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MacroBusiness Wednesday, August 17, 2022 - 10:00 Source

I was wrong about Australia’s union movement. Yesterday I attacked them for seemingly folding “like a cheap deck of cards” to the Albanese Government’s ‘Big Australia’ immigration policy. Now I have egg on my face, with the ACTU releasing a brilliant submission to the upcoming Jobs & Skills Summit, making their support for expanding the

The post Brilliant unions launch counter-attack against immigration deluge appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 17, 2022 - 09:40 Source

Wall Street stumbled slightly overnight on the latest US industrial production numbers while European markets continued to rally. The USD remained strong but unchanged overnight as the Euro halted its recent crash with the Australian dollar stabilising just above the 70 cent level. Bond markets saw roundtripping of yields with 10 year Treasuries eventually finishing

The post Macro Morning appeared first on MacroBusiness.

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Renew Economy Wednesday, August 17, 2022 - 09:37 Source

Kidston pumped hydro project

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MacroBusiness Wednesday, August 17, 2022 - 09:20 Source

DXY held its gain last night: AUD held its losses: Oil is not well: Metals did a bit better: Mining popped. Meh: EM stocks are trying: But junk has stalled: The US curve pancaked: And stocks paused: Westpac has the wrap: Event Wrap US industrial production in July was stronger than expected, up 0.6%m/m, with manufacturing

The post Australian dollar steps on yuan trapdoor appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 17, 2022 - 09:00 Source

There is an exceptional documentary running on Foxtel and/or AppelTV at the moment called Blood Money: Inside the Nazi Economy. It chronicles the rise of rise of Nazism from the macroeconomic angle, from the issuance of MEFO bonds and rearmament, through to the necessity of invasion and occupation as the economic output of the militarised

The post World must ready for war as Chinese growth dies appeared first on MacroBusiness.

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Your Democracy Wednesday, August 17, 2022 - 07:19 Source

The path to war in Asia – crossing the Rubicon.

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Your Democracy Wednesday, August 17, 2022 - 06:49 Source

NSW ministers will be barred from taking public sector jobs related to their portfolios for 18 months after leaving office.

NSW Premier Dominic Perrottet announced the crackdown on ministers’ future job prospects after getting an independent review into the recruitment of former deputy premier John Barilaro to a lucrative trade envoy job.

“The process was just flawed from the outset,” he said on Tuesday.

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Renew Economy Wednesday, August 17, 2022 - 06:00 Source

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The Australian Independent Media Network Wednesday, August 17, 2022 - 06:00 Source

Those who watched the Chinese Ambassador, Xiao Qian deliver his speech to the National Press Club a week ago would have done so with mixed feelings. As a diplomat, he displayed all the characteristics of a very experienced spokesperson, quick to acknowledge that: “… the relationship between the two countries has been ‘difficult’ in recent times,…

The post Australia and China: The ‘middle man’ speaks appeared first on The AIM Network.

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MacroBusiness Wednesday, August 17, 2022 - 00:10 Source

The Canberra Times’ Crispin Hull has called on the Teal independents to “connect the big policy dots” and end the destructive ‘Big Australia’ immigration policy endorsed by the three major parties: The Government refuses to abandon the Stage 3 tax cuts and adds to the misery by yet again kow-towing to business by signalling a

The post Will Teals end the high immigration ponzi scheme? appeared first on MacroBusiness.

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MacroBusiness Wednesday, August 17, 2022 - 00:05 Source

Australia’s house price bust has well and truly broadened beyond Sydney and Melbourne, with Brisbane now joining in the rout. As shown in the next chart, Brisbane’s daily dwelling values index has now fallen 1.8% from its mid-June peak, with prices down 0.7% so far in August: The rate of price growth across Brisbane plummeted

The post Brisbane joins Sydney and Melbourne house price collapse appeared first on MacroBusiness.

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Renew Economy Wednesday, August 17, 2022 - 00:02 Source

Liquefied natural gas lng carrier ship with five tanks - optimised hydrogen

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MacroBusiness Wednesday, August 17, 2022 - 00:01 Source

Global Macro / Markets / Investing: It gets hotter every year, and a new study shows how much climate change is already costing the global economy – Yahoo Tesla has built 3 million vehicles, a third of those in China, Elon Musk says – Market Watch Oil Prices Fall as China Cuts Policy Rates by

The post Links 17 August 2022 appeared first on MacroBusiness.

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Your Democracy Tuesday, August 16, 2022 - 21:13 Source

Scott Morrison has defied a call from a senior Liberal to resign, after it emerged he secretly took over five key portfolios while prime minister.

In an extraordinary lengthy post on Facebook on Tuesday afternoon, Mr Morrison again defended his actions – although he conceded that “in hindsight these arrangements were unnecessary”.

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MacroBusiness Tuesday, August 16, 2022 - 16:30 Source

Another relatively mixed session for Asian stocks with Chinese bourses unstable with only the ASX200 lifting substantially as the Australian dollar continues to falter as it hovers at the 70 cent level while Euro flops around after a very poor start to the week. Meanwhile oil prices are also slipping, with Brent crude retracing further

The post Macro Afternoon appeared first on MacroBusiness.

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Renew Economy Tuesday, August 16, 2022 - 15:23 Source

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MacroBusiness Tuesday, August 16, 2022 - 15:00 Source

Tonight I will be appearing on DFA Live with Martin North where we will discuss everything to do with the Australian economy and housing market. The show goes live at 8pm EDST.

The post Join me tonight on DFA for live Q&A appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 16, 2022 - 14:30 Source

BofA with the note. I will add that higher inventories meeting weakening demand is not a recipe for good profits. Not everything is about the second derivative Waning demand and pricing power plus continued wage pressure do not seem like reasons to celebrate. But Wednesday’s weaker CPI (note)(a mere 53bp drop) was met with applause–peak

The post Brace for corporate misery appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 16, 2022 - 14:00 Source

By Gareth Aird, head of Australian economics at CBA: Key Points: The RBA August Board Minutes are the last piece of communication from the RBA until the all-important September Board meeting, where the RBA will once again raise the cash rate (the size of the impending rate hike is up for debate). The Minutes imply

The post RBA Board Minutes keep options open for September rate hike appeared first on MacroBusiness.

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Renew Economy Tuesday, August 16, 2022 - 13:51 Source

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Renew Economy Tuesday, August 16, 2022 - 13:45 Source

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The Australian Independent Media Network Tuesday, August 16, 2022 - 13:33 Source

Two journalists, Simon Benson and Geoff Chambers, are soon to publish a book entitled Plagued, dealing with the Morrison Government’s response to COVID-19. The part of the book making headlines currently is the claim that Mr Morrison swore himself into various government ministries, without his colleagues’ knowledge. I want to look at a few articles…

The post Shadow Government: Morrison’s Minstries appeared first on The AIM Network.

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The Australian Independent Media Network Tuesday, August 16, 2022 - 13:33 Source

Two journalists, Simon Benson and Geoff Chambers, are soon to publish a book entitled Plagued, dealing with the Morrison Government’s response to COVID-19. The part of the book making headlines currently is the claim that Mr Morrison swore himself into various government ministries, without his colleagues’ knowledge. I want to look at a few articles…

The post Shadow Government: Morrison’s Ministries appeared first on The AIM Network.

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MacroBusiness Tuesday, August 16, 2022 - 13:30 Source

Michael Wilson at Morgan Stanley. There is a Fed pivot coming in my view as inflation falls relatively quickly. But it’s coming because so is the global recession led by China and Europe but also landing in the US. Earnings are going to fall a lot further yet and that is not priced.   ———————————————————————————————————————————- The

The post Has the market priced a Fed put that’s not even coming? appeared first on MacroBusiness.

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MacroBusiness Tuesday, August 16, 2022 - 13:00 Source

Data from the Australian Automobile Association (AAA) highlights the impact of rising petrol prices on household budgets. The AAA’s latest Transport Affordability Index data shows that the average fuel bill nationwide rose by $5 a week to $100.39 in the June quarter. The average weekly cost of fuel was $98.37 in capital cities and $102.71

The post Soaring petrol costs squeeze household budgets appeared first on MacroBusiness.

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Renew Economy Tuesday, August 16, 2022 - 12:45 Source

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MacroBusiness Tuesday, August 16, 2022 - 12:30 Source

The latest Roy Morgan business survey showed that confidence is lowest for the retail sector, which has halved over the past year: A new Roy Morgan survey gauging Father’s Day gift spending shows that Australians are preparing to send 7.7% less on gifts than they did last year amid rising concerns surrounding cost-of-living: Australians are

The post Rising cost of living cuts retail sales appeared first on MacroBusiness.

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Renew Economy Tuesday, August 16, 2022 - 12:16 Source

 Canva).

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MacroBusiness Tuesday, August 16, 2022 - 12:00 Source

The Business Council of Australia (BCA) is calling for Sydney’s Aerotropolis and Melbourne’s Fishermens Bend to be covered by a designated area migration agreement (DAMA). DAMAs represent a formal agreement between the federal government and a regional, state or territory authority that gives easier access to overseas workers than the standard skilled migration program. However,

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MacroBusiness Tuesday, August 16, 2022 - 11:30 Source

The Market Ear with more great charts. What could make this rally more durable? JPM’s head of US market intelligence Andrew Tyler points out what could take this even higher (not saying it will): 1. lower Sept CPI 2. human participation – closing shorts, going long, and then levering up 3. dovish inflection from the Fed. and what would

The post What will end the crash-up? appeared first on MacroBusiness.

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