The GDP partials released on Tuesday by the Australian Bureau of Statistics (ABS) showed that public sector spending is driving Australia’s economy. Total public demand is expected to contribute 0.4 ppt to the quarterly change in GDP, easily the largest contributor to the expected 0.3% quarterly growth: The lion’s share of public sector activity stems
Most opinion polls have federal Labor and the Coalition roughly neck-and-neck, with a hung parliament looking increasingly likely. We also know from the latest RedBridge polling that the Albanese government is failing to connect with voters over the cost-of-living, with only 24% of Australians surveyed stating that they could name a single thing that had
Australian politics is full of mise en abyme, the endless regress of self-referentiality into a meaningless abyss. Nobody better exemplifies this than Treasurer Jim “chicken” Chalmers who is so inept and cowardly that he has to lie about being so, the reasons for it, and then lie about those lies as well! Take today: Speaking
The late start to the trading week as US markets reopened is one most would like to restart again as risk aversion due to possible slower growth across China and the US from their respective PMI prints sent everything down overnight. Commodities led the way as USD shored up against the majors, with Wall Street
SHFE and SGX were both hammered yesterday. The jaws are closed: Dalian is at the cliff: Coking coal is over it: Big miners crashed 5% apiece in New York: Scuttlebutt is informative: China’s manufacturing activity sank to a six-month low in August, an official survey showed, pressuring policymakers to press on with plans to direct
CoreLogic’s latest dwelling value results showed that the major capital city markets are two-speed, with Sydney and Melbourne recording slow or negative growth. By contrast, Perth, Adelaide, and Brisbane continue to boom: The growing supply of homes for sale in Melbourne and Sydney has contributed to the slowing of dwelling values. The following table from
DXY is up and away! AUD turned to mush: If JPY rises much more, things could get ugly: Oil gapped into madness: Metals melt-up once again turns metals meltdown: Miners crashed: EM is your mumma: Junk gave us a reason to worry: Yields bidly: Stocks not: The trigger for the hard reversal was a weak
On Friday, Statistics Canada released data showing that the nation’s real GDP expanded at an annualised rate of 2.1% in Q2 2024, beating the consensus estimate of a 1.8% increase. The previous quarter’s result was also revised up from 1.7% to 1.8%. On the surface, Canada’s economy is growing at a solid pace. However, pulling
Asian share markets are fairly directionless as they await the lead from a closed Wall Street that will likely reopen tonight slightly in the red with all eyes on this Friday’s US jobs report. Before that we get the latest ISM manufacturing print whereas today there was a sneak peek in Australian GDP figures, which
Westpac with some nice data. So firstly, the credit cycle. The situation here remains relatively benign. The end of COVID-era special treatments and the sharp rise in mortgage rates – the ‘fixed rate cliff’ included This saw mortgage arrears climb in 2022 and 2023. However, arrears have retraced a little lower over the first half