with Treasury yields spiking yet again. European stocks joined in on the selloff alongside the broader issues on Wall Street, while the USD was largely unchanged as commodity prices continued their advance. This along

The post Macro Morning appeared first on MacroBusiness.

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DXY was stable last night: The Australian dollar was also stable: Gold firmed, oil fell: Base metals lifted again: But miners mostly fell: EM stocks were whacked: Junk eased: US yields are rebounding: Which didn’t help stocks: Westpac has the wrap: Event Wrap The Australian Federal Budget surprised with a spending package which is larger than was

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The single most common defining driving force behind Scott Morrison's climate policy has been avoiding talking about climate policy.

How much more proof does one need to advance the proposition that we have a racist government? Moreover, its leader carries the tag of Christian more as a convenience than a truth. The problem with that premise is that despite all the criticism of Morrison wearing his faith on his sleeve, he shows no inclination…

The post Is it fair to call Scott Morrison a racist? Where’s the evidence? appeared first on The AIM Network.

As we know, iron ore is off the wall for the time being. I am expecting a big surge in supply in coming months. Here are some UBS charts illustrating the point. Recent weeks have been soft: Driven by Australia, mostly RIO: For a net result of OK at best: As you can see, the

The post How is iron ore supply coming along? appeared first on MacroBusiness.

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The end of the United Kingdom is a prospect we should welcome.

By George Monbiot, published in the Guardian 5th May 2021

Tonight’s Federal Budget delivered by Treasurer Josh Frydenberg contained few surprises. As expected, there are forecast Budget deficits as far as they eye can see; albeit not as high as the October Budget predicted owing to the stronger than expected economic recovery and the iron ore mega-boom: The budget projects that the nation’s unemployment rate

The post Federal Budget 2021: Spending in most of the right areas appeared first on MacroBusiness.

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fodder

In this special episode of “Working People,” we talk with three veterans about how the military and the class system (in the U.S. and around the world) go hand in hand.

It should be making officials in the White House tremble. Critical infrastructure supplying 45% of the East Coast’s diesel, gasoline and jet fuel, left at the mercy of a ransomware operation executed on May 6. In the process, 100 GB of data of Colonial Pipeline was seized and encrypted on computers and servers. The next…

The post Held to Ransom: Colonial Pipeline and the Vulnerabilities of Critical Infrastructure appeared first on The AIM Network.

It was bad enough when Tony Abbott and Joe Hockey were railing against wind farms, but it's now getting beyond a joke.