Victoria has the nation’s highest per capita net debt and the lowest credit rating. Victoria’s net debt is also projected to increase over the forward estimates. The growth in Victoria’s net debt is forecast to dramatically increase the amount of taxpayer money spent on interest payments. A new analysis from leading global ratings agency S&P,
This time John Kehoe at the AFR, who MB likes sometimes because he’s more honest about immigration, but is like his rotten fishhead boss when it comes to politics. If the RBA does bow to the weight of market and political pressure to immediately lower interest rates, Bullock should indicate that only two or three
On Wednesday, The Guardian’s Josh Nicholas penned an article claiming that Australians “hold inaccurate and occasionally contradictory attitudes” on immigration. The article is based on a new survey by the pro-immigration Australian National University (ANU), which showed that 53% of those surveyed believe that immigration levels are “too high”. The result aligns with other recent
New Zealand is experiencing a significant outflow of citizens, as illustrated by the following chart from Justin Fabo from Antipodean Macro. There was a net migration loss of 48,000 New Zealand citizens in the year to November 2024. This outflow of citizens has driven net overseas migration to below-average levels. Economists have warned that New
Typically, Asian LNG market prices come off after the new year as Asia exits winter. Instead, there is a steady grind higher this year with no end in sight. This is because there is less inventory in both the US and Europe this year. Adding salt to the wound, one of China’s few tariff responses
Risk markets are starting to diverge in fortuned once more as Wall Street and European shares continue their bounceback while commodities remain in flux due to the Chinese tariffs. Meanwhile the USD is weakening again as there is growing speculation the Fed may have more easing in its cycle as King Dollar struggles against Yen
DXY is breaking down. AUD is breaking up. Lead boots is a standing warning. Gold hugely overbought. Oil where it should be. Another copper bubblet. Yawn. Big miners are so yesterday. EM too. Dude, where’s my junk? As yields break down. Stocks never fall. US data was all over the place with weak JOLTS, strong
The Australian Bureau of Statistics (ABS) shows that as of Q3 2024, real wages had fallen 6.7% from the June 2020 peak. The Reserve Bank of Australia’s (RBA) latest Statement of Monetary Policy forecasts that real wages would still be 6.0% below the peak by the end of 2026, as illustrated below. On Tuesday, the
As Trump suggests adding the Gaza Strip to his swag of new States (I think we’re up to 54?), markets are setting up for Friday’s US NFP print with a potential call between Xi and the Orange Mussolini tonight as well. Meanwhile after reverting back to their pre-North American trade war starting points, currency markets
In January, Auckland’s largest real estate agency, Barfoot & Thompson, reported a hefty decline in median and average sale prices. “The median sales price for the month at $950,000 was down 5% on that for December, while the average price at $1,053,446 was down 11.2% and sales numbers at 700 were down 16%”, Peter Thompson,