More than 6.3 million workers are currently having their wages subsidised via the federal government’s $130 billion JobKeeper scheme. However, tax experts have warned that some businesses are exploiting the scheme by withholding invoices from clients for a month so they can meet the revenue reduction thresholds in order to quality for it. Bob Deutsch
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ANZ-Roy Morgan Aus Consumer Confidence: ‘future financial conditions’ is now only ~5% below the long run average, but overall sentiment is closer to 20% below average. It seems reasonable to expect further gains in sentiment. #ausecon @DavidPlank12 @roymorganonline #ausretail pic.twitter.com/B4Z7nqppN1 — ANZ_Research (@ANZ_Research) May 18, 2020
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Westpac A$ ‘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 pic.twitter.com/170Uj6zk3Q — Robert Rennie (@Robert__Rennie) May 17, 2020 Iron ore will put a dent in
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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
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
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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
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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
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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,
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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
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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
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