The last decade saw the greatest increase in high-rise apartment construction in Australia’s history, concentrated in the capital cities. This unprecedented growth in high-rise apartment complexes coincided with increased building faults and structural defects, such as cracking foundations, water leaks, balcony defects, and flammable cladding. Notable examples include Sydney’s Opal and Mascot Towers, which were
A slightly better day for Asian share markets as risk takes its cue from Wall Street which still sees no problem with the pending conflict in the Middle East with Eurostoxx futures up more than 0.3% going into tonight’ inflation data from the US. Currency markets are relatively unchanged with the USD on the backfoot
As usual, the truth is lost in Australian undebate and irrationality: Speaking to the ABC’s 7.30 program last week, Mr Keating described the self-governing island of Taiwan as “Chinese real estate”, in remarks Taiwanese officials called “incorrect and dangerously misleading”. The former prime minister characterised the United States as an “aggressive power” which was “trying
The Reserve Bank of New Zealand has unexpectedly cut the official cash rate (OCR) by 0.25% to 5.25%. The move was not expected by economists, who tipped rate cuts later in the year. As shown below by Justin Fabo at Antipodean Macro, the latest Monetary Policy Statement (MPS) from the Reserve Bank predicts that the
The Westpac-Melbourne Institute consumer sentiment index was released on Tuesday and revealed a massive gulf between Australians’ sentiment about property prices and their purchasing appetite. The ‘time to buy a dwelling index’ remained at record lows, whereas expectations for house price appreciation remained bullish, indicating future appreciation in home values. Rising prices, along with the
Chinese credit numbers for July are out. Goldman has more. July total social financing (TSF) flows came in below market expectations, mainly on weaker-than-expected loan extension. The new RMB loans to the real economy turned negative in July (RMB -77bn), the first time since July 2005. After our seasonal adjustment, TSF flows rose from June
Roy Morgan’s unemployment estimate, like the Australian Bureau of Statistics (ABS), has for most of the year been out of whack with other measures on Australia’s labour market: However, Roy Morgan’s survey appears to have corrected back to reality, with its unemployment estimate rising to 10.1% in July, its highest reading since August 2023: In
From SEEK’s annual release yesterday. If there was a boom it is long gone: It was the same in the NAB survey yesterday: And worse is ahead: We are one bad employment report away from RBA rate cut panic.
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The Reserve Bank of Australia (RBA) should be encouraged by Tuesday’s NAB Business Survey, which reported lower cost pressures. As illustrated below by Justin Fabo at Antipodean Macro, “Aussie firms reported lower inflation in both output prices and purchase costs in July and the trends have been firmly down”: Fabo also noted that “the RBA
No reprieve in property sales: We are tracking below the Goldman bear case: Inventory may have topped but not in ghost cities: Completions still well down on last year: No turn.
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