Two of the biggest lies surrounding Australia’s “world-class” international education sector have been exposed. The first relates to Australia’s fantastical $48 billion education exports, which were categorically debunked on Tuesday. This mythical figure is estimated by the ABS by combining “an average spend estimate from Tourism Research Australia … supplemented by the addition of the
Qingdao port iron ore is at $96.16 today. Shanghai rebar and SXG futures are in free fall as well: Turkish steel scrap futures are also breaking: Dalian added a few points overnight but it appears we will soon challenge the 2024 low around CNY700: Coking coal: Scuttlebutt is terrible: China will step up policy support
Wall Street couldn’t get a leg up overnight as the soft Microsoft earnings pulled the NASDAQ back while currency markets remain in the thrall of King Dollar as speculation the Bank of Japan will hike in today’s meeting saw Yen zoom higher alone amid the major currency pairs. European shares saw a small reprieve amid
DXY is firm: AUD is not convincing: JPY is signalling more trouble ahead: As is oil or does OPEC prefer Kamala? Commods also unconvincing: BHP broke: EM struggling to hold support: Junk is all about the soft landing: As US yields prepare to break the uptrend: And stocks keeps falling: JOLTS was the release dejour,
CoreLogic’s daily dwelling values index shows that values across the five major capital city markets grew by 0.5% in July. As shown in the following chart, there was a strong divergence between the two largest capital cities—Sydney (0.2%) and Melbourne (-0.4%)—compared to the other major markets: The next chart plots values on a 28-day rolling
The Albanese government’s target to build 1.2 million homes over five years was always unrealistic. The current record level for housing construction over a 12-month period was 223,600 in 2017, which was 7% below Labor’s annual target level of 240,000 homes. The notion that Australia could magically build 240,000 homes a year for five consecutive
Rio is always giving, giving, giving: “With an iron content of nearly 65% and few impurities, Simandou project will make Guinea a key player,” Lawrence Dechambenoit, head of external affairs at Rio Tinto, said in a speech in the capital, Conakry. “Simandou iron can be refined using less energy-intensive technologies that emit less carbon dioxide
Canada’s economy and living standards are gradually disintegrating. For years, Canada’s population has grown faster than business, infrastructure, and housing investment, resulting in what economists term “capital shallowing”. In turn, productivity growth has suffered. Economists at the National Bank of Canada explained the productivity predicament as follows: “Why is our productivity record so bad? Could
Asian share markets are seeing mixed results at best as traders take a collective breath waiting for this week’s cavalcade of central bank meetings, starting with tomorrow’s effort from the BOJ. Tonight’s German inflation and GDP print could sway Euro which is fighting against further downside to the USD while the Australian dollar is waiting
The Australian’s Judith Sloan has neatly explained how the Australian Treasury is the puppet master behind the Big Australia mass immigration policy. The Treasury continues to play an ongoing spoiling game, talking up the economic benefits of large-scale immigration while essentially dismissing the costs. For several years, figures have been released that purport to show