According to CoreLogic’s daily dwelling values index, home values across the five major capital city markets grew by 0.5% in August: As shown above, monthly growth was driven by the smaller markets of Perth (1.9%), Adelaide (1.3%), and Brisbane (0.9%), whereas Sydney recorded softer growth (0.3%) and Melbourne values declined (-0.2%). It was a similar
When inflation and population growth are taken into account, Australia’s retail sector remains stuck in a deep and protracted recession. On Friday, the Australian Bureau of Statistics (ABS) released retail trade data for July, which showed that turnover in nominal dollar terms was flat for the month and rose by only 2.3% year-on-year: The poor
International Reads: The new middle-class retirement plan: Working into old age – CBS News CEO got big bucks as his hospital chain imploded. Here’s who suffered. – USA Today U.S. homes aren’t just more expensive. They’re also getting smaller – Fortune Price Gouging is Definitely Real, and We Should Definitely Do Something About It –
A quiet session to end the trading week and month for Asian share markets with some steady returns while currency markets remain sanguine following the overnight surge in USD that looks to be temporary. Tonight’s flash and core CPI prints could change that instantly however as Euro remains below the 1.12 handle but the Australian
The Reserve Bank of New Zealand’s unexpected 0.25% cut to the official cash rate was an admission that the economy is deteriorating considerably faster than the central bank had anticipated. New Zealand’s per capita GDP has fallen by 4.3% from its late 2022 peak, following six straight consecutive declines: High-frequency indicators continue to show that
Terry McCrann is presumably retiring. This is it. My final regular column. It completes a journey that I embarked on 46 years ago, when in 1978 I first started writing a daily business and economic commentary column. And I continued, writing, for most of that time, six columns a week, unbroken since. Albeit, with along
I have always described the higher education industry as the “middleman” of Australia’s immigration ponzi, effectively ‘clipping the ticket’ and privatising the gains from high numbers of foreign students while socialising the costs on the broader economy. In a similar vein, Alan Kohler noted last week that “most of Australia’s migrant intake has been outsourced
Recall that failed Home Affairs Minister Clare O’Neil, who drove the rental crisis by overseeing the largest immigration spike in the nation’s history, was appointed Australia’s Housing Minister because she excels at spin. She [O’Neil] remains in cabinet and has now moved to minister for housing and homelessness — a portfolio that needed a stronger
Mike Cannon-Brookes, the do-gooder billionaire, who would send Aussie sunshine to Singapore, is becoming a laughing stock. Bloomberg: You can’t fault the scale of Cannon-Brookes’s ambitions. SunCable could generate about four times more electricity than the Northern Territory currently consumes. Excess power would flow 4,300 kilometers (2,700 miles) through the world’s longest and deepest undersea
Westpac with the note. Capex Spending Plans Today’s release also provided an update on expected capex spending over the 2024-25 FY. Estimate 3 for the 2024-25 FY came in at $170.7bn, around 8.2% higher than the same estimate last year. When considering how plans translate into actual capex spending, we need to adjust by measures