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Articles from MacroBusiness

China fires up the housing bubble

June 18, 2019 - 13:15 -- Admin

Trade war? No problem. Housing bubble is the answer. Monthly house price data for May had new house prices up an accelerating 0.7% and 10.7% year on year: The breadth is now nearly complete with 68 of 70 markets rising: Including some formerly constrained first tier markets: The raw data: Expect this to continue because,

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Frydenberg plays hard ball with Labor on tax cuts

June 18, 2019 - 13:00 -- Admin

By Leith van Onselen Treasurer Josh Frydenberg has refused to provide Labor with modelling showing how much the Coalition’s tax cuts would benefit people earning over $180,000. From SBS News: The opposition, which is weighing up whether to support the full $158 billion package, wanted to know exactly how much of the package would benefit

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S&P mortgage arrears keep on climbing

June 18, 2019 - 12:15 -- Admin

Via S&P: Australian prime home-loan arrears rose in April, according to a recently published report by S&P Global Ratings. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages, rose to 1.53% in April from 1.51% a month earlier. Arrears in April were up 17 basis points year on year. Arrears were mostly up

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ABS: Property prices fall from coast-to-coast

June 18, 2019 - 12:00 -- Admin

By Leith van Onselen The ABS has released its property price index – incorporating both detached houses and units – which registered another 3.0% decline in home values nationally over the March quarter and a 7.4% decline over the year: Sydney (-3.9%), Melbourne (-3.8%), Brisbane (-1.5%), Perth (-1.8%), Darwin (-0.6%), Adelaide (-0.2%), Canberra (-0.9%), Hobart

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Australian dollar hits new lows as RBA minutes lets doves fly

June 18, 2019 - 11:32 -- Admin

Via the Lunatic just now: International Economic Conditions Members commenced their discussion by noting that the data on the global economy released since the previous meeting had been mixed. GDP growth outcomes for the March quarter in some economies had been slightly stronger than the second half of 2018, while labour markets had remained tight.

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Desperate developers throw mothers in with dud apartments

June 18, 2019 - 11:30 -- Admin

Via the ABC: Developers are offering special deals like paying 12 months of a buyer’s mortgage, $50,000 “bonuses” and even furniture vouchers in a bid to help clear Sydney’s apartment glut. An oversupply of apartments, falling property prices and restrictions on foreign investors mean developers have turned to targeted social media campaigns in a bid

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The moral decay of Australian universities

June 18, 2019 - 11:15 -- Admin

By Leith van Onselen Last year it was revealed that that the pay of Australian university vice chancellors has ballooned to an average salary package of around $1 million: University leaders are picking up major pay rises, taking the annual average salary of vice-chancellors in NSW and Victoria to just below $1 million. Michael Spence,

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Coalition abandons tougher English test for migrants

June 18, 2019 - 11:00 -- Admin

By Leith van Onselen This time last year, the Coalition was said to be considering a basic English test for all new permanent migrants amid concerns that by 2021, more than one million ­people in Australia could have ­little or no English skills: The move to consider mandating English language tests beyond citizenship applicants and apply

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Class action lawsuits launched over flammable cladding

June 18, 2019 - 10:45 -- Admin

By Leith van Onselen Back in April, Alucobond supplier Halifax Vogel Group (HVG) and its manufacturer 3A Composites were targeted in a class action by apartment owners in a Sydney building. They are being represented by William Roberts Lawyers in the first combustible cladding class action in Australia. They claim that the cladding on their

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Lunatic RBA: Surging mortgage arrears no risk

June 18, 2019 - 10:30 -- Admin

The Lunatic RBA cookie cutter spawns another relentless bull in Jonathan Kearns, Head of Financial Stability Department: Thank you to the Property Council for asking me to speak at this Property Leaders’ Summit. I want to address an important issue for the property industry – the rising rate of housing loan arrears (Graph 1). Why is it that

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