Deloitte Access Economics expects the federal government to post an underlying budget deficit of $33.5 billion for 2024–25, following a surplus of $15.8 billion for the 2023–24 financial year. The Treasury had forecast a 2024–25 deficit of $28.3 billion and a cumulative deficit of $122.1 billion over the four-year forward estimates period. Deloitte now expects
National Australia Bank (NAB) has become a banking pariah, lobbying for easier first-time homebuyer access to mortgage credit to improve ‘housing affordability’. Last month, NAB executive Andy Kerr told a parliamentary inquiry that prospective first homebuyers would have more purchasing power if rules limiting mortgage access were loosened. Kerr argued that first homebuyers were no
Last week, the National Tertiary Education Union (NTEU) published an analysis showing that more than 300 Australian university executives earn more than state premiers amid widespread wage theft among lower-level staff. NTEU national president Alison Barnes said the report reflected a “deep governance crisis” threatening universities and pointed to the need for an urgent federal parliamentary
David Harrison, CEO of the $80 billion property behemoth Charter Hall, warned that Australia’s housing crisis would deteriorate as population growth (immigration) outpaces supply. “If they call it a crisis now, God knows what they’re going to call it in five or 10 years”, Harrison said to The AFR. Harrison argued that while population demand
Egghead economists are still refusing to admit the obvious—that energy rebates have killed inflation. The last three months in Australia have registered an inflation rate of -1.6% annualised thanks largely to energy rebates. The eggheads argue that it is all an illusion based on energy rebates being temporary. But, ask yourself, will the Albanese government
Wall Street failed to extend its recent record highs as traders thought more about Thanksgiving than broader macro concerns with poor tech earnings also muddying the waters. European shares slid further back again on trade concerns while the USD weakened even further against most of the majors with Euro breaking out to a new weekly
DXY is finally taking a breather. AUD got relief but not overly so. JPY went nuts. Yeh, nah. CNY is the powderkeg. Oil down, gold up. Dirt enjoyed the relief. Miners too. EM yawn. Junk is lifting. As yields fall. Stocks edged down. It just looks like exhaustion in DXY. It’s way overbought by systematics
Here is everything I have been talking about all in one go. The Australian Energy Market Operator will use some of its emergency powers to ensure sufficient electricity supplies in NSW as hot temperatures coincide with a spate of outages at several coal power stations, leaving the state at risk of blackouts. In a notice
Australians are experiencing the sharpest decline in real household disposable incomes on record, as illustrated below. The AFR’s Michael Read published the following table showing that Australia experienced the largest decline in real per capita household disposable income in the OECD between Q4 2019 and Q1 2024. Read notes that while Australia has experienced the
Asian stock markets are having another mixed session today with more volatility looking through upcoming US trade policy but also getting ready for some key upcoming events on the economic calendar. Chinese stocks rebounded while the USD continues to weaken appreciably against Yen in the wake of the tariff news. The Australian dollar however remains