After deliberately ramping immigration into Australia to a record high, Prime Minister Anthony Albanese has promised to halve net overseas migration from its recent peak. “It depends upon the economic cycle, of course, but what we want to do is to lower that number significantly to around about half of what it has been”, Albanese
Goldman with the note. USD: Still living in a Dollar world. As we wrote in our 202 3Outlook, the key risk to our baseline forecast of more balanced growth and gradual, modest Dollar depreciation is that continued US outperformance complicates the Fed policy path and, more importantly, Dollar assets could continue to offer superior total
The AFR is a card-carrying inflationista: Tim Toohey, chief strategist at Yarra Capital…notes that the United States didn’t see across-the-board price rises in the first three months of the year. “There’s still a strong disinflationary effect coming through the tradeable goods sector, which largely reflects China’s excess production being pushed through the developed world,” he
DXY looks to be getting set for break out: AUD virtue signalled a crash: North Asia is going nowhere: Oil virtue signalled an embargo. The gold whale swims on: Wall Street is handing the world another commodity inflation shock: Big miners are heavy underperformers as iron ore struggles: EM stocks yawned: Junk offering hope for
The latest data on the Chinese property market remains terrible. Via Goldman: Developers are still frozen out of funding markets and focused on completions, not starts. Excavator hours suggest only more downsides for new project starts: Steel demand is down big as well. Steel output is awful: Energy consumption via coal is going nowhere.
What is Money and why is the creation of Money something which is both fundamentally important to the financial and economic system, while at the same time something almost never considered, with the actual mechanics of it virtually unknown? This is the first of what will be a series of podcast discussions with
Australian households have already been hit harder than almost anywhere else by rising mortgage rates: This surge in debt servicing costs has helped drive a record decline in Australian household disposable income: Analysis by Reserve Bank of Australia (RBA) economist Benjamin Ung notes that the proportion of home loans with fixed interest rates peaked at
International Reads: Millennials want to retire by 60. Good luck with that. – USA Today The cost of owning a home is officially the highest on record, Redfin says. Here’s how bad it is out there – Fortune Florida sees thousands of people quit their jobs – News Week Dropbox’s CEO says managers mandating returns
Asian stock markets are having a bad end to the trading week due to the Israeli/Iranian conflict across the Middle East, with a strong safe haven bid in USD pushing all of undollars down further. The Australian dollar was trying to rebound after its recent large reversal but failed as it was briefly pushed below
In the note below, independent economist Tony Alexander argues that the Reserve Bank of New Zealand has tightened interest rates too much and will be forced to slash them. Age impact on the spending downturn My view for a while has been that just as the Reserve Bank over-stimulated the economy during and for too