DXY is not going away. AUD is not out of the woods. CNY sideways. Gold hammer. As I keep saying, for a safe haven, gold is very volatile. AI metals hit too. Is the big bear over? In AUD, yes. EM reversed. Junk is still struggling. Bonds are bidly. Stocks struggled. Are we late cycle
Last week’s dwelling construction data was an absolute disaster. In the June quarter of 2025, only 40,524 homes completed construction, which was the weakest quarter of dwelling completions for 11 years (i.e., since the March quarter of 2014). In the 2024-25 financial year, total dwelling completions fell by 2% to 174,030, from 177,600 the previous
Asian share markets have continued their strong rebound on the Trump TACO trade helped along by calm returning to Japanese politics with a new PM while local markets saw a lift in rare earth miners on the back of the Albo “deal”. Currency markets are treading water without much change as the USD tries to
Credit Agricole has a wrap on the broader themes. China’s 4th Plenum will take place on 20-23 October to discuss the 15th Five-YearPlan (FYP), outlining China’s medium-term strategic plans for economic and social development in 2026-30. The 15th FYP will likely prioritise technological innovation to achieve high-quality growth and ensure high-level security. While the FYP
By Ross Elliott, cross-posted from The Pulse: A million people generate a lot of demand for things. Hospitals included. In Australia, we need on average 1 hospital bed for every 270 people, so that’s 3,703 beds for 1 million people. Based on a large hospital of say 500 beds, that’s roughly 7.5 hospitals for 1 million
Last week’s dwelling completions data from the Australian Bureau of Statistics (ABS) showed that in 2024-25, the Albanese government fell 65,970 (27%) behind the National Housing Accord’s target, which requires 240,000 homes to be built annually for five consecutive years. It also means that Australia will have to build around 256,000 homes annually over the
There is no substitute for stupidity in Australia. We do it better than anyone. If energy ran on stupidity, we would have the cheapest power in the world. Fresh from telling southern states that it can’t have any QLD gas, the Crusifulli government has added to the state’s energy woes. Queensland secures deal for first
The Chinese property crash is somewhere near the halfway point. Here is the raw data for Ssptember, Floor space sold: -10.5% yoy in September, vs. -10.3% yoy in August (value of sales:-11.8% yoy in September, vs. -13.8% yoy in August). Floor area under construction: -9.4% yoy in September, vs. -9.3% yoy in August. New home
Since the pandemic kicked off in early 2020, around 60% of the nation’s job growth has been driven by the non-market (largely government-funded) sector, which comprises healthcare, social assistance, education, and public administration and safety. As a result, the non-market sector now comprises a record high 31.5% of the Australian labour force. Last week’s Labour
In September 2023, just as Australia’s net overseas migration was hitting its highest level in history (i.e., 556,000), NSW Premier Chris Minns told ABC’s 7.30 Report that he supported record immigration levels, claiming that more migrants were needed to build houses and apartments in the state. “We’re supportive of the commonwealth government’s decision to lift