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Renew Economy Friday, December 2, 2022 - 14:48 Source

WA's Collgar Wind Farm

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MacroBusiness Friday, December 2, 2022 - 14:00 Source

ANZ Economics has updated its forecast for New Zealand housing prices and now tips a 22% peak-to-trough decline, up from 18% previously: When adjusted for wage growth, real house prices are forecast to decline by 32% peak-to-trough. This would take values 10% below their pre-pandemic level. “The fact that prices are down around 12% already

The post Reserve Bank to slice 22% off house prices appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 13:40 Source

Earlier this week, ANZ Economics updated its Australian house price forecasts, tipping an 18% peak-to-trough decline in values through to the end of 2023: Sydney (-20%) and Melbourne (-17%) are tipped by ANZ to lead the declines. RateCity has estimated the degree to which first home buyers that purchased a median priced home in November

The post First home buyers plunge into negative equity appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 13:20 Source

Goldman with the note. We estimate nonfarm payrolls rose by 175k in November (mom sa), a slowdown from the +261k pace in October and the +289k three-month average. We estimate private payrolls rose 150k (vs. consensus +188k). Arguing for a weaker-than-expected report: n Job availability. JOLTS job openings declined 353k to 10.3mn workers in October,

The post US jobs preview appeared first on MacroBusiness.

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Cheeseburger Gothic Friday, December 2, 2022 - 13:06 Source

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Renew Economy Friday, December 2, 2022 - 13:06 Source

solar panel

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MacroBusiness Friday, December 2, 2022 - 13:00 Source

November’s house price results from CoreLogic posted a 1.0% decline nationally and a 1.1% fall across the five major capital city markets. CoreLogic’s head of research, Tim Lawless, noted that the pace of decline has “been consistently moderating since the national index dropped by 1.6% in August… mostly emanating from the Sydney and Melbourne markets”:

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Renew Economy Friday, December 2, 2022 - 12:51 Source

President Joe Biden signs his first executive order in the Oval Office of the White House

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MacroBusiness Friday, December 2, 2022 - 12:40 Source

The Reserve Bank of Australia (RBA) has released its commodity price index for October, which fell 5.0% in SDR (currency adjusted) terms: The commodity price index is now down 4.4% over the quarter and by 12% since its peak in June. According to the RBA: Preliminary estimates for November indicate that the index decreased by

The post Commodity price index continues to fall appeared first on MacroBusiness.

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Renew Economy Friday, December 2, 2022 - 12:37 Source

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MacroBusiness Friday, December 2, 2022 - 12:20 Source

This week, the Federal Parliament passed legislation to establish the National Anti-Corruption Commission (NACC), a watchdog that will investigate potential corruption at the highest level. It passed with cross-partisan support. The Australia Institute has provided a primer on what the new NACC will entail. The NAAC will: Have a broad jurisdiction, both in terms of

The post National Anti-Corruption Commission: A Primer appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 12:00 Source

Can we finally put pay to the hodler notion that BTC is digital gold? Here is a relative chart since BTC topped: Moreover, anything claiming to be gold has to move contrary to the US dollar. That is gold’s role as an alternative reserve currency. Here’s the relative price performance since DXY topped: A range

The post Gold’s revenge appeared first on MacroBusiness.

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The Australian Independent Media Network Friday, December 2, 2022 - 12:00 Source

By Denis Bright   Victorians rejected the instability of minority government in favour of a third term for Labor’s Premier Daniel Andrews. He joins the ranks of just three Victorian Labor premiers who have achieved three consecutive election victories. This Labor Government will have a comfortable majority in the Legislative Assembly with a likely 54 seats.…

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Renew Economy Friday, December 2, 2022 - 12:00 Source

green glass

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MacroBusiness Friday, December 2, 2022 - 11:49 Source

Australian mortgage commitments fell further in October following six consecutive interest rate hikes from the Reserve Bank of Australia (RBA). The Australian Bureau of Statistics (ABS) reported that the total value of new mortgage commitments fell a seasonally adjusted 2.7% in October 2022 to be down 17.1% year-on-year: Owner-occupier mortgage commitments fell 2.9% in October,

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MacroBusiness Friday, December 2, 2022 - 11:40 Source

Shortly after the federal election, new Communications Minister Michelle Rowland confirmed that Labor had abandoned plans to privatise the national broadband network (NBN). Rowland also flagged that Labor would scale back proposed 3% per annum wholesale broadband price increases that the former Coalition government had directed NBN Co to implement to recoup costs. There was

The post Path paved for cheaper NBN appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 11:20 Source

The latest Deloitte Access Economics’ Retail Forecasts have been released, which tips a “short and shallow retail recession” in 2023, with sales volumes expected to decrease by 0.2% and 0.4% over the March and June quarters of 2023. The contraction in retail sales will be driven by “cost of living pressures and a mortgage rate

The post Retail recession tipped for 2023 appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 11:00 Source

By Gareth Aird, head of Australian economics at CBA: Key Points: We expect the RBA to raise the cash rate at the December Board meeting by 25bp to 3.10%. The risks sits with no change, but we consider that risk to be low (~20%). We expect a shift in forward guidance that would see the

The post CBA: RBA to dial down rate hike expectations appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 10:40 Source

Goldman kicks us off with the weak PCE: KEY NUMBERS: PCE price index +0.34% (mom) for October vs. GS +0.37%, median forecast +0.4%, prior revised +0.34% PCE price index +6.02% (yoy) for October vs. GS +6.03, median forecast +6.0%, prior revised +6.27% Core PCE price index +0.22% (mom) for October vs. GS +0.25%, median forecast

The post More on fading US inflation appeared first on MacroBusiness.

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Renew Economy Friday, December 2, 2022 - 10:39 Source

Amy's Balancing Act

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MacroBusiness Friday, December 2, 2022 - 10:39 Source

Meh: Kerry Stokes-backed Beach Energy has swiftly moved to regain the upper hand in the escalating takeover battle for West Australian gas developer Warrego Energy, lobbing a higher offer that tops the surprise bid by Gina Rinehart’s Hancock Prospecting by 2¢ per share. WA has cheap-as-chips domestic gas prices thanks to effective gas price caps.

The post More gas takeovers make mockery of “sovereign risk” appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 10:20 Source

The ferrous complex continues what is a pretty modest rally: Iron ore probably has more upside ahead as the US dollar fades and seasonal tailwinds kick in. The iron ore price is up by a third or so in recent weeks but in raw price terms, but this is still pretty modest stuff. Usually, when

The post Daily iron ore price update (modest rally) appeared first on MacroBusiness.

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Renew Economy Friday, December 2, 2022 - 10:15 Source

 Michael Mazengarb).

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MacroBusiness Friday, December 2, 2022 - 10:00 Source

It is relentless: China’s top 100 property developers recorded sales of 6.73 trillion yuan in the first 11 months of the year, sliding 42.1% from the same period last year, narrowing by 1.3 percentage point from the first ten months, according to data from the China Index Academy, a leading independent real estate research firm

The post China’s property market keeps on crashing appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 09:40 Source

Last night risk markets hinged on the latest US inflation print, which came in as expected sending the USD lower but all the action was in bond markets which reacted harshly, sending 10 year Treasury yields sharply lower. Tonight’s NFP aka US unemployment print may put a further cat among the pigeons, with Wall Street

The post Macro Morning appeared first on MacroBusiness.

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The Tally Room Friday, December 2, 2022 - 09:30 Source

When people defend group voting tickets, they often talk about the benefits of electing small parties and having a more diverse parliament. I have addressed this by arguing for an abolition of regions and thus making it easier for small parties to win without preference manipulation. While it is true that group voting tickets have in recent times elected a more diverse upper house, it hasn’t been a sustainable process.

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MacroBusiness Friday, December 2, 2022 - 09:20 Source

DXY was poleaxed last night: AUD held its gains: CNY is breaking higher: Gold and oil flew: Base metals not so much: Big miners are grinding higher: EM stocks too: Junk looks like it has bottomed: As Treasury yields plummet: Aiding stocks: The data flow was positive for more DXY weakness. ISM was weak: “The

The post Australian dollar roars as US inflation fades appeared first on MacroBusiness.

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MacroBusiness Friday, December 2, 2022 - 09:00 Source

The last time Albo’s cowards tried to fix the energy mess, Resources minister Mad King made the problem 400% worse when she gave the miners everything they wanted before disappearing on a junket fully paid by the same where she couldn’t answer questions. Next up, Treasurer Jim “Chicken” Chalmers was even worse when he produced

The post Premiers risk economic catastrophe with energy fix objections appeared first on MacroBusiness.

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Cheeseburger Gothic Friday, December 2, 2022 - 06:35 Source

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Your Democracy Friday, December 2, 2022 - 06:17 Source

The Prime Minister’s surprise revelation that he has raised the case against Julian Assange with US officials and urged that charges of espionage and conspiracy be dropped opens up many questions.

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