America is well prepared for the AI shock that is underway in its entry-level positions. It has sensibly reduced immigration to zero, ensuring that local youth are not competing with cheap foreign labour. Even so, there is increasing evidence that AI is moving faster than the economy can keep up. A few days ago, I
Melbourne’s housing market has experienced a long period of price stagnation compared with the other major capital cities. According to PropTrack, Melbourne’s median dwelling values rose by only 19.2% in the five years to July, compared with an average increase across the combined capital cities of 45.5%. Melbourne’s median dwelling value in July 2025 was
Last night saw risk markets stumble due to a lack of economic catalysts as traders await tomorrow’s US CPI print to see how sticky the inflation from the Trump regime’s stupid tariffs are affecting US consumers and hence the trajectory of the US Federal Reserve. The USD was mixed or slightly higher against the majors
DXY is back! AUD is not. Lead boots plod on. Gold bashed. Metals too. Big bear intact. EM shaky. Junk fine. The curve steepened. Stocks sold. At issue is the US CPI tomorrow. Goldman. Our analysis implies that tariff effects have boosted the core PCE price level by0.20% so far. We expect another 0.16% impact
Research by the McKell Institute warns that thousands of manufacturing jobs in Australia are at risk, particularly in regional areas The report claims that China’s “aggressive” industrial subsidisation, now likely exceeding its defence spending, risks shuttering some 73,000 jobs in Australian regions reliant on refining and smelting metals. “In the short-term, China’s geoeconomic strategy is
Asian share markets are having a much better start to the trading week although Japanese markets are closed for yet another holiday as Bitcoin and other crypto currencies are seeing big bids. Yen was relatively steady against USD as expected while Euro is climbing again as the Australian dollar holds firm above the 65 cent
In most places, debate ultimately yields change. Not in Australia. Here we have fake debate and feasting vested interests. The on-again, off-again debate about negative gearing has been settled for now with Housing Minister Claire O’Neil ruling out any change, a day after Anthony Albanese poured cold water on implementing new tax changes before the
The ferrous complex is doing the seasonal thing. MySteel output is very strong this week. But can it be believed? MySteel has diverged wildly from CISA and NBS in the last few months. CISA and NBS usually track each other closely, so I am looking for a very weak July this week in NBS data.
The Market Ear on equity internals. A zero-sum doughnut “Getting a doughnut” in bonus is what all junior investment bankers fear. Somewhat common in 2002 and 2003 and very common in 2008. Probably very rare in today’s evergreen bull. Separate from bonuses, it was striking to us this Saturday morning when we looked at our
Over the last year in particular, the impact of international students on the nation’s rental market has sparked significant controversy. The debate has prompted a wide range of papers and reports on the issue, with the quality varying dramatically. In the July Reserve Bank bulletin, the denizens of Martin Place shared their perspective on the