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MacroBusiness Thursday, June 7, 2018 - 10:11 Source

You can always tell when the RBA is getting worried about bank funding stress because it begins with the propaganda. After noting the stress in its recent statement for the first time as a factor in the cash rate discussions, today Chistopher Kent aims hose the issue off in a new speech: I’d like to

The post RBA panics about bank funding stress appeared first on MacroBusiness.

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The Australian Independent Media Network Thursday, June 7, 2018 - 10:01 Source

By Michael Griffin One would expect that the Treasurer of a nation entrusted with the duty of protecting a nation’s accounts and economy would be capable of performing the basic arithmetic involved in formulating a Credit/Debit balance sheet such as a national budget. When it comes to Prime Minister Malcolm Turnbull’s chosen Treasurer, Scott ‘the…

The post Malcolm Turnbull and ‘the $100 Billion Porker’ appeared first on The AIM Network.

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MacroBusiness Thursday, June 7, 2018 - 10:00 Source

By Leith van Onselen With the Turnbull Government still requiring the support of eight out of the 10 crossbenchers to pass its income tax cuts package in the Senate, Treasurer Scott Morrison has ruled out legislating the third stage of its tax package separately. From The AFR: Stage three would start on July 1, 2024, and

The post Morrison commits to tax suicide pact appeared first on MacroBusiness.

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MacroBusiness Thursday, June 7, 2018 - 09:51 Source

Cross-posted from Martin North: Today we walk through the worst postcodes for mortgage stress and add movement and colour with supporting demographic and financial data. Yesterday we released the May 2018 mortgage stress and default analysis update. Across Australia, more than 966,000 households are estimated to be now in mortgage stress (last month 963,000). This equates

The post Australian mortgage stress by postcode appeared first on MacroBusiness.

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MacroBusiness Thursday, June 7, 2018 - 09:30 Source

From ANZ: ANZ Bank has warned the pace of decline in Australia’s house prices is “quite a bit larger” than expected, and likely to last longer than it previously forecast. With national auction clearance rates at a five-year low, ANZ senior economist Daniel Gradwell predicted in a research note published on Wednesday that further weakness

The post ANZ: House prices falls “quite a bit larger” than expected appeared first on MacroBusiness.

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Cheeseburger Gothic Thursday, June 7, 2018 - 09:13 Source

The Lowy Institute has a pretty cool interactive index looking at dynamic power matrices in the Asia Pacific over the next decade.

Very clickable for strat-nerds.

Not reassuring for anxious types.

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MacroBusiness Thursday, June 7, 2018 - 09:00 Source

Via Treasurer Scott Morrison: “The national accounts show we are also delivering economic growth. We have climbed back to the top of the leaderboard – we are again leading the advanced economies, bettering the average growth of the OECD and each member of the G7 group of leading industrial nations.” …Imports of capital goods –

The post Morrison cock-a-whoop at booming “ute” economy appeared first on MacroBusiness.

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MacroBusiness Thursday, June 7, 2018 - 08:35 Source

By Chris Becker Stocks put on a broader rally overnight as the ECB contends with easing or ending its own QE programs. The US 10 year almost hit 3% as a result and Wall Street was led by the financials instead of tech stocks for a change, although Tesla shares rose by nearly 10% in the

The post Macro Morning appeared first on MacroBusiness.

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Renew Economy Thursday, June 7, 2018 - 07:09 Source

The world’s biggest solar tower power plant with molten salt storage has begun commissioning in Morocco, and is scheduled to begin production by October. The 150MW Noor Ouarzazate III solar receiver, with 7.5 hours of molten salt storage is only the second big scale project of its type, and trumps its predecessor in size, the […]

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MacroBusiness Thursday, June 7, 2018 - 06:06 Source

The EUR bear market rally took another leg up last night and DXY fell: AUD was up and away versus DMs tracking EUR: But EMs are still telling a different story: Gold is stuck: Oil fell: Base metals went sick, mostly on particular supply issues: Big miners to the moon! EM stocks rallied like clockwork

The post Australian dollar jumps as ECB calls Italy’s bluff appeared first on MacroBusiness.

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MacroBusiness Thursday, June 7, 2018 - 00:25 Source

By Leith van Onselen I cannot ever recall a time when the nation’s production, as measured by real GDP, has diverged so much from the growth (or lack thereof) in ordinary Australian’s living standards. To illustrate why, I have once again deflated three measures of the domestic economy, as provided in the March quarter national

The post Lost decade drags on for Australian households appeared first on MacroBusiness.

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MacroBusiness Thursday, June 7, 2018 - 00:20 Source

By Leith van Onselen Australia has again taken the silver medal for having the world’s second most indebted households according to the latest data from the Bank for International Settlements (BIS). The next table shows the ratios of household debt to GDP as at the December quarter of 2017. As you can see, Switzerland (128%)

The post Australia retains silver medal in global household debt appeared first on MacroBusiness.

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MacroBusiness Thursday, June 7, 2018 - 00:15 Source

Out of cycle rate hikes imminent? Via Damien Boey at Credit Suisse: Christmas has come early for the RBA. Real GDP growth is above 3%, earlier than expected, and core CPI inflation is gradually returning back to target. Almost everything that is needed to justify the Bank’s desired path of tightening, is in place. Almost.

The post Interbank spreads blow out again for Aussie banks appeared first on MacroBusiness.

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MacroBusiness Thursday, June 7, 2018 - 00:15 Source

By Leith van Onselen CoreLogic’s daily home values index for May showed that quarterly values are falling fastest in Melbourne (-1.2%) and Sydney (-0.9%), which has dragged the five-city index down by 0.7% over the quarter: As we have reported previously, first home buyer (FHB) stamp duty incentives were introduced in both NSW and VIC

The post FHB patsies continue to stave off deeper property downturn appeared first on MacroBusiness.

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MacroBusiness Thursday, June 7, 2018 - 00:10 Source

By Nathan Lynch, Asia-Pacific bureau chief, financial crime and risk, Thomson Reuters When the HBOS Group collapsed in 2008, UK taxpayers were left to fund a £17 billion bank bail-out. It was a prudential disaster that contributed to the break-up of the FSA. In Australia, meanwhile, the bank’s “appalling lending record” was even worse than

The post Bankwest debacle shines light on APRA’s “appalling” regulatory oversight appeared first on MacroBusiness.

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