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Disastrous four-headed hydra pattern devours Bitcoin

May 19, 2021 - 12:54 -- Admin

Mwahaha. The disastrous four-headed hydra pattern has appeared on BTC’s crashing chart (and yes, I just made that up but I expect a Hydracoin to appear very shortly after this post): Today’s problem? China: Which has banned banks from providing BTC services. Warned that crypto is speculative. That’s the future right there. Does it constitute

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Australian dollar up on rates, or down on dirt?

May 19, 2021 - 12:40 -- Admin

HSBC with the note. Some good themes. My view remains dirt will break before the RBA: Yesterday I talked about AUD headwinds and I mentioned that AUD trades poorly relative to its terms of trade. ToT is near all-time highs touched in 2007 and 2011 while the currency can’t even get above its 2018 high.

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Wage growth climbs out of gutter, shatters Treasury forecasts

May 19, 2021 - 12:20 -- Admin

Australian wage growth continued to rebound from record lows in the March quarter of 2021, according to new data released today by the Australian Bureau of Statistics (ABS). Overall wages grew by only 1.49% in the 2020 calendar year, up from the December quarter’s 1.42% and up from the all-time low of 1.36% recorded in

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China will make smug Morrison eat his words

May 19, 2021 - 12:00 -- Admin

Australia’s personality disordered PM is up to his old tricks today. As the China-Australia relationship plumbs new depths he turns on gaslighting for locals and the CCP alike : The Australia-China relationship is fine, said ScoMo. The trade war on Australia is more “dance than bite.” Which is rubbish, of course. Despite great headline numbers,

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Dishonest Treasury last redoubt of Big Australia

May 19, 2021 - 11:40 -- Admin

Yesterday, Secretary of the Australian Treasury delivered a post-Budget briefing to the Australian Business Economists where he admitted that the collapse in immigration has helped lift Australia’s per capita GDP growth, but then endorsed a return to ‘Big Australia’ immigration levels anyway: One downward revision in the Budget was our expectations around population growth based

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A global deflationary shock is building in China

May 19, 2021 - 11:20 -- Admin

Societe Generale with the note: The economic recovery in China continued in April but remained uneven. Growth in the industrial sector softened albeit at a still healthy pace, while services failed to strengthen further despite the containment of COVID-19. On the demand side, manufacturing and property investment quickened, but infrastructure investment slowed, probably due to

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Budget bursts consumer sentiment bubble

May 19, 2021 - 11:00 -- Admin

Bill Evans with the bad news for ScoMo: • The Westpac-Melbourne Institute Index of Consumer Sentiment fell 4.8% to 113.1 in May from 118.8 in April. While a 4.8% fall is always going to attract attention we should put this result in perspective. It is still the second highest print for the Index since April

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The biggest problem with Victoria’s stamp duty hike

May 19, 2021 - 10:40 -- Admin

The Grattan Institute’s household finances program director, Brendan Coates, has taken aim at the Victorian Government’s stamp duty increase for property transactions above $2 million. Under this change, stamp duty will increase to $110,000 plus 6.5% for every dollar above $2 million. This is up from the 5.5% rate that currently applies to all properties

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Aussies shun “Made in China” goods

May 19, 2021 - 10:20 -- Admin

Last week, Roy Morgan Research reported that the preference for Australian-made goods rose during 2020, but fell for goods from Australia’s largest trading partner China. Specifically, 93% of Aussies said they are more likely to buy products made in Australia – up from 87% a year earlier. By contrast, only 21% of Australians said they would

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AFR admits high immigration crushes wages

May 19, 2021 - 10:00 -- Admin

Earlier this month, The AFR published a weekend headline report claiming the economy is facing chronic skills shortages and desperately needs immigration rebooted to provide businesses with the workers they need and to fuel the economic recovery. The key points from the report were: Neil Perry can’t find workers for his new restaurant. Former union

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