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Macro Afternoon

December 18, 2017 - 17:31 -- Admin

by Chris Becker Here comes the Santa rally with all markets outside China putting on gains in response to growing certainty surrounding the US tax cuts that should pass mid-week. Bitcoin continues to make new highs while “real” currencies like Aussie and Yen were essentially unchanged following the weekend gap. In mainland China the Shanghai

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Another real estate insider taps out at the top

December 18, 2017 - 14:12 -- Admin

La Trobe Financial, which is an Australian lender specialising in non-conforming loans (i.e. if you are too risky for the big banks, you go to La Trobe) has decided that its time to cash in its chips (via the Financial Standard): Melbourne-based La Trobe Financial, one of the largest non-bank lenders in the country, struck

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Sydney property listings up 22% year-on-year

December 18, 2017 - 13:40 -- Admin

CoreLogic’s weekly property vitals are out. The leading mortgage index continues to show a faint pulse: However, it remains down sharply year-on-year. Listings are up sharply year-on-year in Sydney: Whereas property prices continue to slide: Full report here.

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Aussies plan to work longer than ever before

December 18, 2017 - 13:05 -- Admin

By Leith van Onselen In early 2003, I joined the Australian Treasury where I was immediately introduced to the Department’s “Three P’s” framework, which effectively argued that Australia needed to: 1) boost productivity; 2) raise workforce participation; and 3) increase the population via skilled migration, if the nation was to continue to enjoy rising living

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New car sales continue to trend lower

December 18, 2017 - 11:56 -- Admin

By Leith van Onselen The Australian Bureau of Statistics (ABS) today released new motor vehicle sales for the month of November, which registered a 0.1% seasonally adjusted increase in the number of sales over the month and a 2.1% increase over the year: Four jurisdictions reported seasonally adjusted increases in new car sales in November

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Bill Evans: Soggy economic outlook means rates on hold. China key risk

December 18, 2017 - 11:10 -- Admin

Here’s an excellent dissection of the Australian economy by Westpac chief economist, Bill Evans: As we contemplate 2018 and 2019 there are a number of key themes that we believe will dominate economic and market developments. Our advice to customers throughout 2017 has been to expect Australia’s growth rate to be anchored below trend in

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Employer group bawls over modest temporary skilled visa levy

December 18, 2017 - 10:50 -- Admin

By Leith van Onselen In this year’s Federal Budget, the Coalition promised to impose a levy of up to $1,800 per annum on companies for each worker they employ on a temporary skilled visa. The measure is aimed at raising some $1.2 billion over four years, with the money to be used on skills training.

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Auditor-General: Consultants taking taxpayers to the cleaners

December 18, 2017 - 10:10 -- Admin

By Leith van Onselen Over the past year or so, reports have emerged documenting the billions in taxpayer funds that have flowed to consultants. In September 2016, Michael West reported how the Big Four accounting firms had taken corporate welfare to an extraordinary level, earning up at least $2.6 billion in fees from the Australian

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S&P: Home loan arrears fell in October

December 18, 2017 - 09:32 -- Admin

From Standard and Poors: MELBOURNE (S&P Global Ratings) Dec. 18, 2017 — Delinquent housing loans underlying Australian prime residential mortgage-backed securities (RMBS) fell to 1.04% in October from 1.08% in September, according to a recent report by S&P Global Ratings. We attribute part of the decline to a rise in outstanding loan balances during the

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Macro Morning (Trading Week)

December 18, 2017 - 09:00 -- Admin

By Chris Becker  It’s effectively the last week of the trading year, so that means the last Trading Week wrap up for the calendar year. Its been a big year of risk taking – otherwise know as central bank supported buying of risk assets for almost no risk to capital – with the major catalyst

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