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Articles from MacroBusiness

Australia’s wage growth canary croaks

March 6, 2024 - 09:30 -- Admin

We have warned for months that Australia’s wage growth would stall as historically high net overseas migration collides with the slowing economy. This imbalance between labour supply and demand is best illustrated by the below chart plotting the sharp increase in the number of applicants per job advertisement against Australia’s official unemployment rate: As shown

Macro Morning

March 6, 2024 - 09:00 -- Admin

Overnight saw the release of the latest US ISM services PMI, which came in much softer than expected and led to a drop in the USD and bond yields. Wall Street still lacks confidence to move higher amid some tech wobbles, combined with the softer print sending it down more than 1% across the board,

Mag7 cut down to Mag4

March 6, 2024 - 08:30 -- Admin

The Market Ear with bearish musings. How bullish is tech? NASDAQ is slightly lower than where we traded on February 9… Refinitiv Is this losing steam? NASDAQ remains trading inside the trend channel, but note the last break up has already been reversed, and the high never reached the upper part of the channel. This

Sell iron ore rallies

March 6, 2024 - 07:00 -- Admin

Yesterday’s NPC did little for iron ore or steel. Futures for both kept falling (SGX is a day behind): It sure looks like a ‘sell the rallies’ market now. In Dalian, the chart looks positively sick as a perfect descending triangle pattern forms at the lows: Coking coal is joining in: The NPC was a

Chinese buyers drive up house prices

March 6, 2024 - 00:05 -- Admin

Late last year, BetaShares chief economist, David Bassanese, asked why Australia doesn’t have tighter restrictions on foreigners buying local homes: The article that Bassanese referred to stated: “Wealthy Chinese buyers are taking private jets to Melbourne to purchase mansions in Toorak – the city’s most expensive suburb – on the spot, says Toorak buyer’s agent

Macro Afternoon

March 5, 2024 - 17:00 -- Admin

Its a very mixed session for Asian share markets given the lack of a strong lead from Wall Street overnight with the lower USD and volatile bond markets not providing guidance either in the absence of major economic prints. That could change tonight with the latest ISM services PMI but the USD is largely unchanged

More skills shortage baloney from the ‘stats guy’

March 5, 2024 - 13:30 -- Admin

The “Stats Guy” Simon Kuestenmacher is a renowned immigration shill. For years he has pumped out propaganda supporting a Big Australia. He was up to his old tricks last week, claiming that Australia faces worsening skills shortages unless it maintains historically high net overseas migration. “Let’s start with a quick analysis of how important foreign-born

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