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Political pressure builds for bank royal commission

August 3, 2016 - 08:57 -- Admin

By Leith van Onselen Momentum for a banking Royal Commission continues to build with Labor and The Greens tempting National cross-benchers to “cross the floor” in support of an inquiry. From The AFR: Mr Shorten and his senior shadow ministers will work on wooing a Coalition MP, most likely a Nationals MP, to cross the

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Subscriber login issue

August 3, 2016 - 07:35 -- Admin

Dear readers, We’re aware that some subscribers are having trouble logging in this morning. Furiously working on a fix. In the mean time we have opened today’s articles. Regards, The MB Team.

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A warning on Australian dollar pain trades

August 3, 2016 - 06:34 -- Admin

Last night the US dollar took a good kicking: Everything else is on the up: Commodity currencies were mixed, Aussie the strongest: Gold roared: Oil fell again: Base metals yawned: Big miners fell: US and EM high yield woke to oil: US bonds were mildly bid: Equities took a modest hit: So, the oil crash

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RBA abandons CoreLogic house price index

August 3, 2016 - 05:32 -- Admin

Recall Peter Martin from a few days ago: Apparent strong house price growth in Sydney and Melbourne is unlikely to dissuade the Reserve Bank from cutting interest rates on Tuesday, in part because it’s not what it seems. The CoreLogic home price index jumped 3.1 per cent in Sydney and 1.6 per cent in Melbourne after

The post RBA abandons CoreLogic house price index appeared first on MacroBusiness.

Why did banks launch deposit rates?

August 3, 2016 - 05:22 -- Admin

From Banking Day: Yesterday the board of the Reserve Bank of Australia confirmed what had become a widely expected decision – to shave another 25 basis points off the official cash rate, taking it to an unprecedented low point of 1.50 per cent. Reserve Bank Governor Glenn Stevens, in his last appearance to deliver an

The post Why did banks launch deposit rates? appeared first on MacroBusiness.

5% of Melbourne OTP apartment buyers walk

August 3, 2016 - 00:14 -- Admin

By Leith van Onselen The AFR’s Larry Schlesinger has reported today that roughly one in 20 Melbourne off-the-plan (OTP) apartment buyers abandoned their purchases in June, with roughly two-thirds of those foreign-based, according to law firm Maddocks: The law firm processed over 800 apartments contracts in June and recorded that 5 per cent of deals

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Mining states face the biggest dwelling gluts

August 3, 2016 - 00:12 -- Admin

By Leith van Onselen With the ABS yesterday releasing its dwelling approvals data for the June quarter, it’s an opportune time to once again examine how dwelling construction is tracking against population growth at the national and state and territory levels. The below charts track the following, which are based on the latest available quarterly

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Sydney property listings jump 14% YoY

August 3, 2016 - 00:10 -- Admin

By Leith van Onselen From SQM Research comes stock on market figures for the month of July, which registered a seasonal 0.9% monthly rise in the number of homes for sale, although listings were down by 0.4% year-on-year (see below table). As shown above, listing increases were recorded everywhere except Hobart in July. Over the year,

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Commodity prices continue rebound

August 3, 2016 - 00:08 -- Admin

By Leith van Onselen The RBA has released its commodity price index for July, which registered a strong 4.1% jump in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 1.1% rise in Australian dollar terms: Preliminary estimates for July indicate that the index increased by 4.1 per cent (on

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Daily iron ore price update (Silvergrass)

August 3, 2016 - 00:05 -- Admin

Iron ore charts for August 2, 2016: Tianjin benchmark edged up 0.3 per cent to $60.70. Paper flamed out overnight. Rebar average followed through with solid gains yesterday so the rally ain’t dead yet. RIO and BHP were thumped in London regardless. After falls here yesterday it appears that for now equities have had enough

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