Articles from MacroBusiness

LVO talks Treasury immigration propaganda on Radio 2GB

This morning I was interviewed by Sydney Radio 2GB’s Michael McLaren where we discussed Treasury’s dodgy pro-immigration propaganda. Below is the summary extract: Joint research by Treasury and the Department of Home Affairs has attempted to quash concern about our skyrocketing immigration levels, reporting that a cut to migrant intake would be economically disadvantageous. The

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Why Australia is a low taxing country

By Leith van Onselen The Australia Institute (TAI) has released a new report arguing that Australia is one of the lowest taxing countries in the OECD: Australia is a low-taxing country… Australia raises far less tax revenue than most developed countries. … the level of tax revenue raised inevitably affects governments’ ability to fund essential

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Government has “lost the confidence” of polity on immigration

If Leith’s demolition yesterday was not enough then try Judith Sloan today: …the net annual economic gain is very small: 0.1 per cent of gross domestic product… …No consideration is given in the report to the cost of congestion, the loss of urban amenity, overcrowded schools and hospitals, environmental pressures… …And as for those silly

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Chinese student boom undeterred by warnings

Via The Australian: Chinese students have defied unspecified ‘‘safety’’ warnings from their government amid fears of undue Chinese influence, flocking to Australia in larger numbers this year than ever before. Official figures to be released today show 173,000 Chinese students enrolled in Australian universities, colleges and schools in the first two months of 2018, 18

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Royal Commission should expose “paedophile priests” of finance

Via Australia’s last journalist standing, Adele Ferguson: It doesn’t get much worse – or serious – than blatantly lying to the corporate regulator on at least 20 occasions, but AMP did just that. The commission’s investigations have also caught the board and senior executives meddling with and changing an independent expert’s report before it was

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“Be very affraid” of interest-only mortgage reset

From Australian Broker comes a sombre analysis of the interest-only mortgage reset looming for Australia’s housing market: In January, UNSW professor of economics Richard Holden published a sobering observation of Australia’s relationship with high-LVR and IO loans. In it he reported Australian banks lend an average 25% more than their US counterparts and that these

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Stocks go boom as Trump zips it

All he needed to do was shut up. DXY up: AUD down across the board: Gold off: Oil held on: Base metals were mixed: Big miners rallied: EM stocks too: And junk: The Treasury curve flattened: And bund curve: Stocks took off: Trump managed to shut up for a day and China announced some minor

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The great Australian property bust has begun

Via the AFR: Over the past two months, the BBSW has surged 0.32 percentage points, or 32 basis points, to 2.08 per cent. The rate looked to have stabilised late March, only to restart its steep upward trajectory this month. The short-term money market rate directly affects the cost of bank wholesale funding costs. The

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Scott Morrison lies again on immigration intake

By Leith van Onselen When it comes to Australia’s immigration program, you would be hard pressed to find a bigger liar than Treasurer Scott Morrison (see here, here and here). Yesterday, Morrison again spun a web of lies over Australia’s migrant program on ABC Radio [my emphasis]: SCOTT MORRISON: Natural increase of around 150,000 each

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Industry calls for higher energy costs

Via The Australian: “We’ve already seen what happens when states pursue different strategies, and it’s obvious we need a single, united approach,” Cement Concrete and Aggregates Australia chief executive Kim Slattery said. “Having these individual targets in addition to the broader framework will just create duplication, confusion and through that duplication you have additional costs.

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