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Turnbull plunges Parliament into Chinese crisis

April 10, 2019 - 00:20 -- Admin

A week or so ago Malcolm Turnbull issues a veiled warning to his former party at the SCMP: They took issue with Turnbull for citing former Communist Party chairman Mao Zedong in December 2017, when he said: “Modern China was founded in 1949 with these words: Zhongguo renmin zhanqilai – the Chinese people have stood up.’” “It

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Moody’s: Property market recovery in 2020

April 10, 2019 - 00:15 -- Admin

The media went all bearish yesterday on the exciting news that Moody’s had caught up to reality in house price falls for 2019: Falls in house prices across the country are going to accelerate this year, rating’s agency Moody’s has forecast, with parts of Sydney and Melbourne likely to face drops of more than 15

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NY Times goes gaga on Aussie ponzi craponomy

April 10, 2019 - 00:14 -- Admin

By Leith van Onselen The New York Times’ Neil Irwin has penned an incredibly superficial article hailing Australia’s ‘miracle’ economy, arguing that the rest of the world could learn from our purported success: I had flown 16,000 miles not to study economic malaise, but its opposite: the remarkable resilience of the Australian economy, which has

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Housing finance crash signals more property pain

April 10, 2019 - 00:12 -- Admin

By Leith van Onselen Yesterday’s Lending to households and businesses release from the ABS revealed that total mortgage lending (excluding refinancings) recovered slightly in February, but still tanked by 19% over the year in trend terms, driven by an epic 27% crash in investor commitments, whereas owner-occupied commitments also fell by 15%: As shown above,

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Melbourne’s hidden ghost city revealed

April 10, 2019 - 00:10 -- Admin

By Leith van Onselen Prosper Australia has released its 2018 Speculative Vacancies Report, which estimates up to 16% of investor-owned residential properties in Melbourne are vacant, based on water usage data. The Chinese mecca Box Hill in Melbourne’s East is estimated to have the highest percentage of vacant investment properties. Prosper Australia recommends Victoria implement

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Links 10 April 2019

April 10, 2019 - 00:01 -- Admin

Global Macro / Markets / Investing: Ray Dalio says wealth inequality is a national emergency – CBS News Davos panel on inequality becomes discussion about the very rich ‘paying their fair share’. – Infadium Top Candidate to Lead the Bank of England Explains Why Capitalism May Not Survive the 21st Century – Hidden Forces Sony

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Dutton has to go

April 9, 2019 - 17:12 -- Admin

Here’s what former Prime Minister of Australia Malcolm Turnbull said today about Peter Dutton meeting Chinese national, rampant political donor, alleged CCP agent of influence and currently exiled and disqualified for citizenship on character grounds, Huang Xiangmo: “Look, Peter Dutton has got a lot to explain about this.” “He is supposed to be the minister

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Macro Afternoon

April 9, 2019 - 17:00 -- Admin

Stock markets have had a generally positive day across Asia, mimicking the small advances on Wall Street overnight as the USD slipped against the majors, although a stronger Yen continues to provide a headwind to Japanese stocks. The Shanghai Composite has closed down a couple of points to 3239, still unable to gain any headway following

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NBN: A $50 billion white elephant

April 9, 2019 - 14:00 -- Admin

By Leith van Onselen ACCC head, Rob Sims, has hit out at the $50 billion National Broadband Network (NBN), claiming that many households are paying more for worse internet. From The Australian: Australian Competition & Consumer Commission boss Rod Sims yesterday warned NBN Co was failing to deliver on its promise of faster and affordable

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Attention Labor: All migrants kill wages

April 9, 2019 - 13:30 -- Admin

It appears Labor is revving up to cut temporary visa workers, via Craig Emerson at the AFR: Add to the 900,000 temporary work visa holders the number of illegal workers in Australia and the total reaches almost 1 million. The Fels report found underpayment of wages to these temporary workers is rife, citing estimates of

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