Amid the worst rental crisis in living memory, Greens leader Adam Bandt attacked those calling for lower immigration levels to ease demand. “Well, my view on migration at the moment is this: Labor and Liberal are engaged in a migrant-bashing race to the bottom as a distraction from the real issues facing this country every
Steel futures are fading away. As are iron ore futures. Dalian too. Coking coal is more advanced. CISA mill output for early November was pretty good but inventories are high. Scuttlebutt is nervous. Mounting stocks of the steelmaking material at China’s major ports stands in stark contrast to the underperformance of imported iron ore prices
My view is the RBA is being ridiculous by refusing to cut interest rates as inflation disappears and reckon it will cut in February, but there is a silver lining to the delays. Expectations are firming that interest rate cuts will come too late to restore the Albanese government’s standing with voters before the election,
Bernard Keane is the last of Crikey still standing. As the Albanese government hurtles towards what increasingly looks like one-term status, its flailing desperation and lack of judgement — or, rather, the substitution of its flawed political judgement for sound policy judgement — risk inflicting real damage on the community. Its thrashing about on online
In the months leading up to the 2022 federal election, Prime Minister Anthony Albanese promised that Labor would run a smaller immigration program if elected. Then, in Labor’s first federal budget in October 2022, Labor walked back from its lower immigration promise, projecting that 470,000 net migrants would arrive over Labor’s first two years, the
DXY and EUR both put in big candles overnight as the Trump trade got unruly. AUD fell again. The uptrend is gone. North Asia is a powder keg but the PBoC is now trying to slow CNY. Gold is oversold. Oil remains vulnerable. Copper also put in a candle. Miners are out. EM is out.
The June quarter national accounts showed that Australia’s labour productivity (GDP per hour worked) fell to 2016 levels, driven by the non-market sector. Australia has also experienced the most significant decline in GDP per hour worked since Q1 2018 out of advanced English-speaking nations and Europe. Australia’s productivity decline followed an astronomical rise in non-market
Rock wall and Eucalypt, Shelford AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 UK 100 Japan 225 Easy Listening
The post Macro Afternoon: 14 November 2024 appeared first on MacroBusiness.
The general consensus of economists is that the Reserve Bank of Australia (RBA) will begin to reduce the official cash rate in the first quarter of 2025. However, financial markets have now fully priced in September for the first interest rate cut, having previously anticipated a rate cut in May before Donald Trump won the
Xi Jinping is lost. China wants to know how it can better sell its stimulus policies to foreign investors. The securities regulator is said to have stepped up meetings with global banks to get their view on the country’s efforts to shore up growth. In one such discussion, the regulator sought advice on what it needs to