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MacroBusiness Thursday, August 17, 2017 - 13:33 Source

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released the Average Weekly Earnings (AWE) data for the six months to May 2016. A breakdown of the key changes are provided below: According to the ABS, on a seasonally-adjusted basis, national total AWE increased by 1.3% in the six months to May 2017,

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Renew Economy Thursday, August 17, 2017 - 13:21 Source

Australian energy storage industry registers thousands of protests against Standards Australia’s proposed home battery ban. Industry body says if draft adopted, the energy storage industry in Australia and globally will be “thrown into chaos.”

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MacroBusiness Thursday, August 17, 2017 - 12:46 Source

The commodity pain trade is roaring upwards today with iron ore off the hook up 6%: Big Iron is pretty circumspect about it: Big Gas is weak, notably so when one reads all of the positive guff coming from brokers: Big Gold is hot as it signals more USD weakness. I am a seller here

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MacroBusiness Thursday, August 17, 2017 - 12:25 Source

By Leith van Onselen As summarised earlier, the Australian Bureau of Statistics (ABS) today released its labour force report for July, which registered a solid 27,900 increase in total employment and no change to the headline unemployment rate (still 5.6% after last month’s figure was revised upwards). In trend terms, the unemployment rate fell marginally

The post Unemployment in detail: Broad-based recovery continues appeared first on MacroBusiness.

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Political Owl Thursday, August 17, 2017 - 12:04 Source

Maybe that annoying TV woman who nearly fell off the chair could solve MP's dual nationality problems once and for all.

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The Australian Independent Media Network Thursday, August 17, 2017 - 11:57 Source

Whilst politics has always been an adversarial arena, the last decade has seen parliamentary debate sink to such a low level that they have become an impediment to rational thinking and progress.  As they battle each other for the funniest zinger or most cutting accusation, the country lumbers on with no direction. The reality show…

The post Let’s talk about immigration appeared first on The AIM Network.

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MacroBusiness Thursday, August 17, 2017 - 11:47 Source

It’s still a long shot but worthy of consideration, from RBC: With an already precarious one-seat majority, the Liberal-National Coalition government risks turning into a minority government should the High Court uphold Section 44 of the Constitution and rule the current Deputy PM and leader of the National Party ineligible for Parliament. There must also be

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MacroBusiness Thursday, August 17, 2017 - 11:35 Source

July jobs are out from the ABS and it’s a mixed bag: Employment increased 27,900 to 12,201,400. Full-time employment decreased 20,300 to 8,342,300 and part-time employment increased 48,200 to 3,859,10 Unemployment increased 1,100 to 730,600. The number of unemployed persons looking for full-time work decreased 3,800 to 496,400 and the number of unemployed persons only

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MacroBusiness Thursday, August 17, 2017 - 11:19 Source

Makes sense to me: Australian Conservatives senator Cory Bernardi has called for parliament to be prorogued pending the outcome of the High Court cases over the citizenship status of Barnaby Joyce, Matt Canavan, Malcolm Roberts, Larissa Waters and Scott Ludlam have been determined. “There are great concerns about the health and wellbeing of our institutions,”

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MacroBusiness Thursday, August 17, 2017 - 11:04 Source

Dick and Pauline have enjoyed a Twitter love-in today to help promote his Fair Go campaign. Both come over well. Here’s the “grim reaper” ad making the rounds, too: I once saw the guy who did the voice over playing King Lear at the Opera House. I guess Shakespeare and the famous building are racists too.

The post When Dick met Pauline appeared first on MacroBusiness.

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MacroBusiness Thursday, August 17, 2017 - 10:49 Source

As said this morning, the Fed hedged dovish minutes today with this: This overall assessment incorporated the staff’s judgment that, since the April assessment, vulnerabilities associated with asset valuation pressures had edged up from notable to elevated, as asset prices remained high or climbed further, risk spreads narrowed, and expected and actual volatility remained muted in

The post Are US stocks a bubble about to burst? appeared first on MacroBusiness.

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MacroBusiness Thursday, August 17, 2017 - 10:34 Source

Back in saddle after this morning’s dummy spit, Credit Suisse has some of the finer detail driving the coking coal rebound: China struggling to meet demand China demand is stronger than anticipated due to solid steel production, which is probably enhanced by the closure of induction furnaces and their replacement with blast furnace steel. Against

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MacroBusiness Thursday, August 17, 2017 - 10:24 Source

By Leith van Onselen The Turnbull Government is optimistic that its proposed 0.5% increase in the Medicare levy will be passed by the Senate. The bill will be put before the upper house later today, although a vote is unlikely before September. The Labor Opposition is pushing for the increased levy to be restricted to

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The Tally Room Thursday, August 17, 2017 - 10:00 Source

We’re due for two state by-elections in New South Wales later this year, and I’ve just finished guides for both electorates, which you can read now.

Blacktown

Former NSW opposition leader John Robertson has announced plans to resign. Labor should easily retain this seat.

Cootamundra

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MacroBusiness Thursday, August 17, 2017 - 09:59 Source

By Leith van Onselen A bit of comedy today from Australia’s soon to be ousted federal Treasurer: The Treasurer said the wage data was “as forecast in the budget” — which pencilled in wage growth rising from 2 per cent this year to 3.5 per cent by 2021 — and in line with market expectations.

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The Australian Independent Media Network Thursday, August 17, 2017 - 09:41 Source

It is evident that section 44 of the Australian Constitution causes considerable angst to elected representatives in the Commonwealth Parliament. Section 44 sets out who is capable of being “chosen or of sitting as a senator or a member of the House of Representatives”. It describes this eligibility in the form of who is not…

The post Dual citizen politicians: what to do? appeared first on The AIM Network.

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MacroBusiness Thursday, August 17, 2017 - 09:17 Source

By Leith van Onselen The Turnbull Government has reportedly back flipped on its promise to allow personal imports of high quality overseas vehicles – so-called “grey imports”. From Motoring.com.au: The Federal Chamber of Automotive Industries (FCAI) has offered its approval of the federal government’s official announcement today that it will not deregulate personal vehicle importation.

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The Australian Independent Media Network Thursday, August 17, 2017 - 09:00 Source

Denis Bright invites discussion on the ascendency of President Emanuel Macron as the final round in the 2017 election cycle approaches with half-senate election on 24 September 2017. Do the political events in France have implications for other responsible middle powers like Canada and Australia? Is the youthful President Macron now carrying a baton for…

The post France En Marche: New Belle Époque for Responsible Middle Powers? appeared first on The AIM Network.

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The Melbourne Urbanist Thursday, August 17, 2017 - 08:55 Source

The media and politicians continue to give it credibility but they know the EIU’s ‘world’s most liveable city’ gong has little bearing on the life of residents of Melbourne Is Melbourne’s liveability gong mostly bullshit?

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MacroBusiness Thursday, August 17, 2017 - 08:36 Source

By Chris Becker   Coo coo catchoo. The Fed goes somewhat dovish in its latest meeting minutes, complaining about low inflation, sending the USD down sharply from its recent little high and supporting stock markets on both sides of the Atlantic. An upside surprise to the EZ GDP print helped as well. Commodities were mixed

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Thursday, August 17, 2017 - 08:22 Source

By Leith van Onselen A leading tax expert has thrown a hand grenade at the Turnbull Government’s company tax cut policy, claiming that the rich would benefit the most if company taxes were lowered. From The AFR: Richard Vann, the Challis Professor of Law at the University of Sydney, said the government was relentlessly eager

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MacroBusiness Thursday, August 17, 2017 - 08:21 Source

Iron ore price charts for August 16, 2017: Tianjin spot fell 60 cents to $71.70. Paper went berserk overnight. Steel was sinking but I know not what it will do today. The two coals have ceased to make sense to me. Today I’m wondering if I should close this column. I pride myself on having

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MacroBusiness Thursday, August 17, 2017 - 08:03 Source

By Leith van Onselen CEO of Stockland (and former Property Council President), Mark Steinert, is loving the Australian economy right now, with the company making out like bandits from the immigration-driven population crush occurring across Melbourne and Sydney. From The AFR: Steinert looks at Melbourne and sees a city experiencing the strongest population growth since

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MacroBusiness Thursday, August 17, 2017 - 08:01 Source

Via Paul Dales at Capital Economics: We suspect that history will be turned on its head over the next decade or so with Australia and New Zealand experiencing lower inflation rates than some of their peers. It follows that their exchange rates are likely to be weaker than otherwise and that their government bond yields

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MacroBusiness Thursday, August 17, 2017 - 07:33 Source

The DXY reversed last night as Fed minutes came in dovish: The Aussie dollar roared: But fell against other EMs: Gold took off: Brent fell: But base metals went nuts (as did iron ore): Big miners followed: And EM stocks: High yield firmed: US yields fell: European too: European stocks bounced, US a little: DXY

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MacroBusiness Thursday, August 17, 2017 - 06:47 Source

From the NYT: President Trump’s main council of top corporate leaders disbanded on Wednesday following the president’s controversial remarks in which he equated white nationalist hate groups with the protesters opposing them. Soon after, the president announced on Twitter that he would end his executive councils, rather than put “pressure” on executives. The quick sequence

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MacroBusiness Thursday, August 17, 2017 - 06:26 Source

Via the AFR: Liberal MPs despairing at the mounting crises plaguing the government are starting to question the political judgment of the Prime Minister’s office and whether the Coalition can win the next election. As the government limped through another parliamentary sitting day hamstrung by Barnaby Joyce’s dual citizenship debacle, MPs said the only positive

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The Australian Independent Media Network Thursday, August 17, 2017 - 06:00 Source

Thursday 17 August 2017 When The Australian publishes headlines like those listed below (all behind a paywall, sadly), you know you are in deep trouble. We are being governed by clowns but it’s no laughing matter. The Government has found itself in an agonizing muddle over Joyce’s actual citizenship status and sought to ensnare Australia’s trusted…

The post Day to Day Politics: Please just go, Barnaby. appeared first on The AIM Network.

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MacroBusiness Thursday, August 17, 2017 - 00:30 Source

Some great charts from Westpac today tells the story of wages. Total hourly wages ex bonuses increased 0.5% in Q3, in line with expectations. It continues to hold just above the record low of 0.4% in 2016 Q4 which overall, a surprisingly soft outcome given the relative positive state of the Australian labour market. The

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MacroBusiness Thursday, August 17, 2017 - 00:30 Source

Some great charts from Westpac today tells the story of wages. Total hourly wages ex bonuses increased 0.5% in Q3, in line with expectations. It continues to hold just above the record low of 0.4% in 2016 Q4 which overall, a surprisingly soft outcome given the relative positive state of the Australian labour market. The

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