Victoria is the country’s most indebted state, with the lowest credit rating. S&P Global expects Victoria’s debt to rise to $247.2 billion by 2027, up from $55.2 billion in 2019, making it Australia’s worst-performing state. Victoria’s poor budgetary position is based on waste. Victoria’s “Big Build” infrastructure projects are running over schedule and over budget.
DXY sure looks like it is about to break out: AUD was pulverised: JPY still looks troubled: Oil and gold are warning on DXY: Metals too: And miners: EM backed off: Junk looks very nervous: Yields firmed: Stocks tanked: The US Employment Cost Index spooked markets: Compensation costs for civilian workers increased 1.2 percent, seasonally
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The Albanese government is reportedly avoiding a hard cap on foreign student numbers to avoid long-term damage to education exports. International students are the largest contributor to the politically sensitive net overseas migration number and are contributing to the rental crisis. However, the government is also concerned about harming what it claims is the country’s
After last week’s higher-than-expected inflation numbers for the March quarter, talk shifted to the Reserve Bank of Australia (RBA) potentially hiking interest rates further this year. Warren Hogan, the chief economic adviser for Judo Bank, led the hawkish sentiment by suggesting that the RBA could increase the official cash rate three times this year to
Fear over what could or could not happen at tonight’s FOMC meeting combined with end of month window dressing sent Wall Street into a spin overnight, with stocks losing between 1-2%, taking out European shares as well. Asian futures don’t look good for today’s session as a result. The USD pushed back against most of
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Rebar and SGX futures are stalled: Dalian iron ore is similar: And coking coal: The Steel PMI was reasonable but also indicative of what is immediately ahead: Ports are stocked. Mills are stocked. Steel is stocked. May/June is the weakest period in the calendar for the FE complex as the heat takes its toll on
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ABC business editor Michael Janda has done a good job debunking the myth that significantly densifying Australia’s cities with high-rise apartments will result in affordable housing. Janda references CoreLogic research showing that “our cities have densified considerably over the past two decades, long before YIMBYs clamoured for it”. “Nationally, our capitals are squeezing 40% more
You realize, don’t you, that what’s going on in our country is the collapse not just of an empire, or an economy, but a comprehensive paradigm of human progress. The hallmark of post-war life in Western Civ was supposed to be a return to sanity after the mid-twentieth century fugue of mass psychotic violence.
BY JAMES HOWARD KUNSTLER
Relations between the US and EU in recent years, remarkably after the start of the Russian special military operation in Ukraine, have been truly negative for Europeans. It seems increasingly clear that Washington does not see EU states as its true allies, but as vassal countries and subservient proxies, using them to serve its interests unilaterally.
Whether it is housing access, spending that causes inflation, or climate change, young folks (including me) love to blame the Boomers. But is it true? Recent survey data calls the assumption into question. The oldest cohorts were leading the decline in support for mass immigration, according to last week’s most reliable population survey in Australia,
PropTrack’s home value results for April show that Brisbane’s median dwelling value of $818,000 has surged ahead of Melbourne’s median of $805,000: As shown in the table above, Brisbane median dwelling values have surged by 64.7% since the pandemic’s beginning in March 2020, versus value growth of only 17.0% across Melbourne. Part of the reason
