No country has messed up immigration policy more than Canada. Every system—housing, infrastructure, employment, and healthcare—is in chaos. Unprecedented net overseas migration drove a population increase of nearly 1.3 million last year: This population boom has left Canada severely short of housing: Housing starts have lagged well behind population increase: As such, the rental vacancy
Education Minister Jason Clare has announced that, as part of the upcoming budget, part of the student debt of people with Higher Education Loan Program (HELP) accounts, better known as HECS, will be forgiven. Clare said a student who graduates with an average debt of $26,500 would have about $1,200 wiped from their outstanding HELP
We are still in shoulder season Albo’s gas cartel is steadily pushing gas spot prices through the $12Gj contract price cap: Electricity prices are following, as usual. Electricity futures have broken the downtrend and are launching: In what is better news for the damned, the local gas price is slightly below export net-back at the
On Saturday, I was interviewed by Radio 2GB’s Luke Grant. I discussed the blowout in Victoria’s debt and why it could require a federal government bailout, which would see all Australians foot the bill. Edited Transcript: The Victorian government is drowning in debt. It has the lowest credit rate in the country. It has the
Chinese property sales look better, but it is only the timing of the Labour Day holiday: Steel demand and supply are terrible vis MySteel: Developer funding remains shut: LGFV funding is way behind the curve: Still nothing but avoid signals for iron ore.
CoreLogic has released its quarterly rental review, which shows that rental growth accelerated in the first quarter of 2024 amid record levels of net overseas migration. The median weekly rent value across all Australian homes reached a new record high of $627 per week at the end of March, with rental costs ranging from $770
Last week, the Australian Bureau of Statistics (ABS) released dwelling approvals data, which revealed that only 12,500 homes were approved for construction over the month of March in trend terms, which was the worst monthly result since April 2012. The result was nearly 40% below the Albanese government’s housing target, which requires 20,000 homes to
Goldman with the note. USD: Not so fast. We wrote last week that US policy-led repricing tends to lead to the most disruptive type of broad Dollar strength. But the message from policymakers—and data—this week delivered the opposite. The policy pushback of course came from both sides, with Japan’s apparent intervention setting the tone for
DXY sagged Friday night: AUD is still caught in a neutral wedge but momentum is higher: CFTC shorts got shot: JPY shorts got shot: Normally, gold would be lifting and oil rising. Not in this upside down world: Dirt did OK: And miners: EM is breaking out: Junk is giving the all-clear: Yields fell: Lifting
At last, MB is not alone in telling the truth. It began earlier this week with the nation’s leading macro team, led by the excellent Gareth Aird at CBA. when he wrote: …incredibly strong net overseas immigration has put upward pressure on some components of the CPI basket. This has made the RBA’s task of