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Hey Gittins, weak wages won’t fix themselves

February 4, 2019 - 10:30 -- Admin

Ross Gittins is a survivor but that takes a lily liver: Two or three years ago, I was happy to entertain the view still publicly espoused by the Reserve Bank (and still happily hidden behind by Morrison) that the wage problem was simply cyclical…Sorry, that possible explanation gets harder to believe as each quarter passes

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ACCI admits widespread migrant wage theft

February 4, 2019 - 10:15 -- Admin

By Leith van Onselen The Australian Chamber of Commerce & Industry (ACCI) has warned that wage exploitation is a systemic problem. The ACCI has used its pre-Budget submission to urge the federal government to provide the Fair Work Ombudsman (FWO) with extra funding to combat wage underpayment, arguing that it needs an additional 50 workplace

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Tony Abbott ensnared by United Front

February 4, 2019 - 10:00 -- Admin

Via Domain: Mr Abbott, fundraiser John Caputo and state MPs John Sidoti and Mark Coure, were all VIP guests at a Chinese New Year function attended by Beijing’s highest ranking United Front affiliates in Australia. The United Front Work Department is a unique agency overseen by the Chinese Communist Party’s Central Committee and which leads

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Telstra CEO demands more migrant IT slaves

February 4, 2019 - 09:45 -- Admin

By Leith van Onselen If you want a textbook example of why Australia’s ‘skilled’ visa program is a giant fraud, look no further than the special pleading coming from Telstra CEO, Andy Penn, who has demanded the government leave the gates wide open for companies to employ foreign workers. From News.com.au: Mr Penn told an audience

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Gas cartel gouges gleefully as Asian prices crash

February 4, 2019 - 09:30 -- Admin

Via Reuters: Spot prices for March delivery to Asia LNG-AS this week fell to $7.00 per million British thermal units (mmBtu), down $1 from the previous week, lowest since April 6, trade sources said. They are also seasonally at the lowest for this time of the year since 2016, Reuters data showed. This translates to

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Australia’s coal recession extends

February 4, 2019 - 09:15 -- Admin

Via The Australian: China has restricted imports of Australian coking coal at up to a dozen ports in the northeast in a move that may hamper the ­nation’s biggest export market amid high prices for the raw commodity. Ports in northeast China have been verbally informed that shipments of Australian coal face lengthy custom delays,

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Daily iron ore price update (Vale panic)

February 4, 2019 - 09:00 -- Admin

Iron ore prices for February 1st, 2019: Spot rose moderately while paper went limit up. Steel is still firming. Reuters quotes an hysterical ANZ: “While the company is proposing to increase production elsewhere, we estimate a net total loss of around 13 mt (million tonnes) in 2019,” ANZ commodity strategists Daniel Hynes and Soni Kumari

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Flammable cladding fear as fire rips through Melbourne high-rise

February 4, 2019 - 08:39 -- Admin

By Leith van Onselen Australia’s apartment market is literally going up in flames, with another high-rise apartment block in Melbourne’s CBD catching alight and believed to be constructed using the same flammable cladding used on London’s Grenfell Tower and Melbourne’s Lacrosse Tower. From The Age: This morning’s apartment fire was at the Neo200 building on

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Macro Morning (Trading Week)

February 4, 2019 - 07:00 -- Admin

By Chris Becker  The February non-farm payroll numbers came and passed on Friday night sending markets back into caution mode as the print solidified the Federal Reserve new-ish dovish mood that patience on further interest rate rises is warranted. Looking at Chinese stocks first, where last week saw the Shanghai Composite finally stabilise above tentative

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What does Justice Kenneth Hayne’s anger mean?

February 4, 2019 - 00:20 -- Admin

Justice Kenneth Hayne has delivered his final report on banking crime to Josh Recessionberg and the footage is priceless: Why so pissed, Ken? The AFR offers one explanation: “I remember the number of times in Parliament, the current Prime Minister, he would wag his finger and say you’ll never get a banking royal commission,” Mr

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