Macro Afternoon: 16 April 2021

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Ritualised Forms
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    • Scummo, trying to open the borders at the same time as projecting an image of keeping them closed.
      He’s still gunning for an early election….

      The ‘rollout’ won’t be done by the election so he is going to position himself as Australia’s protector for keeping borders shut. Just watch…

    • Great links. But while his popularity with women has fallen to 29% (how sad is that – 29% would still vote for him???) but men’s approval rate has not budged one jot.

      Mmmmm

    • This is what happens when you privatise any social service and continue to provide government funding… vocational education, social housing, NDIS. Thank God the Nats will block the privatisation of Australia Post.

    • Mining BoganMEMBER

      The only thing missing from this horror is photos of the Archbishop picking up rentboys at The Wall.

      So far.

    • Nice view. Those seats next to the standard glass balustrade look fixed. Oops. I know we are not meant to say it but that doesn’t make it false. The Greeks are like the dews shopping in Greek stores, knowing all the Greeks, working in Greek circles , economic zone indeed.

      Someone should report this to building inspector s as this is a public safety hazard noting it’s a business/ charity premises. When standing on the bench seat a safe balustrade height is not provided.

      Can’t anyone be an Australian Australian .

  1. Melbourne’s median house price surges past $1million for the first time ever – here are the suburbs where the property market is BOOMING … UK Daily Mail

    https://www.dailymail.co.uk/news/article-9476739/Melbournes-median-house-price-surges-past-1million-time-amid-rebound-Covid.html

    • Melbourne’s median price has surged past $1million mark for the first time ever
    • Mid-point average for house prices reached $1,004,500 by the end of March
    • The 8.8 per cent increase is steepest in the first quarter of the year since 2009
    • Home prices jumped nationally by 2.8 per cent amid rebound from pandemic

  2. New Zealand …

    Northland mortgage broker petitions Government to scrap First Home Grant price caps … Rob Stock … Stuff NZ

    https://www.stuff.co.nz/business/124846872/northland-mortgage-broker-petitions-government-to-scrap-first-home-grant-price-caps

    … extract …

    … Affordable housing campaigner Hugh Pavletich opposed moves to enable young people to take out ever-larger home loans.

    The growing gap between house prices and incomes

    The average value of New Zealand’s housing stock increased 8 per cent in the year to October 2019 (2020 ?). It’s increased by another 11 per cent since then.

    (graph)

    “Political playtime is over. Politicians have got no option but to deal with the real structural issues; land supply and infrastructure funding,” he said.

    Talking about the price caps was a distraction that was wasting everybody’s time, he said.

    “It’s callous in the extreme to be loading up these young people with abusive mortgages,” Pavletich said. … read more via hyperlink above …

    Leading credit agency predicts New Zealand house prices will fall in coming year … Nona Nona Pelletier … Radio NZ / TVNZ

    https://www.tvnz.co.nz/one-news/new-zealand/leading-credit-agency-predicts-new-zealand-house-prices-fall-in-coming-year

    Housing market heading for the stratosphere as prices and sales volumes rocket up … Greg Ninness … Interest Co NZ

    https://www.interest.co.nz/property/109957/housing-market-heading-stratosphere-prices-and-sales-volumes-rocket

    Prime TV last evening investigative programme on New Zealand’s apartment construction disaster ‘A living hell; Apartment disasters’ full programme just posted on its website. Essential viewing …

    A living hell: Apartment disasters (trailer and full doco) … Prime TV New Zealand

    https://www.primetv.co.nz/a-living-hell-apartment-disasters

    • Know IdeaMEMBER

      We are fortunate indeed that the right-leaning MSM would never engage in such subterfuge.

    • TailorTrashMEMBER

      A good few years ago I went into one of their branches to ask if they would be interested in taking care of a wad of my hard earned . It was the Chatswood branch and the young Chinese chap was quite condescending
      as I was not newly arrived from Beijing or Shanghai with piles of transmigrated money ….and no I did not want a side serve of packaged sh1tbonds with my term deposit

      I left and never went back …….yes their exiting Australia must be signalising something ……

      • The Traveling Wilbur

        I love Citigroup. They’ve saved me thousands on my mortgage.

        (that I have with a different bank)
        (via 0% int $0.00 bal transfer fee credit cards)
        (buggérs never got a cent off me)

      • happy valleyMEMBER

        Obviously, the chinese chap was probably unimpressed that your hard earned was exactly that – and not dirty laundering dosh?

        • TailorTrashMEMBER

          Why bother with hard earned in a colonial outpost when the new colonials can ostentatiously outbid that as they do

          Straya is approaching a critical decision point
          Choose wisely…………

          • I’m choosing 9mm hollow points. Lots and lots of them. And .357 158 grain heavies as well.

          • TailorTrashMEMBER

            LSW …..I’d really like a Maxim ….great bit of kit for when the empire strikes back…..might need digital enhancement though …..

      • Trying to wrap my head around that

        Hoping that got the anger out of the tigers for next week

        May is a huge out as is fritzkreig but Ben brown is about ready for the tigers

        Should be an epic game – I’ve got money on the Dees I am upset plus working out a multi – the 10 leg hawks multi writes itself pretty much

        • Both my grandmothers barracked for the aints being from Sandy and Brighton

          Paternal grandfather pies and maternal tigers yet thanks to dad (thanks dad) I end up barracking for Melbourne

          Jesus wept

          Can we all agree to hate Geelong by the way. How Hawkins doesn’t get any citation is beyond me

        • Mining BoganMEMBER

          I was at the West Coast game. Awesome to watch.

          Couldn’t understand last night. Glad I didn’t go.

  3. happy valleyMEMBER

    ScoMo doing what he does best – cosying up to business mates? Today, it was Twiggy.

    • It’s very hard to gauge the US’s NIIP because a large fraction of their foreign assets are held through tax havens. So you don’t really know what their foreign asset portfolio is.
      Most likely it is very high return and healthy. eg. Emerging market equities would offset treasuries held by emerging markets.

      • TailorTrashMEMBER

        They need to have a quiet word to their houses
        …..get them doing a bit more of the lifting …

    • happy valleyMEMBER

      Tell them to hang loose until Josh gets his irresponsible lending regime through, then they’ll never have to worry about debt again.

    • Look at the comments on the article, people complaining about escalating costs of energy bills.
      But no surprises when part-time power generation options are now in favour.

  4. Bitcoins growth curve looks very much like Fairfield Sentry.
    That is very “uncorrelated”

  5. Say you’ve got an asset which is inversely correlated to nominal GDP. Let’s call it bonds.

    Say you’ve got an asset which is positively correlated to GDP – equities, houses… every other asset.

    Say you’ve got an asset which is correlated to bonds and GDP. Let’s call it gold.
    How can you have an asset which has no correlation to GDP or bonds. Makes zero sense. Bitcoin is a joke. Every asset is just current/future GDP measured against bonds. If you can’t see a correlation their is something seriously wrong. More than wrong, it’s impossible for it to be an asset. Wake up regulators.

    • TailorTrashMEMBER

      I may be simple minded ….but I see bitcoin as the accumulated value of already consumed electricity….

      .but then I don’t have any “investment grade “ appartments either …..so what would I know ……

      • Which you can’t convert into anything of value. At least with PMs you may be able do do something mildly useful. Bitcoin is background radiation … it’s there, but you can’t do sh*t with it.

        • TailorTrashMEMBER

          I have a stash of sovereigns…..Victoria , Edward VII , George V , George VI …..nice and shiny and touchable
          …..of course I can be cheated out of them as they reside in a vault made of 6 feet of concrete at the pleasure of the government of Australia

          But bitcoin resides in computers in where ?

      • Why am I going to hold it though if it doesn’t return me current / future n GDP v buying a bond, or protect me against a collapse in bond prices.
        It actually can’t be an asset.
        In theory it wasn’t an asset because it has no intrinsic value.
        Now it’s been tested in markets and the *lack* of correlation to anything had confirmed it isn’t an asset.
        Yet that confirmation is leading millennials to buy it.

    • I take crypto to be like the scene in the Wire where Omar is in the witness box testifying against Bird. The lawyer is telling him how he isn’t worth anything because he sticks up dealers and profits off the mess of that part of Baltimore. Omar calmy responds “Just like you.”. The lawyer is making all his money representing the drug dealers and murderers. His place in society is accepted. Omar is just highlighting that they are both in the game, it’s just that one is more accepted. And the only reason that the drug trade and all the carnage around it is occurring is how messed up institutions that are meant to keep society in some way fair have failed.

      That was a long way of saying that value doesn’t matter. Everyone is trying to find a way to play the game and at the moment crypto is a game that gives those outside a hope a way of getting ahead.

  6. FUDINTHENUDMEMBER

    Whatever happened to the LetitRip ™ muppets?

    “Last week, the Brazilian Association of Intensive Care Medicine said that for the first time, most Covid patients in ICU were under 40 – a finding echoed by frontline doctors”

    https://www.theguardian.com/world/2021/apr/16/spreading-faster-hitting-harder-why-young-brazilians-are-dying-of-covid?CMP=Share_AndroidApp_Other

    And Sweden seems pretty free and awesome, not..

    https://www.google.com/amp/s/www.euronews.com/amp/2021/04/14/swedish-region-declares-personal-lockdown-as-country-sees-daily-covid-cases-soar

  7. reusachtigeMEMBER

    Why we haven’t culled these fckers into extinction is beyond me!!
    https://www.news.com.au/travel/travel-updates/incidents/toddler-suffers-significant-injuries-after-dingo-attack/news-story/2b9065d2cf22a8f9e5b0c9f2b4f7fc93
    They aren’t native. They are just giant feral rats that have been proven to eat babies. Put a bounty on their pelts and encourage profits then we can rid ourselves of this vermin.

    Oh, do it for possums too. I hate those filthy manicured garden killing fckers! Best thing about NZ is that they turn those little sh1ts into the smoothest gloves and socks you’ll ever wear.

    • The Traveling Wilbur

      I mean, I gave them a try myself once. Wasn’t easy I tell ya’. But the chemist was closed and there were none to hand.

      Just couldn’t figure out how to stop the little fluckers from bitting.

  8. New Zealand’s politically poorly governed and faltering housing market increasingly vulnerable to ‘can do’ and more affordable Australia …

    … It is a pity New Zealand failed to deal with the real structural issues (land supply and infrastructure debt financing) out of the 2017 election … as promised …

    … Now New Zealand must now live with the consequences …

    Housing crisis: Price falls coming, but ‘nothing compared to’ how much they’ve risen – economists VIDEO … Dan Satherley … Newshub

    https://www.newshub.co.nz/home/money/2021/04/housing-crisis-price-falls-coming-but-nothing-compared-to-how-much-they-ve-risen-economists.html

    Auction room activity is cooling as the housing market heads out of the peak selling season … Greg Ninness … Interest Co NZ

    https://www.interest.co.nz/property/109982/auction-room-activity-cooling-housing-market-heads-out-peak-selling-season

    … while Australia’s property and finance sectors leaders publicly discuss real issues with clarity …

    Housing affordability jumps to top of property industry concerns … Michael Bleby … Australian Financial Review
    … google search title if blocked …

    https://www.afr.com/property/residential/housing-affordability-jumps-to-top-of-property-industry-concerns-20210412-p57imn

    ‘Supply is restricted’: NAB chief calls for faster housing approvals … Jennifer Duke and Clancy Yeats … Sydney Morning Herald

    https://www.smh.com.au/politics/federal/supply-is-restricted-nab-chief-calls-for-faster-housing-approvals-20210416-p57jqb.html

    • Hugh,
      It will be the final death knell for the NZ economy that not only does Australia have a wider range of industries that graduates can come to work in that pay higher salaries, but the way it is going, it will also have cheaper housing.
      Doesn’t look like NZ is taking this threat seriously enough.
      A NZer used to look at Sydney or Melbourne and think gee isn’t it expensive, but you look at Auckland prices, including cost of living and it is arguably worse. Particularly because of the poor state of infrastructure etc. in Auckland.

      • Argentina … Buenos Aires …

        How a Plan to Stabilize Rents Sent Prices Skyrocketing … Patrick Gillies … Bloomberg

        https://www.bloomberg.com/news/articles/2021-04-16/buenos-aires-plan-to-stabilize-rents-backfires

        Buenos Aires landlords have raised the rent on apartments more than 60% ahead of a new law that gives the government control over price increases.

        From San Francisco to London to Hong Kong, demand has caved for rental apartments during the pandemic, bringing prices down, too.

        But in one global metropolis, rents are surging like never before. Tenants in the city of Buenos Aires are seeing apartment prices soar 67% from a year ago to an average of about 35,000 pesos a month ($377). Rent is now rising twice as fast as paychecks, and well ahead of other prices in one of the largest cities in Latin America.

        “We never imagined rents going over 60%, nobody planned for this,” says Leandro Molina, commercial director at ZonaProp, one of the top online real estate platforms in Argentina. “It’s the biggest increase on record.”

        Galloping Rents

        Rent prices have surged in Argentina after a housing reform became law … read more via hyperlink above …