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Articles from MacroBusiness

Retail sales less than meets the eye

August 1, 2025 - 11:30 -- Admin

Goldman wraps the EOFY bump in retail sales. Nominal retail sales rose 1.2%mom in June, above expectations (GSe:+0.9%mom, BBG: 0.5%mom). The quarterly data were also firmer than expectations, with volumes rising 0.3%qoq in 2Q 2025 (GSe: -0.3%qoq, BBG:+0.1%qoq). That said, the acceleration in volumes growth was driven by a rebound in Queensland following flood-related weakness

Builders: Albo’s housing target “remains a distant goal”

August 1, 2025 - 11:00 -- Admin

The Australian Bureau of Statistics (ABS) released dwelling approvals data for June, which posted another solid rise. There were 15,984 dwellings approved in trend terms in June, the highest volume since September 2022. Despite the rebound, approvals remained 20% below the monthly 20,000 run rate required to meet the Albanese government’s target to build 1.2

Iron ore swims as China sinks

August 1, 2025 - 10:30 -- Admin

The ferrous complex likes to stick to seasonal patterns, but the sgtins are not good when steel gives way. Nor when PMIs give way. China official NBS manufacturing PMI: 49.3 in July, vs. 49.7 in June. Official non-manufacturing PMI: 50.1 in July, vs. 50.5 in June. The construction PMI fell notably in July to 50.6

The “backdoor” migration gateway into Australia is open

August 1, 2025 - 10:00 -- Admin

As part of a recent analysis of Department of Home Affairs data, it was revealed that: “Nearly half of the New Zealanders applying for Australian citizenship weren’t born here (in New Zealand), according to data from the Australian government.” According to the Department of Home Affairs, in the two years since July 2023, over 92,000

Macro Morning

August 1, 2025 - 09:00 -- Admin

Sticky tariff induced inflation in the US overnight sent Wall Street lower as the expectation of rate cuts were diced as the latest PCE came in higher than expected. The Trump regime continues to bully Canada with the probability of 35% tariffs rising as no deal or framework before the August 1st “deadline” while Mexico just

Australian energy policy is back-to-front

August 1, 2025 - 08:00 -- Admin

Data from the Australian Energy Market Operator shows that wholesale electricity prices on the East Coast were 23% higher year-on-year in the June quarter. The wholesale price averaged $140 per megawatt-hour during the quarter—the highest level since 2022, when the wholesale price topped $260 per megawatt-hour following Russia’s invasion of Ukraine. AEMO attributed the spike

The rental crisis is not over

August 1, 2025 - 00:02 -- Admin

At the end of 2024, CoreLogic (now Cotality) reported that Australians were paying a record share of their income to rent the median home. Cotality’s latest quarterly rental report also noted that median rents have increased by 43% nationally over the past five years, forcing the typical tenant household to pay $10,350 extra per year

Macro Afternoon

July 31, 2025 - 16:30 -- Admin

While north Atlantic share markets remain buoyant due to solid earnings on Wall Street and the implied stability of the new US/EU trade deal “framework”, Asian share markets are weaker nearly across the board as peripheral nations – including India and Brazil – await the self imposed tariff deadline tomorrow set by the Trump regime.

Gas cartel destroys Made in Australia

July 31, 2025 - 14:00 -- Admin

You know it’s bad when major miners play second fiddle to the gas cartel. Via The AFR: Rio Tinto’s Jakob Stausholm delivered Labor a brutal parting warning that Australia’s energy prices are incompatible with its goal of manufacturing at home, and warned the economy risks being undercut by more competitive markets in the battle for

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