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MacroBusiness Wednesday, March 20, 2024 - 05:13 Source

This is still an unconvincing bottom: In one day, iron ore speculators have wiped out any margins steel mills had regained through the correction. Ergo, their purchases will remain subdued and destocking is a threat. As well, the Chinese data was not good. It was bad. Pig iron ore output was down 0.6% yearly across

The post Iron ore dead cat bounces appeared first on MacroBusiness.

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Your Democracy Wednesday, March 20, 2024 - 04:41 Source

Throughout the considerable history of internal conflicts in Yemen, the influential role of tribes has been critical in shaping the outcomes of external wars and internal power struggles. 

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Your Democracy Wednesday, March 20, 2024 - 04:20 Source

Elon Musk, CEO of Tesla and SpaceX, has ribbed US aerospace giant Boeing by sharing a story which jokes that passengers could bring sharp hand tools like screwdrivers aboard their flights to assist with maintenance.

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The Australian Independent Media Network Wednesday, March 20, 2024 - 00:15 Source

Science & Technology Australia Media Release   The Australian economy would be $100 billion bigger and boosted by 42,000 new jobs by hitting a target of investing 3% of GDP in research and development, new analysis by the nation’s peak body for science and technology has found.  Speaking at the National Press Club today, Science &…

The post R&D push will boost Australia by $100 billion and 42,000 new jobs appeared first on The AIM Network.

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MacroBusiness Wednesday, March 20, 2024 - 00:05 Source

The latest data on Australia’s housing construction has been an unmitigated disaster. Dwelling approvals, commencements, and completions have each collapsed to decade-lows at the same time as Australia’s population is surging: New home sales have collapsed, alongside approvals: And loans for the purchase or construction of new homes are tracking at historical lows: New forecasts

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Your Democracy Tuesday, March 19, 2024 - 17:39 Source

The EU must revise its military strategy and drastically ramp up defense production to help Ukraine in the conflict with Russia, European Council President Charles Michel said on Monday. The call comes amid repeated warnings from Kiev over ammunition shortages.

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MacroBusiness Tuesday, March 19, 2024 - 17:00 Source

Asian share markets are in mixed mood as both the BOJ and RBA meetings put some volatility into local currencies as well as stocks, with dovishness sending them both down against USD. Wall Street is looking to start slightly higher after a solid session overnight but traders now await the next FOMC meeting while the

The post Macro Afternoon appeared first on MacroBusiness.

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Renew Economy Tuesday, March 19, 2024 - 15:34 Source
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Renew Economy Tuesday, March 19, 2024 - 15:27 Source
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MacroBusiness Tuesday, March 19, 2024 - 14:51 Source

The Reserve Bank of Australia (RBA) has released its March Monetary Policy Decision, which, as expected, kept the official cash rate (OCR) on hold at 4.35%. However, the RBA has removed its tightening bias, noting that the “Board will rely upon the data and the evolving assessment of risks”.  Below are key extracts from the

The post RBA oil tanker swings dovish appeared first on MacroBusiness.

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AustralianPolitics.com Tuesday, March 19, 2024 - 14:42 Source

The Reserve Bank has left the cash rate unchanged at 4.35%, in a decision announced today. The cash rate has now been held at 4.35% for the past four months. In a statement released today, the RBA board says that inflation has moderated but is still high. It says the “outlook is highly uncertain”. The statement issued by the board is shown below. Interest Rate Movements Since 1990

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Renew Economy Tuesday, March 19, 2024 - 14:39 Source
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MacroBusiness Tuesday, March 19, 2024 - 14:00 Source

Australia’s governments have conducted several housing affordability inquiries throughout decades, including but not limited to: Menzies Research Centre: Prime Ministerial Taskforce on Home Ownership 2003; The Productivity Commission’s First Home Ownership Report in 2004; A Good House is Hard to Find Report from the Senate Select Committee on Housing Affordability in Australia in 2008; Western

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Renew Economy Tuesday, March 19, 2024 - 13:36 Source
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MacroBusiness Tuesday, March 19, 2024 - 13:30 Source

Last week, it was revealed that NSW’s allocation of the goods and services tax (GST) would be cut by $188 million in 2024-25, whereas Victoria’s GST allocation would be lifted by $3.8 billion: NSW’s GST cut comes despite the state receiving 174,000 net overseas migrants in in 2022-23, 20,000 more than Victoria (154,000) and easily

The post NSW budget sabotaged by immigration appeared first on MacroBusiness.

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Renew Economy Tuesday, March 19, 2024 - 13:05 Source
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MacroBusiness Tuesday, March 19, 2024 - 13:00 Source

Prime Minister Anthony Albanese tweeted below, claiming that “we’ve created more new jobs than any first-term government on record”. “Our plan means more people in work, earning more and keeping more of what they earn”. While the level of job creation might be true, it comes against the backdrop of a record increase in Australia’s

The post Anthony Albanese spreads jobs market lies appeared first on MacroBusiness.

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MacroBusiness Tuesday, March 19, 2024 - 12:30 Source

This is such a bad idea, both politically and economically. I never agree with Australia’s evil energy firms, but they are right about this: Energy Australia, whose Hong Kong-listed owner CLP currently operates two large nuclear power stations in mainland China, said the company was “committed to Australia’s clean energy transformation, reducing emissions as quickly

The post Dutton engulfed by nuclear mushroom cloud appeared first on MacroBusiness.

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MacroBusiness Tuesday, March 19, 2024 - 12:00 Source

What is it with the hard left? Why can’t they admit that running the nation’s largest-ever immigration program has had a detrimental impact on Australian renters? In the past month, we have witnessed The Greens’ housing spokesperson, Max Chandler-Mather twice claim (here and here) that Australia’s extreme immigration program has had minimal impact on Australian

The post Greens are de-housing Australia’s youth appeared first on MacroBusiness.

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Renew Economy Tuesday, March 19, 2024 - 11:42 Source
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MacroBusiness Tuesday, March 19, 2024 - 11:30 Source

This is a good policy: Australia’s competition regulator would gain powers to “smash the supermarket duopoly” and force the breakup of big supermarket chains, under a push from the Greens to be introduced to federal parliament. The Greens will this week table a private senator’s bill seeking to introduce divestiture powers into Australian competition law.

The post Greens making good sense on breaking supermarkets appeared first on MacroBusiness.

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MacroBusiness Tuesday, March 19, 2024 - 11:00 Source

PropTrack’s home values index shows that Brisbane dwelling values have increased by 61% since the beginning of the pandemic, dwarfing the 33% increase across Sydney and the 16% rise across Melbourne: PropTrack also showed that Brisbane’s median dwelling value was equal to Melbourne’s at $797,000 in February. Admittedly, Brisbane has a higher share of detached houses

The post Brisbane house prices are becoming a bubble appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, March 19, 2024 - 10:31 Source

By Denis Bright   The tidal wave swing against Labor in the Ipswich West by-election on 16 March 2024 created no ripples on the stagnant Bremer River. Historic struggles on behalf of the Labor Movement will come and go in the future without any lasting effects from the by-election results. The Timothy Molony Oval in front…

The post Labor Hegemony Under Threat? Perspectives on the By-Election in Ipswich West appeared first on The AIM Network.

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MacroBusiness Tuesday, March 19, 2024 - 10:30 Source

Victoria’s population has surged by around 2.2 million people this century to more than 6.8 million people: Official state government projections have Victoria’s population swelling to 11.2 million people by 2056, with Melbourne transforming into a megacity of 9.0 million people: The overwhelming majority of this growth will be driven by net overseas migration: This

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MacroBusiness Tuesday, March 19, 2024 - 09:54 Source

It’s not quite as bad as feared from earlier reporting but it’s hardly lighting it up, either: The price for residential customers without controlled load in SE Queensland is $2,022 which is an increase of 2.7%. For customers with controlled load, the price is $2,363, which is Default market offer prices 2024–25: draft determination unchanged

The post Captured AER offers minimal power price cuts appeared first on MacroBusiness.

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MacroBusiness Tuesday, March 19, 2024 - 09:30 Source

DXY and oil run together: AUD is the opposite: JPY held: Copper is the latest stupidity: Mining steamroller meets pennies: EM stocks are fading with China: Junk is fine: Even as yields chase oil: Stocks are going up: RBA rate futures still have no cut before September, and even then, only slowly: But Aussie yield

The post Australian dollar falls as RBA firms as first dove appeared first on MacroBusiness.

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Renew Economy Tuesday, March 19, 2024 - 09:29 Source
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Renew Economy Tuesday, March 19, 2024 - 09:24 Source
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MacroBusiness Tuesday, March 19, 2024 - 09:00 Source

Wall Street was able to start the new trading week with confidence going into a volatile period as major central banks set their interest rates again, with the RBA the first cab off the rank today. Tech stocks helped pushed US stocks higher while European shares remain in a holding pattern. Both USD and bond

The post Macro Morning appeared first on MacroBusiness.

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Renew Economy Tuesday, March 19, 2024 - 08:40 Source
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