By Leith van Onselen After the Liberals last week rejected a National Party cabinet proposal to introduce a new class of visa aimed at addressing a purported shortage of farm workers, the Nationals have hit back, claiming they desperately need 100,000 migrant farm workers. From The Australian: Michael McCormack has increased pressure on Scott Morrison to
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They’re back. This time a new crop of AFR journos: Rising US interest rates fuelled by Donald Trump’s tax cuts stimulating the American economy could soon push the Australian dollar below US70¢ and gradually lift local inflation to help the Reserve Bank of Australia increase borrowing costs next year. The Australian dollar dropped to a
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By Leith van Onselen Labor has directly linked the Budget savings from its negative gearing and capital gains tax (CGT) reforms with its announced $10 billion package to boost preschool access for three and four-year-olds. From The Australian: From 2021, three-year-olds will get access to 600 hours of subsidised preschool, at a cost of $1.75bn over
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Good bye Botox Boom hello credit crunch: ▪ The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) declined by 2.5 points to 49.3 points (seasonally adjusted) in September. ▪ This fall in the Australian PCI® to a level below the critical 50-points threshold (that separates expansion from contraction) signalled the first
The post Construction PMI tanks appeared first on MacroBusiness.
By Leith van Onselen I reported yesterday how the poison of negative equity was spreading with buyers of off-the-plan apartments having to find additional funds because settlement valuations have plunged. Brisbane’s 92-storey Skytower is a textbook example, with buyers scrambling to muster additional funds after bank valuations came in 25% short of expectations. Today, The
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By Leith van Onselen In the wake of the massive cost blow-outs and delays hitting both the Parramatta Light Rail Project and the Eastern Suburbs Light Rail Project, the former head of Infrastructure NSW, Paul Broad, in June described the Eastern Suburbs Light Rail Project as a waste of money and a vanity project that should have never been
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By Chris Becker US stocks led the selloff in risk markets overnight as Treasury yields surged again with 2 years back to their GFC highs, about to approach 3% themselves. This has sent USD sensitive majors and other undollars down with antipodean currencies the most effected as the Aussie and Kiwi dollar makes a new
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DXY was down last night as EUR lifted. CNY is stable with China closed but CNH is falling: AUD was pulverised against DMs: Mixed against EMs: Gold is still stuck: Oil retreated: Base metals too: Big miners were soft: EM stocks were slain: And junk: As Treasuries sold off again: With bunds: Italy is still
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Just sayin’, via the ABC: Launceston retailers are working out ways to bring more people into the city, after some stores experienced their worst trading month in years. Many retailers in Launceston have described August as “challenging”, but said it was hard to pinpoint the exact reasons why. Andrew Pitt, from one of city’s longest-running
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By Leith van Onselen The ABS has released its property price index – incorporating both detached houses and units – which registered another 0.7% decline in home values nationally over the June quarter and a 0.6% decline over the year: Sydney (-0.7%), Melbourne (-1.2%), Perth (-0.1%), and Darwin (-0.9%) recorded quarterly declines in values, whereas
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