Oz Blog News Commentary

Articles from MacroBusiness

US jobs preview

December 2, 2022 - 13:20 -- Admin

Goldman with the note. We estimate nonfarm payrolls rose by 175k in November (mom sa), a slowdown from the +261k pace in October and the +289k three-month average. We estimate private payrolls rose 150k (vs. consensus +188k). Arguing for a weaker-than-expected report: n Job availability. JOLTS job openings declined 353k to 10.3mn workers in October,

Aussie house prices plummet at fastest pace in history

December 2, 2022 - 13:00 -- Admin

November’s house price results from CoreLogic posted a 1.0% decline nationally and a 1.1% fall across the five major capital city markets. CoreLogic’s head of research, Tim Lawless, noted that the pace of decline has “been consistently moderating since the national index dropped by 1.6% in August… mostly emanating from the Sydney and Melbourne markets”:

National Anti-Corruption Commission: A Primer

December 2, 2022 - 12:20 -- Admin

This week, the Federal Parliament passed legislation to establish the National Anti-Corruption Commission (NACC), a watchdog that will investigate potential corruption at the highest level. It passed with cross-partisan support. The Australia Institute has provided a primer on what the new NACC will entail. The NAAC will: Have a broad jurisdiction, both in terms of

Gold’s revenge

December 2, 2022 - 12:00 -- Admin

Can we finally put pay to the hodler notion that BTC is digital gold? Here is a relative chart since BTC topped: Moreover, anything claiming to be gold has to move contrary to the US dollar. That is gold’s role as an alternative reserve currency. Here’s the relative price performance since DXY topped: A range

Soaring interest rates shrinks mortgage demand

December 2, 2022 - 11:49 -- Admin

Australian mortgage commitments fell further in October following six consecutive interest rate hikes from the Reserve Bank of Australia (RBA). The Australian Bureau of Statistics (ABS) reported that the total value of new mortgage commitments fell a seasonally adjusted 2.7% in October 2022 to be down 17.1% year-on-year: Owner-occupier mortgage commitments fell 2.9% in October,

Path paved for cheaper NBN

December 2, 2022 - 11:40 -- Admin

Shortly after the federal election, new Communications Minister Michelle Rowland confirmed that Labor had abandoned plans to privatise the national broadband network (NBN). Rowland also flagged that Labor would scale back proposed 3% per annum wholesale broadband price increases that the former Coalition government had directed NBN Co to implement to recoup costs. There was

Retail recession tipped for 2023

December 2, 2022 - 11:20 -- Admin

The latest Deloitte Access Economics’ Retail Forecasts have been released, which tips a “short and shallow retail recession” in 2023, with sales volumes expected to decrease by 0.2% and 0.4% over the March and June quarters of 2023. The contraction in retail sales will be driven by “cost of living pressures and a mortgage rate