Earlier this week, ANZ Economics updated its Australian house price forecasts, tipping an 18% peak-to-trough decline in values through to the end of 2023: Sydney (-20%) and Melbourne (-17%) are tipped by ANZ to lead the declines. RateCity has estimated the degree to which first home buyers that purchased a median priced home in November
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,
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”:
The Reserve Bank of Australia (RBA) has released its commodity price index for October, which fell 5.0% in SDR (currency adjusted) terms: The commodity price index is now down 4.4% over the quarter and by 12% since its peak in June. According to the RBA: Preliminary estimates for November indicate that the index decreased by
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
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
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,
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
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
By Gareth Aird, head of Australian economics at CBA: Key Points: We expect the RBA to raise the cash rate at the December Board meeting by 25bp to 3.10%. The risks sits with no change, but we consider that risk to be low (~20%). We expect a shift in forward guidance that would see the