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Jack the Insider Friday, April 10, 2015 - 11:26 Source

Two days ago Prime Minister, Tony Abbott announced the establishment of a national taskforce to tackle the emerging social calamity associated with…

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New Matilda Friday, April 10, 2015 - 11:07 Source

A nation with one of the world's smallest carbon footprints is one of the worst affected by climate change. Their youth are pleading with Australians to act. 

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The Tally Room Friday, April 10, 2015 - 11:00 Source

The count in the Legislative Assembly is now largely complete. As of late Thursday evening, the Electoral Commission had “pushed the button” and finished the count in 41 out of 93 seats, including the key seats of Lismore (Nationals beat Greens), East Hills (Liberal beat Labor), Gosford and the Entrance (Labor beat Liberal), giving us a final figure of 54 Coalition, 34 Labor, 3 Greens and two independents.

In the Legislative Council, there has been substantial progress in counting since I last posted eight days ago.

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MacroBusiness Friday, April 10, 2015 - 10:58 Source

By Leith van Onselen LF Economics, a new Australian analytical and research firm, has produced an interesting report examining housing affordability in Australia, which it finds is in a dismal state. The report includes a bunch of interesting charts benchmarking Australian housing costs against our international peers. Below is a sample of the report’s key

The post How to measure housing affordability appeared first on MacroBusiness.

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New Matilda Friday, April 10, 2015 - 10:42 Source

Plans to build one of the world’s largest coal mines in Queensland have hit yet another roadblock, with international investment banks refusing to back the project. 

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MacroBusiness Friday, April 10, 2015 - 10:38 Source

Credit Suisse has destroyed its iron ore forecasts: High cost production must be forced out: 2016 might well be tougher than 2015 Our demand analysis has steel production declining in China over the next three years, which reduces the seaborne iron ore demand. But our supply forecast for the major iron ore producers has changed very little

The post Credit Suisse destroys iron ore forecasts appeared first on MacroBusiness.

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xkcd.com Friday, April 10, 2015 - 10:00 Source

"Mr. President, what if the unthinkable happens? What if the launch goes wrong, and Napoleon is not stranded on the Moon?" "Have Safire write up a speech."

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MacroBusiness Friday, April 10, 2015 - 09:53 Source

It’s sure not looking pretty in the FMG’s bond issues. The 2019 bond is now pricing in the 70s: And 2022 is into the high $60s: That looks like a large deficit of assets to sell. The recent ponzi-bond walkaway looks to have been a monumental blunder. The Australian puts the boot in: Fortescue Metals

The post Fortescue bonds sink appeared first on MacroBusiness.

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The Australian Independent Media Network Friday, April 10, 2015 - 09:48 Source

“The struggle of man against power is the struggle of memory against forgetting”

― Milan KunderaThe Book of Laughter and Forgetting

The release of the Energy White Paper, which coincidentally occured about the same time as the realisation of the need for a task force into the drug “ice” told the public some interesting things about the government’s position on energy.

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The Tally Room Friday, April 10, 2015 - 09:15 Source

Goulburn, on paper, was a very safe Liberal seat prior to the recent election, with Liberal MP Pru Goward holding the seat by a 26.8% margin.

This masked a lot of change in the area. Goulburn shifted significantly west, taking in Yass and other areas from the abolished Nationals seat of Burrinjuck, and barely half of the seat’s population was included in Goulburn prior to the election.

Nationals MP (and minister) Katrina Hodgkinson held Burrinjuck, and initally planned to run against Goward in Goulburn, before shifting to the neighbouring seat of Cootamundra.

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MacroBusiness Friday, April 10, 2015 - 09:14 Source

From Bloomie metals analyst Kenneth Hoffman following his return from a China trip: What he saw: idle cranes, empty construction sites and half-finished, abandoned buildings in several cities. Conversations with executives reinforced the “gloomy” outlook. “China’s metals demand is plummeting…Demand is rapidly deteriorating as the government slows its infrastructure building and transforms into a consumer economy.”

The post China metals demand “plummeting” appeared first on MacroBusiness.

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John Quiggin Friday, April 10, 2015 - 09:10 Source

That’s the title of a piece I had in the Chronicle of Higher Education in February. CHE is paywalled, but they kindly agree to let me republish here, after a suitable interval. The article (or at least a near final version) is over the fold.

Rank Delusions

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Popular Science Friday, April 10, 2015 - 09:09 Source

Sharks are incredibly unlikely to bite you. They're even less likely to kill you. However, we remain fascinated with their ability--and occasional proclivity--to do just that. With so many things more likely to harm us, why do we pay such rapt attention when sharks make headlines?

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Popular Science Friday, April 10, 2015 - 09:09 Source

NASA has a bug problem. While cars on long road trips might suffer from bug guts on the windshield, bugs also splatter on aircraft wings during flight. This can interrupt the flow of air over the wings, increasing drag and making the flight less efficient.

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Popular Science Friday, April 10, 2015 - 09:09 Source

Our beloved Moon, often the staple of a peaceful and tranquil nighttime scene, has a pretty violent origin story. In 1970, researchers proposed the “giant impact” hypothesis, which reasons that the Moon is the result of a huge collision between the Earth and another planetary body some 4.5 billion years ago.

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Popular Science Friday, April 10, 2015 - 09:09 Source

Innumerable children have gone through the same devastating ordeal time and time again: buy a goldfish, only to have it die shortly thereafter. But it turns out that a few goldfish in Colorado may have been a bit hardier than their owners thought.

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Popular Science Friday, April 10, 2015 - 09:09 Source

This past February, the United Kingdom became the first country to legalize mitochondrial replacement therapy (MRT), also known as mitochondrial DNA replacement, which can be used to make “three-parent babies.” Proponents of MRT point out that the therapy can mean that mothers with mitochondrial diseases, such as muscular dystrophy and various types of organ failure, won't pass those diseases a

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Popular Science Friday, April 10, 2015 - 09:08 Source

Instead of tilting at windmills, how about living in one? The Dutch Windwheel is a giant proposed wind turbine for the city of Rotterdam in the Netherlands, which will feature apartments and hotel rooms along the outside of the structure.

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MacroBusiness Friday, April 10, 2015 - 09:02 Source

By Chris Becker A green night across risk markets, save gold and US bonds with a surprisingly poor 30 Treasury auction sending bond prices down and yields up with European bonds rallying on continued ECB purchases. No economic surprises either, with the Bank of England holding fire on rate cuts or further QE, and US initial jobless

The post Macro Morning (green) appeared first on MacroBusiness.

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MacroBusiness Friday, April 10, 2015 - 08:59 Source

Very sad news for the nation, Richie Benaud has passed away.

The post Vale Richie Benaud appeared first on MacroBusiness.

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MacroBusiness Friday, April 10, 2015 - 08:56 Source

From Dad’s Army: A meeting of treasurers in Canberra on Thursday failed to agree on a new formula for distributing GST revenue. While federal Treasurer Joe Hockey told reporters after the meeting he would continue to consult the states and territories before making a decision, the WA opposition believes all hope is lost. Doesn’t seem

The post Comrade Colin on his own? appeared first on MacroBusiness.

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New Matilda Friday, April 10, 2015 - 08:41 Source

He's committed his life to keeping the bastards honest. And when we say bastards, we mean BASTARDS!

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The Melbourne Urbanist Friday, April 10, 2015 - 08:26 Source

Recap: all the topics discussed by The Urbanist in March

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WixxyLeaks Friday, April 10, 2015 - 08:09 Source

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One of my all-time favourite movies, Magnolia, has a scene at the end where John C Reilly’s character asks us “What can we forgive?”

For different people I’m sure there would be different answers and completely different opinions on what they would see themselves as forgiving.

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MacroBusiness Friday, April 10, 2015 - 08:09 Source

By Leith van Onselen I have already covered it this week (here and here), but The Australian’s David Crowe has published a nice article today explaining how the Coalition is scurrying to unwind one of its own Budget blunders of yesteryear: Peter Costello’s decision in 2006 to greatly relax the assets test to qualify for

The post Righting Costello’s pension wrongs appeared first on MacroBusiness.

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MacroBusiness Friday, April 10, 2015 - 07:46 Source

And now it’s a trend (h/t Not Gunnamatta):

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MacroBusiness Friday, April 10, 2015 - 07:21 Source

Long term readers will know that MB has a simple take on the Australian economy. The basic process of growth is as follows: national income is generated in the world by selling dirt; that income is narrow but redistributed widely via the stock market, high wages in mining and associated industries and most importantly via

The post Australia’s stalling growth engines appeared first on MacroBusiness.

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MacroBusiness Friday, April 10, 2015 - 07:20 Source

By Leith van Onselen I have shown repeatedly that the escalation of Australian housing values since the late-1990s has been caused, primarily, by an increase in land values rather than construction costs (see below charts, which are current to June 2014). Core Logic-RP Data has updated its statistics showing the extraordinary escalation of land costs

The post Australia’s idiotic land bubble appeared first on MacroBusiness.

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The Australian Independent Media Network Friday, April 10, 2015 - 06:55 Source

 

 

The first three works are by Joey Langley and are political.

 

The poetry of revolution

 When this revolution happens will u be sleeping in ur bed,

Dreaming of the better times and now we’ve this instead,

What happened to our glory days everyone they could win,

Then they got you chasing money and focused on your sin,

 

When we looked a little closer they spoke of greater good,

“Now off to work, we do no wrong no you misunderstood”,

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MacroBusiness Friday, April 10, 2015 - 05:17 Source

By David Collyer, cross-posted from Prosper Australia: Rents always go up – don’t they? The 1.2 million negatively geared Australian tax payers whose property expenses exceed their rental income think so. Their cunning plan is to patiently wait while the rent ratchet turns their negative cash flows positive and net income losses into profits. If

The post What if rents stop rising? appeared first on MacroBusiness.

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