Earlier this week, Treasurer Jim Chalmers publicly attacked the Reserve Bank of Australia (RBA), claiming that its restrictive monetary policy is “smashing the economy”. Chalmers’ salvo came about because he knew that if the RBA doesn’t start cutting rates, Labor faces the prospect of becoming a one-term government. On Thursday, I was interviewed by Bill
SHFE and SGX fell smartly yesterday. SGX bounced overnight: Mad Dalian did likewise: Coking coal too: Coking coal is down a very long way from the Ukraine War highs. Expect it to be sub-$100 before this is over: Scuttlebutt is instructive: “In contrast to last week’s mild rebound, iron ore futures in China started this
Again risk markets remain anxious leading up to tonight’s official US NFP print with a preview through the private ADP report and weekly initial jobless claims not settling the nerves despite no surprises. Treasury yields lifted again while Wall Street vacillated between losses and gains, with European shares still falling amid growth concerns. Commodity markets
DXY fell overnight: Cutting AUD some slack: North Asia is up and away: Oil has the world’s ugliest chart despite OPEC output cuts: Metals will go down with it: Big miners are sitting ducks: EM is all washed up: Junk bullish! Yields plunging! Stocks don’t know if it is good news or bad: My view
Last month, CBA economists estimated that the household savings war chest accumulated over the pandemic will be largely exhausted by the end of the year. As a result, “the boost to consumer spending power in 2024/25 via the 1 July 2024 tax cuts will be partially offset by the decline of the tailwind on consumption
I do not like the Coalition’s spokesman on home ownership, Andrew Bragg. However, Bragg is correct in cautioning against build-to-rent housing, warning that it will “put Australia on a path to emulate the US’s corporate housing model”. “We do not want to emulate the American corporate housing model. We want people to own our homes
On Wednesday, the Australian Bureau of Statistics (ABS) released the Q2 national accounts, which revealed that real per capita GDP declined by six consecutive quarters and for seven of the past eight quarters: Australia’s real per capita GDP is now 2.0% lower than it was when the Albanese government took office in June 2022. The
Australia’s war between monetary and fiscal authorities is intensifying as Michelle Bullock fired back at her lost Treasurer: The key drivers of elevated inflation at the moment are housing costs and market services inflation, which remain above their average levels and have been easing only gradually. On the housing side, this reflects both construction cost
Asian share markets remain in a sea of caution leading up to tomorrow night’s US unemployment print with only local stocks advancing appreciably while currency markets tread water. Yen however remains on a tear due to some words of warning from the BOJ today. Commodities are still weak but this hasn’t hindered the Australian dollar
New housing minister Clare O’Neil should be reported to the Albanese government’s disinformation register. Last month, O’Neil was accused of misleading parliament by making up expert evidence on the housing crisis: Last week, O’Neil then that “Australia is in a housing crisis because we have a housing shortage. To answer this crisis, our country needs to build