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Aussie auto delinquencies surpass GFC high

January 25, 2019 - 15:00 -- Admin

By Leith van Onselen Hot on the heels of the heavy 15% decline in new car sales in 2018, along with the 9% decline in motorcycle sales, Moody’s has released the below chart showing that delinquencies for Australian auto loan asset-backed securities (ABS) has surpassed Global Financial Crisis (GFC) levels: Auto loans are non-revolving with

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Macro Afternoon

January 25, 2019 - 15:00 -- Admin

An upbeat finish to the week here in Asia with most stock markets in the green going towards the close, with risk proxies USDJPY and Aussie dollar moving higher in unison to a risk on mood. The biggest mover of the day is Pound Sterling as reports swirl about a better “deal” deal for Brexit.

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The Economist turns bearish on Aussie economy

January 25, 2019 - 14:30 -- Admin

By Leith van Onselen The Economist has joined the conga-line taking a bearish view on the Aussie economy: [Australia’s] housing market is now one of the most overvalued… Household debt has reached 200% of disposable income… The saving rate is skimpy… House prices have been falling for a year… Australia’s banks may not have been quite as

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CoreLogic: Sydney rents are plummeting

January 25, 2019 - 14:00 -- Admin

From CoreLogic’s Quarterly Rental Report: Weekly rents across the nation fell by -0.1% in December 2018 to be -0.3% lower over the fourth quarter of 2018 however, rents increased by 0.5% over the 12 months to December 2018. Capital city rents were -0.4% lower over the quarter and unchanged year-on-year while regional market rents were

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NSW taxpayers could be slugged millions to fix high-rise faults

January 25, 2019 - 13:30 -- Admin

By Leith van Onselen Earlier this month, the senior bureaucrat who reviewed building regulation for the NSW Government warned that defects in the 34-storey Opal Tower at Sydney’s Olympic Park “are likely just the tip of the iceberg”. Now, The Australian reports that NSW taxpayers could be forced to pay millions to repair faults across at

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AMP slides as profits slashes cut in wake of scandal

January 25, 2019 - 12:59 -- Admin

by Chris Becker Couldn’t have happened to a nicer ticket puncher with a huge slash to profits in the wake of the Royal Commission. From ABC: In a statement to the ASX, AMP further downgraded its already weak profit guidance, reporting that its net profit for the 2018 calendar year would be “approximately $30 million”

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Super Mario gooses the Euro

January 25, 2019 - 12:30 -- Admin

by Chris Becker ECB President Mario Draghi pushed the Euro off the cliff early this morning AEDST with his post-meeting press conference comments: “The risks surrounding the euro area growth outlook have moved to the downside on account of the persistence of uncertainties related to geopolitical factors and the threat of protectionism, vulnerabilities in emerging markets and

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Chinese developers hit the sell button

January 25, 2019 - 12:00 -- Admin

By Leith van Onselen It began in H2 last year as Chinese developers stopped buying: Chinese developers are steering away from expensive inner city site purchases for apartment projects as they wait out the housing downturn and the uncertainty of next year’s federal election. At the height of the boom in and around 2013 to

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Australian dollar enters doom loop

January 25, 2019 - 11:45 -- Admin

by Chris Becker More doom and gloom from the currency forecast brigade this morning, with HSBC and Rabobank both pipping sub-70c levels for the Australian dollar before the end of the year as the RBA is poised to cut rates after failing to dampen down the bubble it created. From Bloomberg: “The RBA just sat

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NAB: Property confidence sinks to fresh low

January 25, 2019 - 11:30 -- Admin

By Leith van Onselen NAB’s latest Q4 property survey spells more bad news for Australia’s housing market, with confidence sinking to a fresh low and house price expectations sinking: Average survey expectations for national house prices for the next 12 months were cut back further in Q4, and are now tipped to fall -2.4% (-1.0%

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