Articles from MacroBusiness

Australia: the land of easy mortgage credit

Recall the Hayne Banking Royal Commission’s very first recommendation, which was to maintain responsible lending laws: Hayne arrived at this recommendation after observing multiple cases of predatory lending over the Royal Commission’s 12 month deliberation. Also recall that Treasurer Josh Frydenberg tried to repeal these responsible lending laws, claiming they are essential to helping the

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NSW records 1259 COVID cases, 12 deaths

NSW Health has recorded another 1259 locally acquired COVID cases and 12 deaths: NSW recorded 1,259 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night. Two new cases were acquired overseas, and 36 previously reported cases have been excluded following further investigation. pic.twitter.com/BADIDtqn2Z — NSW Health (@NSWHealth) September 15, 2021

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Treasury: Mass immigration wrecked housing affordability

Yesterday, the Australian Treasury’s Macroeconomic Division head Crystal Ossolinski told the parliamentary committee into housing affordability that housing supply had not kept pace with rapid population growth in the early 2000s, which caused house prices to surge: “We’ve had some periods of strong population growth in Australia, particularly in the early 2000s, where population growth

Asteroid destroys Australia. Consumer sentiment up on house prices

Westpac monthly consumer sentiment: The resilience of consumer sentiment in a period when Australia’s two major cities have been locked down and the economy has been contracting is truly remarkable. The Index is still comfortably above the reads seen over the five years prior to the pandemic and is only 0.9% below its June print

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Fundies worry about stagflation

China is taking care of global inflation as we speak but that hasn’t entered the minds of fundies yet. Via ZH comes the monthly BofA fundie report: Over the past few years, one of our recurring laments about the Bank of America Fund Manager Survey was the at times irreconcilable intellectual inconsistency of the survey

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Coalition narrows poll gap with ALP

From Roy Morgan Research: ALP support has dropped to 52.5% (down 2% points since late August) cf. L-NP on 47.5% (up 2% points) on a two-party preferred basis. This was the first increase in support for the L-NP since mid-June, before the current Sydney lockdown began according to the latest Roy Morgan Poll on Federal

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Rental vacancies shrink to decade low

SQM Research has released its August rental report, which recorded the lowest national rental vacancy rate since March 2011 at just 1.6%: The next chart plots the time series at the national level and shows clearly the sharp reduction in the vacancy rate over the past year: The next chart plots vacancies across the five

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Daily iron ore price update (Ding! Fasten your seat belts)

The ferrous complex was weak again on September 14, 2021 as spot fell, paper fell further overnight and steel is looking toppy worldwide: The PBoC tightened futures limits again and Evergrande is going bust. Enough said. Perhaps more importantly, the China property developer bust is transpiring just as the global post-COVID steel boom tops out.

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Victoria records 423 COVID cases, 2 deaths

Victoria has recorded another 423 locally acquired COVID cases and two deaths: Reported yesterday: 423 new local cases and 0 cases acquired overseas. – 41,856 vaccines administered – 54,649 test results received – Sadly, two people with COVID-19 have died More later: https://t.co/OCCFTAtS1P#COVID19Vic #COVID19VicData [1/2] pic.twitter.com/SMkSBLYqyt — VicGovDH (@VicGovDH) September 14, 2021 Most are mystery

Macro Morning

It’s risk off as the latest CPI print in the US underwhelmed Wall Street, sending US stocks to a new one month low. Bond yields fell back sharply in response with the 10 year Treasury back to 1.26% while gold and other major currency pairs roundtripped around the print, with the shiny metal able to

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