Articles from MacroBusiness

Aussie farm visa slaves paid just ‘$9 a day’

Earlier this year, the National Farmers Federation (NFF) called for a Dedicated Agriculture Visa program ease purported chronic labour shortages across the sector: To provide a stable and sustainable workforce for agriculture that is fair and equitable for both workers and employers, the NFF supports the introduction of a Dedicated Agriculture Visa program… providing a

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Productivity not population key to Aussie living standards

Former ALP minister Craig Emerson has penned an article in The AFR calling on the Morrison Government to tackle Australia’s declining productivity growth, which is central to boosting the nation’s living standards: “Productivity growth has contributed 95 per cent of the improvement in Australians’ material living standards since 1901”. “From the turn of the century,

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ABS records strongest house price growth on record

The ABS has released its property price results for the March quarter, which recorded a 5.4% quarterly rise across the combined capital cities – the strongest rise since the December quarter of 2009: According to the ABS: Residential property prices rose 5.4 per cent in the March quarter 2021. This was the strongest quarterly growth

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RBA super dove reaffirmed

Via the RBA Minutes: Considerations for monetary policy In considering the policy decision, members observed that the global economic recovery from the pandemic had continued and the outlook was for strong growth in output in 2021 and the following year. Policy settings and the pace of COVID-19 vaccinations had supported global economic activity, but the recovery remained

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NSW throws $25,000 bribe at first home buyers

As we know, the NSW Government has announced plans to replace stamp duty with an annual land tax by. On Friday it released a report detailing the reforms. Under the reforms, buyers would be given an alternative to paying stamp duty via: Owner-occupiers: a fixed $400 up-front fee plus an annual 0.3% tax on the

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Wall Street’s commodities bubble huddle

The commodities bubble has begun to burst. Lumber is crashing, copper is fading and foodstuffs like corn and soy are copping it. China’s credit impulse has sunk lower than a snake’s butthole indicating base metals and bulks are next. Oil is OK but so what? It’s manipulated. Yet, check out the latest Wall Street strategist

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Westpac: Aussie jobs market slowing

Westpac with the note: The ABS Weekly Payrolls estimate of jobs lifted 0.3% in the two weeks to 22nd May and the fortnightly increase of the previous release (for the two weeks ending May 8) was revised from -0.3% to -0.1%. It is normal for Payrolls to be revised upwards in the weeks following the initial

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Sydney’s elite ride property tide to higher wealth

The rise in Sydney’s dwelling values has been extraordinary. Since the beginning of 2021, Sydney dwelling values have risen by an astonishing 13.9%, marking the fastest pace of increase since the late 1980s. According to CoreLogic, the ‘high end’ of Sydney’s property market – i.e. the top 25% of properties – have driven the value

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Adair Turner exposes Treasury’s mass immigration myopia

Over the weekend, The AFR reported that the Morrison Government will use the Australian Treasury’s upcoming intergenerational report (IGR) as ammunition to reboot the mass immigration ‘Big Australia’ policy (see yesterday’s post). The IGR will reportedly “show the country is getting older, more indebted and reliant on taxing younger workers, and driving up spending”. Therefore,

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Daily iron ore price update (60 days)

The ferrous complex was mostly closed over the long weekend with much of Asai shut too for the Dragon Boat holiday. Spot iron ore rose and everything else was on pause: News over the break was very bad for demand as Chinese credit cratered but it was better on the supply side with Vale facing

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