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The post Macro Afternoon: 19 September 2023 appeared first on MacroBusiness.

The Productivity Commission (PC) released a report last week that refuted union assertions that corporate greed was to blame for workers’ poor wage growth leading up to the pandemic: “Over the long term, for most workers, productivity growth and real wages have grown together in Australia”. “Mining and agriculture – which account for about 5%

The post Productivity Commission jukes the productivity stats appeared first on MacroBusiness.

By Andrew Klein  I remember that as a teenager we had to sing ‘God save the Queen’. This was done at school, in cinemas and public events. Often this was linked to stories of horrific battles and wars. I was told that it was a good thing to fight for ‘Queen and country’. I really…

The post It was all a con appeared first on The AIM Network.

Last month, ANU “demographer” Liz Allen appeared on ABC, spouting useless propaganda to support the Intergenerational Report’s (IGR) Big Australia population projection of 40.5 million people by 2062-63. When asked how the fabric of Australia will change following 14.5 million population growth over 40 years via net overseas migration, Allen responded with the following tripe:

The RBA minutes: Members commenced their discussion of the global economy by observing that headline inflation had continued to ease in year-ended terms in most economies because food and energy commodity prices were generally lower than they had been a year earlier. More recent increases in some food and energy prices presented upside risks to

The post RBA won’t raise interest rates chasing oil. Fed will appeared first on MacroBusiness.

Marko Kolanovic at JPM remains bearish. Equities are up YTD on multiple expansion while real rates and cost of capital are moving deeper into restrictive territory. History suggests this relationship is becoming increasingly unsustainable, with the S&P 500 multiple over-valued by 3-4x vs. real rates, posing risk to valuations, especially since earnings expectations already face

The post Stocks stuck in the mud appeared first on MacroBusiness.

It is becoming clear that life will become increasingly crowded and congested under Anthony Albanese’s Labor government. The Australian Bureau of Statistics (ABS) revealed last week that net overseas migration surged to an all-time high 454,300 in the year to March, driving the population up by 563,200: The June quarter national accounts also estimated that Australia’s

The post Life will be squeezy under Albanese appeared first on MacroBusiness.

Standard Chartered with the wrap. Data dependent, but not yet ready to call a peak Rates pricing for the 20 September FOMC is as flat as flat can be, reflecting soft US inflation and mixed activity. We expect the FOMC to show one more 2023 hike, in line with the June Summary of Economic Projections

The post Fed to stay hawkish appeared first on MacroBusiness.

Tony Abbott’s prime ministership was short-lived and mostly memorable, for all the wrong reasons. But for Liberal conservatives in need of a feelgood story, the 10-year anniversary of Abbott’s landslide 2013 election win was an opportunity to let their greying hair down, with about 250 gathering at Sydney high school formal favourite Doltone House on Friday night to ruminate about what could’ve been...