Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

More hesistation and concern feeding into risk markets today here in Asia, with the shocking unemployment print in Australia absorbed without much fuss. The USD remains mixed against the majors going into the London open while gold holds fast just below the $1730USD per ounce level.

In mainland China, the Shanghai Composite is up a handful of points to close at 2939 points while the Hang Seng Index is down 0.4% to 24393 points, taking back the previous session gains. Yet another daily session not indicating any direction for price as this sideways move on the chart remains poised to go nowhere:

Japanese share markets continued to fall with the Nikkei 225 off by another 0.4% to 22355 points. Meanwhile the USDJPY pair almost matched last week’s low at the 106.80 level with a minor bounce in the afternoon as it looks very oversold going into tonight’s session:

The ASX200 fell the hardest, helped along by the poor unemployment print, down 0.9% to 5936 points, taking back the previous gains and unable again to get past the 6000 point barrier. The Aussie dollar remarkably held on despite the poor print, remaining just below the 69 handle and failed to make any new session highs on the four hourly chart:

Eurostoxx futures are off sharper than most results here in Asia, down by 0.8% or so while S&P futures have bounced back from last night’s late selloff, but this looks weak as price remains poised right on former resistance at the 3100 points level:


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  1. boomengineeringMEMBER

    We need to boycott the snowy ski resorts as they are demanding card only, no cash. Inch by inch cashless society is marching over us facilitating bank bail ins and control of the populace.

      • boomengineeringMEMBER

        Civil liberties, freedom, avoiding big brother. To deny banks controling your life. To allow bank runs to take their course. To allow businesses unpopular with the hierarchy to continue to exist without their electronic transactions being withdrawn

        • Ukraine fnMEMBER

          Yes Boom and as per the bushfire’s in NSW and Vic try paying for fuel ,food etc when the EFPOST is down , the surveillance from the government re the people that accessed their Super , spending on personal beauty products and gambling.

          It is THEIR money , maybe not the best application of it but stuff them trying to tell you how to spend it and also via debit/credit cards following your spending. IT’S NONE OF THEIR BUSINESS.

        • DingwallMEMBER

          On the other side of the coin, businesses that are “sorry mate cash only” ….. close the store at 5 and slip out into their totr merc and laugh all the way home

          • Ukraine fnMEMBER

            Granted but the people that avoid tax via “Cayman Island” type arrangements and also various multinationals are no better..
            They just do it on an industrial scale.

          • boomengineeringMEMBER

            Card only is much worse than cash only. Cash only sign would attract ATO attention whereas card only invites totalitarian enslavement. In any case when the Merc is bought, luxury tax is paid and also GST required purchases has a tax revenue.
            Anyone beg to differ need to emigrate to N Korea. which we are unfortunately starting to emulate.

          • I am GrootMEMBER

            @ Ukraine fn. Be that as it may, those corporate arrangements usually abide by the letter if not the spirit of the law. In theory that can be changed.

            On the other hand, those who Dingwall refers to engage in outright tax evasion while justifying it to themselves and reasoning that they don’t need to pay their share of the costs to run a society. Accordingly, a greater share of the burden falls on others. It doesn’t so much amount to sticking it to the man, but sticking it to your fellow man.

            I too don’t want to see a cashless society, but the shirkers aren’t doing anything to support the cause.

          • DingwallMEMBER

            boom…. a person paying all their tax and buying the merc is exactly the same re gst and luxury car tax………. they have contributed to paying for roads and infrastructure etc etc etc … not evading

          • boomengineeringMEMBER

            Rather than being jealous of the tax evader I would gladly pay a tiny bit extra in tax to make up the shortfall being the cost of freedom. The small time cheat eventually gets caught anyhow.. Shooting oneself in the foot in the quest of a pyrific victory would be regetable for all. The Merc driver would not be able to redeem GST paid for stock as well.

      • DominicMEMBER

        Once it’s impossible to withdraw cash from the bank, your money is trapped in the banking system where I’m sure the Gubmint won’t hit you with ‘one-off nation saving tax’ and they won’t randomly freeze your bank accounts and access to credit while they investigate an alleged indiscretion of yours. No cash means you at the mercy of the State and its beneficence.

        Good thing the country is run by nice, kind people who only have YOUR interests at heart. No, really …

        • Beneficence! All those public servants slaving away, thinking up new ways to protect us all from ourselves. Oh what relief.

  2. Next Thursday, hopefully one can ask questions …

    Thursday 25 June 6.30 pm – 7.30 pm
    Location: Online,
    Event cost: Free. Bookings essential to receive your Zoom invitation.
    Contact: Hornsby Shire Libraries
    Email: [email protected]
    Author of The Future of Us

    By understanding the dynamics of population, we can predict multiple ways the future could look, and strive towards the brightest possibility for all Australians.

    Looking beyond births, deaths and marriages, demographer and academic Liz Allen takes apart inequality, migration, tax and home ownership with energy and passion, setting out the potential paths to make Australia better.

    • The Traveling Wilbur

      This week’s episod’s Judith Lucy segment was actually watchable.

      Meaning it was probably her best work ever, and, she seems to be ‘doing better’ these days. This is good.

      If you watch her segment (which I almost always skip myself), watch through to the end. Priceless.

      • TheRedEconomistMEMBER

        Agreed .. i cannot believe the women’s liberation bird just sat there and copped it … quality viewing!!

        • The Traveling Wilbur

          So I wasn’t imagining things. Awesome.

          From a pure comedy perspective her timing, voice and misuse of empathy were up there with John Clarke on an above average day. So much so, I stopped listening to the answers to the questions and just concentrated on her performance – to the extent where I genuinely lost track of whether the questions had been provided in advance to the interviewee or not. Just gold.

          In my defence, it had been a really long day by that point.

      • Andrew2MEMBER

        Judith Lucy is a master of the unhinged rant, her interviews are the highlight of that show for me. Charlie Pickering’s sometimes annoying virtue signalling is a minus. I might be unfairly comparing him to Shaun Micaullif (however it’s spelt) who I find far more entertaining, in the same timeslot.

    • Already allowing everyone to move to interest only for a year…the pantaloon browning is rising!


      “Reserve Bank economists considered urging the Federal Government to shut down the real estate industry, “pausing” sales of established homes to avoid perceptions of a coronavirus-inspired housing market crash.”

      LOL. “Perceptions”

      • happy valleyMEMBER

        Wonder how much self-interest for the RBA happy clappies in contemplating market shutdown?

  3. reusachtigeMEMBER

    So much anti-America propaganda in all Aussie media at the moment with shy-challenge of China but mostly China love. If you ain’t gearing up to make profits off a Chinese-Australia you are a window licking loser!!

  4. You know the markets have gone completely mad when Dinggy can’t even be bothered commenting on the ‘poo’ being solidly up on the day of the worst jobs report on record……..

  5. reusachtigeMEMBER

    So when does everyone think we’ll finally say “fck it” and just ignore the virus and get on with our lives accepting that the weak will perish and the strong will survive!?

    It will happen. 1 month or 1 year but eventually we’ll stop being chicken sh1ts and accept that this is about strengthening the human race and allowing new ways to profit.

    So, this is why I think America has it totally right. Scumbags are giving America sh1t but I think they will once again prove themselves superior to the Chinamen commie ways. The Chinamen, and their lackies like “Lock. Us. Down” Australia, will always be trying to sucker-punch their stupid minion residents into accepting totalitarian impositions but America will be fresh and removed of the human impediments that were costing them money.

    America is winning not losing!

  6. Just got off a Zoom seminar where Jenny Hocking spoke about the journey and possible content of the Palace Papers.

    I am now really looking forward to their release. The Queen is unlikely to come out of it looking well.

    • adelaide_economistMEMBER

      Funny thing is I imagine what the Queen did or didn’t do back in 1975 would have been big news maybe 10 years ago, maybe even 5. Now I think we’ve gone all “post modern” or whatever it is on everything and it will be a news story for three days to the sad old types who still live in the 1970s who think any of our new generation of Australians even know who Whitlam or Kerr even were. The republic is a foregone conclusion, demographically. I think at this stage we’re more thinking about whether the nation itself will exist in a few years, let alone what structure the HoS is established by.

      • Had a discussion with my daughters the other day (both early & mid 20’s) & boyfriends, I was talking about the Nov 75 political crisis & tried to describe what it was more or less about. Their response….”wtf are you talking about, we’ve had 3 zillion prime ministers in our voting lifetime, who cares about Whitlam…?” Fair point made I reckon. Living in the 70’s is History, need to maybe understand but we have maybe more serious issues now. And they pointed out that you lot had everything on a plate & paid for nothing so who cares what happened then. We have a HELP debt we can’t jump over & wages that are not so good, & house prices we can never access….etc etc… they went on… So conclusion, they do not give a rats arse about some stupid thing that happened to ALP & Whitlam back “when I was a boy”.

        • The 75 situation is still very current. Conservative selected Gov Gens and reactionary LNP politicians would be even quicker to do this than the happened in 75.

          Another Howard legacy, a dogged republic referendum. Ozinnin.

  7. Oh no! I’ve relapsed!

    I bought a little bit of BBOZ and YANK today!

    …I was doing so well…

    Is there special therapy available? Probably not…I think therapy by consequence is most likely…

    • I suspect much more extend and pretend to happen… Especially after Jay oh bee report today.

  8. Annecdata – Brisbane warehousing and logistics is fcked. Applied for a bunch of jobs all across the pay ranges and jobs I’m way over qualified for right through to jobs I’m pushing to qualify for. Across the board rejections, still haven’t got the seek data on number of applications but already got the “unlikely to progress further” email.

    I only applied for jobs less than 24 hrs since listing and the majority I normally wouldn’t apply for due to low pay/undesirable role/below my skill level but wanted to test the market. Also applied for bunch of jobs I’m perfectly suited too and still got rejected across the board. Things are not looking good in my industry in Brisbane, lucky I got that super out…..

    • I’ve found the same. Applied for some part time work in online marketing / web analytics / big data / insights etc.. over qualified but start up vibes where I would prefer to work than a big corporate. Got a couple of thanks, but no thanks. Perhaps they feel I’m over qualified ? But I never understood why that would be a bad thing? Spoken to a recruiter today who says roles are opening up in my field but more senior roles will be another month away.

      I actually applied for a few roles outside of my field just because I want to do something different. I’m a quick learner and can handle technical stuff. But I find job applications focus too much on X,Y and Z instead of look at how quickly you can learn something new or what you’ve done in the past as an example as to what you can do.

      I troubleshooted an early 90s fuel injection system on my friends Honda Prelude we scored for $600 and got it running great. As just 1 example. I pull things apart and restore and rebuild them all the time.

      My impression is that a lot of companies are shy from actually hiring and holding fire. But leaving job ads up. Swinburne Uni had a job I applied for, next day I see an article that they are cutting jobs. Just wasting time.

      • It’s an Australian problem. It doesn’t happen in other markets, or not to the same degree. They want exactly, absolutely exactly, the cookie they wanted. They have no imagination and no intelligence and so if the experience is not an identikit fit its not suitable because they do not see the ability of someone who’s managed a 20 year career to evolve. This is borne out by recruiters who say the clients are so risk averse that that timidly employ someone who has done the same job. It’s worse in Sydney compared to Melbourne according to recruiters, but overall its indictment on Australian business.

        • Yeah I buy that. Certainly feels like limited companies here with no creativity, feels quite suffocating. I mean I don’t really want to work for Kmart helping them analyse ecommerce sales. Totally uninspiring. But that’s the kind of job roles that are up in my field.

          I can already imagine what working at the head office of Kmart would be like..

          • Arthur Schopenhauer

            Broad based big box retailing is not where you want to be ATM.
            Game of Mates meets Survivor.

        • adelaide_economistMEMBER

          Yes a friend who had worked in the UK in the early 2000s and came back to Australia to find nothing had changed made very similar points to you. Very little has changed. I’ve since noticed that to be true and I personally think I suffered for it myself at one point. Once you get the job, being adaptable and having a wide range of skills makes you an incredible employee but getting to that point is the problem.

          You can see the impact of this cultural approach to hiring because most workplaces are full of people who have almost zero adaptability outside of whatever it is they were hired to do. I haven’t had many roles where the job hasn’t evolved, sometimes quite dramatically, and so being capable of doing that (and being good at it) is always a great asset for the company or agency involved.

          One example I recall vividly was 18 months or so ago. I applied to a Federal govt agency I had already worked in previously (albeit a different area, at a higher level and as a contractor) and which by any ‘normal’ assessment would easily have scored me an interview. After five months… yes, five… I received not just a ‘thanks but no thanks’ but a scored assessment of my suitability for the role for which I got, variously, 2/5 and when they were generous 3/5. I can only imagine the acumen and capabilities of the drone that gave those scores. It would have hurt except by the time I got it I’d already been offered a better paying role elsewhere that was vastly more interesting. It does leave a bitter taste in the mouth though.

          • Before all this started I realised I need to be fine with rejection which I totally am. So I don’t take it personal. I just think, they are the ones missing out.

          • Another hypothesis I’ve tested is that in the cases of ‘long response time’ I reckon someone else got the tap, but took a while to get their affairs in order. You are thereby just ‘filler’ and need to be put in your place to stop meddling in the affairs of the gods. More the case of “if you had to apply for this job, you’re not suitable” than anything else.

        • Arthur Schopenhauer

          In Sustralia, many of the people hiring don’t have a clue or little technical nous, so recruitment becomes a color by numbers exercise.

          • Totally, I have spoken to a few recruiters now all excited to find me a job in my existing field. When I mention I’d love to try something new it’s all too hard. They just have their eyes on the bonus $$$.

          • Most managers “working” in corporations in Australia are too lazy and too stupid to be able to interview and hire a suitable person to work with them. So the managers then hire people who are even more lazy and more stupid (recruiting scum) than themselves to perform that role.

      • I really thought you’d be working again by now, nothing more frustrating than wanting to work, being capable and unable to get a job. I always thought having cross trade experience was a benefit to my resume as it showed my ability to easily adapt to new workplaces/job types/industries and excell; but I’ve found the opposite is usually the case – they don’t value adaptability, they want drones.

        I have 4 different resumes specifically tailored for the seperate types of jobs I can expect to apply for and carefully select for each application. Keep in my mind these aren’t the type where you complete a selection criteria package, just straight up resume applications.

        I wasn’t even that serious about getting a job, I’m quite happy to ride the double dole and centrelink aren’t forcing me to look, I really just wanted to test the market and it isn’t looking so good. I might start seriously job hunting now, the market is only gnna get worse, maybe any job is gold right now.

        • I actually haven’t been that serious about job applications because nothing on there has much appeal. I’ve probably applied for 6-7 roles. 3-4 are going well bug the roles go revoked. 1 was totally uninspiring and the other 2 I haven’t heard anything back yet.

          I’ve been keeping busy doing work on my friends car, my car, helping out at a friend’s panel beating business a couple of days and working in the garden etc.. I was kind of hoping I’d get some Jobseeker because I’d have some money to cover the basics and perhaps focus on starting a new business idea. But with the baby due soon ithinkit may have to go back to corporate hell for a while.

          I agree on the adaptability side of things, it seems to be a con rather than a pro. I can’t be a drone. It’s just not me.

          That’s why I was looking at a few part time gigs. To give me free time to think of new ventures / ideas and get something off the ground. That’s why I didn’t want a large mortgage after all.

          • Corporate hell is soul destroying. My husband used to volunteer at a nursing home when he was young, and the elderly in the last phase of their life always wanted to tell him how important it is to make time for family while you can. They always wished they hadn’t worked so much, or spent so much time chasing an image. Life isn’t made for work all the time, even though everyone I met growing up pretty much told me that was the case. They are wrong. and it doesn’t matter what successful image you end up being able to show everyone at the end, no one else is in your shoes or could care as much as you do about your life and your time. There are plenty of people out there who will never realize this and will only be too happy to pressure you to work harder, get a job and stay there forever and ‘succeed’ but what is success?

          • I agree, I’m trying to live my life the way I want to love it. Not to have my soul sucked out for a bunch of valid middle managers. Been there and done it. Not gonna go back to it (unless it’s short term).

      • Locus of ControlMEMBER

        It’s possible these jobs are going to friends and family – people tend to look after their own in economically tough times

        • adelaide_economistMEMBER

          Yes and no (in my experience). The diversity I see most often ‘exercised’ is hiring females in preference to anyone else (regardless of any other identity attribute). Following that, they do tend to hire quite a few people from our closest geographical neighbours – usually on what I consider a slightly, er, rac!st assumption about their pliant nature and skill with numbers. That said, the ‘political correctness’ has its limits when it comes time for the rubber to hit the road. Methinks all except the wokest of the woke do actually get that brittle, angry and unstable employees are best left for someone else to ‘manage’ and I’m continually surprised by the absence of certain demographics from the places I worked, despite their ‘wokeness’ and celebration of ‘divers!ty’, unless it was confined to things like IT or somewhere else non-core. Humans eh?

  9. The Traveling Wilbur

    BLEBPM is the full version of BLM.

    Sadly, that’s just a tiny tiny element of the actual problems causing the LEBP part. It’s much like Australian politics and government economic policy in normal days of yore. RC not going well? Minister in turmoil? PM spreadsheet reviews not given a sporting chance? What happens next? Oh… look over there… 👉 a distraction! 👐

    • Lord Winchester EntwhistleMEMBER

      Interesting on the PAS/CIS – what was it called? Was it a hospital EMR? What was the integration like ie any MNF/HL7-like messaging inbound? ADTs out?

      • migtronixMEMBER

        HL7. Clinical Information System for ICU that doubled up as a Patient Access System because the hospital one sucked.

        ADTs out yes. Connected to everything – biomed, pathology, archive etc etc.

        • Lord Winchester EntwhistleMEMBER

          Outstanding, so a competitor to eRIC.Lots of work in that space (the other stuff) at present – you’d be an asset