Macro Afternoon: 3 December 2025
AUD/USD EUR/USD USD/JPY GBP/USD Gold West Texas Intermediate Brent ASX200 US S&P 500 UK 100 Japan 225
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Snowy Hydro is a corruption cesspit
Only in Australia would an iconic infrastructure company double as a corruption cesspit. Snowy Hydro is a kind of Canberra plaything; a dirty quango without values or direction. It pisses money away like rain on the mountainside, employs proven energy wreckers, and adds tens of billions of unnecessary costs to the energy transition. Let’s take
NSW Liberal leader opposes immigration cuts
In one of her first interviews as New South Wales Opposition Leader, Liberal MP Kellie Sloane was quizzed on the issue of migration on Sky News: Interviewer “Do you believe we need a cut to migration?” Sloane: “Well, I think we need to make sure that migration intake is balanced with our ability to provide
Chinese property sinks to the bottom
Down she goes, and where she stops nobody knows. Sales drowning. Year to date sinking. Inventory bouyant. Completions taking on water. Some of this is the recently banned data. It is not clear if the data remains are available to subscribers. Meanwhile, the reason for the ban is going to the bottom like a holed
Bulls and bears duke it out
The Market Ear. It doesn’t matter… …until it matters. Note the latest short term gap between the US 10 year (inverted) and SPX. We saw a similar early gap form between the two in late October, before SPX “joined” the move. Source: LSEG Workspace Once again? In late October we saw the 10-year pick up
Australian economy remains per capita recession bound
The Australian Bureau of Statistics (ABS) has released the Q3 2025 national accounts, which reported a 0.4% rise in headline GDP over the quarter and a 2.1% rise through the year. The result disappointed analysts’ expectations, which had tipped a quarterly rise in GDP of 0.7% and an annual increase of 2.2%. The result was
Australian businesses love the Ponzi economy
In mid-2023, just as Australia’s net overseas migration was ramping up toward record levels, the mouthpiece of big business, The AFR Chanticleer, proclaimed that Australian businesses were “licking their lips” at the prospect of higher migration, “with few doubting that a bigger Australia is better”. “It is boosting retailers’ sales, increasing landlords’ ability to collect
Another month, another gaping deficit in housing construction
The Australian Bureau of Statistics (ABS) released dwelling approvals statistics for October, reporting 15,844 trend approvals, down 0.6% from September. Approvals in October were 4,168 (21%) behind the National Housing Accord’s five-year target of 20,000 dwellings per month. In the year to October, 192,100 dwellings were approved for construction, which was 47,900 (20%) fewer than
Aussie job ads tumble as AI cometh
ANZ-Indeed job ads have commenced a new adjustment. ANZ-Indeed Australian Job Ads fell 0.8% m/m in November following an upwardly revised 1.9% m/m decline in October.The trend series fell 1.3% m/m, after a 1.9%m/m fall in October ANZ-Roy Morgan consumer confidence is following suit. Consumer confidence declined 1.6pts last week to 85.5pts. The four-week moving
ABS admits education export figure is wildly exaggerated
For years, MB has argued that the Australian Bureau of Statistics’ (ABS) estimate of education exports is wildly exaggerated because it: Incorrectly includes income from international students working in Australia. Does not adjust for remittances sent home from Australia by international students or former students (which are an import). The ABS estimates that education exports