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MacroBusiness Thursday, September 23, 2021 - 12:00 Source

Two economists, Richard Holden and Steven Hamilton, have launched a stinging attack on Labor for lambasting the Morrison Government for giving billions of taxpayer dollars to companies whose profits rose without the requirement they pay it back: The public discussion has devolved into a populist riot desperate to expose which recipient experienced rising revenue after

The post Economists: Labor wrong to question JobKeeper waste appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 11:50 Source

It is always amusing how dumb the equity market is. Dumb economists and analysts will tell you that the market is always right but that is a misunderstanding of what makes markets useful. The best description of the utility of markets is that they are often wrong but are ruthlessly efficient at correcting mistakes. I

The post Big miners suck in more dumb money appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 11:30 Source

Wall Street is busy begging China to stimulate. It knows no other way. Yesterday Goldman Sachs was on its knees: Looking beyond the immediate risks and uncertainties around Evergrande, we believe two other policy adjustments are also needed. First is the overall macro policy stance. Despite the recent increases in on-budget and off-budget fiscal spending

The post What’s the trigger for more Chinese stimulus? appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 11:15 Source

NSW Health has recorded another 1063 locally acquired COVID cases and six deaths: NSW recorded 1,063 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night. pic.twitter.com/s0T80LvWTx — NSW Health (@NSWHealth) September 23, 2021 Of those who died, four people were not vaccinated. One person – a woman in her 90s

The post NSW records 1063 COVID cases, 6 deaths appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 11:00 Source

Should you throw away your Chinese phone? Consumers should throw away their Chinese phones and avoid buying new ones, Lithuania’s Defence Ministry has warned. A report by its National Cyber Security Centre tested 5G mobiles from Chinese manufacturers. It claimed that one Xiaomi phone had built-in censorship tools while another Huawei model had security flaws.

The post Stan Grant must jettison his Chinese appliances appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 10:30 Source

Abul Rizvi – former Deputy Secretary of the Department of Immigration and one of the architects of Australia’s faux ‘skilled’ migration program – has warned that recent visa changes risk turning Australia into a low-skill guest worker society: Dr Rizvi has warned that the recent removal of limits on overseas students’ working hours risks subverting

The post Abul Rizvi: Australia becoming a “low-skilled guest worker society” appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 10:00 Source

CBA has released internal data on lending, which shows that new mortgage lending eased in August amid lockdowns. The share of fixed rate lending also eased from recent highs: New lending for housing eased in August, with housing activity dampened by the lockdowns. The share of fixed rate lending remains high, but below recent peaks.

The post Mortgage demand plunges amid lockdowns appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 09:40 Source

The ferrous complex dead cat bounced yesterday which is entirely normal for a grand bear market. Spot launched higher and paper kept running overnight: Funny stuff typical of a bear market. Not much to report in wider news. Evergrande will be restructured. It is not the problem. This is NOT over: Chinese property demand will

The post Daily iron ore price update (dead cat bounce) appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 09:31 Source

Victoria’s COVID outbreak continues to worsen with the state recording a pandemic high 766 cases and four deaths: Reported yesterday: 766 new local cases and 0 cases acquired overseas. – 40,957 vaccines administered – 62,408 test results received – Sadly, 4 people with COVID-19 have died More later: https://t.co/OCCFTAtS1P#COVID19Vic #COVID19VicData pic.twitter.com/mKCXQ5GIzR — VicGovDH (@VicGovDH) September

The post Victoria records 766 COVID cases, 4 deaths appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 09:20 Source

Markit: Not too bad all things considered. Full report.

The post Aussie flash PMI still in recession appeared first on MacroBusiness.

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Your Democracy Thursday, September 23, 2021 - 09:12 Source

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Labor has fired a warning shot at the Morrison government over its nuclear-powered submarine plans, demanding assurances that Australia will maintain its freedom to make different decisions from the US on military engagements.

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MacroBusiness Thursday, September 23, 2021 - 09:00 Source

The problem with getting the diagnosis wrong is that you mistreat the symptoms. If you think you have a cold but really have a brain tumor then soldiering on with Codral is not a great idea. Evergrande yesterday released an unbelievably vague statement about reaching some deal with someone, somewhere. More importantly, the PBoC injected

The post Evergrande is not cause, it is symptom appeared first on MacroBusiness.

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Your Democracy Thursday, September 23, 2021 - 07:31 Source

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US President Joe Biden and his French counterpart Emmanuel Macron will meet next month as the countries work to repair relations following a diplomatic brouhaha that broke out over a security pact with Australia.

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The Australian Independent Media Network Thursday, September 23, 2021 - 06:00 Source

Just imagine for one moment that the identity of Christian Porter was transformed into that of a Labor Minister. How do you think the Murdoch media would react? Well, let me tell you. The Australian, Sky News, The Herald Sun and other news outlets (where the truth goes to die) are completely ignoring the issue…

The post You can imagine the uproar if this happened under a Labor government appeared first on The AIM Network.

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MacroBusiness Thursday, September 23, 2021 - 05:44 Source

Forex tells a very interesting tale today. Following on from Evergrande’s extraordinarily dubious news and a PBoC liquidity injection yesterday, which dumped DXY, the Fed was hawkish which launched DXY: The Australian dollar popped on the crosses but was whacked back down vs DXY: Gold faded. Energy is driving the Fed into policy error crescendo:

The post Australian dollar pops and drops on Evergrande vs Fed appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 00:10 Source

For years, Melbourne has been marketed as “the world’s most livable city”. Today, it has won another award, overtaking Buenos Aires to be the city experiencing the most days in hard lockdown: 235 days and counting. Other major cities of note with record days in lockdown include: London (207 days); Prague (201 days); Dakar (169

The post Welcome to Melbourne: World’s most locked down city appeared first on MacroBusiness.

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Club Troppo Thursday, September 23, 2021 - 00:06 Source

Australia is doing its bit to ensure that there will be a third world war and that it will be a nuclear war. The claim that the U-boats are merely nuclear propelled, not nuclear armed, is a gross deception. One of the key features of nuclear subs is that they can launch and control rockets capable of carrying nuclear bombs. In a war nobody is going to believe that those rockets will not be used to do what they were built to do.

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MacroBusiness Thursday, September 23, 2021 - 00:05 Source

I was ill a couple of weeks ago when an important debate took place between George Soros and Ray Dalio about investing in China. It is worth revisiting today as Evergrande goes bust. George Soros, the 91-year old fabled hedge fund owner, is the latest to pipe up with his view that, actually, China might

The post Once more for dummies. Don’t invest in China appeared first on MacroBusiness.

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MacroBusiness Thursday, September 23, 2021 - 00:02 Source

Macro & Markets Central bankers should work to serve the people, not the markets – SCMP Pandemic has changed travel forever, says AirBnB boss – BBC Inflation to remain higher for two years, warns OECD – BBC The global supply chain crisis could fuel a severe dose of stagflation – Guardian, Roubini Global Traders Given

The post Links 23 September, 2021 appeared first on MacroBusiness.

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The Australian Independent Media Network Wednesday, September 22, 2021 - 22:14 Source

We all live in a Yellow (Peril) submarine, yellow peril submarine, yellow peril submarine … All our friends are all on board, everyone of us lives next door…”  Up periscope. What’s that smoke on the water, that oily miasma, that stench over the wreck of The Sandgroper? Why, it’s Top Secret Morrison, world’s most furtive…

The post Morrison runs up the white flag on Australia’s sovereignty. appeared first on The AIM Network.

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Renew Economy Wednesday, September 22, 2021 - 21:55 Source

Regulator takes Tesla big battery at Hornsdale to court over its alleged failure to deliver promised FCAS services when the coun

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The Australian Independent Media Network Wednesday, September 22, 2021 - 19:00 Source

By Tess Lawrence   Tess Lawrence is not known for holding back when holding forth. In this first excerpt from a longer treatise she calls out Prime Minister Scott Morrison, accusing him of both implicit and complicit coercive control over women in Australia, including female cabinet ministers as well as complainants of alleged rape and other…

The post Scott Morrison’s coercive control of women (part 1) appeared first on The AIM Network.

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Your Democracy Wednesday, September 22, 2021 - 17:42 Source

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MacroBusiness Wednesday, September 22, 2021 - 17:00 Source

Asian equities are not yet out of the dark yet with a rally across Chinese shares based on a Evergrande coupon payment but the concern could quickly swift to foreign holders which may upset bond markets tonight, regardless of the latest Fed meeting. The USD remains relatively firm against most of the risk currencies with

The post Macro Afternoon appeared first on MacroBusiness.

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Renew Economy Wednesday, September 22, 2021 - 15:26 Source

Kon Flaherty from Green Energy Technologies in Queensland shows how to find a point of difference in an increasingly crowded solar market.

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Renew Economy Wednesday, September 22, 2021 - 15:08 Source

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Renew Economy Wednesday, September 22, 2021 - 14:54 Source

A majority of AGL shareholders support motion calling for a Paris aligned business transition, as bid by teenager for board seat falls short.

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The Australian Independent Media Network Wednesday, September 22, 2021 - 14:30 Source

By Denis Bright   Josh Frydenberg made a successful transition from a recognized tennis ace to excellence in studies in economics and law. A successful corporate career followed. He has represented the normally safe federal seat of Kooyong since 2010. Either from Opposition or in a future LNP Government, Josh Frydenberg should be a familiar face…

The post Josh Frydenberg: Training for Future Leadership? appeared first on The AIM Network.

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MacroBusiness Wednesday, September 22, 2021 - 14:30 Source

Callam Pickering, economist at global jobs site Indeed, has published interesting data showing the devastating impact state border closures are having on the local tourism industry. Using ABS data, Pickering shows that tourism-related employment is still down 9.3% from December 2019, with the decline in jobs much larger across key areas such as accommodation: According

The post Border closures devastating for tourism industry appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 22, 2021 - 14:00 Source

After a slow start, Australia’s vaccination rollout continues to gather pace. 58.4% of Australia’s population has now received a single vaccine dose, with 38.3% now double vaccinated: NSW is the vaccine leader, with 66.8% of the state’s population now at least single vaccinated. This is followed by Victoria (59.4%), Tasmania (58.9%), SA (51.9%), Queensland (50.7%),

The post Tracking Australia’s vaccine rollout appeared first on MacroBusiness.

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