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Articles from MacroBusiness

CoreLogic housing indicators still soft

April 16, 2018 - 13:00 -- Admin

Via CoreLogic comes the leading mortgage index which remains down solidly year on year, but has shown a trend seasonal rise off the canvas: Total capital city for-sale listings are still higher year-on-year, led by Sydney: Whereas dwelling values continue to trend lower:

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Aussie employers back further real wage cuts

April 16, 2018 - 12:30 -- Admin

By Leith van Onselen A survey of employers by law firm Herbert Smith Freehills (HSF) shows that around 60% of employers will push for a wage freeze or only a modest increase in wages. From The AFR: The firm’s bargaining survey of about 60 key clients, including large private sector companies across construction, infrastructure, mining,

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Investors continue to retreat from Sydney’s housing bubble

April 16, 2018 - 11:59 -- Admin

By Leith van Onselen Australia’s speculator frenzy has continued to moderate, according to today’s Lending Finance data for February, released by the ABS. As shown below, the annual value of investor loans in New South Wales (read Sydney) continues to fall, whereas Victoria (read Melbourne) has also moderated. By contrast, investor loans in the other major

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HIA releases new CGT propaganda

April 16, 2018 - 11:45 -- Admin

By Leith van Onselen The rent-seekers at the HIA have released dodgy commissioned modelling from economic consultants – the Centre for International Economics (CIE) – warning of housing Armageddon if Labor’s policy to halve the capital gains tax (CGT) discount is implemented:  “According to research released today, an increase in Capital Gains Tax would result

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Watch Europe for the next leg lower in the Australian dollar

April 16, 2018 - 11:30 -- Admin

Via Gavyn Davies at the FT: Up to now, there has been no compelling fundamental narrative that would account for the eurozone slowdown. But there are two possible candidates. The first is that the effects of the ECBs belated shift to quantitative easing in January 2015 have now started to wane. Although this policy change

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Aussie manufacturing has died of stupid

April 16, 2018 - 11:00 -- Admin

Australian manufacturing has been put out of business by two irresistible forces. The first is the power of the mining lobby and the second the power of the banking lobby. These two between them have scuttled, shaped, bullied and destroyed the Australian polity to their own ends so successfully that Australia now has the most

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The great Australian jobs con

April 16, 2018 - 10:45 -- Admin

By Leith van Onselen With the Coalition set to deliver on the first part of the Abbott Government’s promise in October-2013 to deliver one million jobs over five years: The ABC has published a report assessing the jobs growth: Australia’s population is rapidly increasing, driven by high immigration, and the economy has been growing continually for

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As banking standards collapse, a new lobby emerges

April 16, 2018 - 10:30 -- Admin

Via the AFR: Behind-the-scenes discussions between banks, regulators and industry associations are continuing to create a new Professional Banking Council that would govern industry-wide standards of professional conduct and competency, as banks brace for more damage to their reputations as the royal commission re-starts in Melbourne. …The Australian Banking Association has not decided whether it

“Extremely difficult” for US to re-join TPP

April 16, 2018 - 10:00 -- Admin

By Leith van Onselen Following intense lobbying from US farmers and the Republican Party, it was revealed on Friday that US President Donald Trump has ordered his senior economic and trade advisers to examine the possibility of the US re-entering the 11 nation Trans Pacific Partnership, dubbed by MB as “TPP 2.0”. However, international trade

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ACTU: Cut temporary not permanent migrants

April 16, 2018 - 09:30 -- Admin

By Leith van Onselen ACTU head, Sally McManus, appeared on ABC’s Insiders yesterday whereby she once again identified a bargaining power imbalance for Australian workers, which is hindering wages growth: McMANUS:  Things have changed since Paul Keating. Since the global financial crisis, we’ve seen profits and we’ve seen power concentrate in the hands of a few

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