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Oz Blog News Commentary
MacroBusiness Friday, May 18, 2018 - 10:00 Source

By Leith van Onselen So, the Coalition has fulfilled its promise in October-2013 to deliver one million jobs over five years with five months to spare: And this has the Prime Minister in raptures: The Liberal National Government has today delivered on a significant commitment – there are one million more Australians in work than

The post Turnbull hits ‘magic million’ jobs promise. And? appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 10:00 Source

Via the AFR: Planned changes to toughen the Petroleum Resources Rent Tax are being temporarily withheld, in part so they can be used as leverage should One Nation waver in its support for the remainder of the company tax cuts, senior sources have revealed. Petroleum and gas giants have told The Australian Financial Review that

The post Memo to One Nation: Do not trade PRRT reform for tax cuts appeared first on MacroBusiness.

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xkcd.com Friday, May 18, 2018 - 10:00 Source

Wait, sorry, I got mixed up--he's actually almost 50. It's the kid from The Karate Kid who just turned 40.

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MacroBusiness Friday, May 18, 2018 - 09:48 Source

Via Domainfax: Victoria is now the “number one state” for membership of Pauline Hanson’s One Nation, with polling figures suggesting the party’s growing support is putting it in a position to win up to three seats in November’s election. One Nation says it has seen a surge in recruitment in Victoria over the past six

The post Immigration lunacy drives Victorian One Nation boom appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 09:44 Source

By Chris Becker Its enough to send someone drinking as markets go from gains to falls day in day out! Last night saw US stocks start off well following a positive European lead before selling off later in the session as Treasury yields reached a pre-GFC high. Cash is king as USD moved higher versus

The post Macro Morning appeared first on MacroBusiness.

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Renew Economy Friday, May 18, 2018 - 09:27 Source

Senate report acknowledges the huge risks of climate change and the "threat to intelligent life". But it needs to do more than that.

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Renew Economy Friday, May 18, 2018 - 09:27 Source

Senate report acknowledges the huge risks of climate change and the "threat to intelligent life". But it needs to do more than that.

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MacroBusiness Friday, May 18, 2018 - 09:15 Source

Via Reuters: China has offered U.S. President Donald Trump a package of proposed purchases of U.S. goods and other measures aimed at reducing the U.S. trade deficit with China by some $200 billion a year, U.S. officials familiar with the offer said. The offer was made during U.S.-China trade talks in Washington aimed at resolving

The post China offers US $200bn trade remedy appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 09:00 Source

By Leith van Onselen The lies being perpetuated to defend Australia’s mass immigration ‘Big Australia’ policy continue to snowball. Following Treasurer Scott Morrison’s bald-faced lies about Australia’s immigration program last week, Eamon Waterford – the director of policy at Queen Lucy Turnbull’s Committee for Sydney – spread a whopping porky pie in Fairfax yesterday: Sydneysiders

The post Queen Lucy shock troops bald-face lie as Sydney population revolt explodes appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 08:49 Source

Via Bloomberg: The worst is yet to come for the poorest performing Group-of-10 currency, Morgan Stanley says. …“We’ve been bearish for a while,” said Daniel Blake, a strategist at Morgan Stanley in Sydney. “There’s a broad basket of highly levered household sectors, which include Australia, New Zealand, Canada and Sweden, which will all be negatively

The post Morgan Stanley: Australian dollar to fall right through 2018 appeared first on MacroBusiness.

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John Quiggin Friday, May 18, 2018 - 08:47 Source

I’ve stopped doing instant reactions on Budgets. There’s always plenty available now, at places like Inside Story, as well as in the newspapers.

But there’s often something of interest that gets overlooked a bit. In this case, it’s the government’s proposal to legislate tax cuts for the rich seven years in advance. This is an idea with a lengthy and inglorious history, taken to a new extreme.

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En Passant Friday, May 18, 2018 - 06:25 Source

Conversation With A Tax Collector About Poetry

Vladimir Mayakovsky [1926]

Citizen tax collector!
Forgive my bothering you…
Thank you…
don’t worry…
I’ll stand…

My business
is
of delicate nature:
about the place
of the poet
in the workers’ ranks.

Along with
owners
of stores and property
I’m made subject
to taxes and penalties.

You demand
I pay
five hundred for the half year
and twenty-five
for failing to send in my returns.

Now
my work
is like
any other work.

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Poll Bludger Friday, May 18, 2018 - 06:24 Source

A round-up of the latest news on by-election and related fronts.

The post By-elections, preselections and Section 44 appeared first on The Poll Bludger.

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MacroBusiness Friday, May 18, 2018 - 06:15 Source

DXY resumed its march higher last night as EUR was sold heavily: The AUD’s whacko post-weak wages and jobs jump flamed out: But it can’t keep pace with EM downside: Gold looks very vulnerable: Oil to the moon! Base metals faded: As did big miners: EM stocks were hit: Led by EM junk: Treasuries were bid:

The post Australian dollar flames out as emerging markets bashed appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 05:04 Source

Via Domainfax: Relations with China have taken another backward step after one of Australia’s biggest exporters, Treasury Wine Estates, was among several companies whose products were being stalled because of new customs rules targeting Australian companies and industries. Australian diplomats in China have been mobilised to assist Treasury as the worsening relationship sparked a warning

The post The Chinese dictator punishes Australian democracy appeared first on MacroBusiness.

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The Global Mail - Syndicated Stories Friday, May 18, 2018 - 01:20 Source

There is an across the board coin depreciation in Ethereum, Bitcoin, and Litecoin. Coincidentally, these are pioneers of cryptocurrencies and as long as Bitcoin is down, the same is likely to be replayed in Ethereum and Litecoin. On the other […]

The post Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, EOS, IOTA and Litecoin appeared first on The Global Mail.

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North Coast Voices Friday, May 18, 2018 - 00:16 Source

Brisbane Times, 16 May 2018:The information chief at Peter Dutton’s new Home Affairs super ministry allegedly ordered the deletion of a government record relevant to a request under freedom of information laws when he was a senior executive at NSW’s transport agency.Tim Catley, who began his high-ranking role at Home Affairs in February, is accused of directing staff at Transport for NSW to delete government information in 2016, in witness statements given during an investigation by the state’s Information

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MacroBusiness Friday, May 18, 2018 - 00:15 Source

Via Bill Evans at Westpac: The minutes of the May monetary policy meeting of the Reserve Bank Board repeated the assertion that first appeared in the April minutes. That is that “members agreed that it was more likely that the next move in the cash rate would be up rather than down”. This observation is

The post Westpac: Interest rates on hold forever appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 00:15 Source

By Leith van Onselen The deflation of Sydney’s housing market rolls on, with values falling another 0.10% in the week ended 17 May, according to CoreLogic: Sydney home values have now declined by a cumulative 4.7% over the past 36-weeks, with values also down 4.6% over the past 41 weeks. Sydney’s quarterly growth rate remains firmly

The post Sydney dwelling values fall for 8 consecutive months appeared first on MacroBusiness.

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North Coast Voices Friday, May 18, 2018 - 00:15 Source

Leigh Alan Jorgensen, Financial Review, 13 May 2018In the continuing matter of

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MacroBusiness Friday, May 18, 2018 - 00:12 Source

By Leith van Onselen In the week ended 17 May 2018, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell another 0.08%: Values fell across all major markets except Adelaide: So far in May, home values have declined by 0.9%, led by Sydney:   So far in 2018,

The post CoreLogic weekly Australian house price update: more falls appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 00:10 Source

From Greg Jericho to Michael Pascoe: If there’s one key assumption in Treasurer Scott Morrison’s 2018 budget, one thing crucial to his brave new world of income tax revolution and debt reduction, it’s that wages growth is about to jump well above the inflation rate. Bad news, Scott: outside one or maybe two industries, it’s

The post An olive branch for Michael Pascoe appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 00:10 Source

By Leith van Onselen Yesterday’s ABS labour force release for April revealed a weakening Australian youth labour market – i.e. those aged 15 to 24 years old. The trend headline unemployment rate rose from 12.53% in March to 12.63% in April: Total employment growth for those aged 15-24 years of age has also begun to

The post Youth labour market continues to fade appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 00:05 Source

Daily iron ore prices for May 17, 2019: Tianjin benchmark was down 40 to $67.25. Paper is stalled. Steel too. Coking coal softening. This is the calm before the storm. Destocking and big price falls into EOFY followed by a troubled H2 as China slows.

The post Daily iron ore price update (the calm) appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 00:04 Source

Some nice material today from Vertical Group on the Chinese slowdown. QUICK TAKE: In short, our thesis is that city-level and regional macroprudential tightening policies in China currently will render economic growth in 2Q18, but more importantly 2H18, dismal; we believe this will spread to emerging markets, rendering the “global coordinated growth” bulls out of sync

The post China’s second half slowdown locked in appeared first on MacroBusiness.

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MacroBusiness Friday, May 18, 2018 - 00:01 Source

Global Macro / Markets / Investing: Founders of cryptocurrency backed by Floyd Mayweather indicted for fraud – MarketWatch What’s in a Hedge Fund Name? Apparently Booze, Boats and Boston – Bloomberg Morgan Stanley Says a Shipping Revolution Has Oil Headed for $90 – Bloomberg When the Blockchain Skeptic Walked Into the Lions’ Den – Wired

The post Links 18 May 2018 appeared first on MacroBusiness.

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The Australian Independent Media Network Thursday, May 17, 2018 - 23:27 Source

I used to think Mark Kenny was a reasonably well-informed political commentator but I have felt recently that he was trying overly hard to give the Coalition the benefit of the doubt. And then I saw his latest offering and thought WTF, do we live on the same planet? The title – “As ‘ascendant Malcolm’…

The post Press propaganda ramps up appeared first on The AIM Network.

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John Quiggin Thursday, May 17, 2018 - 22:56 Source

In a comment posted yesterday, I said

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Harrangue Man Thursday, May 17, 2018 - 22:10 Source

It was at the end of the meeting when I stood up intending to thank people for all their efforts.I wear my pants high, above my waist, and it was an elasticated waist band. As I stood and spoke I could feel them slip. So I announced to the room "I just want to say ... my pants are falling down" as I then clutched them before they dropped then pulled them back up past my waist. Everyone laughed, as well they should, and I still got to thank the people I wanted to thank.

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Poll Bludger Thursday, May 17, 2018 - 17:39 Source

A fairly typical post-election honeymoon poll result for Will Hodgman's Liberal government in Tasmania, which has also laid claim to a seat in the Legislative Council after the recent periodic elections.

The post EMRS: Liberal 47, Labor 30, Greens 14 in Tasmania appeared first on The Poll Bludger.

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