One of the main purposes of migration is to raise productivity. After all, governments are ostensibly meant to be pursuing a highly targeted process to bring in the best and brightest that the country needs. It’s rather self-evident that welcoming brilliant innovators to the nation who are earning 2.5x or more the average income will
The ferrous complex is trying to hold $100. I expect it to fail. Not on anything especially dramatic. Largely because the seasonal headwinds for September are strong amid weakening Chinese growth. Goldman. Imports pulse is weak. Surprises bearish. Construction steel versus the rest means ongoing pressure on recycling but seasonality should also pull down BOF. It’s
The Market Ear. Watching the sensitive stuff ETH trying to tell tech something? These two have moved in perfect tandem over the past 2 months, but the latest gap is becoming very wide. Source: LSEG Workspace The worrisome part of the calendar The S&P 500 down 5 days in a row – front-running the calendar
The Productivity Commission (PC) was never the same after Gary Banks departed as chair in 2013, after leading the organisation from its inception in 1998. Back then, you could trust the institution to deliver sound advice grounded in evidence. Sadly, the PC has become politicised and lost its way. It is telling that not one
DXY is back. AUD has entered freefall. CNY is fine. Gold is confused. Metals are nervous. Big bear intact. EM swoon. Junk hiccupped finally. As yields broke higher. Stocks kept falling. There wasn’t any earthmoving data. All eyes are on Jay Powell. Goldman says he’s going to break. Goldman economist David Mericle expects Powell to
Overnight saw Wall Street stumble for the fifth consecutive session as traders get nervous about tonight’s Jackson Hole meeting and possible big changes at the Federal Reserve proper as the Trump regime wants to install sycophants on the board ASAP. The USD is seeing more signs of a strength with a strong flash PMI overnight
Recall that the federal government has set a fantastical target to construct 1.2 million homes over five years, from 1 July 2024. This target would require a level of construction that has never been achieved before. The highest single 12 months of construction in Australia’s history was achieved in Q1 2017 when 223,600 dwellings were
On Wednesday evening, I received an email from an Australian Bureau of Statistics (ABS) media officer suggesting that I have misled the public by quoting the ABS’ monthly net permanent and long-term arrivals data. The article where I have purportedly misled can be read here. The email, presented below with the officer’s name removed, claimed
Australian stocks led the way to a new record high today but the rest of Asian share markets were mainly down across the board as risk sentiment continues to shift further into negative space as we all await the Jackson Hole conference tomorrow. The USD remains on a small rally against the majors although Euro
Cotality has released its final auction results for last weekend, which recorded a clearance rate of 71.7% for Sydney—the highest of the major capital cities. Sydney’s clearance rate held above the 70% threshold for the third consecutive week, coming in at 71.7%—the strongest result in five weeks. Sydney’s monthly average final auction clearance rate now stands