The Reserve Bank of Australia’s (RBA) 0.25% increase in the official cash rate (OCR) last month had an immediate damping effect on housing values, particularly in Melbourne and Sydney. CoreLogic’s daily dwelling values index has recorded a sharp slowing in value growth at the 5-city aggregate level following the latest rate hike, driven by Melbourne
DXY was up last night on a decent 200k US jobs: AUD was squashed: CNY is fading: Oil caught a bid, gold sold: Dirt meh: Miner meh: EM death: Junk meh: Yields popped with jobs: Stocks too: Let’s talk about 2024. Deutsche has a crack at it. The dollar has stayed strong this year on
International Reads: 99% of Americans will be financially worse-off than they were pre-pandemic by mid-2024, JPMorgan says – Business Insider Sen. Robert Menendez, facing bribery charges, stumps bank CEOs by asking how much their firms paid in settlements for allegedly ripping off consumers – Fortune Greedflation: corporate profiteering ‘significantly’ boosted global prices, study shows –
Asian share markets are in mixed form going into the final session of the week as Yen tries to stabilise following big gains against USD while risk sentiment in China remains quite negative. Traders are positioning for tonight’s US employment print – the non farm payroll report – which could come in a lot softer
Albo the Disaster is doing more work for the CCP. Australian imports and exports with Chinese continue to trend higher: Meanwhile, the US bids China a not-very-fond farewell: Albo is ignoring every lesson of the past decade about Chinese risk and influence. Canberra is too bust virtue signalling, as usual: Foreign Minister Penny Wong will
Mining wants its foreign scabs back: Big business will wage a mining-tax style campaign against the “economic vandals” in the Albanese government after it passed the most controversial part of its industrial relations shake-up, in a bid to pile on pressure before the next election. BHP president Geraldine Slattery slammed Workplace Relations Minister Tony Burke’s
Independent economist Tarric Brooker has published some fantastic charts showing the dramatic change in home ownership over the twenty years to 2021. The next chart shows the proportion of Australian homes owned outright by age demographic over time: As you can see, the proportion of Australians owning their homes outright has fallen sharply for those
Australia’s official unemployment rate has stayed within a range of 3.4% and 3.7% since June 2022. However, a new report from Anglicare claims that demand for starter jobs is far outstripping supply across country. Its annual Jobs Snapshot report found that there are now an average of 26 applicants for each entry-level job vacancy, and
2023 has been a poor year for Australia’s retailers after the heady stimulus-induced years of 2021 and 2022. Annual retail sales grew by only 1.2% in the year to October, well below the circa 5% growth in CPI inflation and the 2.5% growth in population: Retail sales volumes fell by 1.2% in aggregate terms, and
Wednesday’s September quarter national accounts from the Australian Bureau of Statistics (ABS) were a shocker for households. Arguably, the worst news was the record collapse in real household disposable income per capita, which collapsed by 5.8% over the year: Last decade was the worst in recorded history for per capita household disposable income growth, averaging