Links 13 August 2019

Global Macro / Markets / Investing:





Leith van Onselen


  1. 4 hours ago

    Trump will not give citizenship to “skilled” immigrants who are on welfare:

    “To protect benefits for American citizens, immigrants must be financially self-sufficient,” Mr Trump was quoted as saying.

    “Aliens in the United States who are found likely to become public charges will also be barred from adjusting their immigration status.”

    “It will also have the long-term benefit of protecting taxpayers by ensuring people who are immigrating to this country don’t become public burdens, that they can stand on their own two feet, as immigrants in years past have done.”

    So, the opposite of what Mehreen Faruqi has wanted since 1992:

    “Common sense and the Greens don’t go together – should never be in the same sentence,” Doug Cameron said.

    The Greens have lashed Labor for supporting the Coalition government’s move to force migrants to wait up to four years to access some welfare benefits.

  2. So everyone who assumed The Project was a bunch of progressive media who*es on the payroll of leftists – was wrong.

    They are just the least competent (and this is a low bar indeed) talking heads anyone could find. Apparently they are so low on the totem pole, no one bothered to send them the Epstein memo about shutting up and blaming Trump.

    Watch it get cut off live on air. Link:

  3. The Penske FileMEMBER

    A little article about the current change to serviceability in ASIC’s RG209 (a very boring read for anyone interested). I actually agree with Westpac that clients spending does change a little after buying a house however happy for it to appear to have been smacked down here as I’m sure it would have been abused.


    Keith Woodford explains how Fonterra’s capital shortage has now got a great deal worse, with no easy answers … Interest Co NZ

    The forthcoming asset write downs of more than $800 million announced on 12 August by Chairman John Monaghan are clearly damaging to Fonterra’s balance sheet. It also means that Fonterra will now make a loss for the year of around $600 million. However, the implications go much further than that.

    The losses mean that Fonterra will need to sell more assets to bring its ‘debt to asset ratio’ under control. The losses also ping back to the balance sheets of its farmer members, where the Fonterra shares are assets against which these farmer members have their own debts. Many dairy farmers are already struggling with their balance sheets, with banks now requiring debt repayments on loans that used to be interest-only.

    If these write downs are the full story, then Fonterra will survive. The big question is whether these are all of the write downs, both for now and the foreseeable future. … read more via hyperlink above …

  5. This is apparently due this morning:

    The boundaries of responsible lending will be in intense focus on Tuesday morning, with Justice Nye Perram set to hand down a landmark decision in the case between ASIC and Westpac Banking Corp. The case will consider whether the bank’s use of the Household Expenditure Measure (HEM) statistical benchmark to check borrower expenses was sufficient to meet its obligations.

    • True. But all the Corelogic fantasy nonsense in the world won’t change reality. Crumbling apartments, buggered retail, no more Australian manufacturing, Hong Kong, US China trade war, Brexit, flat wage growth, Sydney water reserves dropping below 50%. I could go on and on.

      Corelogic can spout all the bullsh1t tbey like. It won’t change reality.