It’s a bit of fun on the bourse today as XJO slumps. No technical damage done at this point:
We can’t say the same for yields as the reflation trade goes “poof”:
Which means bye, bye banks. The CBA bubble is still not burst:
Which, in turn, means adieu AUD:
Offshore earners are trending up some:
While big miners have been turned away from record highs:
And OPEC hoses Big Gas:
With Big Gold selling into soon to be rising real yields as inflation falls away:
China has killed the reflation with credit clamps and the Fed is cremating the body with a policy error.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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Australia’s wealthiest are exploiting a superannuation tax loophole, and it’s costing ordinary people
https://www.abc.net.au/news/2021-07-19/wealthy-australians-exploiting-superannuation-tax-loophole/100303336
Minister kept ‘top 20 marginals’ spreadsheet to track projects for $660m car park funding
https://www.abc.net.au/news/2021-07-19/tudge-top-20-marginals-car-park-fund/100303800
“Given last year’s windfall gains, a well-managed fund may have notched up a 20 per cent return. That’s $20 million. It would have paid just 15 per cent in tax, half the company tax rate.”
Why would a SMSF be paying tax on unrealised gains? (assuming said assets have not been sold triggering CGT). Is there some weird income tax rule for SMSF that I am not aware of?
Plenty of weird rules with SMSF’s but you are correct there is no tax on unrealised gains.
Eddie Obied, Ian Macdonald found guilty of mine licence conspiracy
https://www.abc.net.au/news/2021-07-19/obeid-macdonald-found-guilty-of-mine-licence-conspiracy/100303688
Yep. All three of them were found guilty of trying to “make this mine” for things that weren’t. Illegally.
Shame Ermo wasn’t on the jury. He could have spent weeks continually sketching pictures of lamposts and handed them out to all the journos once the verdict was in.