The US share markets were mixed on Wednesday after data showed the US economy contracted in the March quarter for the first time in three years. The decrease underscored concerns about the impact of US tariffs and the global trade war on growth. The Dow Jones index rose by 142 points, or 0.4%, and the
The latest US GDP print for Q1 came in worse than expected, sending Wall Street down 2% at one stage before the hopium set in as markets recovered towards the close on reports of a possible Canadian deal with the new PM. The USD was mixed against the majors with some return to strength against
The Australian Bureau of Statistics (ABS) Q1 CPI release revealed that housing inflation is slowing rapidly, contributing to lower trimmed mean inflation. CPI rental inflation rose by 1.2% in Q1 but moderated to 5.5% growth annually. The annual rate of growth was down from the peak of 7.8% in Q1 2024. The following chart from
Australia’s productivity growth has averaged just 0.2% a year over the last decade. Labor’s first budget in 2022 included the assumption that productivity growth would average 1.2% over the long-term. The Coalition contends that annual GDP would be about $250 billion higher if productivity had grown at this pace, while annual tax revenue would have
Some interesting local and Chinese reports were absorbed by markets in Asia today, with all eyes really on Friday’s US non farm payroll print and of course, any more waffles coming from the Oval Office about “deals” around Trump’s tariffs. The latest Chinese manufacturing PMI prints weren’t grim as expected but still so a sharp
Elderly parent visas are Australia’s most costly and should be abolished. Around 8,500 permanent parent visas are issued every year. The 2023 Migration Review from the Australian Treasury estimated that each parent visa costs Australian taxpayers $393,000: The Treasury has estimated that each parent permanent migrant costs $393,000 over their remaining lifetime in Australia. Older
The Albanese government announced on the weekend that it will increase the application charge on student visas from $1,600 to $2,000 if Labor is re-elected. The change will not affect arrangements for Pacific Island and Timor-Leste applicants. The visa fee increase is forecast to deliver $760 million to the budget over the forward estimates. “We
The latest polling from Resolve Political Monitor shows Labor leading the Coalition 53% to 47% in two-party terms. Anthony Albanese also leads Peter Dutton by 47% to 31% as preferred Prime Minister. However, Resolve notes that Labor’s primary vote “remains weaker than it was at the last election, down from 32.6% to 3%, highlighting the
The Australian Bureau of Statistics (ABS) has released the all-important Q1 2025 CPI inflation print. Headline inflation rose by 0.9% over the quarter and by 2.4% year over year. The result was slightly ahead of analysts’ expectations of a 2.4% annual increase. The more policy-important trimmed mean inflation printed at 0.7% in Q1 2025, in
The ferrous complex is not well. As the trade shock begins. Morgan Stanley. Our Asia Economists see China’s 2Q GDP growth tracking below 4.5% Y/Y (vs. 5.4% Y/Y in1Q) as more hard data points are showing that tariffs are affecting activity: container throughput is declining, freight shipping prices to the US are slumping, and China’s