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Articles from MacroBusiness

Macro Morning

November 28, 2023 - 09:00 -- Admin

Stock markets fell back slightly alongside bond yields overnight as risk sentiment remained somewhat muted in the absence of key economic data with a focus on very soft US new home sales data. The USD was off a little after being broadly lower against the undollars on Friday, with the Australian dollar pushed up through

Macro Afternoon

November 27, 2023 - 16:30 -- Admin

Asian share markets are mostly in a negative mood, with King Dollar still falling back slightly after its Friday night selloff while Wall Street is expected to open a little lower following the truncated session post Thanksgiving. Oil prices are failing to stabilise with Brent crude pushed further below the $80USD per barrel level while

Reserve Bank battles housing market rebound

November 27, 2023 - 14:00 -- Admin

Like Australia, New Zealand is experiencing a post-pandemic immigration boom, with net overseas migration a hitting record high 118,800 in the year to September: According to independent economist Tony Alexander, this 2.3% boost to New Zealand’s population “means upward pressure on rents and house prices because these people need about 43,000 extra houses to live

US credit choked

November 27, 2023 - 13:30 -- Admin

Bank credit keeps draining away: Big and small: Down 1% year on year now. That has always triggered recession: That’s a $170bn credit shrinkage, or about 0.7 of GDP. But, given it was growing at 10% fifteen months ago, the rate of change is a swing of about -8% of GDP! Fiscal is stalling too:

Baby Boomer spending creates major headache for RBA

November 27, 2023 - 13:00 -- Admin

Last week’s Commbank IQ data on spending was an eye-opener and would no doubt be causing headaches within the Reserve Bank of Australia (RBA). On Wednesday night, RBA governor Michele Bullock told the Australian Business Economists dinner that Australia’s inflation is “increasingly homegrown and demand driven”, and “an indication that aggregate demand is sufficiently greater

The message to Canberra from Europe’s “populists”

November 27, 2023 - 12:00 -- Admin

The Economist wraps up the election victory of Geert Wilders nicely: A generation ago, merely including the hard right in a ruling coalition was enough to result in ostracism, as Austria discovered when its centre-right allied with the xenophobic Freedom Party of Austria (fpö) in 2000. No longer. The idea of a “cordon sanitaire”—centrist parties

Australia’s population ponzi is a juicy gift to oligopoly corporations

November 27, 2023 - 11:40 -- Admin

When asked why Australia’s governments have opted for a mass immigration policy against the will of voters, I always explain that politicians are influenced by the “growth lobby”, namely Big Business, Big Property, and the education-migration industry, which get to privatise the gains from mass migration while the costs are socialised on the broader community.

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