Articles from MacroBusiness

A detailed examination of Australian dwelling construction

By Leith van Onselen With the release recently of Australia’s dwelling construction data for the March quarter of 2018, it’s once again time to examine how Australia’s dwelling supply is tracking against population growth. The below charts track the following, which are based on the latest available quarterly data: Dwelling approvals to March 2018; Dwelling

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RBA terrified of household debt

Via Westpac: The minutes of the Reserve Bank Board’s July monetary policy meeting provide some significant additional colour around the Bank’s current thinking. The main points of interest are: 1) a slightly more tentative tone around the outlook; 2) the reinstated line that the next cash rate move “would more likely be an increase than

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Mortgage hikes to crunch Aussie borrowers

Interest rate comparison website, RateCity, has estimated that Australian mortgage holders are facing sizeable increases in repayments on the back of out-of-cycle rate rises by lenders. From The Australian: …mortgage holders with loans of $500,000 would be hit with a bill for an extra $358 each year if their lender increased rates by 10 basis

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Sydney becomes both a “buyer’s and renter’s” market

By Leith van Onselen SQM Research has released its rental vacancy series for June, which revealed a 0.2% lift in the national vacancy rate over the month but a 0.2% decline over the year: Over the year, decreases in vacancies were recorded in Adelaide (-0.3%), Perth (-1.3%), Brisbane (-0.6%) and Canberra (-0.3%), whereas increases were

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Links 18 July 2018

Global Macro / Markets / Investing: Jeff Bezos Becomes the Richest Man in Modern History, Topping $150 Billion – Bloomberg The Flattening Yield Curve – Medium Coinbase Says It Has Green Light to List Coins Deemed Securities – Bloomberg Netflix Plunges After Slowdown Threatens Highflier Status – Bloomberg Tech stocks contributed 98% of the S&P

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Macro Afternoon

As Trump trounces Europe and supports Russian hegemony, markets continue to run the concern thread over trade tensions, while pushing the hope barrow on stellar US corporate earnings to keep the whole risk edifice afloat. The Aussie and Kiwi dollar advanced against the USD on RBA optimism and higher inflation levels in New Zealand. The Shanghai

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Auckland house prices rebounded in June

By Leith van Onselen The REINZ has released its house price data for June, which revealed a 0.9% seasonally adjusted monthly rise in the national median house price, with prices also up 5.2% year-on-year: Outside of Auckland, seasonally adjusted house prices rose by 1.3% in June, with prices up 6.6% year-on-year. Looking at the major

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China has unleashed its property market

Hold your horses. The Chinese correction has a new entrant. June house prices are out today and there’s no disputing the emerging trend now. China has unleashed it property market as external pressures grow. June new house prices accelerated for the fourth straight month to a robust 1%: Tier one cities are still in check

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Sydney’s auction clearance rate to plunge into 30’s

By Leith van Onselen If you thought Sydney’s auction clearance rate was bad now, it’s going to get much worse in spring, according to SQM Research’s Louis Christopher, with annual price falls for Sydney “of at least 5%”: “It is going to be a very tough spring for sellers,” [Christopher] said. “Seasonally, we see more

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Retail super funds’ decade of rorting revealed

By Leith van Onselen Audited performance data provided to the Australian Prudential Regulation Authority (APRA) has revealed that the biggest superannuation fund operated by each of Australia’s four major banks, along with the largest super funds operated by AMP and IOOF, yielded total average annual returns of 2.1% to 3.1% cent in the decade to

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