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Oz Blog News Commentary
MacroBusiness Monday, June 2, 2014 - 09:47 Source

The Australian PMI for May is out and:   The latest Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) moved up by 4.4 points to 49.2 points in May (seasonally adjusted). This signalled the seventh consecutive month of contraction in the manufacturing industry (readings below 50 points indicate contraction). The three-month-moving-average Australian PMI® [...]

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Your Democracy Monday, June 2, 2014 - 09:11 Source

starving kids

A Federal Government backbencher says he would be happy to face random drug tests if the measure was put in place for welfare recipients and taxpayer-funded employees.

Liberal-National Party MP George Christensen says those in receipt of taxpayer benefits should be able to demonstrate they are drug-free.

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Table Talk: Bob Ellis on Film and Theatre Monday, June 2, 2014 - 09:06 Source

You need not be a trained logician to connect Scott Morrison to the death in petrol flames of Leo Seemanpillai. He was a twenty-nine-year-old Tamil desperately, achingly afraid he would be killed, or die under torture, if sent back — by Morrison — to Sri Lanka, where his people had lately lost a civil war. He asked that his organs be donated, and they were. Their removal hastened his death by an hour or so.

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The Australian Independent Media Network Monday, June 2, 2014 - 08:32 Source

trishcorry:

A clarification to my previous post “Drug Testing and the LNP’s ongoing stigmatization of the poor”

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The Australian Independent Media Network Monday, June 2, 2014 - 08:32 Source

A clarification to my previous post “Drug Testing and the LNP’s ongoing stigmatization of the poor”…

The post The LNP’s agenda for welfare. A clarification of what drug testing really means. appeared first on The AIM Network.

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laberal Monday, June 2, 2014 - 08:17 Source

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North Coast Voices Monday, June 2, 2014 - 08:14 Source

The Canberra Times 2 June 2014:A short limousine ride from the famous Monte Carlo casino, the Les Caravelles building enjoys a dress circle position overlooking Port Hercules - a popular place for the world's mega-rich to park their super yachts when visiting the Cote d'Azur.According to documents filed with the Australian Electoral Commission, it is also the mailing address for Akira Investments Ltd, a generous donor to the Free Enterprise Foundation, a mysterious entity closely linked to the Lib

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The Sauce Monday, June 2, 2014 - 01:32 Source

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Your Democracy Monday, June 2, 2014 - 00:55 Source
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Your Democracy Monday, June 2, 2014 - 00:40 Source

sugar town .....

from the Monthly …..

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MacroBusiness Monday, June 2, 2014 - 00:23 Source

When I wrote the post Five Reasons to Fear an Australian Recession I discussed a possible convergence of five moderate shocks that could combine into one major blow. I’ve updated that post below in light of the iron ore crash. Consider. The structural backdrop for the economy is the mining investment cliff. Although it began [...]

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MacroBusiness Monday, June 2, 2014 - 00:22 Source

Here are the iron ore price charts for May 30, 2014: Don’t adjust your television set. Iron spot fell 4.1% even as port stocks added another 300k to 113.6 million tonnes. Dalian six month futures were smacked 3% to a record low. Rebar average stalled. Rebar futures fell to a record low. The Baltic Dry capesize [...]

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MacroBusiness Monday, June 2, 2014 - 00:20 Source

From India over the weekend: The Odisha Government on Saturday issued three “in-principle” iron ore mining lease renewal orders to SAIL. SAIL sources told Business Line that registration of the lease deeds for the three mines Bolani, Barsua and Kalta would formalise the renewal of the lease for the next 20 years. The SAIL sources said mining [...]

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MacroBusiness Monday, June 2, 2014 - 00:19 Source

By Leith van Onselen Last week, The Australian reported how 457 visas for ­temporary foreign skilled workers have been used to employ nearly 38,000 workers foreign managers, professionals and tradespeople this year, despite there being a pool of 191,000 unemployed locals qualified for the same jobs. Now, The Australian has revealed that only one in [...]

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North Coast Voices Monday, June 2, 2014 - 00:18 Source

 
Oh, dear. Everything is just Tony, Tony, Tony and his political plans to stay on as Prime Minister……

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MacroBusiness Monday, June 2, 2014 - 00:16 Source

The Australian National Accounts, to be released on Wednesday June 4, will provide the March quarter GDP figure. Here’s Westpac’s preview: The economy gained momentum at the turn of the year. GDP growth printed at 0.8% in Q4 and we anticipate a 0.9% increase in Q1. That is an improvement from an average of 0.65% [...]

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North Coast Voices Monday, June 2, 2014 - 00:16 Source

The Federal Liberal Minister for Education and Leader of the House Christopher Pyne has now taken to answering on behalf of the Speaker of the House of Representatives, Liberal MP Bronwyn Bishop, and apparently including her in his use of the term “we”.House of Representatives

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MacroBusiness Monday, June 2, 2014 - 00:15 Source

On Friday, iron ore spot was crushed 4.1% to $91.80. Here are the iron ore price charts for May 30, 2014: Dalian six month futures were smacked 3% to a record low. Port stocks added another 300k to 113.6 million tonnes. The Baltic Dry capesize component managed a 1% climb but is still languishing. It [...]

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North Coast Voices Monday, June 2, 2014 - 00:15 Source

While many Abbott Government backbenches appear to be unhappy with the dismantling of social justice, equity and access outlined in their government’s first federal budget – Nationals MP for Page Kevin Hogan is behind these budget measures all the way.Kevin Hogan’s support for the federal budget in his own words, as itemised by Google’s  search engine since 14 May 2014:*

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MacroBusiness Monday, June 2, 2014 - 00:08 Source

By Leith van Onselen RP Data’s daily house price index for 31 May was released over the weekend, which has enabled me to calculate monthly price movements for the five major capital city markets. As shown below, home values at the 5-city fell sharply (-1.91%) in May, driven by a big 3.59% fall in Melbourne, [...]

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MacroBusiness Monday, June 2, 2014 - 00:07 Source

By Leith van Onselen The national auction clearance rate rose over the weekend on strong volumes, with Sydney and Melbourne both experiencing a lift in clearances. According to RP Data, the weighted average preliminary auction clearance rate rose to 68.3% from 66.1% the week before, driven by a 0.9% increase in Sydney (last weekend 76.2%) [...]

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MacroBusiness Monday, June 2, 2014 - 00:06 Source

Click to view RP Data’s latest weekly housing market update, which provides a useful snapshot of the housing market as at 1 June 2014. This week’s report includes: Latest weekly dwelling value results; Auction results & clearance rates; Latest median house & unit prices; Average time on market & vendor discounts; Mortgage market activity; and New [...]

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MacroBusiness Monday, June 2, 2014 - 00:05 Source

As I explained last week, saving by an individual is usually achieved by buying monopoly assets from others, forgoing consumption in order to capture a future flow of income for oneself. This usual way to save is merely a transfer of assets whose value equals the difference between income and spending. Someone gets richer, others [...]

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MacroBusiness Monday, June 2, 2014 - 00:05 Source

More dour reports from China this morning about property via Investing in Chinese Stocks: A new report from China’s Economic Observer outlines the degree of trouble at large in the property market. As of May 25, of 12 major cities, only Wuhan saw a yoy increase in sales of 5%. Hangzhou sales were down 53%, Beijing down 47%, [...]

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MacroBusiness Monday, June 2, 2014 - 00:04 Source

China released its official PMI over the weekend and it rose to 50.8 in May compared with the 50.7 median estimate.  A solid improvement as the mini-stimulus and improving external demand work to boost production. More is expected, from Bloomie: Nomura Holdings Inc. economists said measures including central bank loans for low-income housing are “starting to [...]

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Peter Garcia-Webb Monday, June 2, 2014 - 00:03 Source

There are times when US Secretary of State John Kerry is not at his best. As when he recently urged Edward Snowden to “Man up and come back to the US”. John Kerry wants Edward Snowden to make his case in court and gave Daniel Ellsberg as an example of a good whistleblower. The best […]

The post John Kerry Wants to Deny Edward Snowden a Day in Court appeared first on Peter Garcia-Webb.

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MacroBusiness Monday, June 2, 2014 - 00:03 Source

Global Macro / Markets:  Tranquil markets are enjoying too much of a good thing – Financial Times Capital in the 21st Century – Financial Times Are banks too large? – VOX North America: Homeowners are borrowing against their properties at a rising rate – Wall Street Journal Wall Street whistleblowers – Financial Times U.S. Solar [...]

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New Matilda Sunday, June 1, 2014 - 22:22 Source

Tony Abbott has done it again, linking D-Day commemorations to repealing the carbon tax. Chris Graham reports on the latest faux pas from a PM who just can't cop a break.

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Table Talk: Bob Ellis on Film and Theatre Sunday, June 1, 2014 - 18:53 Source

The government is falling apart as I said it would, and Abbott was asked by Bolt if Turnbull was after his job two hours ago. This followed Pyne contradicting his own policy document which proclaimed that present students as well as future students would be paying the new interest rates on the new deadlines and Kevin Andrews, amazingly, saying no young person with ‘a drug record’ would get the dole, or some fraction of the dole, depending on how ‘serious’ the drug record was.

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En Passant Sunday, June 1, 2014 - 18:33 Source

European parliamentary election results highlighted both the long term disaffection with capitalism’s official political institutions and the impact of the more immediate social crises across the continent, writes Ben Hillier in Red Flag.

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