Anthony Albanese is the energy superidiot. How did he turn a rolled gold opportunity to break the gas cartel and inflation into a radical strengthening of the gas cartel and permaflation? Policy cowardice is how. Let’s recall that Albo’s first months in office coincided with the Ukraine War. Because that war included gas boycotts from
International Reads: Treasury, IRS announce ‘major milestone’ of $1 billion in past-due taxes collected from millionaires – CNBC Investors scooped up close to 15% of homes sold in first quarter—‘a bigger piece of the pie than in any other’ – Fortune Elon Musk’s Net Worth Drops $11 Billion After Tesla Reportedly Delays Robotaxi Launch –
Levantine Merchant · LVO12072024 The economy of the damned with Leith van Onselen This is a podcast for sitting down with a glass of wine (maybe more) and some cheese in front of an open fire and imbibing. Over 2 hours Leith takes us through the short term outlook for interest rates and inflation,
Julian Ashton, Evening, Merri Creek, 1882, AGNSW AUD/USD EUR/USD USD/JPY GBP/USD GOLD WTI Brent Australia 200 US S&P 500 UK 100 Japan 225
The post Macro Afternoon: 12 July 2024 appeared first on MacroBusiness.
The Reserve Bank of New Zealand this week left the official cash rate on hold at an overly restrictive 5.50%. However, in its commentary accompanying its decision, the Reserve Bank took a dovish view, suggesting that it is preparing to cut rates in the near future. In particular, the Reserve Bank noted that New Zealand’s
The dying days of the Biden Administration have coughed up some honesty: In a first for any US administration, Dr Campbell told The Australian that China was actively seeking to establish a military base in the South Pacific. …“They’re looking across the Pacific,” Dr Campbell said. “This is something where we’re never going to be
Albo’s energy superidiot is in fine form today as gas prices resume their climb north of his $12Gj price floor: And NEM prices follow suit, now at an all-time QMA of $153MWh, outside of wartime: Apparently, this qualified as an “easing” of the crisis: The east coast gas market is well placed to endure a
The latest Melbourne Institute survey showed that actual wage growth remained subdued in June: Expected wage growth over the next 12 months is also subdued: Whereas inflation expectations have also fallen sharply, pointing to slower wage growth ahead: The actual and expected slowing in wage growth makes sense in the context of the collapse in
The following chart from Justin Fabo at Antipodean Macro shows that Australia’s unemployment rate of 4% is especially low when compared with other high debt, high income nations: This comes despite household consumption spending tanking and a grinding per capita recession. The major factor behind Australia’s labour market outperformance likely relates to the National Disability
CBA’s latest Household Spending Insights (HSI) report contained the following chart tracking household spending across home ownership status: As you can see, aggregate spending by renters has lagged behind their home owning counterparts since late 2022, with the difference growing over the past year. In the year to June 2024, spending by renters declined by