Yesterday’s 0.5% hike in the official cash rate (OCR) by the Reserve Bank of Australia (RBA) sent another arrow through the hearts of Australian mortgage holders. Following three consecutive monthly rate hikes, the OCR has lifted to 1.35%, up from April’s record low of 0.1%. In a matter of days, every variable mortgage holder in
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It’s been one of the worst starts to a calendar year for US stocks – since 1939 in fact – and as we hit the halfway point (or starting point of a new financial year) its still fascinating to see the majority of forecasters in a bullish mood: The S&P500 started 2022 at 4770 points
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Global Macro / Markets / Investing: Former top Apple lawyer pleads guilty to insider trading – CNBC MicroStrategy’s Bitcoin holdings take a record $3.4 billion hit. The company says it’s playing the long game – Fortune BP sells stake in Canadian oil sands to push into offshore projects – FT Coal Makes a Comeback as
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Asian share markets are doing well despite the lack of an overnight lead from Wall Street. The defensive USD is keeping Pound Sterling and Euro at bay, with Yen also weakening while the Australian dollar was essentially unchanged after the RBA raised rates 50bps as expected this afternoon, remaining depressed at the mid 68 cent
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As expected, the Reserve Bank of Australia (RBA) has just dealt a big blow to mortgage holders, hiking the official cash rate (OCR) by 0.5%, taking it to 1.3% Below is the official statement [my emphasis]: At its meeting today, the Board decided to increase the cash rate target by 50 basis points to 1.35
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In May, former Labor leader and shadow minister for the NDIS and government services, Bill Shorten, admitted that Australia’s stunning jobs market – the best in generations – has been driven by the collapse in immigration over the pandemic: Rafael Epstein: We do have a remarkable number today: the lowest unemployment rate since 1974… Do the
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A certain type of person loves to obsess over an arbitrary point of “fertility falling below replacement” as if that is the point of no return for population collapse. The world’s richest man is worried that there aren’t enough humans. I’ve noticed that many other people obsess over the idea that birth rates declining is
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The Real Estate Institute of New Zealand (REINZ) has released its July survey of licensed real estate agents, which is wall-to-wall bearish and points to further heavy price falls for the nation’s housing market. Below are key indicators presented in the survey. First, a net 61% of responding real estate agents said they are seeing
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Charitable food banks across NSW and Victoria have seen surging demand amid the soaring cost of essentials. On Sunday, thousands of Melburnians queued for hours to receive food hampers at Foodbank outlets in Epping and Dandenong. The charity says demand has doubled over the past month, with Foodbank now feeding 50,000 Victorians each day. More
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There were 3,917 liquidations or administration appointments in Australia in 2021-22, with Equifax head of product and rating services, Brad Walters, noting that the construction sector accounted for 28% of all insolvencies: “Small-scale operators in Australia’s construction industry could well be the canary in the coal mine for the difficulties that lie ahead for this
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