Articles from MacroBusiness

NZ property market soars into specufestor beatdown

Last month we witnessed two key reforms come into effect designed to take the steam out of New Zealand’s inflating property market. First, the Reserve Bank of New Zealand (RBNZ) reintroduced loan-to-value ratio (LVR) mortgage restrictions, which from 1 March 2021 required both investors and owner-occupiers to hold bigger deposits: Second, and more importantly, the New

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Coalition green lights compulsory super increase

The Australian reports that the upcoming federal budget will not include a measure to pause the proposed increase in the superannuation guarantee (SG). It will also not contain measures to allow first-home buyers (FHB) early access to their super, as some Coalition MPs have been calling for, following strong opposition from Prime Minister Scott Morrison:

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Morrison money laundering visas strand Aussies overseas

The Significant Investor Visa (SIV) program is a ‘fast-track’ residency scheme that can lead to Australian citizenship, and requires participants to spend $5 million over four years on complying investments in order to receive citizenship. Since its inception, the SIV program has brought around $11.6 billion into Australia. However, it was criticised by the Productivity

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Coalition right to extend HomeBuilder deadline by 12 months

Nobody can deny that the Morrison Government’s HomeBuilder program has been a stomping success in driving building activity. New home sales soared, with sales in the three months to February 2021 60.5% higher than the same three months in 2020: Loans for dwelling construction hit their highest ever level in February after surging 166% year-on-year:

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Auction market strong again

CoreLogic has released its preliminary auction results for the weekend just gone, which reported another strong result, with a national preliminary clearance rate of 80.5%. Sydney led the way again, recording a preliminary clearance rate of 84.8% off 772 reported auctions, whereas Melbourne reported a preliminary clearance rate of 78.1% off 1,080 reported auctions. Elsewhere,

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Macro Morning

The last two weeks have seen new historic highs across equity markets with bullish economic news helping lift risk spirits across the complex. Friday night saw another positive day for Wall Street while the USD was largely unchanged as Treasury yields lifted slightly to be back above the 1.7% level as commodity prices were mixed.

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Daily iron ore price update (supply response)

The ferrous complex rallied further on April 16, 2021. Spot price firmed, paper continued to climb though is largely closing a gap to spot and steel was solid: Vale reports this week so that is one to look out for as it will update the market on its supply resumptions. In the meantime, the news

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The “pink recession” is actually a “pink boom”

One of the fakest narratives to come from the COVID pandemic is the notion that female workers have been hardest hit, leading to claims of a ‘pink recession’. For example, the Grattan Institute last month claimed that the “COVID recession hit women hardest”: The COVID recession hit women much harder than men… ‘Policy makers seemed

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Robots buy the Australian dollar

Markets plodded higher on Friday as US yields lifted a little while DXY kept falling: The Australian dollar is forming up an even larger head-and-shoulders topping pattern while trending lower against EUR and JPY: Gold took off along with oil: Base metals fell: Big miners mostly lifted: EM stocks are getting left behind as China

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Capital Economics: Australian house prices to fall in 2022

Capital Economics with the note: The RBA’s latest Financial Stability Review painted a rosy picture of financial stability risks. Household debt as a share of disposable income remained at a four-year low in Q4 despite the fall in incomes as stimulus was withdrawn. (See Chart 1.) And the high rate of saving over the last

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