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MacroBusiness Wednesday, October 10, 2018 - 12:21 Source

The Aussie dollar is roaring higher this morning as the bulks roar and consumer confidence was OK: We can expect to see these squeezes continue on any good news given the market is so short. Bonds are bid: The ASX can’t lift. The rotation from banks to dirt is zero sum game: Dalian is firm

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MacroBusiness Wednesday, October 10, 2018 - 12:15 Source

Via Martin North: In the final post relating to our latest household surveys this month, we turning to our household financial confidence index. The latest read, to end September shows a further fall, and continues the trend which started to bite in 2017. The current score is 88.4, just a bit above the all-time low

The post Household financial confidence trashed again appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 12:07 Source

By Leith van Onselen The ABS has released dwelling construction data for the June quarter, which recorded a sharp fall in commencements but an increase in completions. According to the ABS, the number of dwelling commencements fell by a seasonally-adjusted 5.9% over the June quarter but were up by 4.5% over the year. Detached house

The post Australian dwelling commencements take a dive appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 12:00 Source

There is no stopping it. Australia’s major banks are in a monster bear market. CBA and ANZ are down 28%, NAB is down 30% and WBC is down 33%: CBA and WBC have both broken monthly chart support and are in free fall. They appear to have much more downside. The triggers are obvious in

The post There’s a chasm opening up under Megabank equity appeared first on MacroBusiness.

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John Quiggin Wednesday, October 10, 2018 - 11:57 Source

My latest piece in the Guardian is headlined The national energy market is an abject failure – it’s time for a publicly owned grid   I’ve said this before and I don’t mind repeating myself. But the new insight that provoked me to write this piece is a bit further down

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MacroBusiness Wednesday, October 10, 2018 - 11:45 Source

By Leith van Onselen NSW Treasury deputy secretary, Phil Gardner, has spun the benefits of the $9.3 billion sale of 51% of WestConnex to Transurban. From The AFR: Mr Gardner told the inquiry into WestConnex that there would have been “extremely little appetite” from potential investors five to eight years ago to buy the motorway… The

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MacroBusiness Wednesday, October 10, 2018 - 11:15 Source

Via Moody’s: Mortgage delinquencies and defaults are more likely to occur in outer suburbs of Australian cities than inner-city areas, because of the lower average incomes and weaker credit characteristics in these suburbs. » Delinquency rates are highest in outer suburban areas. On average across Australian cities, mortgage delinquency rates are lowest in areas within

The post Moody’s: Outer suburb mortgages sinking appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 11:04 Source

Via Westpac’s Bill Evans: • The Westpac Melbourne Institute Index of Consumer Sentiment rose 1% to 101.5 in October from 100.5 in September. This month’s small gain follows a 5.2% fall through August and September. During that period the boost from the tax cuts announced in the May budget had faded while the leadership change;

The post Consumer sentiment firms appeared first on MacroBusiness.

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xkcd.com Wednesday, October 10, 2018 - 11:00 Source

Haha, just kidding, everyone's already been hacked. I wonder if today's the day we find out about it.

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MacroBusiness Wednesday, October 10, 2018 - 10:45 Source

By Leith van Onselen In the wake of the Electrical Trades Union and the Australian Manufacturing Workers Union threatening to pull support from Labor at the next election after it agreed to support legislation to ratify the Trans-Pacific Partnership (TPP), and the Australian Manufacturing Workers’ Union also threatening to pull financial support, Labor has vowed

The post Labor vows foreign worker crackdown amid union TPP anger appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 10:30 Source

By Leith van Onselen The federal government announced in the 2017 Budget that it would remove a capital gains tax (CGT) exemption for expatriate Australians who sell their main residence while overseas. While the measure was projected to raise $581 million over the forward estimates, it has been widely condemned by tax and legal experts

The post Frydenbubble to rethink ‘draconian’ expat CGT policy appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 10:15 Source

Via the ABC: The Bureau of Meteorology has just upped the chance of an El Nino this year, meaning there is now three times the normal risk of the climate driver associated with hot and dry conditions happening this year. Senior climatologist Robyn Duell said it had been a slow boil. “We’ve been hovering at an

The post Hello El Nino appeared first on MacroBusiness.

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Renew Economy Wednesday, October 10, 2018 - 10:14 Source

Tesla's "mass market" EV given top billion by US National Highway Traffic Safety Administration for lowest and second lowest probability of injury rating of all cars tested.

The post Tesla’s Model 3 billed as safest car ever tested appeared first on RenewEconomy.

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Your Democracy Wednesday, October 10, 2018 - 10:11 Source
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MacroBusiness Wednesday, October 10, 2018 - 10:00 Source

If the ScoMo Government wasn’t going to be destroyed before this week’s IPCC climate report then that outcome is surely guaranteed after it. This is nicely underlined today with former Coalition leader John Hewson trashing his own former party over climate change, via The Guardian: Former Liberal leader John Hewson has called on voters in

The post Hewson, Ruddock, Murdoch trash ScoMo appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 09:45 Source

Evil Anna is back in the news at the AFR: The Australian Banking Association will outline ambitious plans to ban commission payments linked to legacy financial advice products, promise to stop charging dead customers and end the fees-for-no-service rort with a suite of changes to the banking code of practice to be announced on Wednesday.

The post To smooth Hayne reforms banks should sack Anna Bligh appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 09:34 Source

By Leith van Onselen A day after the federal Labor Opposition finally admitted that mass immigration is crushing wages, the NSW Government has admitted that the migrant intake is “out of control” and has demanded it be cut in half. From SBS News: NSW Premier Gladys Berejiklian wants to halve the number of overseas migrants

The post Mass immigration consensus shatters. NSW Government demands cut appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 09:15 Source

Via Westpac today: AU-US yield differentials have continued to grind steadily in the US dollar’s favour in recent weeks, but the 10 year spread widening in early October was eye-catching, from around -32bp to -50bp. This looked to be a key driver of fresh AUD/USD lows since Feb 2016, near 0.70. Growing concern over the impact on China’s economy of

The post Westpac cuts Australian dollar outlook appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 09:15 Source

More warnings today from industry, via The Australian: The Australian Industry Group, which represents 60,000 manufacturing and industrial businesses, said the expected rise of gas prices on the east coast this summer back to near crisis levels threatens to dent the economy and reflects the government’s failure to sanction sound energy policies. Ai Group chief

The post Can WA gas save the east coast? appeared first on MacroBusiness.

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Renew Economy Wednesday, October 10, 2018 - 09:14 Source

New rules will increase cost of installing car chargers, and could cause major headaches for strata managers unless combined with ‘demand management’ software.

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MacroBusiness Wednesday, October 10, 2018 - 09:00 Source

Via The Australian: University of Queensland chancellor Peter Varghese has urged Australian universities to prepare for a possible Chinese government curb on international students by directing the profits they earn from Chinese students into a ­future fund and not use them for immediate needs. Mr Varghese, who as head of the Department of Foreign Affairs

The post Universities warned on Chinese student blockade appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 08:37 Source

By Chris Becker Action on risk markets overnight was two fold with USD reversing against most of the majors while US Treasury yields initially spiked before also consolidating as buyers stepped in. This kept equity markets up throughout most of the session, although US stocks faded into the close. Commodities rallied, particularly oil and copper

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 08:31 Source

This morning I gave an interview with Radio 2GB’s Luke Grant to discuss the Coalition’s ‘migrants to the bush’ smokescreen. My interview begins at around the 8 minute mark and runs to around the 22 minute mark. Enjoy!  

The post LVO talks Coalition’s immigration smokescreen on Radio 2GB appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 08:05 Source

Last might DXY eased, EUR and CNY firmed: AUD firmed as well: But not as much as EMs: Gold held on: Oil lifted: Base metals too: And big miners: EM stocks are still sick: Junk yawned: Treasuries were bought a little: Bunds sold a little: Italy is oversold: Stocks held on: Westpac has the wrap:

The post Australian dollar relief rally continues as SinoAmerican Cold War rages appeared first on MacroBusiness.

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Renew Economy Wednesday, October 10, 2018 - 07:48 Source

Study of consumers who intend to purchase a new car in next three years found two out of three considering going electric.

The post One-third of Australian drivers looking to buy EV: Nissan appeared first on RenewEconomy.

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MacroBusiness Wednesday, October 10, 2018 - 06:43 Source

Via The Australian: The nation’s largest super fund, the $140 billion AustralianSuper, has revealed fears of a potential property market plunge, unveiling a contingency plan and warning members it will “freeze” property funds for up to two years in the event of a crisis. AustralianSuper from mid-November will prevent members from investing more than 70

The post Australian Super braces for property crash appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 00:15 Source

For seven years now MB has argued for the series of policy positions to help the Australian economy survive and prosper through the post-mining boom adjustment. These have included deep rate cuts, strong macroprudential policy, quality infrastructure spending, mass productivity reform including, crucially, attacking the perks of tax concessions like negative gearing and imputed credit.

The post Mirabile dictu: Labor is going to deflate us externally appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 00:15 Source

By Leith van Onselen Scott Morrison appeared on ABC Lateline denouncing the government’s plan to tag and release migrants to the bush as a policy brain fart: TONY JONES: Can you have a debate on population without a debate on immigration numbers? SCOTT MORRISON: Well of course you can’t… Two thirds of the increase in

The post Scott Morrison slams Scott Morrison’s ‘migrants to the bush’ policy appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 00:05 Source

Iron ore prices for October 9, 2018: Spot jumped. Paper up more. Steel firm. Rebar inventories jumped 9% over the Golden Week. I can’t get excited. There’s plenty of steel, tipping towards too much. Iron ore at this price is a flood. Coking coal is the only thing holding the complex up. I still can’t

The post Daily iron ore price update (breakout!) appeared first on MacroBusiness.

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MacroBusiness Wednesday, October 10, 2018 - 00:01 Source

Global Macro / Markets / Investing: Google Exposed User Data, Feared Repercussions of Disclosing to Public – WSJ The planet is on a fast path to destruction. The media must cover this like it’s the only story that matters. – Washington Post Economic Growth – Our World in Data Why the falling cost of light

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