Blogotariat

Oz Blog News Commentary
The Australian Independent Media Network Monday, June 29, 2015 - 14:01 Source

Well, yet again I’ve let a member of the Abbott Government distract me from what I was intending to write about. I was going to write about the roundtable on climate change which the ABC calls “an unprecedented alliance of business, union, environmental, investor and welfare groups” and The Guardian refers to as “an unprecedented alliance of business, welfare and environmental groups and trade unions”…

Mm, I suspect that they received the same press release. Even The Herald-Sun refered to it as… as… well, I’m sure it must be there somewhere.

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Club Troppo Monday, June 29, 2015 - 13:53 Source

Greece owes the IMF 1.6 billion euro that it doesn’t have but is supposed to pay by tomorrow. Unless the ECB lends it to the Greeks, effectively converting the IMF debt into an ECB debt, Greece is bankrupt tomorrow. In months to come, much bigger debt repayments are scheduled to the ECB-IMF in tranches of 4 billion, and Greece won’t have that money either as its economy is still contracting.

Greece didn’t have the money to pay off the previous debts in the last 5 years either though, and that just lead to more debts in return for symbolic reforms that weren’t implemented.

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MacroBusiness Monday, June 29, 2015 - 13:50 Source

From Origin today: I’ve said if before and I will say it again: LNG spot markets used to trade higher than contract volumes and the arbitrage was minimal. No longer. Now LNG spot trades at very deep discounts of $2mmBtu to contracts and the arbitrage is likely enduring and within the power of consumers to

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MacroBusiness Monday, June 29, 2015 - 13:39 Source

Poor bastard. It’s not sentiment, David. It’s supply. It doesn’t matter how much you can sell. It matters at what price!

The post Atlas spruiks rescuicide appeared first on MacroBusiness.

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MacroBusiness Monday, June 29, 2015 - 13:22 Source

By Leith van Onselen I wrote earlier today how the Property Council and the Real Estate Institute of Australia (REIA) had enlisted ACIL Allen Consulting to write a report arguing the case for retaining negative gearing and the 50% capital gains tax discount. Now, it has come to my attention that in 2006, Allen Consulting

The post Negative gearing propaganda exposed? appeared first on MacroBusiness.

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MacroBusiness Monday, June 29, 2015 - 13:12 Source

Big iron ore is copping it again today, along with the broader market. BHP is down 1.8% and RIO 1.4% with FMG down 2.3%: The major’s idiocy spreads have stalled and about to tighten. FMG’s sanity spread is adding IQ points by the day: One could speculate that the rise of the FMG sanity spread

The post BHP, RIO, FMG fall with futures appeared first on MacroBusiness.

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MacroBusiness Monday, June 29, 2015 - 12:50 Source

By Leith van Onselen There seems to be the beginnings of a rear-guard uprising against the Trans-Pacific Partnership (TPP) trade agreement – the US-led trade pact between 12 Pacific Rim nations (including Australia) – with a number of groups rallying against the deal. ABC’s business editor, Ian Verrender, has written a damning assessment of the

The post TPP a “debacle” that “strengthens protection” appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, June 29, 2015 - 12:41 Source

Dr Strobe Driver examines the deeper components of terrorism and the regretful ‘heads should roll’ issue being popularised by the Prime Minister.

‘Heads should roll’

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MacroBusiness Monday, June 29, 2015 - 12:39 Source

From Bloomie comes Caroline Bain at Capital Economics: “There will be a sharp move down in the second half, when people realise that the apparent shortage that they’ve seen in the second quarter was temporary,” Bain said on Friday. “There will be a renewed bounce of investor sentiment turning against iron ore. It could certainly go down

The post Capital Economics: Iron ore headed for $30s appeared first on MacroBusiness.

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New Matilda Monday, June 29, 2015 - 12:33 Source

At the same time agitators in the Liberal Party are questioning the science of climate change, a new coalition is pushing for deep emissions cuts.

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MacroBusiness Monday, June 29, 2015 - 12:14 Source

Markets opened rattled this morning with the ASX immediately plunging 2% before rebounding and selling off again now. S&P500 futures are off 1.4%. Bonds are all strongly bid with the short and long end of Aussie yields off 5%. The Australian dollar lost nearly 1% earlier but it is now almost flat for the day in

The post Greece pounds markets appeared first on MacroBusiness.

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Table Talk: Bob Ellis on Film and Theatre Monday, June 29, 2015 - 11:46 Source

Havana Liedown has re-emerged, and before I could get to them published certain libels of me and a number of big lies about the Labor Party.

I have decided to let him continue to do this for a month, and on August 1 obliterate his correspondence retroactively.

He may be surprised how much, in hundreds of thousands of dollars, these allegations will cost him.

Read more Views: 6
New Matilda Monday, June 29, 2015 - 11:18 Source

All Australians – particularly Muslim Australians – have a duty to their country. Mathew Kenneally spells it out.

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MacroBusiness Monday, June 29, 2015 - 11:13 Source

By Leith van Onselen BIS Shrapnel and AMP chief economist, Shane Oliver, have joined the chorus of commentators (including MB) expecting house prices to fall by 2017. From The AFR: House prices will start falling in 2016-17 as the threat of rising interest rates coincides with worsening affordability, a big increase in supply and weaker

The post More forecasts for house price falls in 2017 appeared first on MacroBusiness.

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MacroBusiness Monday, June 29, 2015 - 11:03 Source

From Forexlive: Comments from Ma Jun, chief economist of the PBOC research bureau in the Financial news (via MNI): Says current inflation is still low PPI’s declines in April and May were particularly sharp, leaving real interest rates higher than the historical average Says weekend rate cut was needed to maintain stable real interest rates and

The post Why did the PBOC cut? appeared first on MacroBusiness.

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New Matilda Monday, June 29, 2015 - 10:58 Source

The Abbott Government may be trying to gut the renewable energy sector, but there is some light at the end of the tunnel.

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The Melbourne Urbanist Monday, June 29, 2015 - 10:39 Source

How does Sydney compare to Vancouver on travel?

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The Australian Independent Media Network Monday, June 29, 2015 - 10:07 Source

One of Tony Abbott’s first acts as Prime Minister was to buy (have taxpayers buy) bombproof luxury cars for himself. Considering Julia Gillard rode around in a Holden, this move by Abbott was not a reaction to anything that had happened or was happening, this was done in full knowledge of what was to come – what Abbott was about to create.

All the bitterness, hatred, divisiveness, violence, anger, racial and gender targeting that has spread across this country since 2013 are not an unfortunate byproduct of Abbott’s policies, they are not a flaw in the design – they are his objective.

Read more Views: 10
xkcd.com Monday, June 29, 2015 - 10:00 Source

Otherwise known as Margaret the Destroyer, I will bring pain to the the Great One. Then again, maybe I won't.

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MacroBusiness Monday, June 29, 2015 - 09:28 Source

By Leith van Onselen The AFR reported over the weekend that tensions at a Melbourne auction in the eastern suburb of Mont Albert boiled over when an onlooker asked a Chinese family bidding for a home whether they had the appropriate residency status: At the auction of a four-bedroom period home in inner-city Melbourne, a

The post Racial tensions erupt at Melbourne auction appeared first on MacroBusiness.

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MacroBusiness Monday, June 29, 2015 - 08:40 Source

By Leith van Onselen The Property Council and the Real Estate Institute of Australia (REIA) enlisted ACIL Allen Consulting to write a  report that attempts to debunk so-called myths that Australia’s negative gearing laws are having a deleterious impact on housing affordability and the Budget, and do nothing to boost housing supply nor improve rental availability

The post Property lobby yells negative gearing lies appeared first on MacroBusiness.

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MacroBusiness Monday, June 29, 2015 - 08:40 Source

By Leith van Onselen The Property Council and the Real Estate Institute of Australia (REIA) enlisted ACIL Allen Consulting to write a report that attempts to debunk so-called myths that Australia’s negative gearing laws are having a deleterious impact on housing affordability and the Budget, and do nothing to boost housing supply nor improve rental

The post Debunking the property lobby’s negative gearing myths appeared first on MacroBusiness.

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MacroBusiness Monday, June 29, 2015 - 08:32 Source

By Chris Becker There’s a valid reason on our screens this morning why most FX providers upped their margin requirements or even stopped trading in Euro recently, as the union currency was walloped in very early Monday morning trading. The failure to reach an agreement in Greece has seen all the major USD currencies gap

The post Macro Morning (run to safety) appeared first on MacroBusiness.

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Table Talk: Bob Ellis on Film and Theatre Monday, June 29, 2015 - 08:06 Source

Karen Nettleton revealed she had been for nine months trying to get her five grandchildren, who were in danger of crucifixion, home from Syria but the Commonwealth Police, after four months, said they couldn’t help her. Peter Dutton, the first free-elected mandrill in a western parliamentary democracy, whooping and scratching himself and clinging with prehensile toes to a parking meter, the way he does, said she couldn’t come to him either, it were better she contacted the Commonwealth Police.

Read more Views: 8
Table Talk: Bob Ellis on Film and Theatre Monday, June 29, 2015 - 07:25 Source

It is a hundred years and one hundred and ninety-four days since an Australian was killed by a terrorist attack in Australia.

When, at last, another death occurs in this way it will be noted here.

Read more Views: 5
Table Talk: Bob Ellis on Film and Theatre Monday, June 29, 2015 - 07:19 Source

There is no Newspoll today. This indicates the figures are so dire for Abbott (‘heads must roll’; ‘by hook or by crook’; ‘the death cult DAESH is coming after us’) that Rupert, or Chris Mitchell, has ordered they be suppressed.

ReachTEL, meanwhile, shows Shorten, on 56.3 percent, leading Abbott, on 43.7 percent, as preferred Prime Minister. This gives him 1.8 million more votes than Abbott, whom the Murdoch outlets have acclaimed as being ‘on his way back’.

Read more Views: 7
Cheeseburger Gothic Monday, June 29, 2015 - 06:56 Source

The LA Review of Books has a neat little essay about the econmics of our contending SF futures. Will join the Federation with holodeck nookie and replicator mac-n-cheese for all. Or does out future lie in the hellish, yet somewhat more entertaining dustopocalypse of Mad Max?

Read more Views: 1
MacroBusiness Monday, June 29, 2015 - 05:20 Source

Europe is toying with the end of the global business cycle. We don’t know whether the Grexit, which now appears more likely than not, will result in GFC 2.0 but it is certainly possible. Much Greek debt has been passed from the private to the public sector over the past four years but you just

The post Is Australia ready for GFC 2.0? appeared first on MacroBusiness.

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MacroBusiness Monday, June 29, 2015 - 05:20 Source

Europe is toying with the end of the global business cycle. We don’t know whether the Grexit, which now appears more likely than not, will result in GFC 2.0 but it is certainly possible. Much Greek debt has been passed from the private to the public sector over the past four years but you just

The post Is Australia ready for GFC 2.0? appeared first on MacroBusiness.

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Read more Views: 5
MacroBusiness Monday, June 29, 2015 - 04:44 Source

Greece is set to default on its IMF loan: And from Yanis’ own blog The Eurogroup Meeting of 27th June 2015 will not go down as a proud moment in Europe’s history. Ministers turned down the Greek government’s request that the Greek people should be granted a single week during which to deliver a Yes or No answer

The post Grexit is upon us appeared first on MacroBusiness.

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