It’s not clear that the seasonal June slowdown is done for iron ore. The market remains weak. MySteel pins one issue. China’s total imports of iron ore during January-May reached 486.4 million tonnes, falling by 5.2% compared with the same period last year, according to the latest statistics released by the country’s General Administration of
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Australian home values hit their highest level on record in May. The Westpac Consumer Sentiment index, released on Tuesday, showed that Australians have turned bullish on house prices, expecting significant appreciation in the period ahead. As illustrated below by Alex Joiner from IFM Investors, house price expectations have surged to a cyclical high. “With strong
One year ago, AMP chief economist Shane Oliver estimated that Australia’s cumulative housing shortage was in excess of 200,000 dwellings. The chart from Oliver showed that Australia’s housing undersupply began in the mid-2000s when the federal government more than doubled net overseas migration. However, the shortage was almost eradicated when immigration turned negative during the
According to Westpac, financial markets have now priced a 97% chance that the Reserve Bank of Australia (RBA) will reduce the official cash rate (OCR) at its monetary policy board meeting in July. The case for more rate cuts was strengthened by the Q1 national accounts released last week, which showed that aggregate GDP growth
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The NAB survey yesterday was a shocker. There is nothing good on that table. Worse, the Aussie economy is supposed to be going through a hand-off from fading government spending to a rising consumer. Somebody forgot to tell the latter as retail fell off a cliff. In other words, the economy has reverted to a
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DXY weak but holding. The AUD tractor climbs on. Lead boots have stalled. Machines are chasing oil, expect up, then down again. Metals no bueno. Miners are terrible. EM trying but tied to DXY. Yields sliding a little again. Stocks to the moon! I still think we’re headed into a combined US/China slowdown. I do
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The Department of Redundancy Department is Albo’s core portfolio. From The Australian. Business leaders will push for holistic tax reform, cuts to red tape and faster approvals for major projects as Anthony Albanese lays the groundwork for a second-term economic agenda by holding a productivity roundtable in Canberra months after his thumping election victory. With
While there’s a lot of similarities in how Australians vote between the House and the Senate, they’ve never voted exactly the same. For a start, there are more options on the Senate ballot paper than the House ballot paper. Small parties will not run in all House seats (sometimes they run in very few) and thus can only attract Senate votes in many seats. This means the bigger parties have traditionally done better in the House, where they have less competition.
I bought myself a new dictation rig, like actual physical hardware, this week. The Plaud Note Pin.
Another light news session overnight as speculation mounts of potential trade deals and tariff pullbacks with US-China talks progressing. Wall Street took any positive news as good news and was bid strongly while European shares pulled back on some not so good unemployment data and increased concerns over defence spending. Currency markets are in a
The post Macro Morning appeared first on MacroBusiness.
Last week’s Q1 national accounts release from the Australian Bureau of Statistics (ABS) showed that Australia’s economy remains on life support, driven by historically high population growth and public spending. Australia’s aggregate GDP grew by only 0.2% in Q1 2025, less than half the 0.45% growth tipped by the Reserve Bank of Australia (RBA) in
