Macro Afternoon: 13 October 2025
Swan Bay sunrise AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 UK 100 Japan 225 Vids https://www.youtube.com/live/k78oGXBaEK8?si=VwI4algv675-3i4D
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Labor’s superannuation policy tweaks are excellent
The Albanese government has responded to widespread concerns and dumped its proposal to tax unrealised gains on superannuation balances of above $3 million without indexation. Instead, Treasurer Jim Chalmers announced the following significant changes to the Division 296 extra tax on superannuation balances: The tax will no longer apply to unrealised gains. This was poorly designed
3.2 million Aussies are unemployed or underemployed
Roy Morgan has released its labour force estimates for September, which reported a solid decline in both unemployment and underemployment. According to Roy Morgan, unemployment decreased by 37,000 to 1,739,000 (down 0.3% to 10.8% of the workforce) while under-employment dropped 243,000 to 1,499,000 (down 1.6% to 9.3%). However, as illustrated below, both unemployment and underemployment
Australia rushes towards golden 1890s
Michael Hartnett at BofA has good news for Australia. Zeitgeist:“Having lunch with X and he is asking should he invest in physical gold or silver or is it too late as his wine investments have been tanking?”–brother-in-law. The Price is Right: price action since Fed cut good for cash-needy not-for-profit tech(XBI, ARKK), bad for rate-sensitive
Labor botches superannuation reform
Update: Treasurer Jim Chalmers announced this afternoon that Labor has dumped its unrealised superannuation tax proposal, as well as made several other worthwhile changes. A full breakdown of these changes is available here. Original article below: ———————————————————————————————– The head of Treasury’s revenue group, Diane Brown, has told Senate estimates that the Prime Minister’s office had
China’s consumer push fails
Not that it was ever really a serious push, and paltry efforts make for paltry returns. Golden Week sales are in and pfft. Domestic interregional passenger travel rose 6.2% year over year but major merchants’ and caterers’ retail sales gained just 2.7% year over year. This is still down 2.6% versus pre-COVID. Overall, Golden Week
RBA not to blame for housing crisis
Last week, Reserve Bank of Australia (RBA) governor Michele Bullock was grilled by Greens senator Nick McKim about the RBA’s role in the housing crisis. “The $400 billion that the RBA printed in the early year or two of COVID and effectively handed over to retail banks, who then turn around and lend it into
Volatility monster awakens, leverage bites, bulls bleed
From the Market Ear: Here we go SPX trading below trend channel lows for the first time since the latest bull started. Note we are below the 21 day. 50 day comes in at 6600 (futures). We outlined the fading momentum earlier this week, but first let’s see how this closes today. NASDAQ technicals NASDAQ
Queensland abandons ‘net zero’
The Queensland government has significantly undermined the Albanese government’s ambitious 62% to 70% emissions reduction target by 2035 by extending the lifespan of the state’s coal-fired generation until the mid-2040s or later. Queensland Treasurer and Energy Minister David Janetzki released the Liberal National Party government’s five-year energy road map on Friday. It called for the
Will killing Santos fix gas?
There is justice in the world, after all. Santos’ GLNG gas export venture in Queensland is emerging as likely to be the biggest casualty in the reforms expected from Labor’s review of the east coast gas market rules, with one analyst estimating it could face a hit of up to several hundred million dollars a