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Investors flee Sydney and Melbourne housing bubbles

July 13, 2018 - 11:54 -- Admin

By Leith van Onselen Australia’s speculator frenzy continues to retreat, according to today’s Lending Finance data for May, released by the ABS. As shown below, the annual value of investor loans in New South Wales (read Sydney) is falling fast, whereas Victoria (read Melbourne) is also moderating. Investor loans in the other major jurisdictions are either

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Australian dollar rallies with risk, sinks ASX

July 13, 2018 - 11:44 -- Admin

AUD is bid through the morning as risk rolls: Bonds are sold a touch: XJO too: Dalian is a nothing burger: Big Iron is still soft: Big Gas firming: The Big Gold trend is solid: Big Mortgage is hit as yields lift: Big Realty is meh: Avagoodweekend.

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Why ‘skills shortages’ are good

July 13, 2018 - 11:30 -- Admin

By Leith van Onselen Thoughout the years, the chair of the Migration Council of Australia and big business lobbyist for the Australian Industry Group (AIG), Innes Willox, has urged the government not to cut immigration because of so-called ‘skills shortages’. For example, here’s Innes Willox writing in The Australian: Australia does not have a population problem

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Treasury’s John Fraser warns against lifting interest rates

July 13, 2018 - 11:15 -- Admin

By Leith van Onselen Outgoing secretary of the Australian Treasury has thrown a wet blanket over economists’ calls for the RBA to raise interest rates. From The AFR: [Fraser] said “considerable care” needed to be taken to unwind the extreme fiscal and monetary policy interventions of the past decade. “As we all know, these interventions

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Toronto house prices rebounding after sharp plunge

July 13, 2018 - 11:00 -- Admin

By Leith van Onselen Toronto’s housing market is showing signs of live after both prices and sales abruptly plunged. The Teranet-National Bank House Price Index for June was released overnight, which shows that house prices in Toronto have begun to rebound after plunging 7.4% between July and December 2017: As at June, Toronto values were 4.8%

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Coalition lies about cutting immigration

July 13, 2018 - 10:30 -- Admin

By Leith van Onselen The Australian reports that Immigration Minister, Peter Dutton’s, “tough” vetting of migrants has slashed Australia’s permanent migrant intake: The annual permanent migration intake has fallen by more than 10 per cent to less than 163,000, marking the lowest level for more than a decade on the back of a crackdown on fraudulent

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GetUp and Greenpeace right to trash the NEG

July 13, 2018 - 10:15 -- Admin

Via The Guardian: The Queensland and Victorian governments will be hit with a new television advertising campaign in an effort to persuade them to torpedo the national energy guarantee at a critical meeting in early August. The activist group GetUp has combined with Greenpeace to bankroll what it describes as hard-hitting television advertisements targeting the

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Markets declare US trade war winner

July 13, 2018 - 10:00 -- Admin

Via Moody’s: Financial markets believe that the U.S. is likely to fare better than most other major economies in an allout trade war. This is because (i) international trade accounts for a smaller share of U.S. business activity, (ii) the U.S. imports far more than it exports, and (iii) the U.S. now well outperforms other

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Macro Morning

July 13, 2018 - 09:30 -- Admin

By Chris Becker The overnight US CPI print didn’t put a rocket under the USD, coming in firm as expected as all eyes were on Europe with Trump’s NATO bashing taking the heat off any further barrages in the trade war. Tech stocks in the US closed at an all time high while the rest

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ACCC energy idiocy exposed

July 13, 2018 - 09:30 -- Admin

From Bartho today: It is a measure of the complexity of the issues, the scale and number of the deficiencies and the difficulty of responding to them that the Australian Competition and Consumer Commission’s inquiry into energy affordability has come up with 56 recommendations. It is also a pointer to the convoluted nature of our

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