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Articles from MacroBusiness

Car sales drive off house price cliff

November 6, 2018 - 00:10 -- Admin

Via FCAI: Overall national sales of Sport Utility Vehicles (SUVs) continued to climb in October, despite the overall vehicle market in Australia declining over the month, according to the latest data released today by the motor industry’s statistical service, VFACTS. National vehicle sales for October reached 90,718, down 5.3 per cent from October 2017. The

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As auction clearances crash, unsold property listings surge

November 6, 2018 - 00:10 -- Admin

There’s blood in the water, according to CoreLogic’s weekly market activity report. At the same time as auction clearances have plunged to six year lows: For sale listings have surged to six year highs, led by Melbourne (+19.1% YoY) and Sydney (+17.1% YoY): Meanwhile, the trend in credit remains flat: Full report here.

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Links 6 November 2018

November 6, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: Winklevoss twins claim famed crypto evangelist stole 5,000 bitcoins from them – Ars Technica Peter Thiel thinks the next Google won’t come from Silicon Valley – Quartz Can the U.S. Keep Its High-Tech Edge? – Ian Hathaway Warren Buffett’s Berkshire Hathaway Repurchases More Than $900 Million of Stock –

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Macro Afternoon

November 5, 2018 - 16:53 -- Admin

It’s been an interesting start to the week here in Asia with minor falls across the board on stock markets, with currencies also moving sharply around on the trifecta of Brexit news, BOJ Kuroda’s press conference and the reaction to Friday night’s non-farm payroll (NFP) report, aka US unemployment. The Shanghai Composite is down over 1%  going

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Caixin China PMI stalls

November 5, 2018 - 15:29 -- Admin

Whether its credit or Trump it’s a slowdown in China: The latest Caixin China Composite PMI™ data (which covers both manufacturing and services) signalled only a marginal increase in overall Chinese business activity at the start of the fourth quarter of 2018. Furthermore, the Composite Output Index fell from 52.1 in September to a 28-month

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Chris Bowen: Why franking refunds have to go

November 5, 2018 - 14:00 -- Admin

By Leith van Onselen Back in 2000, former Treasurer, Peter Costello, made the fateful decision to allow the conversion of franking credits into cash refunds for shareholders. This enabled tax-free (mostly wealthy) superannuation holders over the age of 60 to claim imputation credits even though they pay no tax, as explained by The Australia Institute:

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NSW stamp duty reforms to make Budget hit even worse

November 5, 2018 - 13:00 -- Admin

By Leith van Onselen With stamp duty receipts already collapsing: Amid falling dwelling prices and crashing transaction volumes: The NSW Government is planning to index stamp duty thresholds to the consumer price index (CPI): Under the changes the seven price bands, or brackets, which determine how much stamp duty is paid by home purchasers will

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Gas cartel plunders the last great east coast reserve

November 5, 2018 - 12:47 -- Admin

Yay! Love it. MB argued that when Shell bought QCLNG two years ago, the ACCC should have forced it to divest Arrow. It is the last big, undeveloped gas field on the east coast without community restrictions: Instead, the ACCC let the consolidation complete the export cartel. Now all of the Arrow gas is going to

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Migration Council howls “STEM shortage” as Aussies sit idle

November 5, 2018 - 12:30 -- Admin

By Leith van Onselen Earlier this year, the chair of the Migration Council of Australia (MCA) and big business lobbyist for the Australian Industry Group (AIG), Innes Willox, penned an article in The Australian claiming that “now is not the time to cut migration” because of “skills shortages” [my emphasis]: Australia does not have a

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Coalition approves more farm slave labour

November 5, 2018 - 12:00 -- Admin

By Leith van Onselen In 2016, the Fair Work Ombudsman undertook an inquiry into Australia’s backpacker visa scheme, which noted that “many backpackers are being subjected to underpayment or non-payment, unlawful deductions, sexual harassment, unsafe working conditions and other forms of exploitation”. The Senate’s scathing report, entitled A National Disgrace: The Exploitation of Temporary Work

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