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Ross Gittins turns growth lobby apologist

November 28, 2018 - 10:00 -- Admin

By Leith van Onselen Sadly, Fairfax’s Ross Gitins has turned into a shill for the ‘growth lobby’, missing the point entirely on why Australians are unhappy despite 27 years of so-called continuous “economic sunshine”. This is according to an online survey of 3,000 people by big business lobby group, the Committee for Economic Development of

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Ken Henry signs own death warrant

November 28, 2018 - 09:45 -- Admin

Via the AFR: Ken Henry’s tone-deaf performance at the royal commission is exactly what National Australia Bank didn’t need as it seeks to rebuild trust with the community. His attitude in the courtroom was a surprise to those of us in the gallery on Tuesday morning. Henry provided long answers that often took the form

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How Chinese laundered money blew-up Vancouver’s housing market

November 28, 2018 - 09:30 -- Admin

By Leith van Onselen According to Global News Canada, Chinese organised crime laundered around $1 billion through Vancouver property in 2016, and $5 billion since 2012, and this partly explains Vancouver’s explosive price growth: The study findings, obtained by Global News, are a startling look at what police believe to be the massive money laundering occurring

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Fundie: Housing correction “just getting started”

November 28, 2018 - 09:15 -- Admin

Via the AFR comes T Rowe Price’s head of Australian equities, Randal Jenneke: The fund manager’s base case view sees house prices falling by between 10 and 20 per cent, but outside factors such as the 2019 federal election could escalate the downturn. “The Labor Party wants to change a lot of policies around negative

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Daily iron ore price update (liquidation over?)

November 28, 2018 - 09:00 -- Admin

Iron ore prices for November 27, 2018: Spot stabilised. Paper is still soft. Steel rebounded. Whether it is already over is in the lap of the gods, via Reuters: China’s steel production hit a record 82.55 million tonnes in October, but steel prices and margins have since shrunk as China dialed back on winter output

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Immigration to drive 100% of Australia’s future 18m population growth

November 28, 2018 - 00:20 -- Admin

By Leith van Onselen Too often, commentators on the population debate understate the role played by immigration in driving Australia’s population growth. These commentators usually claim that net overseas migration (NOM) accounts for around 60% of Australia’s population increase, whereas “natural increase” (births minus deaths) accounts for around 40%. While this statement is true when

Chris Bowen slams Coalition’s house price hypocrisy

November 28, 2018 - 00:15 -- Admin

By Leith van Onselen Yesterday, analysis from the NSW Treasury was leaked showing that lowering immigration would significantly weaken house prices: Immigration cuts planned by the Morrison and NSW governments will weaken house prices, according to analysis by the state government and economists. Housing Prices and Migration Flows, a NSW Treasury document obtained by The

The post Chris Bowen slams Coalition’s house price hypocrisy appeared first on MacroBusiness.

Links 28 November 2018

November 28, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: Employees Say Startup Civil Hyped Crypto Returns, But Failed to Pay – Coin Desk I was wrong on climate change. Why can’t other conservatives admit it, too? – Washington Post Elon Musk: Humans must merge with machines – Axios Some international regulators have been captured by producer interests –

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Macro Afternoon

November 27, 2018 - 16:57 -- Admin

No big news to move stocks around here in Asia, just a series of headlines over Chinese trade, Brexit and local politics to get through another trading day. Interestingly, the CBOE has increased oil future margins, which is a case of closing the door after the horse has bolted, while the latest New Zealand trade

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More on Australian retail’s Bad Santa

November 27, 2018 - 14:00 -- Admin

By Leith van Onselen Following on from UBS’ downbeat forecast for Christmas retail sales, illion Data Registries has reported that retailers have “hit the wall ahead of peak sales season”, with “Australian retailers going bust in record numbers”: The latest analysis from illion reveals the sector’s failure rate hit record levels during the September quarter

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