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Oz Blog News Commentary
John Quiggin Tuesday, May 24, 2022 - 19:53 Source

As the polls closed on Saturday night, most election commentary focused on the dispiriting campaign where both major parties avoided any substantial division on policy issues and instead focused on negatively framing the opposing leader.

Even to many seasoned political minds, the most likely outcome seemed to be a reversal of the last parliament, with Labor winning enough seats to form a narrow majority, and one or two more seats falling to independents. As we all now know, the outcome was utterly different. The Liberals lost many of their crown jewels to climate challengers –  teal independents and the Greens.

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Cheeseburger Gothic Tuesday, May 24, 2022 - 18:31 Source

I will probably write a proper piece about the election for ASB later this week, but I thought I’d just note here how much... lighter... I feel since hearing Anthony Green say sometime on Saturday night that he could not see a path to victory for the government.

It just feels... so good.

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The Tally Room Tuesday, May 24, 2022 - 17:34 Source

One of the trends I’ve started hearing about over the last day or two, thanks to the very smart commenters on this blog, is that booth swings in a bunch of suburban seats in Sydney and Melbourne were particularly strong in the areas with a large population of Chinese-Australian voters. So I thought I would try and visualise this effect, or see if it was just anecdote.

We know Labor did well in seats with a large Chinese-Australian population in Sydney and Melbourne, such as Reid, Bennelong and Chisholm. Even in Menzies the race was surprisingly close.

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MacroBusiness Tuesday, May 24, 2022 - 17:30 Source

Asian share markets are seeing quite a bit of selling going into the closing sessions as risk taking reverses course yet again, this time on increased concern that both the Fed and ECB are going to hold the line on interest rate rises with Lagarde commenting as such this afternoon. Currency markets are seeing a

The post Macro Afternoon appeared first on MacroBusiness.

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Renew Economy Tuesday, May 24, 2022 - 15:15 Source

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MacroBusiness Tuesday, May 24, 2022 - 14:30 Source

According to the Real Estate Institute of New Zealand (REINZ), New Zealand house prices have fallen around 5% since November 2021, led by Auckland where prices are down 10%. Westpac has also forecast a peak-to-trough decline in New Zealand home values of 15%, which would equate to a 25% real fall once inflation is taken

The post Losses “snowball” across New Zealand’s housing market appeared first on MacroBusiness.

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Renew Economy Tuesday, May 24, 2022 - 14:26 Source

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Renew Economy Tuesday, May 24, 2022 - 14:16 Source

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MacroBusiness Tuesday, May 24, 2022 - 14:00 Source

CoreLogic’s latest housing affordability report showed that the proportion of household income required to meet rental costs has surged over the pandemic, led by Australia’s regions: Another report from CoreLogic, released yesterday, showed that unit vacancy rates are plummeting, in part due to “increased rental demand thanks to the return of overseas migration”: Rent values

The post Australia headed for rental market calamity appeared first on MacroBusiness.

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Renew Economy Tuesday, May 24, 2022 - 13:32 Source

Australian Prime Minister Anthony Albanese, left, U.S. President Joe Biden, Indian Prime Minister Narendra Modi are greeted by Japanese Prime Minister Fumio Kishida, right, during his arrival to the Quad leaders summit at Kantei Palace.</body></html>

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MacroBusiness Tuesday, May 24, 2022 - 13:30 Source

The competitive threat from mobile broadband is an ever present problem for Australia’s National Broadband Network (NBN). Telstra, TPG and Optus have each rolled out relatively cheap, fast Fixed Wireless Access 5G broadband, which can deliver significantly higher data transfer speeds and lower latency. 5G is already stealing market share from New Zealand’s far superior NBN-equivalent

The post NBN enters ‘death spiral’ phase appeared first on MacroBusiness.

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Your Democracy Tuesday, May 24, 2022 - 13:24 Source

Sanctions imposed on Moscow are the real cause of a looming global food crisis, not Russia’s actions, Kremlin spokesman Dmitry Peskov told journalists on Monday. 

He said that Russian President Vladimir Putin agreed with UN Secretary General Antonio Guterres’ opinion that there was a risk of global hunger. 

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Your Democracy Tuesday, May 24, 2022 - 13:06 Source

Sky News host Andrew Bolt says the Liberal Party need to reinvent themselves into “the party of the battlers” and “common sense”.

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MacroBusiness Tuesday, May 24, 2022 - 13:00 Source

Labor’s federal election win boosted the share prices of companies with exposure to the child-care, with Labor pledging an additional $5.4 billion to the sector that will raise subsidies as high as 90%. Childcare comparison company Kindi­Care has estimated that the average family will save an extra $212 a week when Labor’s promised more generous

The post Childcare providers hit pay dirt with Labor election win appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 24, 2022 - 12:30 Source

Innes Willox – chair of the Migration Council of Australia and CEO of the Australian Industry Group – claims that allowing wages to rise in line with inflation is the number one threat to the economy: Innes Willox on Monday said businesses were under pressure from unions pushing across-the-board wage rises at “an unsustainable level

The post Business lobby scaremongers on wage inflation appeared first on MacroBusiness.

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Renew Economy Tuesday, May 24, 2022 - 12:18 Source

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Renew Economy Tuesday, May 24, 2022 - 12:14 Source

Incoming Minister for Climate Change and Energy Chris Bowen speaks to the media during a press conference in Brisbane, (AAP Image/Darren England).

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Renew Economy Tuesday, May 24, 2022 - 12:00 Source

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MacroBusiness Tuesday, May 24, 2022 - 12:00 Source

Labor MP Chris Bowen, who is likely to be the new Climate Change and Energy Minister, has indicated that Labor will stick to the climate policies that it took to the federal election. Labor has promised to cut carbon emissions by 43% from 2005 levels by 2030, but the Greens want a 75% cut and

The post ‘Big Australia’ immigration to wreck climate targets appeared first on MacroBusiness.

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Your Democracy Tuesday, May 24, 2022 - 11:47 Source

Prime Minister Scott Morrison says his dog rubs shoulders with the best

Prime Minister Scott Morrison’s Buddy is a very special political animal. He does share the highest office in the land – and he is helping with a very good cause.

While he may have one of the hardest jobs in the country, Prime Minister Scott Morrison says his best friend is alway there to greet him at the end of his day.

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MacroBusiness Tuesday, May 24, 2022 - 11:40 Source

Goldman with an interesting, Basically, US rate shocks are Chinese growth shocks. — Our global financial conditions index (FCI) has tightened, in part because the Fedhas turned more hawkish in the face of rising inflation but slowing growth. Where are risks to growth from FCI spillovers largest? We estimate rules of thumb for the impact

The post Which markets suffer most from a hawkish Fed? appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 24, 2022 - 11:20 Source

Michael Wilson of Morgan Stanley has been very good this cycle. Today he picks up on one of my favorite topics, the US teetering inventory mountain. As this greatest ever pile of consumption goods is destocked then over-ordering, over-employment and all manner of supply-side tensions will enter a reverse bullwhip effect and prices plus earnings

The post Stocks to get reverse bull whipped appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 24, 2022 - 11:00 Source

Prime Minister Anthony Albanese has committed to joining the Indo-Pacific Economic Framework for Prosperity, a new 13-nation economic bloc. The alliance has been proposed by US President Joe Biden as an alternative to the 11-nation Trans-Pacific Partnership (TPP). The new economic bloc will include Australia, the US, New Zealand, India, Japan, Indonesia, Malaysia, the Philippines, Singapore,

The post Albo signs Australia up to another mega trade bloc appeared first on MacroBusiness.

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Your Democracy Tuesday, May 24, 2022 - 10:56 Source

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MacroBusiness Tuesday, May 24, 2022 - 10:40 Source

POTUS has his head up his ass: President Joe Biden has said the US would intervene militarily if China were to invade Taiwan, in one of the most forceful and overt statements in support of Taiwan in decades. Mr Biden made the comment on Monday during his first visit to Japan since taking office, and

The post Wong bleats as China throws island noose over Australia appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 24, 2022 - 10:20 Source

The ferrous complex jumped again on May 23, 2022: Clyde Russell is excited: There are still concerns about iron ore shipments from Ukraine, which used to supply about 44 million tonnes a year to the seaborne market, mainly to European buyers. Ukraine was the fourth-largest iron ore exporter, but Kpler data shows shipments plunging to

The post Daily iron ore price update (boom times?) appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, May 24, 2022 - 10:09 Source

Writing this a couple of days after the most important election in Australian history, Australians did finally find their voices, and in no uncertain manner told the neo-liberal jackals who had come storming into public life that they were finished. Why the most important election? Because Morrison was on a path to Trumpian glory. Surrounded…

The post Morrison reaped what he had sown appeared first on The AIM Network.

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MacroBusiness Tuesday, May 24, 2022 - 10:00 Source

Waiting for a Chinese rebound is like waiting for Godot these days. It ain’t coming. Things are certainly going to improve from today’s deep recession. Morgan Stanley (though be aware that it loves a good China kowtow): China’s supply chain pressures have peaked: About three weeks have passed since our initial report on the impact

The post The property-driven Chinese growth era is over appeared first on MacroBusiness.

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Your Democracy Tuesday, May 24, 2022 - 09:38 Source

China has ended a block on communicating officially with Australia after Premier Li Keqiang – second to President Xi Jinping – congratulated Prime Minister Anthony Albanese hours after he took office, state media reported.

The olive branch came as Mr Albanese was flying to his first major foreign policy engagement, a regional security summit formed to be a counterweight to China’s influence in the region.

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MacroBusiness Tuesday, May 24, 2022 - 09:30 Source

DXY was hammered overnight and that reversed all recent trends: AUD up with all things commodities and EM: However, it is still not led by credit which is sign that this is a bear market rally: The Treasury curve steepened: Stocks bounced: Westpac has the wrap: Event Wrap US Chicago Fed national activity survey for April

The post Australian dollar greets Albo with a cheer appeared first on MacroBusiness.

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