On Tuesday, the Australian Bureau of Statistics (ABS) released retail trade data, which posted a solid 0.7% gain in August following an upwardly revised 0.1% lift in July (previously reported as flat): Unseasonably warm weather and increased Father’s Day spending both contributed to the result, which easily exceeded economists’ expectations of a 0.4% rise. The annual rate of
CoreLogic’s daily dwelling values index shows that Melbourne and Sydney values are lagging well behind the other major capital cities: Over the past 28 days, Melbourne dwelling values declined by 0.1%, whereas Sydney’s rose by 0.2%. By comparison, values rose by 1.4% in Perth, 1.1% in Adelaide, and 0.6% in Brisbane over the same 28-day
Having spectacularly rung the bell at the bottom a few weeks ago, Ray Dalio is back with more bad advice on China. Last week, China’s leadership—including President Xi Jinping, the Politburo, the CSRC, and the PBoC—clearly 1) announced a reflationary barrage of fiscal and monetary policies and 2) made statements in support of free markets
A bit of lite reading today: When Sandilands and Henderson launched their show in Melbourne in April, I wrote they were “crass, rude, family-unfriendly, profane, abrasive – and weirdly compelling”. What many Sydneysiders fail to understand is that not living in Sydney is a choice – just as it is to listen to Kyle and Jackie
According to insolvency data from the Australian Securities and Investments Commission (ASIC), over 1,900 hospitality businesses failed last financial year as food and energy expenses rose and discretionary consumer spending fell sharply. Restaurant and Catering Australia (RCA) CEO Suresh Manickam warned that the hospitality industry was going through one of its most difficult periods in
In a recent speech to the Sydney Institute, Assistant Minister for Immigration Matt Thistlethwaite admitted that immigration “has provided marginal economic benefit” and has not boosted the nation’s productivity. It has also created social pressures in major cities. “Migration has been unresponsive to Australia’s needs; it has provided marginal economic benefit and has not enhanced labour
Very, very early days but some data from Goldman. New homes sales volume on average was +126% wow, and down 1% yoy with tier-3 and Northern outperforming. Secondary transactions on average were +91% wow, and up 46% yoy with positive price appreciation expectations from both agents and homeowners. Inventory balance was flat wow and was
With China closed, iron ore is flopping around like a fish out of water in Singapore futures: One dynamic worth mentioning is the shift in Chinese futures. Steel (and iron ore shorts, including me) have been blasted to bits: It doesn’t tell us the squeeze is over, indeed, we need to go lower. But it
Last night saw a maelstrom of geopolitical events – read: war – hit risk markets from all sides with USD bid strongly on the safe haven while stocks pulled back and commodities lifted, particularly oil. Wall Street suffered the most as tech stocks sold off while the new quarter did impact bond markets somewhat with
DXY is back as the safe haven as bombs fall in the Levant: An overbought AUD retraced: Oil and gold to the moon! Dragging up metals: Miners have held the gains: EM faded: Junk pulled back: Haven bonds were bid despite oil telling you inflation is cooked: Stocks fell: Much ado about nothing is the