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Four parties launch bids for Virgin Australia

May 15, 2020 - 12:20 -- Admin

Deloitte’s Vaughan Strawbridge is expected to receive four serious non-binding indicative bids for Virgin Australia on 15 May. Queensland government-owned QIC has ruled out making an indicative bid on 15 May, but it may join a consortium in the second round of the bidding process: …a consortium involving the $170bn Australian Super and the Ben Gray-backed

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SME Guaranatee Scheme a bad joke

May 15, 2020 - 11:40 -- Admin

Some numbers for you: 1. Gov’t Guarantee 50% of new loans, up to $40b. Runs from 23 March to 30 Sep; 3. CBA has lent $555m and NAB $370m about a quarter of the way through, and 4. If you assume WBC and ANZ are a little lower than NAB = $1.5b ish so far.

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CBA: Household income shock arrives when welfare stops

May 15, 2020 - 11:20 -- Admin

By Gareth Aird, Head of Australian Economics at CBA: Key Points: The increase in government benefit payments, which excludes JobKeeper, continues to be bigger than the fall in wages and salaries paid, albeit growth in household income has eased over the past few weeks. Fiscal stimulus is plugging the income gap from the big contraction

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Premier whips landlords

May 15, 2020 - 11:00 -- Admin

Six weeks ago, billionaire Solomon Lew told landlords that none of the 1,200 stores within his Premier Investments group would be paying rent while they were closed because of COVID-19. With the majority of stores now re-opening, Lew has said they will no longer pay fixed rent, but a percentage of gross store sales, to

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ASX bear market rally dead or resting?

May 15, 2020 - 10:37 -- Admin

The Australian dollar is still bid this morning: Bonds too: XJO has added back some of yesterday’s losses but its symmetrical tringle shows confusion: Which it should be given it is trading at 18x forward with unemployment miles above the 1990 recession: Big Iron is firm: Big Gas tooL Big Gold has life: Big Banks

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CoreLogic: Has the housing recovery already started?

May 15, 2020 - 10:00 -- Admin

Eliza Owen, Head of Research Australia at CoreLogic, has penned an interesting piece of analysis questioning whether the recovery in auction clearances is signs of a housing market recovery: The week ending 10th of May delivered a final auction clearance rate of 59.9%. This has jumped from a clearance rate of 47.5% in the previous

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Grattan: Australia’s real unemployment is 11.7%

May 15, 2020 - 09:40 -- Admin

The Grattan Institute has released analysis suggesting that Australia’s true unemployment rate is nearly double the stated level at 11.7%: New ABS figures released this morning (14 May) confirm that COVID-19 has thrown a lot of Australians out of work. About 900,000 people who were employed in the first half of March no longer had a job

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Peak China is here

May 15, 2020 - 09:20 -- Admin

Via FTAlphaville: This is a guest post by George Magnus, an independent economist and commentator and research associate at the China Centre at Oxford University and at the School of Oriental and African Studies, in which he warns of the destabilising impact the Coronavirus will have on the world’s relationship with China. Frosty doesn’t begin

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Macro Morning

May 15, 2020 - 09:00 -- Admin

  By Chris Becker  Last night saw a small return to risk taking late in the session following another dire initial jobless claims print in the US, as Wall Street continues to ignore the stark risks given by multitudes of viral scientists and the equally stark data coming out of “open for business” states like

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