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Macro Afternoon

April 17, 2019 - 17:00 -- Admin

Mixed conditions across Asian stocks markets today with Chinese markets absorbing the trifecta of economic prints without much fuss while Japanese bourses advanced on a selloff in Yen. The Australian dollar still wants to move higher almost breaking through 72 cents and a new weekly high. The Shanghai Composite has floated along to close only a handful

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Mediscare 2.0 as states shove Scummo down budget black hole

April 17, 2019 - 14:32 -- Admin

Yesterday we heard from Grattan: …there have been a notable absence of savings measures in the past two budgets, other than the now almost obligatory measures to extract more efficiencies from the welfare budget. Budget consolidation has mainly been a revenue story. Revenues have increased by a full 2 per cent of GDP since 2013-14.

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ATO targets landlord army’s 90% dodgy returns

April 17, 2019 - 14:20 -- Admin

It never rains but it pours, via the AFR: The Tax Office is ramping up audits of taxpayers with rental deductions after finding nine in 10 claims contained errors. The ATO audited 1500 taxpayers with rental claims and applied penalties totalling $1.3 million in 2017-18, but expects to carry out 4500 audits this tax time.

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Labor proposes quotas to stop cheap import dumping

April 17, 2019 - 13:30 -- Admin

By Leith van Onselen Shadow industry minister Kim Carr has flagged the possibility of imposing temporary import quotas on certain products if it wins the federal election, in order to prevent low-cost imports from flooding the domestic market. Carr has also expressed concern that the Trump administration’s tariffs on steel and aluminium imports could eventually

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Australian dollar rockets on dodgy China data

April 17, 2019 - 13:11 -- Admin

The AUD is off and running, bursting above 0.72 for the first time in two months: Bonds are selling too: XJO does not like it: Dalian is hit by Brucutu: So is Big Iron. If this gets going it could be a decent buy: Big Oil is serene in the face of growing political risk:

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Australia’s ageing army of landlords

April 17, 2019 - 13:00 -- Admin

By Leith van Onselen The Australian reports that the proportion of investors who are aged 60-plus rose from around 15% to about 23.5% between 2000 and 2017, whereas the number of negatively geared investors also surged from 631,000 to about 1.3 million over the same period: The statistics show that between 2000 and 2017, the

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Chinese data bullshit hits new heights but…

April 17, 2019 - 12:57 -- Admin

Chinese data for March is out and is, as always, eye-popping. GDP slowed markedly in the quarter 1.4% though annual held up at 6.3%: Under the bonnet it starts to get stupid. Industrial production rocketed to 8.5% as the trade war crushed output. That’s just a plain lie in my book but we can’t have

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Dan Andrews IS the Manchurian Candidate

April 17, 2019 - 12:30 -- Admin

Via the Herald Sun: Premier Daniel Andrews is set to jet to China to spruik Victoria’s biggest road project at a conference for the controversial Belt and Road Initiative. Mr Andrews confirmed he would present at Chinese president Xi Jinping’s forum next week. In October, Victoria signed a confidential deal linking the state to the

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Bernie Sanders runs amok on Fox

April 17, 2019 - 12:15 -- Admin

Via The Guardian: At every turn they clapped and cheered, enamored with the candidate’s prescriptions for universal healthcare, a humane attitude toward immigrants and the rejection of climate change denialism. Bernie Sanders was the candidate, and the people clapping and cheering were audience members who turned out in Bethlehem, Pennsylvania, for a televised town hall on

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Migrants to the bush a “dangerous fantasy”

April 17, 2019 - 12:00 -- Admin

By Leith van Onselen Over the past year or so, I have ridiculed the new found push by Coalition politicians towards decentralisation, noting that this is a pipe dream based on the settlement pattern of new migrants, which have overwhelmingly chosen to flood the major cities. My view was initially based primarily on data from

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