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Crikey fabricates housing bear panic

November 21, 2018 - 14:30 -- Admin

Somebody just sent me this piece from Crikey: In recent months we’ve seen a doom ‘n’ gloom bidding war on property prices by foreign bank analysts and the media. Last month it was Morgan Stanley claiming the biggest fall since Fraser was prime minister; this week it was UBS and its claim of a 30%

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ANZ: Housing correction slowing economy fast

November 21, 2018 - 13:11 -- Admin

Via ANZ: Momentum slowed further in the September quarter across most of Australia. All states and territories except Tasmania and the Northern Territory decelerated and recorded growth at below their trend rates. The loss of momentum demonstrated by the Stateometer is consistent with our forecast that the Australian economy will grow at a year-ended pace

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ABC goes gaga for Modern Monetary Theory

November 21, 2018 - 12:30 -- Admin

Trust the ABC to  like this idea: The radical idea of offering every person a government-funded job is finding new supporters in Australia as proponents claim it could eliminate unemployment overnight. US economist Stephanie Kelton, who served as Bernie Sanders’ economic adviser during the 2016 presidential campaign, is currently touring Australia to promote the concept

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Superannuation is a tool for the wealthy

November 21, 2018 - 12:30 -- Admin

By Leith van Onselen The ABS yesterday released the below chart showing the disproportionate superannuation benefits received by high income earners: Superannuation benefits received are recorded as a memorandum item of the household income account. Superannuation benefits received in the ASNA are treated as financial transactions of households and are not recorded as income; instead

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Woe is XJO!

November 21, 2018 - 12:11 -- Admin

AUD has been struggling through the morning: Bonds remain bizarrely mis-priced: As XJO takes a tumble to two year lows: Big Iron is hit: As Big Gas collapses (happy we exited WPL last week!): Big Gold is soft: Big Banks down again: And Big Realty: Woe is XJO!

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Credit intensity of state growth rolls over

November 21, 2018 - 12:00 -- Admin

By Leith van Onselen For years, the most important factor driving house price growth has been the flow of housing finance commitments, which has shown an incredibly strong correlation over the past several decades: On Friday, the ABS released its State Accounts for the year ended June 2018, which has allowed me to calculate the

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Biased ABC reporter fudges immigration data

November 21, 2018 - 11:45 -- Admin

By Leith van Onselen We’ve gotten another dose of the ABC’s pro-mass immigration bias, with Canberra Press Gallery Journalist, Jackson Gothe-Snape, spinning the lie that Australia’s population growth is not being driven by permanent migration: Population growth is driven far more by foreign students and births… Permanent migration is a sizeable component, but not quite half,

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Leading index falls again

November 21, 2018 - 10:57 -- Admin

Via Westpac: • The six month annualised growth rate in the Westpac–Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, , fell from 0.41% in September to +0.08% in October. With this latest slowdown, the Index growth rate continues to point to

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Australian unis dumbed down by foreign students

November 21, 2018 - 10:45 -- Admin

By Leith van Onselen The Australian Population Research Institute (APRI) has released a new report, entitled Australia’s higher education overseas student industry: in a precarious state, which argues that Australian universities’ heavy reliance on overseas students is crushing education standards, is oversupplying accounting, IT and engineering occupations, adding to population pressures in Sydney and Melbourne, and

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