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Renew Economy Monday, August 15, 2022 - 14:41 Source

Finley solar farm

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MacroBusiness Monday, August 15, 2022 - 14:30 Source

Prominent economist Tony Alexander has released a new report arguing that “fear of overpaying” (FOOP) is behind the collapse in home sales and the ballooning in listings across New Zealand. Accordingly, “deep weakness” has permeated the housing market: Sales of properties are running around 40% down from a year ago, it is taking 13 days

The post FOOP drives Kiwi home buyers “into shadows” appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 14:00 Source

When the National Disability Insurance Scheme (NDIS) began to be rolled out in 2016, we warned that it would attract an army of fraudsters middle-men seeking their slice of the multi-billion honey pot on offer. After all, witnessed similar rorting under the private vocational education and training (VET) and pink batts schemes, alongside the rorting

The post NDIS rorters run rampant appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 13:30 Source

The Australia Institute’s chief economist and executive director, Richard Denniss, has published startling analysis showing that the Norwegian Government will this year collect $137 billion from their oil industry courtesy of their well designed super profits tax. In turn, Norway’s Sovereign Wealth Fund will soar to $1.8 trillion – shared among only 5.3 million people.

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MacroBusiness Monday, August 15, 2022 - 13:00 Source

Despite mass ministerial resignations/retirements, Melbourne’s seven months of hard lockdowns, mass privatisations (despite promising otherwise), and a raft of corruption scandals, Daniel Andrews’ Victorian Government is headed for an even bigger majority at the upcoming Victorian election: The ALP on 60.5% (up 1% point from early July) has increased its election-winning lead in Victoria over the

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Renew Economy Monday, August 15, 2022 - 12:41 Source

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MacroBusiness Monday, August 15, 2022 - 12:30 Source

The latest survey of “48 leading economists” by the Economic Society of Australia and The Conversation asked “what other actions could authorities take to bring the inflation rate down?”. The second and third most popular choices related to reining in the gas cartel via domestic reservation and super profits taxes on fossil fuel producers: It’s

The post Economists back gas reservation and super profits taxes appeared first on MacroBusiness.

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Renew Economy Monday, August 15, 2022 - 12:09 Source

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Renew Economy Monday, August 15, 2022 - 12:06 Source

acciona solar farm panels queensland-2

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MacroBusiness Monday, August 15, 2022 - 12:00 Source

Terry McCrann wrote a strange article in the Weekend Australian arguing that the Reserve Bank of Australia’s (RBA) interest rate hikes are actually “super stimulatory” because the real interest rate has fallen: In Australia, at the end of 2021, the RBA’s official cash rate was 0.1 per cent. Inflation for the year was 3.5 per

The post RBA rate hikes “super stimulatory” appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 11:30 Source

Morgan Stanley with the note. Global headline inflation climbed to 6.7%Y in June vs 6.3%Y in May. Food and energy prices are still main drivers. Global FX depreciation against the US dollar does not help, we analyze the FX pass-through to headline inflation and identify the most-exposed economies. Global inflation is still increasing, and recent

The post Global inflation still rising appeared first on MacroBusiness.

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Your Democracy Monday, August 15, 2022 - 11:13 Source

I don’t think many Americans appreciate just how tense and tenuous, how very touch and go the energy situation in Europe is right now.

For months, as news of the Ukraine war receded a bit, it was possible to follow the energy story unfolding across the Atlantic and still assume an uncomfortable but familiar-enough winter in Europe, characterized primarily by high prices.

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MacroBusiness Monday, August 15, 2022 - 11:00 Source

If case you haven’t seen it, Australian real income are in the process of crashing back to 2009 levels: This circumstance is driven by two main factors. Wage growth is weak and inflation is strong thanks largely to imported goods and the over-building of houses and infrastructure, and the energy shock. So, if you wanted

The post Unions need a new political party to defeat capital’s “Labor” appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 10:40 Source

Australia’s auction results rallied for the third consecutive week, with the preliminary clearance rate lifting above 60% for the first time since early June after 61.5% of auctions returned a successful result (up 2.0% from last week): The rebound nationally was driven by Melbourne, whose preliminary clearance rate rebounded to 65.5%. This was the highest

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MacroBusiness Monday, August 15, 2022 - 10:20 Source

Nordea sees it as slow and painful and not just in America. ——————————————————————————————————————————- The global economy continues to lose momentum, but central banks will concentrate on their efforts to rein in inflation. Long yields will rebound to higher levels, while the EUR/USD has more downside left. Many leading economic indicators have taken a beating, and

The post How fast will US inflation fall? appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 10:00 Source

The Market Ear with more on how far the bear market rally has run to correct market positioning. Short covering getting extreme Short covering getting extreme as net US hedge fund flows turn positive. JPM writes: “…the short covering has been the main driver of late and is now one of the most extreme in the

The post No bears left! appeared first on MacroBusiness.

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xkcd.com Monday, August 15, 2022 - 10:00 Source

 Unreliable internet.

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Your Democracy Monday, August 15, 2022 - 09:58 Source

The Business Council of Australia has released a discussion paper designed to kickstart a nationwide conversation about the best ways to shift Australia into the fast lane of growth.

 

The world is changing around us. Australia finds itself in the crosshairs of several major shifts including the rise of Asia, technological and digital advances and the global adoption of green energy sources.

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MacroBusiness Monday, August 15, 2022 - 09:40 Source

The ferrous complex was firm on Friday, August 12, 2022: The outlook remains poor. Last week’s MySteel indexes were weak again, cement remains glutted and excavator usage is falling: With property sales once again falling away as credit issuance stalls, larger downside scenarios for property have opened up. The last two weeks of sales have

The post Daily iron ore price update (materially worse) appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 09:30 Source

Stock markets finished the trading week with vigour on Friday night with big gains on Wall Street as inflation expectations may have peaked with the latest US CPI print. The USD returned to form and gained some 0.5% against the major currencies with Euro in the main retracing back most of its post-CPI gains, while

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 09:20 Source

Chinese credit was out Friday night and it is in all sorts. After a few good months, credit flow hit the wall in July printing just 756bn yuan: Year on year growth plunged into the red: The rolling annual is still trending down: Year to date flow has dropped below 2021: Credit stock has barely

The post China sails full steam into the liquidity trap appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 09:00 Source

Australia’s great power shock correction continues today as the gas price sits at around $17Gj allowing electricity prices to establish a new lower range, though still triple more traditional prices: Believe it or not, these prices are still high enough to double utility bills in the next year! The egregious leftie press has taken a

The post QLD, VIC, NSW demand gas reservation appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 08:40 Source

DXY was up Friday night: AUD is on a rampage: Oil eased: Metals too: The AUD miners are not rebounding much: EM stocks popped: Junk is food for bulls: But the Treasury curve is still deeply inverted: As stocks price Nirvana: Contrary to wider bullishness and FOMO, markets are getting more short AUD: While stock

The post No FOMO! Shorts pile into Australian dollar appeared first on MacroBusiness.

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John Quiggin Monday, August 15, 2022 - 05:03 Source

Another Message Board

Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please.

I’ve moved my irregular email news from Mailchimp to Substack. You can read it here. You can also follow me on Twitter @JohnQuiggin

I’m also trying out Substack as a blogging platform. For the moment, I’ll post both at this blog and on Substack.

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John Quiggin Monday, August 15, 2022 - 05:03 Source

A new sandpit for long side discussions, conspiracy theories, idees fixes and so on.

To be clear, the sandpit is for regular commenters to pursue points that distract from regular discussion, including conspiracy-theoretic takes on the issues at hand. It’s not meant as a forum for visiting conspiracy theorists, or trolls posing as such.

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MacroBusiness Monday, August 15, 2022 - 00:10 Source

After initiating for months, the Albanese Government confirmed over the weekend that it would use the upcoming Jobs & Skills Summit as cover to launch Australia’s biggest ever immigration program: The government wants to increase the migration intake to between 180,000 and 200,000 a year, which would bring in more skilled migrants including tradies, IT

The post Labor launches biggest ever immigration program appeared first on MacroBusiness.

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MacroBusiness Monday, August 15, 2022 - 00:05 Source

Dr Cameron Murray – author of the Book Game of Mates – gave stunning testimony to the parliamentary inquiry into housing affordability, whereby he documented how developers manipulate the land market to ration supply and maximise their profits. Shortly afterwards, ‘Highrise’ Harry Triguboff’s explained how Meriton had deliberately withheld apartment stock from the market to

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MacroBusiness Monday, August 15, 2022 - 00:01 Source

Global Macro / Markets / Investing: Wall Street Is Mostly to Blame for Rising Commodity Prices – Jacobin Back-From-Dead Stocks Show Near-Limitless Tolerance for Trouble  – Bloomberg U.S. Stocks Finish Higher, Extending Rally – WSJ Advertisers Plan To Use ‘Dream-Hacking’ To Implant Branding Into Your Dreams – Contxmedia Dow up 180 points as U.S. stocks

The post Links 15 August 2022 appeared first on MacroBusiness.

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THE BLOT REPORT Sunday, August 14, 2022 - 13:23 Source

At the Glasgow climate conference, then Prime Minister Scott Morrison [that still engenders relief] said Australia will reach net zero emissions by 2050. However, in the lead up to the federal election the Liberal National Party candidate for Flynn, Colin Boyce said: “Zero net carbon emissions by 2050, Morrison’s document, is a flexible plan that leaves us wiggle room as we proceed into the future”1. So, we probably have to thank Boyce for helping get some Teal Independents and Greens elected in some inner city seats at the recent federal election.

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The Australian Independent Media Network Sunday, August 14, 2022 - 11:19 Source

Scenes and pictures have been circulating of broken earth, lacking moisture, cracked and yearning. But these are not from traditional drought-stricken parts of the planet, where the animal carcass assumes near totemic power amidst dry riverbeds or desert expanses. Neither Australia nor Africa feature on these occasions – at least in a prominent way. Europe,…

The post Europe Dries Up appeared first on The AIM Network.

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