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MacroBusiness Wednesday, November 20, 2019 - 09:34 Source

Oh dear, via ABC: AUSTRAC has applied to the Federal Court for civil penalty orders against Westpac for deficient oversight of its anti-money laundering and terrorism financing obligations. AUSTRAC boss Nicole Rose described Westpac’s behaviour as “serious and systemic non-compliance”. That’s 23 million contraventions. For perspective, the CBA scandal which resulted ina $700m fine was:

The post Austrac sues Westpac for money laundering appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 09:20 Source

Texture from Reuters: Richard Lu, a senior analyst at metals consultancy CRU’s Beijing office, said the rally in steel prices remained supported by fundamentals in the physical market, with inventories falling and demand picking up. He also said a new round of operating restrictions on Chinese steel mills was possible. Rubbish. And the outlook is

The post Daily iron ore price update (runaway steel) appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 09:00 Source

DXY was soft last night as EUR and CNY lifted: The Australian dollar added a bit versus DMs: And EMs: Gold held on: Oil let go: Metals did better: And miners: Plus EM stocks: Junk was soft: Bonds all rallied: Despite stocks charging on: Wrap from Westpac: Event Wrap US Oct. housing starts (1314k, est. 1320k) and permits

The post Australian dollar bounces as global stocks roar appeared first on MacroBusiness.

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Renew Economy Wednesday, November 20, 2019 - 08:31 Source

Renewables reach 30 per cent of demand on Australia's main grid for whole week for the first time.

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The Australian Independent Media Network Wednesday, November 20, 2019 - 06:00 Source

That 1000 people would pay $1000 dollars each to attend a function to celebrate former Prime Minister Tony Abbott’s 25 years in Australian politics astonished me. To find out that they had to turn many others away amazed me even more. Then to find out that most of the speakers reckoned he was underappreciated left…

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MacroBusiness Wednesday, November 20, 2019 - 06:00 Source

By Chris Becker  US stocks lost ground as Trump fumbled around comments regarding Chinese tariffs, pushing industrials down while tech stocks had a slight tick upwards, as the USD lost ground against the undollars. Pound Sterling was the exception as the Tories continue to par back in the polls while Bitcoin cracked below the $8000

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:20 Source

Given the old bullyboy’s unhealthy hold over the national imagination regarding the future of Chinese ties, let’s explore where his vision would take us. Paul Keating would like to see Australia’s commitment to ANZUS modulated versus Chinese interests. That will mean a much more insecure commitment by the US to Australia so the first implication

The post So, what does Paul Keating’s Sinostralia look like? appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:10 Source

SQM Research’s latest newsletter provides commentary on Australia’s pending dwelling construction bust, which SQM believes will run into 2021 and could cause a significant increase in unemployment: Today we have run with three charts – Australian dwelling completions, commencements and approvals. The point of this exercise is to illustrate that the current rate cuts are

The post Why housing construction will fall into 2021 appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:06 Source

Late last month, the Australian Bureau of Statistics (ABS) released its 2018-19 Australian System of National Accounts (ASNA) release, which provided a detailed presentation of annual national accounts data. Locked away on Table 61 was my favourite section of the release: data on aggregate land values at the state and national levels. This year’s release

The post Deflation hits Australia’s residential land markets appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:05 Source

Yesterday, the lobby group for Australia’s migration agents – the Migration Institute of Australia (MIA) – attacked the $53,900 minimum salary attached to the Coalition’s new regional visas: The Migration Institute of Australia has criticised the decision to require regional-based migrants to earn $53,900 a year in order to qualify for permanent residency. “While the

The post Migration Institute: $53,900 salary too high for “skilled” visas appeared first on MacroBusiness.

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MacroBusiness Wednesday, November 20, 2019 - 00:01 Source

Global Macro / Markets / Investing: Economic Inequality and Human Enhancement – The Future Scape Global Debt Surges to a Record $250 Trillion, Highlighting a Need for Bitcoin – Be In Crypto Fed’s push into funding markets stirs fears of widening role – Politico Airbus scores major deals as Boeing falters at Dubai airshow –

The post Links 20 November 2019 appeared first on MacroBusiness.

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Under The Milky Way Tuesday, November 19, 2019 - 21:54 Source

The thing is, Democracy will end.

At some point the current dominant expression of Democracy – Universal Franchise with mass political parties and redistributive taxation – will fail to deliver solutions to urgent problems: Climate; Migration;War; National Sovereignty – and it will be discarded for something else.

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MacroBusiness Tuesday, November 19, 2019 - 17:00 Source

Japanese stocks are weighing on Asian risk taking as selling exhaustion is seeing Chinese markets both on the mainland and in oppressed Hong Kong surge higher. The USD remains under pressure although a lack of buying in Aussie dollar is seeing the local currency fall short of the 68 cent level. Chinese stocks have continued

The post Macro Afternoon appeared first on MacroBusiness.

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Prosper Australia Tuesday, November 19, 2019 - 16:48 Source

1pm, Dec 4th Parliament House With interest rate cuts failing to stop the economic slide, and consistent warnings from our RBA chief that monetary policy cannot do what fiscal stimulus must, what else can we do to support Australia’s prosperity? Helping us navigate the political-economic pressures of the day is Josh Ryan-Collins, renowned UK economist […]

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Grattan Blog Tuesday, November 19, 2019 - 16:32 Source

There is no good news for private health insurers in the quarterly health Insurance statistics released today.

read more More of the same in private hospital insurance data

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