Oz Blog News Commentary

Articles from MacroBusiness

JobKeeper ‘gamed’ but ATO on case

May 19, 2020 - 10:20 -- Admin

More than 6.3 million workers are currently having their wages subsidised via the federal government’s $130 billion JobKeeper scheme. However, tax experts have warned that some businesses are exploiting the scheme by withholding invoices from clients for a month so they can meet the revenue reduction thresholds in order to quality for it. Bob Deutsch

The post JobKeeper ‘gamed’ but ATO on case appeared first on MacroBusiness.

Consumer confidence lifts to disastrous

May 19, 2020 - 10:14 -- Admin

ANZ-Roy Morgan Aus Consumer Confidence: ‘future financial conditions’ is now only ~5% below the long run average, but overall sentiment is closer to 20% below average. It seems reasonable to expect further gains in sentiment. #ausecon @DavidPlank12 @roymorganonline #ausretail — ANZ_Research (@ANZ_Research) May 18, 2020

The post Consumer confidence lifts to disastrous appeared first on MacroBusiness.

Australian dollar still overvalued

May 19, 2020 - 10:13 -- Admin

Westpac A$ ‘fair value’ midpoint hits a fresh 19yr low last week below 0.61 as falling swap rates/ rising risk aversion more than offsets higher iron ore prices. The A$ thus remains expensive above 0.63 for yet another week. #ausbiz — Robert Rennie (@Robert__Rennie) May 17, 2020 Iron ore will put a dent in

The post Australian dollar still overvalued appeared first on MacroBusiness.

Genworth downgraded on Scomoprime

May 19, 2020 - 10:00 -- Admin

Can anyone say “sovereign risk”: S&P Global Ratings today said it has revised its outlook on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) and Genworth Financial Mortgage Insurance Pty Ltd. (NZ Branch) to negative from stable. At the same time, we affirmed our ‘A’ insurer financial strength and issuer credit ratings on both entities. We also affirmed the rating on Genworth Australia’s subordinated

What to do with world excess liquidity!

May 19, 2020 - 09:40 -- Admin

Via the excellent Damien Boey at Credit Suisse: Welcome to the world of excess liquidity. World excess liquidity is defined as the the ratio of money supply to nominal output, aggregated across economies. It is a widely used concept that gets toward the idea of scarcity—too much money chasing too few goods. Monetarists, who view the world

The post What to do with world excess liquidity! appeared first on MacroBusiness.

Macro Morning

May 19, 2020 - 09:30 -- Admin

By Chris Becker  Here comes the breakout and the second phase in the relief rally as risk markets go ga-ga over a potential vaccine for the coronavirus, while lapping up all the central bank “we will throw the kitchen sink at risk assets” mantra that continues to be rolled out by all and sundry. The

The post Macro Morning appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Why Labor can’t be trusted on China

May 19, 2020 - 09:00 -- Admin

I’m afraid it is an epochal stain that will keep it from power for decades. Labor cannot be trusted with China. Kevin Rudd is the exemplar: Former Labor Prime Minister Kevin Rudd has accused Scott Morrison of exposing primary producers to extra risk by taking the lead against China on a coronavirus inquiry while Beijing

The post Why Labor can’t be trusted on China appeared first on MacroBusiness.

Australian dollar to the moon as world fakes it ’til it makes it

May 19, 2020 - 07:45 -- Admin

DXY was belted last night: The Australian dollar universally flew: Gold was dumped: Oil to the moon: Dirt too: Miners! EM equity to the moon: EM junk to the moon! Bonds belted: Stocks to the moon but only Nasdaq hit record highs: Everything went right, via Westpac: Event Wrap COVID-19 update: The global case count,

The post Australian dollar to the moon as world fakes it ’til it makes it appeared first on MacroBusiness.

Melbourne’s property correction has begun

May 19, 2020 - 00:15 -- Admin

Melbourne dwelling values are unambiguously falling according to the CoreLogic daily index: Melbourne dwelling values are down 0.8% from their 23 April peak and are on track to record their first monthly price fall since May 2019. At the same time, Melbourne is experiencing a rental bust, with a tenant ‘exodus’ causing rental vacancies to

The post Melbourne’s property correction has begun appeared first on MacroBusiness.

Australia should fight China with export tariffs

May 19, 2020 - 00:10 -- Admin

The Chinese Communist Party (CCP) continues to threaten Australia with tariffs for daring to seek an independent investigation into the Wuhan Coronavirus: David Littleproud is the second minister in successive days to admit to being unable to talk to high-ranking Chinese government officials as trade tensions between the two nations continue to fester. It comes

The post Australia should fight China with export tariffs appeared first on MacroBusiness.