Articles from MacroBusiness

UBS: Labor franking reform to boost buybacks

Via UBS: …Labor’s proposed franking ‘scale-back’ also makes the near-term return of excess franking credits more attractive. Figure4 ranks the franking balances of companies relative to market capitalisation in the ASX150. Among the large caps, BHP Group and Rio Tinto have already announced off-market buybacks. Our survey of UBS analysts highlights that Woolworths and Wesfarmers

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China is in trouble

The world’s second largest economy has problem. A big problem. Everything is slowing fast except the very thing that is wants to stop: building empty apartments! November data was bad. Industrial production slowed sharply to 5.4% and retail sales did as well to 8.1%. Fixed asset investment held up at 5.9%: Stunningly, floor space under

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ECB turns cautious

Via Westpac: At the December ECB meeting, the Governing Council confirmed the end of net asset purchases and repeated the forward guidance that key policy rates will remain on hold “at least through the summer of 2019, and in any case for as long as necessary”. In addition, they gave forward guidance on their reinvestment

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Scummo launches corrupt anti-corruption watchdog

Via Domain: The proposed CIC will be split in two. At the top tier, a ‘‘law enforcement division’’ will have powers roughly on par with the powerful NSW ICAC. Yet a federal Eddie Obeid would have nothing to fear from this body. Parliamentarians and their staff, along with most of the public service and government-owned

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Bank funding costs keep climbing

Just in case you were wondering: More out of cycle rate hikes in 3,2,1…

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Latest Labor MP’s China links exposed

Via The Australian: West Australian Labor MP Pierre Yang’s political mentor, influential Perth businessman Edward Zhang, is a member of five China-based organisations directly run by the Chinese Communist Party’s powerful United Front bureaucracy. …The Australian revealed last week that Mr Yang, the McGowan government’s upper-house whip, was a member of two pro-Beijing organisations that

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Sydney suburbs dominate nation’s house price falls

By Leith van Onselen With Sydney dwelling losses crashing through 10% this week: And losing a nation-leading 8.3% over the past year: It’s not surprising to read CoreLogic’s analysis that “the list of top 50 regions for value declines over the past year is overwhelmingly dominated by New South Wales with each of the 28

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Carrington Clarke: Mass immigration undercutting wages

By Leith van Onselen After last year demolishing Scott Morrison over Australia’s mass immigration ‘Big Australia’ policy (video above), the ABC’s Carrington Clarke has today penned an article explaining how flooding the labour market through mass immigration is eroding workers’ wages: Although the direct relationship between wages and immigration is not clear, all other things

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XJO, banks, AUD sag as markets fade RBA loons

The AUD is soft through the morning as markets muscle the RBA back into its padded cell: XJO has turned former support into resistance very quickly: Bonds are bid again: Big Iron is mixed: Big Gas up: Big Gold down: Big Banks are sagging: And Big Realty getting the treatment: Avagoodweekend!

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Dumb unions lobby to lower workers’ wages

By Leith van Onselen You can’t make this stuff up. Unions are reportedly seeking to change Labor’s platform on superannuation at its upcoming national conference, demanding an increase in the superannuation guarantee to 15% by 2030. From The AFR: The Transport Workers Union and the Construction, Forestry, Maritime, Mining and Energy Union are driving the push as

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