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Austerity time! Victorian Budget tumbles into stamp duty, ScoMo black hole

May 21, 2019 - 13:30 -- Admin

By Leith van Onselen Over recent months we’ve warned how the impending stamp duty bust in Victoria will force the Andrews Government to tighten its belt. Now with the Morrison Government returned unexpectedly, things have gone from bad to worse: Treasurer Tim Pallas now faces the unenviable task of preparing a state budget without almost

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Phil Lowe locks in June rate cut

May 21, 2019 - 13:12 -- Admin

Via the Governor: Thank you for the invitation to speak to the Economic Society of Australia. It is very good to be back here in Brisbane today. I would like to begin by providing an update on recent developments in the global and Australian economies. I will then discuss how our thinking on the appropriate

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S&P: WA mortgage arrears rip higher for major banks

May 21, 2019 - 13:00 -- Admin

Via S&P: Australian prime home-loan arrears rose in March, according to a recently published report by S&P Global Ratings. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages increased to 1.51% in March from 1.48% a month earlier. Arrears are up by 14 basis points year on year. Across the country, arrears movements

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Xi Jinping has gone mad: Rare earths edition

May 21, 2019 - 12:45 -- Admin

Via Bloomie: President Xi Jinping’s visit to a rare earths facility fueled speculation that the strategic materials could be weaponized in China’s tit-for-tat with the U.S. on trade. Shares in JL MAG Rare-Earth Co. surged by their daily limit Monday after state news agency Xinhua said the Chinese president had stopped by the company in

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Australia’s infrastructure delivery system is busted beyond repair

May 21, 2019 - 12:30 -- Admin

By Leith van Onselen Last weekend’s Federal Election offered another reminder of why Australia’s infrastructure delivery system is busted and badly ill-equipped to keep pace with the federal government’s mass immigration ‘Big Australia’ policy. In the wake of the Coalition’s re-election, the Morrison Government and Victoria’s Andrews Government are locked in a heated battle over

Seven warns

May 21, 2019 - 11:45 -- Admin

More warnings: Double the spend next time Clive.

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RBA minutes dove up

May 21, 2019 - 11:36 -- Admin

Via the RBA: International Economic Conditions Members commenced their discussion of the international economy by observing that global growth had eased in the second half of 2018 and looked to have continued at around this more moderate rate in 2019. Growth in Australia’s major trading partners was also expected to continue at around this slower

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CoreLogic: APRA cuts won’t lift house prices

May 21, 2019 - 11:30 -- Admin

Via Cameron Kusher: APRA looks to loosen lending limits – CoreLogic research analyst Cameron Kusher: Earlier today, the Australian Prudential Regulation Authority (APRA) issued a letter to all authorised deposit-taking institutions (ADI) regarding consultation on revisions to prudential practice guide APG 223 residential mortgage lending.  While that may not mean very much to readers specifically

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ATO: Tax cuts may get through this year

May 21, 2019 - 11:15 -- Admin

Via The Australian: Scott Morrison’s promised tax cuts will be delivered by the 2019-20 financial year, with the Australian Tax Office saying it can pass on the promised changes if Labor agrees to them. There was speculation in other media outlets this morning that the tax cuts would not be passed on as the Prime

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Can Do-Nothing ScoMo do Keynesian stimulus?

May 21, 2019 - 11:00 -- Admin

Via the AFR: Prime Minister Scott Morrison, who spent the day bunkered in meetings and planning his new cabinet, shot down suggestions that he should adopt policy beyond what he took to the election, including in the energy sector. This is despite calls from business and some in his own party to embrace a more

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