The Albanese government has set a target to build 1.2 million homes over five years, beginning 1 July this year. To meet this target, Australia must build 60,000 homes every quarter or 240,000 homes annually for five consecutive years. The following chart plots Labor’s housing target against Australia’s historical dwelling completions: As you can see,
JPM with its global growth tracker. A weaker-than-expected 1.6%ar US GDP gain last quarter reduced our tracking estimate for 1Q24 global growth to 3.1%ar. But this disappointment does not temper our confidence that global growth is likely to maintain an above-potential pace as it builds a broader and more sustainable base. Signs of this broadening
The Market Ear kicks us off. What is the long term positioning picture? The long Asset managers and leveraged funds are running very big longs here. JPM Grossing and netting up Gross at 5 year high and net at 97%tile 1 year. GS The structural reset of shorts Short interest as a percentage of SPY
The Property Council of Australia has hit rock bottom with their latest propaganda report claiming that the record volume of international students is not contributing to Australia’s rental crisis: International students make up only four per cent of Australia’s rental market and are not to blame for the housing crisis, it has been revealed in
Wall Street rebounded on Friday night as European stocks also lifted as the latest US core PCE (personal consumption expenditure) figures came in cooler than expected, driving expectations of a sooner rate cut rather than later from the Fed. The USD firmed against most of the majors although Yen was sold off to new multi
Earlier this month, The Australian Population Research Institute (Tapri) released a comprehensive survey showing Australians comprehensively reject high immigration and a Big Australia. Tapri’s December 2023 national survey of 3000 voters (published April 2024) shows a large and growing voter constituency concerned about the level of immigration. In total, 74% of surveyed voters wanted lower
Earlier this month, CBA economist Harry Ottley published the below chart showing how the rate of rental growth is highly correlated to the change in population growth relative to apartment construction: The above chart should send shudders down the spines of Australian renters, given that population growth is expanding at a historically strong pace at
Goldman with the note USD: Who you gonna run to? There have been different phases to the Dollar’s resilience this year. January brought a reversal of the December FOMC “pivot party” following stronger inflation and activity data. In February, the Dollar traded in the middle of the pack as markets priced broad cyclical optimism. Through
DXY is up on US inflation: AUD caught a bid anyway: The immense short remains a formidable barrier to further downside: JPY cratered. How long before CNY follows? Oil did OK. Gold has stalled: Copper mania is rife. Other metals cooled: The market says no to BHP’s Anglo bid: EM is range-bound: Junk appears worried:
The iron ore bear market rally needs a new spur as steel and margins stall: Dalian futures likewise look toppy: And coking coal: Steel output is still rising seasonally in China: Meanwhile, average daily hot metal output among mills surveyed grew for a fourth straight week, rising 1.1% to 2.29 million tons – the highest