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MacroBusiness Monday, December 18, 2017 - 17:31 Source

by Chris Becker Here comes the Santa rally with all markets outside China putting on gains in response to growing certainty surrounding the US tax cuts that should pass mid-week. Bitcoin continues to make new highs while “real” currencies like Aussie and Yen were essentially unchanged following the weekend gap. In mainland China the Shanghai

The post Macro Afternoon appeared first on MacroBusiness.

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Inside Story Monday, December 18, 2017 - 15:33 Source

The recent award of the Prime Minister’s Prize for fiction to Ryan O’Neill’s Their Brilliant Careers: The Fantastic Lives of Sixteen Extraordinary Australian Writers came as a surprise — not because the novel isn’t clever and well-written, but because it is directed at literary readers, at the kind of people who know their literary history and can enjoy the book’s jokes about Australian writers’ lives.

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The Australian Independent Media Network Monday, December 18, 2017 - 14:52 Source

Scott Morrison’s MYEFO released today and his speech outlining his government’s “achievements” leaves one breathless for its ignorance, its deception and his own arrogance. Morrison’s ability to waffle and sound convincing knows no bounds, yet he speaks such rubbish in macroeconomic terms, that he drags the rest of us down with him. A terrible deception…

The post How MYEFO masks Deception and Ignorance appeared first on The AIM Network.

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Renew Economy Monday, December 18, 2017 - 14:38 Source

Australia’s current gas network could – and should – be decarbonised by 2050, through combination of renewables generated hydrogen fuel, biogas, and CCS.

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MacroBusiness Monday, December 18, 2017 - 14:12 Source

La Trobe Financial, which is an Australian lender specialising in non-conforming loans (i.e. if you are too risky for the big banks, you go to La Trobe) has decided that its time to cash in its chips (via the Financial Standard): Melbourne-based La Trobe Financial, one of the largest non-bank lenders in the country, struck

The post Another real estate insider taps out at the top appeared first on MacroBusiness.

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MacroBusiness Monday, December 18, 2017 - 13:40 Source

CoreLogic’s weekly property vitals are out. The leading mortgage index continues to show a faint pulse: However, it remains down sharply year-on-year. Listings are up sharply year-on-year in Sydney: Whereas property prices continue to slide: Full report here.

The post Sydney property listings up 22% year-on-year appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, December 18, 2017 - 13:36 Source

For those who may be watching the ABC to get updates on the Mid Year Economic and Fiscal Outlook, don’t bother. The first thing I saw was a large banner on the bottom of the screen: “Australia scheduled to be out of debt by 2021” For those more interested in the truth, MYEFO actually says…

The post ABC opts for Murdoch misinformation on MYEFO appeared first on The AIM Network.

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Renew Economy Monday, December 18, 2017 - 13:17 Source

AEMC admits rises in consumer bills this year should be reversed in the next couple of years. ... thanks to solar and wind. But it still seeks to paint "intermittent" renewables in their worst possible light.

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Renew Economy Monday, December 18, 2017 - 13:17 Source

AEMC admits rises in consumer bills this year should be reversed in the next couple of years. ... thanks to solar and wind. But it still seeks to paint "intermittent" renewables in their worst possible light.

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Skepticlawyer Monday, December 18, 2017 - 13:07 Source

This very short post by philosopher Stephen Hicks states that:

*Metaphysically*, philosophy was born with Thales and the Milesians. *Epistemologically*, it was born with Parmenides and the Eleatics.

The Milesian school began around 600 BCE on the coast of Asia minor. The Eleatic school began around 500 BCE about 1100 kilometers west in the southern Italian peninsula.

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MacroBusiness Monday, December 18, 2017 - 13:05 Source

By Leith van Onselen In early 2003, I joined the Australian Treasury where I was immediately introduced to the Department’s “Three P’s” framework, which effectively argued that Australia needed to: 1) boost productivity; 2) raise workforce participation; and 3) increase the population via skilled migration, if the nation was to continue to enjoy rising living

The post Aussies plan to work longer than ever before appeared first on MacroBusiness.

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Renew Economy Monday, December 18, 2017 - 12:30 Source

Grid reliability and flexibility in the NEM would be much of an issue for the next few years except for the fact that the coal generation fleet is getting very old.

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Inside Story Monday, December 18, 2017 - 12:05 Source

In late 2015, during the dying weeks of Tony Abbott’s prime ministership, consumers of Australian politics were treated to a bizarre spectacle. The death of West Australian MP Don Randall had triggered a by-election in the electorate of Canning, and the contest quickly became a test of Abbott’s leadership. Just why was never really explained — the government enjoyed a thirty-seat majority, and one loss would barely have dented it — but through the whispers and backgrounding and commentator-nodding, Canning snowballed to “crucial” status.

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MacroBusiness Monday, December 18, 2017 - 11:56 Source

By Leith van Onselen The Australian Bureau of Statistics (ABS) today released new motor vehicle sales for the month of November, which registered a 0.1% seasonally adjusted increase in the number of sales over the month and a 2.1% increase over the year: Four jurisdictions reported seasonally adjusted increases in new car sales in November

The post New car sales continue to trend lower appeared first on MacroBusiness.

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MacroBusiness Monday, December 18, 2017 - 11:10 Source

Here’s an excellent dissection of the Australian economy by Westpac chief economist, Bill Evans: As we contemplate 2018 and 2019 there are a number of key themes that we believe will dominate economic and market developments. Our advice to customers throughout 2017 has been to expect Australia’s growth rate to be anchored below trend in

The post Bill Evans: Soggy economic outlook means rates on hold. China key risk appeared first on MacroBusiness.

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Inside Story Monday, December 18, 2017 - 10:55 Source

To be honest, my introduction to Mary Beard came not through her many books and articles but via the television screen. It was 2012 and Professor Beard had invited me and an audience of millions to join her on a tour of Ancient Rome. Picture it. Here was an “expert,” a Cambridge don, riding her rickety bike through the crazy traffic of the Italian capital, her long grey hair flowing free behind her like some ageing hippie’s. Apart from what she imparted about everyday life in the ancient metropolis, she herself was a wonder: the hair, the crimson anorak and, if memory serves me, a pair of sneakers.

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MacroBusiness Monday, December 18, 2017 - 10:50 Source

By Leith van Onselen In this year’s Federal Budget, the Coalition promised to impose a levy of up to $1,800 per annum on companies for each worker they employ on a temporary skilled visa. The measure is aimed at raising some $1.2 billion over four years, with the money to be used on skills training.

The post Employer group bawls over modest temporary skilled visa levy appeared first on MacroBusiness.

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Renew Economy Monday, December 18, 2017 - 10:40 Source

The new appointments bring experience and skills in finance and investment, energy markets and corporate governance skills and add to the geographical diversity to the Board.

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Renew Economy Monday, December 18, 2017 - 10:40 Source

The new appointments bring experience and skills in finance and investment, energy markets and corporate governance skills and add to the geographical diversity to the Board.

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Harrangue Man Monday, December 18, 2017 - 10:33 Source

Gotham City, DC comics United States: Insane clown-themed criminal "The Joker" sent the vat of acid that caused his hideous transformation a Christmas card, Arkham Insane Asylum sources report.The Joker's card expressed fond seasonal wishes to the vat and wished that it and its family all the best for the coming the holiday season."It's not unusual for our prisoners to send cards to inanimate objects.

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John Quiggin Monday, December 18, 2017 - 10:29 Source

A new sandpit for long side discussions, conspiracy theories, idees fixes and so on.

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John Quiggin Monday, December 18, 2017 - 10:28 Source

Another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please.

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MacroBusiness Monday, December 18, 2017 - 10:10 Source

By Leith van Onselen Over the past year or so, reports have emerged documenting the billions in taxpayer funds that have flowed to consultants. In September 2016, Michael West reported how the Big Four accounting firms had taken corporate welfare to an extraordinary level, earning up at least $2.6 billion in fees from the Australian

The post Auditor-General: Consultants taking taxpayers to the cleaners appeared first on MacroBusiness.

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Renew Economy Monday, December 18, 2017 - 09:34 Source

The 110MW Wemen Solar Farm in Victoria and the 89MW Clermont Solar Farm in Queensland reached financial close yesterday, and will commence construction in January 2018.

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MacroBusiness Monday, December 18, 2017 - 09:32 Source

From Standard and Poors: MELBOURNE (S&P Global Ratings) Dec. 18, 2017 — Delinquent housing loans underlying Australian prime residential mortgage-backed securities (RMBS) fell to 1.04% in October from 1.08% in September, according to a recent report by S&P Global Ratings. We attribute part of the decline to a rise in outstanding loan balances during the

The post S&P: Home loan arrears fell in October appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, December 18, 2017 - 09:19 Source

In light of the findings of the Royal Commission into Institutional Responses to Child Sex Abuse, the worst offender, the Catholic Church, has immediately hunkered down, absolutely refusing to even consider the recommendations that they reconsider some of their canon laws as they have been a contributing factor to the ongoing abuse of children. They…

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MacroBusiness Monday, December 18, 2017 - 09:00 Source

By Chris Becker  It’s effectively the last week of the trading year, so that means the last Trading Week wrap up for the calendar year. Its been a big year of risk taking – otherwise know as central bank supported buying of risk assets for almost no risk to capital – with the major catalyst

The post Macro Morning (Trading Week) appeared first on MacroBusiness.

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MacroBusiness Monday, December 18, 2017 - 08:30 Source

By Leith van Onselen Last month, the Australian Taxation Office (ATO) undertook action against 19 multinational corporations implicated for tax avoidance after 13.4 million records from Bermudan law firm Appleby were leaked to the international press (dubbed the “Paradise Papers”). And later in November, it was revealed that the ATO’s action on multinational tax avoidance

The post ATO tightens clamp on multinational related-party debt appeared first on MacroBusiness.

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MacroBusiness Monday, December 18, 2017 - 07:41 Source

By Leith van Onselen Another week, another disastrous Newspoll for Do-Nothing Malcolm, with the Coalition still trailing Labor 53-47 on a two-party preferred basis, with cost-of-living concerns still front-and-centre. From The Australian: Cost of living is set to become the critical political contest in 2018, with Malcolm Turnbull and Bill Shorten locked in a neck-and-neck

The post Will Turnbull do what is needed to turn the polls around? appeared first on MacroBusiness.

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Core Econ Monday, December 18, 2017 - 05:02 Source

Lemonade Inc., the New York based fintech startup that sells renters and home insurance has been in the news recently; it has raised tens of millions in venture capital  and has also raised considerable interest in the top echelons of corporate Australia. I know because I was asked to reflect on it as part of a workshop on behavioral economics/behavioral science that I conducted a couple of months ago.

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