So says ANZ. The US produces around 80mt of crudes teel, which falls short of its consumption needs by 25-30mt. Its import reliance is around 12-15% of apparent consumption. Canada is once against the biggest source of its total imports at 23%. Other sources include Mexico (16%), Brazil(13%), and theRepublic of Korea(9%). Australia exports a
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The Australian’s Matt Bell published an article on the nation’s “skills crisis”. It is based on a report from recruitment firm Hays, which found 85% of hiring managers are grappling with “skills gaps” that continue to worsen despite a softer market and strong immigration. While skilled migration is frequently cited as a solution, only 37%
Beware the dangers of central planning. The job of good government is to provide macro settings that nudge markets around to maximise the benefit to society. Bad government is to distort macro settings to deliver on politically charged targets to get re-elected and damn the lifeboats. This is bad government. Jim Chalmers has instructed financial
Unless you are a rusted-on hawk, the RBA is cutting next week with bells on. The latest evidence of price cooling directly addresses some of the RBA’s more esoteric fears. Prominent among these has been its fixation with the output gap, which the pre-reform RBA did not focus much on. The output gap is important,
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Australia’s housing market is experiencing a mild correction, led by Sydney and Melbourne. Over the past quarter, dwelling values across Australia’s five major capital cities have declined by 0.7%, driven by Melbourne (-1.9%) and Sydney (-1.5%). The downturn has been driven by record low affordability, easing net overseas migration and a steady accumulation of for-sale
In 2011, billionaire investment legend Warren Buffett penned an opinion piece in the New York Times, revealing that he paid a lower rate of tax than most of his employees. The article highlighted how tax breaks are available only for the rich with resources to take advantage of them. What followed was a 2012 proposal
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Beware the LNY distributions, but Chinese property appears to have faded out. A bit better year on year. Inventory improved. As the completion cliff moves up a gear. Nothing good for steel demand here. But iron ore is busy trading other inputs, such as tariffs and cyclones, and the jaws are huge.
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The Australian Bureau of Statistics (ABS) Q3 national accounts showed that real per capita household disposable income has collapsed by around 8% from its Q2 2022 peak, the most significant decline in recorded history. This also represented one of the greatest declines in real per capita disposable incomes in the advanced world. Justin Fabo from
You can’t have any gas. And it is beyond inefficient and climate destructive to send Aussie gas to Eruope. But Europe is getting Aussie gas to warm itself anyway. At least three vessels carrying LNG from Oman and Australia are heading west for delivery, with one sailing through the Red Sea, ship tracking data showed
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Risk markets are diverging in fortune again as European equities continue their strong trend higher despite tariff threats while the latest testimony by Fed Chair Powell on interest rate trajectory saw a bit of a wobbly finish on Wall Street overnight. The USD is all over the place with Euro surging while the Australian dollar
The post Macro Morning appeared first on MacroBusiness.
DXY is holding up as EUR falls. But AUD is squeezing higher anyway on metals mania. It can still close some gap with lead boots. That said, metals mania printed massive shooting stars across the complex. Warning to bulls. Miners are zombie stocks. EM meh. Junk is a real problem for the broader rally. Yields
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