Australia welcomed an extraordinary 980,000 net overseas migrants over the last two calendar years. According to the May federal budget, net overseas migration will moderate to 395,000 in 2023-24, then 260,000 in 2024-25. The most recent statistics suggest that net overseas migration will easily exceed the federal budget’s forecast. The official quarterly net overseas migration
This stuff is completely nuts: The Greens have attacked the US alliance, claiming it increases the risk of conflict, undermines Australian sovereignty and compromises stable relations with Beijing, as the minor party ramps up calls to slash defence spending and tear up plans for nuclear-powered submarines. Defence spokesman for the minor party, David Shoebridge, said
The post Renters “smash” into affordability ceiling appeared first on MacroBusiness.
ANZ with the note. ANZ weekly consumer confidence is going backwards amid the first few weeks of tax cuts: Consumer confidence fell 0.5pts last week to 78.5pts. The four-week moving average fell 0.5pts to 79.8pts. •‘Weekly inflation expectations’ rose 0.2ppt to 5.1%, while its four-week moving average rose 0.1ppt to 5.0%. •‘Current financial conditions’ (over
If you want to know why it is so hard to break the hoodoo of the immigration economy, look no further than today’s CFMEU rubbish: Prime Minister Anthony Albanese and Victorian Premier Jacinta Allan were separately sent detailed evidence in 2022 that CFMEU officials were threatening extreme violence and unlawfully black-banning non-union-preferred firms from state
Sydney’s housing market is broken beyond repair. Sydney’s median house price has passed $1.6 million according to Domain: Median weekly rents across Sydney have also ballooned over the past three years, with detached houses experiencing the fastest inflation: With affordable housing non-existent across Sydney, “ultra-modern single and double bed capsules” are now being marketed as an
Westpac with the note. Leading Index growth rate nudges back up to –0.13%. Lower commodity prices partially offset by stabilising hours worked. Economic activity improving but to remain below trend in to early 2025. Westpac’s growth forecasts are broadly consistent with the Leading Index signals. GDP growth is expected to come in at an annualised
Australians are continually told that we need to run a high immigration policy to alleviate skills shortages. The people making this claim never acknowledge that Australia’s population has ballooned by 8.3 million this century via record net overseas migration, yet skills shortages are worse than ever. Recruitment data from Jobs & Skills Australia has once
It would be curmudgeonly to not acknowledge the possibility that Chinese property sales are somewhere near the bottom: Lower-tier ghost cities are down a very long way: Ghost city inventory marches higher: Completions have rebounded some: I expect completions to worsen into next year. Meanwhile, a very nasty external shock is gathering: New tariffs of
Shanghai rebar is back at the lows. The iron ore jaws are gaping, meaning further destocking pressure from steel mills: Mad Dalian is range trading: Coking coal not so much: RIO’s Pilbara killer is running hard: • Subsequent to the end of the quarter, all conditions were satisfied for Rio Tinto’s investment to develop the