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ANU: Job and income losses halted, confidence rising

May 29, 2020 - 13:30 -- Admin

Average hours worked increased from 32.3 per week in April to 32.8 per week in May, according to a study by the Australian National University’s (ANU) Centre for Social Research and Methods. The increase followed the easing of COVID-19 restrictions and improved health results, with the study also finding that employment has levelled out at

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Shrinking COVID-19 cases mock Qld border closures

May 29, 2020 - 13:00 -- Admin

New data makes a mockery of the Queensland Government’s border closures. While there have now been 7,150 confirmed cases of the coronavirus in Australia, and the nation’s death toll stands at 103, the number of active cases has fallen to just 466, after falling by one-third over the past fortnight. This includes only 378 active

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Vale Hong Kong as CCP overlords take control

May 29, 2020 - 12:30 -- Admin

China’s National People’s Congress has approved a draft resolution that paves the way for anti-sedition laws to be enacted in Hong Kong. The laws will end Hong Kong’s autonomy by banning “acts and activities” considered to be a threat to China’s national security, and will permit “national security agencies” to operate in Hong Kong. The

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Twitter should fact check Kouk

May 29, 2020 - 12:15 -- Admin

All day, every day he demands more stimulus: A lesson from England for the RBA and government in managing economic policy in the deepest recession since the 1930s — Stephen Koukoulas (@TheKouk) May 29, 2020 While berating government debt: Government debt just hit a fresh record high: $658.3 billion. Up from a tiny $273

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Australia’s CCP apologists burn

May 29, 2020 - 12:00 -- Admin

“Australia” has had a near-death experience, at The Australian: Australia’s current ambassador to China gave the green light to Victoria to sign on to President Xi Jinping’s signature Belt and Road Initiative, which has been criticised by Scott Morrison. The Australian can reveal that Graham Fletcher, then a senior Foreign Affairs official, told the Victorian

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CBA: Huge fiscal stimulus props up household income

May 29, 2020 - 11:30 -- Admin

Gareth Aird, head of Australian economics at CBA, has published research on the extent to which household impacts have been supported by the federal government’s stimulus: Key Points Growth in government benefit payments has accelerated due to both the number of people receiving JobSeeker as well as the doubling in the fortnightly JobSeeker payment. Growth

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Andrew Liveras disgorges dog’s vomit on energy

May 29, 2020 - 11:01 -- Admin

At the AFR the bogus debate rolls on: The controversial proposals from the Andrew Liveris-led manufacturing taskforce would take government involvement in the gas supply sector to a new level in Australia and have set the scene for a renewed clash between manufacturers and gas producers over prices. …Engendering most debate in the draft report

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Bank bid blows up

May 29, 2020 - 10:49 -- Admin

The Australian dollar is hovering at the highs this morning even as S&P futures fall: Bonds are firm: XJO has gapped lower at the open: Big Iron is up: Big Gas down with oil’s struggles: Big Gold is warm as DXY softens: The Big Bank bid has run into a big reversal. The whole value

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Telstra divides and conquers NBN

May 29, 2020 - 10:30 -- Admin

History doesn’t repeat but it sure does rhyme. In 2011, the Gillard Government agreed to pay Telstra $9 billion in instalments for its fixed line customers to migrate to the National Broadband Network (NBN). This decision was made, in part, to remedy the structural mess made by the Howard Government when it privatised Telstra in

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The Great Bears do the bear market rally

May 29, 2020 - 10:15 -- Admin

Cross-posted from ZeroHedge is a fabulous post gathering together the world’s great bears. Albert Edwards admits he is “perplexed.” Writing in his latest Global Strategy report, the SocGen strategist admits that “until recently (ie the last few days), I had thought that the 35%+ rally in the S&P from its 23 March 2190 low would

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