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MacroBusiness Friday, February 21, 2020 - 09:15 Source

The CBA not-s0-Flash PMI: Service sector business activity fell for the third time in the past four months in February, and at the quickest rate on record. New business, employment and backlogs of work also fell across the sector, albeit marginally. The rate of input cost inflation meanwhile eased further in February, down to a

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MacroBusiness Friday, February 21, 2020 - 09:00 Source

Iron ore prices for Febraury 29, 2020: The miracle price boomlet goes on. Mills are restocking like zombies, via Bloomie: The collapse in economic activity amid China’s unprecedented measures to contain the coronavirus outbreak means there are few buyers of steel, which has sent prices tumbling and put margins under intense pressure. However it’s difficult

The post Daily iron ore price update (running on empty) appeared first on MacroBusiness.

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THE BLOT REPORT Friday, February 21, 2020 - 08:26 Source

Most people who read
beyond the headlines will have seen or heard about last Monday’s edition of the
Australian Broadcasting Corporation’s Four Corners investigative journalism
show. It documented the coverup of sexual grooming of boys at the ‘exclusive’
St Kevin’s Catholic college in the wealthy Melbourne suburb of Toorak. On the
show, it was alleged that a volunteer athletic coach who trained a student had
groomed the boy for possible child abuse. When the court case happened, it became
clear that the headmaster and the dean of sport took the side of the person

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Your Democracy Friday, February 21, 2020 - 07:24 Source

punch and judy

Michael Bloomberg: The Democrat’s Billionaire Strawman

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Renew Economy Friday, February 21, 2020 - 06:58 Source

The world’s largest wind turbine about to enter serial production is the 12MW GE Haliade-X turbine, but manufacturers hope to deliver 20MW turbines by the end of the decade.

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Renew Economy Friday, February 21, 2020 - 06:52 Source

regulatory Offshore wind farm energy turbines at dawnGigastack project will use electricity generated from the world’s largest offshore wind farm to produce renewable hydrogen.

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MacroBusiness Friday, February 21, 2020 - 05:57 Source

DXY is the unstoppable freight train of global markets: The Australian dollar trapdoor opened: Gold is sending a nasty signal about the virus: Oil is deluded: Metals have a better notion: Miners will be crushed when iron ore breaks: EM stocks gave in: Junk woke in fright: Bonds boomed: Stocks hiccuped: Westpac has the data

The post Australian dollar trapdoor opens appeared first on MacroBusiness.

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Poll Bludger Friday, February 21, 2020 - 05:15 Source

A second by-election now looms in Queensland, in which One Nation may cause trouble in a traditionally Labor-voting working class seat. Elsewhere, Josh Frydenberg faces a contentious Section 44 challenge, and a Victorian Liberal aspirant regrets not paying his train fare.

The post Bundambarama appeared first on The Poll Bludger.

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MacroBusiness Friday, February 21, 2020 - 00:20 Source

There are five reasons why Phil Lowe should get boned. First, after a near decade of failed forecasting at the bank, the Lowe RBA is still resolutely projecting imminent rebounds for wages and inflation. Second, the Lowe RBA refuses to use underemployment as its key labour market measure over unemployment, when it is the former

The post Sack Phil Lowe appeared first on MacroBusiness.

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MacroBusiness Friday, February 21, 2020 - 00:19 Source

Exclusively from Gerard Minack at Minack Associates: Australia remains stuck with the macro blahs: tepid growth in aggregate and stagnation per person.  The risks are skewed to the downside.  The key to the downside unfolding is not whether there’s a fluky one quarter GDP decline, but whether the labour market weakens.  Falling employment would trigger

The post Exclusive: Gerard Minack on Australia’s double shock appeared first on MacroBusiness.

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MacroBusiness Friday, February 21, 2020 - 00:15 Source

Following Wednesday’s wage growth data, which revealed further weakness: The ABS yesterday released average weekly earnings data for the six months to November 2019. A breakdown of the key changes are provided below: According to the ABS, on a seasonally-adjusted basis, national total AWE increased by 1.5% in the six months to November 2019 and

The post Aussie real average earnings finally rise above 2013 levels appeared first on MacroBusiness.

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MacroBusiness Friday, February 21, 2020 - 00:10 Source

In the week ended 20 February 2020, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, rose another 0.25%: The rise in values was again fairly broad-based: Quarterly dwelling values continue to rise strongly, driven by Sydney and Melbourne, where prices are still rocketing: The strong rebound across Sydney

The post CoreLogic weekly house price update: More rises appeared first on MacroBusiness.

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MacroBusiness Friday, February 21, 2020 - 00:10 Source

So universities are now people smugglers. Via The Australian: Western Sydney University is offering $1,500 payments to Chinese students to help fund travel packages to third-country transit destinations to get around the federal government’s coronavirus ban. International students at Western Sydney University have been informed that the institution will “pay each student arriving in Australia

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MacroBusiness Friday, February 21, 2020 - 00:01 Source

Global Macro / Markets / Investing: Coronavirus Begins to Spread Economic Gloom Worldwide – Foreign Policy Companies are racked with loads of low-quality debt – Business Insider Coronavirus could cost global economy $1tn in lost output – The Guardian Where Is the Gold Rush Leading to? – Journal Neo This ‘Crisis Investing’ Hedge Fund Manager

The post Links 21 February 2020 appeared first on MacroBusiness.

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New Politics Thursday, February 20, 2020 - 22:47 Source

It’s hard to keep a tab on the current deluge of corruption coming out of federal politics, and barely a day goes by where there isn’t a new report of malfeasance by the Liberal–National government.

But
there’s so much corruption being carried out by the government that it’s so
hard to know where to start and, unfortunately for the public, it’s hard to
know when it will all stop.

Here’s a
short history:

Water for sale

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John Quiggin Thursday, February 20, 2020 - 17:54 Source

The latest kerfuffle over volunteer firefighter Paul Parker manages to encapsulate, in a single vignette, the way the Australian media handles politics. It’s not an edifying story. After shooting to fame with an expletive tirade against Prime Minister Morrison at the height of the bushfire catastrophe, Parker attained the status of a minor folk hero. That was that, until he appeared on Channel Ten’s The Project to say that he had been “sacked” for his actions.

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MacroBusiness Thursday, February 20, 2020 - 16:30 Source

The main takeaway in Asia is more stimulus planned by China, including another weakening of Yuan, now trading well above the 7.02 level in offshore trading with most stocks putting in positive sessions: The Shanghai Composite looks set to close about 1.5% higher, soaring past the 3000 point barrier as it continues its turnaround, while

The post Macro Afternoon appeared first on MacroBusiness.

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Renew Economy Thursday, February 20, 2020 - 15:14 Source

New rules released today will give power system businesses more detailed information on whether or not electricity shortfalls are looming.

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Renew Economy Thursday, February 20, 2020 - 15:09 Source

Labor leader Anthony Albanese set to use a major policy speech to re-confirm 2050 net zero emissions target, but no word on the party's interim targets.

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The Australian Independent Media Network Thursday, February 20, 2020 - 15:00 Source

The central pillar to Democratic paranoia and vengefulness regarding the loss of Hillary Clinton in 2016 was the link between Russian hacking, the servers of the Democratic National Committee and the release of emails via WikiLeaks. Over time, that account has become a matter of hagiography, an article of faith, with grave conclusions: WikiLeaks and…

The post Pardoning Julian Assange: Donald Trump, WikiLeaks and the DNC appeared first on The AIM Network.

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MacroBusiness Thursday, February 20, 2020 - 14:55 Source

It has to be said. Jess Irvine today: This week, three of Australia’s leading housing academics, Hal Pawson, Vivienne Milligan and Judith Yates, released a book, Housing Policy in Australia: a case for system reform, which pulls together decades of research into what they see as a systematic failure of Australian policy when it comes

The post What’s the point, Jess? appeared first on MacroBusiness.

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MacroBusiness Thursday, February 20, 2020 - 14:41 Source

Via the AFR: A national royal commission into Australia’s unprecedented summer bushfire crisis will consider natural disaster preparedness and coordination between state and federal governments. Prime Minister Scott Morrison confirmed the establishment of the landmark probe on Thursday, to be led by former Defence Force boss Air Chief Marshall Mark Binskin. After consultation with state

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MacroBusiness Thursday, February 20, 2020 - 14:20 Source

Earlier this week, CoreLogic released its preliminary auction clearance rates, which revealed the following results: Today, CoreLogic has released its final auction results, which reported a 5.3% decline in the final national auction clearance rate to 73.3% – well above the same weekend last year (51.2%): As you can see, Sydney’s final auction clearance rate

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Renew Economy Thursday, February 20, 2020 - 14:12 Source

 Hyundai / PatchworkAustralian Energy Market Commission calls on industry to consider how it will best cater to – and harness the opportunities of – battery electric vehicles.

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MacroBusiness Thursday, February 20, 2020 - 14:09 Source

First up is George Tharenou at UBS: The Jan labour report was materially weaker: y/y jobs slowed to the worst since Apr-17, hours dropped 0.4% m/m, underutilisation spiked to the highest since Apr-18, & unemployment lifted 21bps (the largest m/m rise since Jan-16), to the equal highest since May-18 – all before the significant impact

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Renew Economy Thursday, February 20, 2020 - 14:06 Source

hydrogen plantRenewable hydrogen production could emerge as a lifeline to wind and solar projects facing curtailment, as electrolyser costs continue to fall.

The post Could hydrogen be the answer to wind and solar curtailment woes? appeared first on RenewEconomy.

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MacroBusiness Thursday, February 20, 2020 - 14:00 Source

CommSec senior economist, Ryan Felsman, has broken rank and linked high immigration levels with slow wage growth: ‘So why is wage inflation contained, despite strong job creation? The simple answer is that Australia has an excess supply of workers,’ he said. ‘Population growth remains elevated and workforce participation has lifted to record highs, driven by

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MacroBusiness Thursday, February 20, 2020 - 13:54 Source

Beijing has released its latest virus data: At 04:00 on February 19, 31 provinces (autonomous regions, municipalities) and the Xinjiang Production and Construction Corps reported 394 new confirmed cases and 114 new deaths (108 in Hubei, Hebei, Shanghai, Fujian, Shandong, and Yunnan). And 1 in Shaanxi), and 1277 suspected cases were newly added. 1779 new

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MacroBusiness Thursday, February 20, 2020 - 13:40 Source

While a lot of Australians fear retirement, they don’t appear to mind the reality, according to the latest NAB wellbeing index: Not having enough money to finance retirement remains the top cause of financial anxiety for Australians, but the concern greatly diminishes once people retire, National Australia Bank’s latest wellbeing survey shows… But NAB’s survey

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MacroBusiness Thursday, February 20, 2020 - 13:20 Source

The federal government’s luxury car tax continues to attract scrutiny in the wake of General Motors’ decision to axe the Holden brand. Several Liberal MPs have called for the tax to be scrapped, while some members of the National Party have called for people in regional areas such as farmers to be exempt from paying

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