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Articles from MacroBusiness

Scummo approves Adani

April 9, 2019 - 13:00 -- Admin

Lol, he’s in control, not, via Domain: Prime Minister Scott Morrison has slapped down internal Coalition critics who are demanding swift approval for the Adani coalmine, insisting the government will follow “expert scientific advice” on an imminent environmental decision. Mr Morrison rebuked “senators listening to themselves” on the coal project after Queensland Liberal senator James

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NAB: Aussie house price crash worst since Great Depression

April 9, 2019 - 13:00 -- Admin

Some cool charts from NAB on the bust. In nominal prices: And real: Versus other in GFC: But the damage bill is mounting fast: I reckon we’re going to redo the 1890s in real terms in Sydney and Melbourne.

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Australian dollar hangs on as iron ore flames out

April 9, 2019 - 12:58 -- Admin

The Australian dollar is still hovering at the highs today: XJO has stalled: Bonds too: Dalian iron ore has flamed out: But Big Iron hasn’t. FMG looks like it wants to charge the pre-GFC all-time high though it is still 50% higher: Big Gas is up. The eastern arm appears oblivious to the Labor Mack

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Turnbull demands LNP exorcise Manchurian Candidates

April 9, 2019 - 12:45 -- Admin

He has a right given it was the one thing he got right in government as pushing back the Chinese Communist Party’s “silent invasion”, via the ABC: Former prime minister Malcolm Turnbull has demanded answers from his replacement and slammed the Home Affairs Minister amid revelations a Chinese Communist Party-aligned billionaire paid tens of thousands

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Housing finance records dead cat bounce

April 9, 2019 - 12:29 -- Admin

By Leith van Onselen Today’s housing finance data for February from the ABS recorded a small bounce after a long period of declines: As shown above, total finance commitments (excluding refinancings) rose by 2.7% in February, with owner-occupied commitments rising 2.4% and investor commitments rising 0.9%. Over the year, total finance commitments (excluding refinancings) crashed by

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Aussie households run out of money to deleverage

April 9, 2019 - 12:15 -- Admin

By Leith van Onselen An EY survey has found that just 28% of Australians expect to reduce their debt in 2019, down from 60% in 2018. The survey also found that more than 60% of respondents were ‘extremely’ concerned about the cost of living, suggesting that more people are not able to cut their debt

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Bernie Sanders hoses “open borders” nuts

April 9, 2019 - 12:00 -- Admin

Like Australia for instance: Sen. Bernie Sanders campaigns in Oskaloosa, IA: “If you open the borders, there’s a lot of poverty in this world, and you’re going to have people from all over the world. And I don’t think that’s something that we can do at this point. Can’t do it.” pic.twitter.com/INF9GopzIe — The Hill

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More AFR negative gearing fake news

April 9, 2019 - 11:45 -- Admin

By Leith van Onselen The AFR’s lobbying against Labor’s negative gearing policy couldn’t get any worse: “The numbers shadow treasurer Chris Bowen is quoting for new housing stock created by investors is not just incorrect, it is substantially incorrect,” said Tim Reardon, chief economist for the Housing Industry Association, the nation’s building industry peak body. “Labor’s

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Mortgage arrears rise coast-to-coast

April 9, 2019 - 11:30 -- Admin

Via S&P: Australian prime home-loan arrears rose in January, according to a recently published report by S&P Global Ratings. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages rose to 1.45% in January from 1.38% a month earlier. January is typically the peak of the arrears cycle, reflecting the after-effects of Christmas and

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Peter Costello admits compulsory super is failing

April 9, 2019 - 11:15 -- Admin

By Leith van Onselen Former Treasurer, Peter Costello, claims that Australia’s compulsory superannuation level of 9.5% will not generate anywhere near enough funds for retirement, even for workers that contribute for the entire of their working lives. From The ABC: Former treasurer Peter Costello says Australians will not have enough money to become self-funded retirees

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