Links 29 June 2020

Global Macro / Markets / Investing:





Leith van Onselen


    • adelaide_economistMEMBER

      Sadly it’s not hard to see where the world is headed, longer term, in terms of continously shifting everything to cheaper suppliers. Covid-19 may or may not prove an interruption to this but longer term I strongly suspect it will be back to business as usual even if it looks a little different in terms of the outsource locations.

      I was pretty annoyed at being ‘encouraged’ to return to the office quite some time ago when many others still haven’t, but I have to admit I have built relationships with senior execs I wouldn’t have done from home and given the budget pressures I am aware of in the not too distant future it’s probably not a bad thing to be one of the ‘good serfs’ rather than the ‘anonymous serfs’ when the inevitable shoulder taps begin.

      I’ve experienced unemployment in modern Australia and I (and my bank balance and my ‘social’ standing) is not keen to go back to it anytime soon. Enhanced JobSeeker or otherwise.

      • Wise attitude.

        My view on wfh is outta sight, outta mind…out of a job. One small unit within a large corp I’m aware of (<40 people) have been advised to continue wfh until end of September, much to their delight. What they don’t know is post September this unit will be disbanded and these jobs will be gone.

    • unless one has unique skills in shortage or special contacts, from now he/she will have to compete with everyone in this country even if offshoring gets banned
      those living in higher wage areas like Sydney are going to suffer the most
      imagine life on Adelaide wage and Sydney prices


    billions of dollars will be spent to “move” the only world class Australian museum into a much much smaller inadequate commercially run place while it’s collection is being destroyed, dispersed and sold off … all just so that few hectares of inner city land can be sold off to developers for a fraction of the move cost?
    seriously? how can something like this happen is a country that’s considered to be civilised?
    I don’t think it ever happened anywhere in last few centuries (not even under the worst communist or fascist dictators) that a major museum (by many the best and only world class museum in the country) got moved into a smaller space, dispersed, destroyed, sold off …

    I have a feeling that this country is now more of a distant “end-of-the-world” penal colony run by (and supported by) uneducated self-interested provincial bogans than it was ever in it’s history

    and while wealthy European, Asian, Middle eastern or most famously American billionaires of questionable morality like Rockefeller’s, Carnegie’s, Vanderbilt’s, Mellon’s, … were competing to establish, build and support as many museums, libraries, galleries, universities, … as possible what is our elite looks like?
    what do Rineharts, Triguboffs, Twiggys, Packers, Lowys, Pratts … do (beside reality type publicity stunts and family feuds)? How much they are giving and for what causes?
    few pennies here and there for their personal charities that work as tax subsidized personal marketing and self-promotion agencies and few more pennies for few hospitals in their neighbourhoods hoping to get slightly better chance of surviving a cardiac arrest in the future …

    It’s really a shame, I don’t think even the barbarian provinces of Rome were so removed from the dominant cultural and moral norms of the Rome as we are from the rest of Western (or any other) cultural norms of our time

  2. As he left the chief medical officer’s post, Brendan Murphy summed up the concept of certainty at the dawn of the COVID-19 age. “I think it’s likely we will get a vaccine,” he told the ABC. “How effective it will be, we don’t know.”

    and vaccine is our only hope, our only plan to end hostage situation we got ourselves in by trying to suppress the epidemic

    have a look into the best performing countries in Europe when it comes to covid19 – Slovakia, Slovenia, Montenegro (once declared covid free) Croatia, Bulgaria, Czechia, Romania, Serbia … they are all seeing second waves on the way, in some cases in full swing … Some countries that did very good job in March- April Like North Macedonia and Albania are now going through the quick spread event. North Macedonia had less than 1000 active cases at the peak of first wave and now has almost 4k (more per capita than France at the peak)

    • Even Austria, Norway,Denmark, Switzerland, Luxembourg, … are likely to be at the start of new wave … only countries that will be spared of second, third, … waves are those who already have majority of population infected

      • Neither Austrian nor Danish COViD daily new cases graphs resemble the start of a second wave. I didn’t check the other countries you mentioned as you are clearly making stuff up. Why?

        • don’t tell me the slightest check demonstrated DrX is making it up.
          Check Sweden out. its months after his “they’ll be right in a few weeks.” but it’s more cases, more deaths. What a garbage call that was.

  3. PalimpsestMEMBER

    SYD real estate for detached houses in inner suburbs still bubbling. Family shared building report for a house with price indicator $850-950K. It had signs of : borer in interior wall, rising damp through poor quality (or absent) damp proof course, falling damp from utterly incompetent roofing and bad sealing, bowing brick wall because it probably wasn’t tied to the frame, and other expensive issues. All work less than 9 years old, but it looked OK in the marketing pictures. Fortunately my lot stayed away but on Saturday it went at auction for a Million even. In that sector it’s far from a downturn.

    • where on Earth did you find “detached houses in inner suburbs” for a million

      probably not in inner suburbs (unless you consider western suburbs like Auburn, Bankstown or alikes to be inner suburbs) and probably sold because of the block that can be subdivided …

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