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The Australian Independent Media Network Tuesday, September 17, 2019 - 17:27 Source

By Michael Brazel   Let’s talk about the attack on the oil processing facility in Saudi Arabia. This has the potential to be the critical flash-point not only in Middle Eastern affairs but in the world’s financial systems. This could snowball out from the deserts where our modern concept of civilisation and bring down the world…

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MacroBusiness Tuesday, September 17, 2019 - 17:00 Source

Quite a mixed session across Asia today with Chinese stocks slumping, Australian advancing while the long weekend dampener has seen Japanese bourses remain steady, despite a weaker Yen. Oil prices haven’t moved much since their weekend gap, but this could be the calm before the storm as OPEC is due to hold a press conference

The post Macro Afternoon appeared first on MacroBusiness.

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Renew Economy Tuesday, September 17, 2019 - 16:09 Source

Second-round September offer of 3,250 rooftop solar rebates taken up in little more than a quarter of an hour.

The post Victoria solar demand still sizzling: another 3,250 rebates gone in 20 minutes appeared first on RenewEconomy.

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Renew Economy Tuesday, September 17, 2019 - 16:03 Source

northern territory generaton gas turbine - optimisedNT Government owned utility says it faces an 'existential risk' from increased solar uptake. Can a big battery save it?

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The Australian Independent Media Network Tuesday, September 17, 2019 - 16:02 Source

The constipated tedium that follows each call, denial and condemnation after another round of fake news and its giddying effects has become daily fare. Entire episodes with the sanctimonious and the solemn are being created to show up the citizen journalist, the blogger, the self-opinionated masturbator of news, in the hope that some high priest…

The post Fake Arguments on Fake News appeared first on The AIM Network.

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MacroBusiness Tuesday, September 17, 2019 - 15:14 Source

Via Bill Evans at Westpac: The minutes of the Reserve Bank Board’s September meeting contain similar themes to the August minutes but indicate that the Board acknowledges that it is getting closer to its next move on policy. In August the Board minutes concluded that: “Having eased monetary policy at the previous two meetings, the

The post Bill Evans: October rate cut coming appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 14:40 Source

This time last year, Ross Gittins penned an excellent article lamenting the neoliberal obsession with transferring the provision of public services to private providers, which focussed on aged care: A key part of the era of what we used to call “micro-economic reform” has been to take services formerly provided by governments – and sometimes

The post Marketisation of Australia’s public services has failed appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 14:20 Source

MichaelWest.com.au has published interesting analysis explaining how changes implemented by the Coalition when it came to power in 2013 have wrecked the National Broadband Network (NBN): The real rot started with the “strategic review” of the NBNCo plans initiated after the 2013 election… The review predictably concluded that the latest corporate plan was too optimistic

The post How the Coalition destroyed the NBN appeared first on MacroBusiness.

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Renew Economy Tuesday, September 17, 2019 - 14:18 Source

Coal fossil fuel Power Plant smokestacks - optimised divestmentGlobal fossil fuel divestment movement tops US$11 trillion as campaigners place further pressure on investors to respond to climate emergency.

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MacroBusiness Tuesday, September 17, 2019 - 14:00 Source

I has been dubbed the “latte line” – the divide between poorer disadvantaged Sydney residents living in the West and their wealthy counterparts in living in the East. Christopher Brown, Chairman of the Western Sydney Leadership Dialogue (WSLD), explained the “latte line” recently: “As much as we are strong advocates of western Sydney, we need

The post Sydney’s stark East-West housing divide appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 13:40 Source

Via Reuters: Terry Gou, founder of Apple supplier Foxconn (2317.TW), in a surprise move on Monday said he will not contest in Taiwan’s 2020 presidential election. Gou, Taiwan’s richest person with a net worth of $7.6 billion according to Forbes, said in a statement late on Monday he would not join the already competitive race,

The post Taiwan election swings wildly against China appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 13:20 Source

Labor’s policy thinktank, the McKell Institute, has released a spurious ‘research’ report claiming that there is no evidence that previous compulsory superannuation increases eroded workers’ pay rises: Key points There is no clear empirical evidence that increasing the superannuation guarantee directly lowers wages. Our analysis finds no evidence to suggest that increases in the Superannuation

The post Labor’s lackey peddles superannuation lies appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 13:10 Source

A couple of standout lines from the RBA minutes are very dovish, including a clangor for Recessionberg: “Members noted that the outlook for the construction sector was particularly weak.” “The low- and middle-income tax offset (LMITO) was expected to boost household income, and thus support consumption growth, in coming quarters. However, the Bank’s liaison with

The post RBA declares Recessionberg tax cuts FAIL appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 13:00 Source

A double edged sword this. Chinese new house prices are out and continue to slow, up 0.58% in August and 8.3% year on year: Much of the slowing was in the breadth of cities with 20 flat or falling: Top tier cities remain subdued while lower tiers are cooling: Here’s the raw data: This will

The post Chinese house prices keep slowing appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 12:40 Source

The ABS has released its property price index – incorporating both detached houses and units – which registered another 0.7% decline in home values nationally over the June quarter and a 7.4% decline over the year: Sydney (-0.5%), Melbourne (-0.8%), Brisbane (-0.7%), Perth (-1.4%), Adelaide (-0.6%), and Darwin (-1.8%) all recorded quarterly declines in values,

The post ABS: Property prices fell 0.7% in Q2 appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 12:20 Source

#RBA minutes on housing Despite Lowe talking about the risks of higher asset prices both the Bank & APRA are focused on credit growth so there will be no macroprudential until that space picks up materially (which is the risk) in the meantime property prices will rise sharply IMO pic.twitter.com/8oYNTlvpAF — Alex Joiner (@IFM_Economist) September

The post “…no macroprudential until that space picks up materially” appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 12:10 Source

Fresh from the Loon: International Economic Conditions Members commenced their discussion of the global economy by noting that business conditions in the manufacturing sectors in many economies had remained subdued. They discussed the escalation of the US–China trade and technology disputes, which had intensified the downside risks to the global outlook. By contrast, conditions in

The post RBA minutes offer strong easing bias appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 12:00 Source

Via the AFR: An imminent return to boom-time employment levels in the Australian mining sector is likely to accelerate labour cost inflation that is already evident in the industry’s most active hubs in Western Australia and Queensland. A landmark review of near-term investment intentions by the Australian Mines & Metals Association has identified $41 billion

The post Miners break “skills shortage” panic button appeared first on MacroBusiness.

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Renew Economy Tuesday, September 17, 2019 - 11:47 Source

Victoria government planning amendment introduced to ensure large-scale solar projects choose appropriate locations on grid, have minimal environmental or social impacts.

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MacroBusiness Tuesday, September 17, 2019 - 11:44 Source

The Australian has been falling this morning and appears in danger of deeper retracement: Bonds are bid again: A stocks fall: Dalian is soft: Big iron has flamed out. FMG above $9 as China slows is something else: Big Gas is running of course: Big Gold looks very double toppy: Big Banks are down but

The post Australian dollar sinks as risk rally falters appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 11:40 Source

Via the Politco: U.S. Trade Representative Robert Lighthizer told top business executives on Monday that there is still much work to be done to reach a trade deal with China despite the two sides having been close to an agreement earlier this year, said U.S. Chamber of Commerce CEO Tom Donohue. “He laid it out

The post Trade deal skepticism rises appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 11:20 Source

Economist Jason Murphy has penned an article on the rise in Australia’s services economy, which is now fuelling the lion’s share of jobs growth: Australia has turned into a services economy. Our country is rapidly changing, and one of the biggest ways is that almost everyone who has got a new job recently has ended

The post Australia’s services “bullshit” jobs boom appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 11:00 Source

Water Minister, David Littleproud, has hypocritically attacked Australia’s states for failing to build enough dams to provide for Australia’s ballooning population: The federal government has sounded a warning about falling water security, saying the states have failed to match water storage with population growth over the past two decades. At the current rates, water storage

The post Hypocrite feds blame states for water crisis appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 10:40 Source

Recall from Reuters yesterday: Australian intelligence determined China was responsible for a cyber-attack on its national parliament and three largest political parties before the general election in May, five people with direct knowledge of the matter told Reuters… The report, which also included input from the Department of Foreign Affairs, recommended keeping the findings secret

The post Grovelling to China “the worst thing you can do” appeared first on MacroBusiness.

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Renew Economy Tuesday, September 17, 2019 - 10:36 Source

The climate crisis has now grown so severe that the actions of denialists have turned predatory: they are now an immediate threat to our children.

The post Why ‘predatory’ climate deniers are a threat to our children appeared first on RenewEconomy.

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MacroBusiness Tuesday, September 17, 2019 - 10:35 Source

Deary me. The Bellamy’s suitor is, shock horror, associated with a State Owned Enterprise (that is, the Chinese Communist Party) so obviously the acquisition should be blocked. Now, back to the fight:

The post Watch: Bellamy’s brawl breaks out appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 10:20 Source

As we know, developer Ralan has collapsed owing creditors at least half a billion dollars. Included among them are hundreds of buyers who bought apartments off-the-plan who are facing deposit losses of up to $70,000 or more. Many of these buyers were Chinese, who were targeted in an elaborate ponzi scheme: “It’s a quasi Ponzi

The post Ralan collapse torches Chinese investor millions appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 10:00 Source

Via ANZ: Consumer confidence slumped to its lowest level in more than two years at the weekend, according to an ANZ survey that suggests people are preparing for more difficult economic conditions over the next five years. The ANZ-Roy Morgan Australian Consumer Confidence index fell 3.5 per cent from the previous week, with respondents’ perception

The post ANZ consumer confidence hammered appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 10:00 Source

Adrian Blundell-Wignall making more sense today: Monetary policy cannot “fix” stag-deflation in the West, the fundamental cause of which is excess investment in certain parts of the world. …Here we are with 11 years of the easiest global monetary policy in history and we see not only little inflation but also weakening economic growth. This

The post Blundell-Wignall: Cut fiscal fetish appeared first on MacroBusiness.

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MacroBusiness Tuesday, September 17, 2019 - 09:40 Source

Via CoreLogic comes weekly leading indicators with supply beginning to lift: It’s tracking pretty normally now. Mortgage demand has come off too, also normal, but is still up marginally year on year: The demand/supply imbalance we’ve seen in recent months leveled out a little this week. Full report.

The post Leading property indicators level out a little appeared first on MacroBusiness.

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