Macro Afternoon

See the latest Australian dollar analysis here:

Macro Morning

Not a very positive end to the trading week here in Asia as the bath of blood in Chinese returned today after a very short reprieve, spilling over into other bourses as a result. Last night’s US GDP print and initial jobless claims sent USD lower but this is being clawed back on defensive buying. Gold is just holding on below the $1830USD per ounce level while Bitcoin has fallen asleep, floating along here just below the $40K level:

The Shanghai Composite is down 0.4% to just under 3400 points while the Hang Seng Index is off by nearly 2% after recently stabilising a little bit, down over 900 points while Japanese stocks are getting caught up in the risk off mood, with the Nikkei 225 closing nearly 1.8% lower at 27283 points. The USDJPY pair has stabilised only a little in today’s trade after the selloff overnight, remaining well below the 110 handle as momentum on the four hourly chart remains well into the negative zone:

Australian stocks got the jitters again with the ASX200 pulling back 0.3% to finish the week at just below the 7400 points level. Meanwhile the Australian dollar is slowly deflating, currently below the 74 handle and heading back to its pre-breakout level just below previous overhead ATR resistance on the four hourly chart:

Eurostoxx futures are down 0.8% while S&P futures are also pulling back slightly with the four hourly chart of the S&P500 showing price almost ready to breakdown below the recent lows at the 4370 point level:

The economic calendar finishes the week with the German 2Q GDP print, then US PCE for June and the closely watched Michigan consumer sentiment print.

Have a nice weekend and just remember if you’re lockdown, chin up, its not the Blitz….

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Comments

    • Arthur Schopenhauer

      The Virus is certainly Virusing. (Fkn)

      As Taleb said, history doesn’t walk, it jumps.

        • Arthur Schopenhauer

          True. But hospital admissions and deaths are up.

          Their experiment has at least 6 months to run.

          • Mining BoganMEMBER

            Get out of here! All opinions on WuFlu are made on two weeks of information.

            Remember when only yellow people got it and whitey was safe and sound? When darkies had no chance of catching it?

          • Look at link = testing is down whilst patients admitted is up does not indicate less infections ….

          • Arthur Schopenhauer

            Skip:
            Cases down 37%, while tests down 14%. That’s a net reduction.

            But the experiment still has months to run.

          • Arthur Schopenhauer

            True MiningBogan. And all that “it doesn’t spread in hot humid climates”, that the MB boys crapped on about last year.

          • Is it the same as the CDC not counting breakthrough and again morbidity post infection is a big deal. Then again from the beginning the dramas all started with wingnuts ignoring the science and gambled with lives for fun and profit = Because Markets = Die …

          • And I was saying ….

            “There has been bafflement as to falling case numbers (which are now increasing again). Much of that looks to be down to reduced testing, motivated by the start of the English school holidays. But voluntary lockdown seems to be another factor to me. People are still, quite reasonably, isolating. They have more sense than this government, which is a cause for hope.”

            https://www.nakedcapitalism.com/2021/07/is-the-uk-back-in-lockdown.html

          • And again it starts to resemble economic numberwang …

            Rattib
            July 30, 2021 at 3:37 pm

            I keep reading this:
            “(Note that these numbers are if anything understated, since the CDC does not collect breakthrough infections unless they involve hospitalization, and encourages health administrators in the states and localities not to collect the data either.)”

            and thinking: the CDC does not collect breakthrough infections as such, but surely they are including those infections in the overall case count. In which case the overall case count wouldn’t be overstated, at least in this particular way. Or is there something I’m missing?

            IM Doc
            July 30, 2021 at 3:58 pm

            In my area of the country, these cases were not being counted at all. At least in the official numbers which were being released to the press. So the numbers are indeed likely being way undercounted.

            This all kind of came to a head about 2 weeks ago here – when people started having all kinds of vaccinated positive friends and the numbers were not bumping up in the paper. I was literally called out on this fact by my minister – in a Sunday School Class.

            Sometime in the middle of May, the edict went forth from the CDC that the vaccines were obviously working so well, and the breakthroughs were so minimal that they would only be collecting those numbers if the cases were in the hospital, dead, or health care workers.

            So our entire dataset for the past 3 months or so is basically worthless and is very very skewed inappropriately toward unvaccinated cases. – snip

            https://www.nakedcapitalism.com/2021/07/200pm-water-cooler-7-30-2021.html#comment-3581920

            I mean are you starting to get the idea that – ***some people*** – have “some agenda” which proceeds Science, short and long term health outcomes, in an almost Von Newman/Nash/McNamara like perspective which discounts your life long liberties and freedoms aka rights as a human being so the Market [TINA] does not lose its grip on social administration – ?????

          • https://aheblog.com/2017/03/07/kenneth-arrow-on-healthcare-economics-a-21st-century-appreciation/

            Nobel laureate Kenneth Arrow passed away on February 21, 2017. In a classic, fifty-year-old paper entitled Uncertainty and the Welfare Economics of Medical Care, Arrow discussed how:

            “the operation of the medical-care industry and the efficacy with which it satisfies the needs of society differs from… a competitive model… If a competitive equilibrium exists at all, and if all commodities relevant to costs or utilities are in fact priced in the market, then the equilibrium is necessarily [Pareto] optimal” (emphasis added)

            Note the implicit assumption that price reflects value, to which I’ll return. As Arrow elegantly explained, there are vast differences between the actual healthcare market and the competitive model, and, moreover, these differences arise from important features of the actual healthcare market.

            Identifying the lack of realism of the competitive model in health care may lead to deeper understanding of the actual system. In essence this is what Arrow does. Although both medical care and our expectations have changed greatly, Arrow ’63 is still valid and worth reading today.

            Here is Arrow’s summary of the differences between the healthcare market and typical competitive markets.

    • Feigl-Dingl has been screaming about everything for ages.
      If the vaccine doesn’t work then there is no point getting it. If the vaccine largely stops serious infection and death then who cares about virus transmission if they are vaccinated?

      • It does highlight that Australia will need a mature conversation about where to from here. The vaccines don’t stop delta so will states like WA and Qld ever open their borders again (even with 80% vaccination – which means heaps of folks getting delta as it rips through the vax and unvax population).

        Luckily our MSM media are capable of leading that nuanced discussion …….. lols.

        • Arthur Schopenhauer

          One of the reasons the State Premiers don’t want to let it rip is the limited capacity of our hospitals to do more than they do in a regular year.

          If the virus takes off in regional areas, there will be very little support for country people.

          Edit: Except for NSW obviously, which is the Gold Standard.

          • Mining BoganMEMBER

            Listening to talkback wireless during the big Vic lockdown one had the impression that the local denizens of weekend holiday type places knew that all too well but were under pressure to open the ring of steel from the types who own AirBnB and holiday houses in the area but don’t live there permanently.

            Health v money, the eternal struggle.

          • Jumping jack flash

            It saddens me because here we are after over a decade of running a policy of high immigration while reducing spending on public health and resources, with obviously the agenda to move everyone over to the private system. Except the private system hasn’t really done all that much either due to insufficient demand.

            Now we have this crisis and our medical system is in a shambles.

            Of course, no amount of (reasonable) spending on public health could fortify our system to take the full brunt of a pandemic, but it could have been so much better than its current state.

          • In the early 90’s Yackandandah had a fully functioning hospital….another win for the 1%.

  1. Containers Are Being Built At A Record Pace. It’s Still Not Enough … Freightwave / Zerohedge

    https://www.zerohedge.com/markets/containers-are-being-built-record-pace-its-still-not-enough

    By Greg Miller of FreightWaves,

    When will the container capacity crunch finally ease? For an early indicator, keep an eye on production of the humble 40-foot dry cargo box. If the volume and cost of new containers pull back, supply chain pressures are abating. Unfortunately for beleaguered cargo shippers, these bellwethers now imply the opposite: that the scramble for container capacity is growing even more intense.

    On Tuesday, the world’s largest container-equipment leasing company, Triton International, announced record results and provided the latest intel on box production.

    The price of a new container, which had stabilized at around $3,500 per twenty-foot equivalent unit (TEU) earlier this year, has risen again and is now at $3,800 per TEU. Prices are “at unprecedented levels,” said John O’Callaghan, Triton’s global head of marketing and operations, during the call with analysts.

    The price of a new container at this time two years ago, pre-COVID, was around $1,600 per TEU, less than half the current level. … read more via hyperlink above …

    • Jumping jack flash

      Do we toss a coin? Last time I checked there were only 2 to choose from.

      However for the 3rd dose which is certainly coming (4th, 5th? Who knows), I think Scomo is broadening his horizons.

      • working class hamMEMBER

        Not sure where our AZ comes from, but from the vaccine checker linked, Euro AZ isn’t well accepted around the world.

        • reusachtigeMEMBER

          Accepted in more places than Pfizer by the looks of it. More places than any other vaccine. So not sure what you are getting at.

          • As a man of good taste, and connections to boot; I would have thought you more a chateau de Moderna type bloke?

        • Mining BoganMEMBER

          The Australian made AZ was the one that wasn’t given the ok for European travel. Its name is that bad it isn’t even on the list!

          How do I find out which poison is running through my system?

          • Arthur Schopenhauer

            It hasn’t run through the European certification system, yet. A timing issue more than anything else.

  2. Out of interest, how does one find one’s own previous comments?
    I was just thinking about my nutty claim of stage 5 lockdowns coming in August.
    Everyone here knows it is against the Australian constitution to use the military for internal affairs right?
    I s’pose the flu is a foreign enemy, so she’s all good, in this particular instance.

    • Once 80 per cent of the eligible population is fully vaccinated, COVID-19 will begin to be treated more like a seasonal flu, Mr Morrison said.

      But you wont be able to do much if you are in the remaining 20%, leave the country etc.

      • No leave country is for the bogans that wish to go to the covid infestation that will be indonesia / bali for the next decade.

        • Even though it will be considered a seasonal flu at that stage. Ok, I get it now, that makes sense.

    • I think you will find the ADF marches to a different beat:

      1. Defend Australia and its national interests through the conduct of operations and provision of support for the Australian community and civilian authorities in accordance with Government direction.
      2. Protect and advance Australia’s strategic interests through the provision of strategic policy, the development, delivery and sustainment of military, intelligence and enabling capabilities, and the promotion of regional and global security and stability as directed by Government.

    • The diverse comments of all participants are valued highly by MB*, but unfortunately due to an undetected software glitch yours have been highlighted for permanent destruction as part of our algorithm that is optimised to reduce MB’s CO2 emissions. Our technicians are working feverishly to obfuscate responsibility for this malfunction.
      *apart from @TTP

      • The Travelling Phantom

        Lol i always knew mine are worth nearly nothing TBH
        I’m here more to learn than add value 🙂

    • Also the sh1tsh0w of communication from gov, and the vilification as the easy target for blame.

      I know that we’re a miserable mob who all happen to be blessed with the curse of faithlessness yet the scale of the stuff-up in NSW will only be grasped once it is over. Sure, it ain’t Trumpian in size, still given the reference points within Australia there’s not much more they could have done short of not placing any restrictions in place at all.

      • The Traveling Wilbur

        NSW: the goldstandard in the homeopathy method of lockdown management. It’s the vibe.

          • The Traveling Wilbur

            I reckon it has a lot to do with returning travellers and that homeopathy lockdown option she keeps saying she’s considering.

  3. Rorke's DriftMEMBER

    I think Morrisons speech proved for the doubters this is all about the vaccine, even more so than covid itself. Covid didnt seem to be mentioned in his strategy speech. So we know all viruses moderate overrtime. We are 18mths into this thing. What if covid goes away or weakens significantly by the time we get to 50% vaccinated. Does the strategy change or vaccinations end? Obviously not, Morrison will keep pushing his poisen jab into people because thats the whole game, whether covid goes away or not.

    • A friend was telling me about that one. The wh1te fellas stuffed up big time. The traditional owners were all for it and gave clear instructions of where not to build and the contractors screwed the pooch. The best way to think about it is that plumbers have come in, being given clear instructions and yet there are holes in the wall and your original Monet is in danger of getting water damage. Not unusual for the Territory.

      • Mining BoganMEMBER

        Yeah, heard that from a ranger mate. Seems they’ve got a gossip network.

        Dunno why Cash thinks she has to intervene besides sheer nastiness.

        • Yep. The traditional owners up here are often painted in the press to be like the public service yet it’s often a case of either greed or incompetence from the other parties that leads to the the things that make the news.

          Though I will add to that, for the sake of balance, that the big families up here are just greedy and corrupt as any other group of people that have been given access to money and power. We are all people and if we are allowed to get away with it then we will try to.

          And that is what bothers me most about a lot of this stuff. It’s painted as one group vs another when it’s just people being people.

          • Just Aussies. Once you’re snout is in the govt money trough, why lift it out? Squeal with the the best ‘em.

  4. TailorTrashMEMBER

    As a boomer (and proud ) ….I have to bargain for my remaining years ……..so I have taken the first shot of AZ
    and in a weeks time will take the second one (…full steam ahead and clots be damned….as we boomers have lived our despised lives )

    BUT …..and… it’s a BIG BUT ….it is a a tad annoying to see Scomo the CMO ( Chief Marketing Officer) for AZ load himself up with Pfizer ……….that’s a pretty fundamental marketing mistake ……..and no way should he be let away with it ….

    or did Albo get himself a Pfizer jab too…….and Tanya …and Penny …and Kristina…and Jim….and Richard …and Tony …..

    Let’s have a list of all the MP’s of all parties and what they had

    Before they fcuking lecture us on what we should do ..yeh?

    Someone with the necessary smarts on here might be able to dig this out …

  5. The Travelling Phantom

    Anyone can tell when we 20 or around years will get a turn to have a vaccine? Cause they can’t demand passport to get to pubs, footy, etc and we aren’t eligible to get one yet… it’s still for above 40s as far as I know

    • TailorTrashMEMBER

      20 some things ? ……do you own a house ?…can you even afford a house ?…no ? …..then you don’t even matter ….vaccines ? …….fcuk …this is straya 2021 ….

      • MMT of public [corporate medical rent extraction] health industry [tm] – fixed eg. market forces are juxtaposed to the delivery of public health services.

        • Nobel laureate Kenneth Arrow passed away on February 21, 2017. In a classic, fifty-year-old paper entitled Uncertainty and the Welfare Economics of Medical Care, Arrow discussed how:

          “the operation of the medical-care industry and the efficacy with which it satisfies the needs of society differs from… a competitive model… If a competitive equilibrium exists at all, and if all commodities relevant to costs or utilities are in fact priced in the market, then the equilibrium is necessarily [Pareto] optimal” (emphasis added)

          Note the implicit assumption that price reflects value, to which I’ll return. As Arrow elegantly explained, there are vast differences between the actual healthcare market and the competitive model, and, moreover, these differences arise from important features of the actual healthcare market.

          Identifying the lack of realism of the competitive model in health care may lead to deeper understanding of the actual system. In essence this is what Arrow does. Although both medical care and our expectations have changed greatly, Arrow ’63 is still valid and worth reading today.

          Here is Arrow’s summary of the differences between the healthcare market and typical competitive markets. – snip

          https://aheblog.com/2017/03/07/kenneth-arrow-on-healthcare-economics-a-21st-century-appreciation/

          MMT is not an agenda Sweeper … so ascribing neoliberal outcomes to it is a dodge or worse an attempt at misdirection per se MMT does not advance any ideological social agendas but attempts to broaden the framework by which sovereign policy is shaped away from the loanable funds theory. For someone that claims the mantle of a Keynesian you seem rather orthodox IMO.

    • Hey footsie, you know when a few drops of rain herald the start of months and months of the wet season. I think I’ve just seen those first few drops. Batten down, I suspect we are in for a deluge.

      • I hope so. There has been more humidity in the air. May the aquifers fill and the dams overflow.

      • There’s a negative IOD and they are not ruling out another La Nina in the spring/summer.

      • ErmingtonPlumbingMEMBER

        We only ever hear about the losers of Climate Change!
        I wanna hear about the potential winners!
        Surely some areas are going to experience increased agricultural productivity due to increased rainfall and temperatures.

  6. New Zealand: Is this the twilight of the Ardern Labour Government because of its comprehensive failures with ‘bread and butter’ issues ? …

    Labour’s $22 billion supermarket problem — and opportunity … OPINION Luke Malpaaa … Stuff New Zealand

    https://www.stuff.co.nz/national/politics/opinion/125913234/labours-22-billion-supermarket-problem–and-opportunity

    … extracts …

    …It is how much New Zealanders spend on groceries each year and, according to the Commerce Commission, it’s too much.

    The commission has now made this figure – or at least part of it – Labour’s problem. Its draft report, published on Thursday, reckons New Zealanders are being ripped off and are buying the sixth most expensive groceries in the OECD, a club of advanced economies. …

    … It also means that, if significant lack of competition is found – as in this instance – the Government has to decide whether it has the will to sort it out. …

    … But now Labour has a problem. According to both the Commerce Commission and the experience of just about anyone who has shopped in other countries, the supermarkets have been using their market power to make off like bandits. That means the Government will have to actually do something this time around. …

    … concluding …

    … Lots of things cost too much in New Zealand, for various reasons. In a small nation, with good institutions, the cost of living should be much lower than it is.

    This political landscape has changed massively from five years ago. There seems to be a pretty good public appetite for the Government to sort some of these things out. If anything, Labour’s only downside risk here is not doing enough.

    And if Covid has taught us anything, it’s that – rightly or wrongly – Kiwis are quite happy for governments to intervene in the right circumstances. In the coming cost-of-living political war, the party that convinces voters it is the one on their side will be rewarded.

    New Zealand … House prices ‘simply bonkers’ say ANZ Bank economists …

    … Are we going to build out of this massive bubble … or bust out of it ? …

    Simply bonkers: House prices now 10.5 times median disposable income, ANZ economists say … Tamsyn Parker … New Zealand Herald

    https://www.nzherald.co.nz/business/simply-bonkers-house-prices-now-105-times-median-disposable-income-anz-economists-say/OSWV2HBS7J6UFGYFME5MFNBW5Q/

    … Kiwis concerns are real bread and butter issues …

    Ipsos on the issues … Kiwiblog

    https://www.kiwiblog.co.nz/2021/07/ipsos_on_the_issues.html

    Ipsos have done a poll on what issues are of most concern to NZers. The top ones are:

    1. Housing 53% ( 19% from a year ago)
    2. Health 27% (nc)
    3. Cost of living 27% ( 4%)
    4. Poverty 26% (nc)
    5. Economy 22% (-18%)
    6. Crime 21% ( 5%) … read more via hyperlink above …

    … Is this the twilight of the Ardern Labour government because of its comprehensive failures on ‘bread and butter’ issues ? …

    … the latest Roy Morgan poll …

    Is the COVID-19 ‘honeymoon’ over for PM Jacinda Ardern? … Roy Morgan

    http://www.roymorgan.com/findings/8749-nz-national-voting-intention-june-2021-202107050606

  7. Update … Working from home …

    Survey: How US employees feel about a full return to the workplace … Jose Maria Barrero, Nicholas Bloom & Steven Davis … World Economic Forum

    https://www.weforum.org/agenda/2021/07/could-a-full-return-to-the-workplace-cause-u-s-employees-to-quit/

    America’s Top Graduates Don’t Want Jobs On Wall Street … Zerohedge

    https://www.zerohedge.com/markets/americas-top-graduates-dont-want-jobs-wall-street

    Government unwilling to tell people to stop working from home … UK Telegraph

    https://www.telegraph.co.uk/politics/2021/07/28/government-unwilling-urge-people-stop-working-home/

    Why Managers Fear a Remote-Work Future … Ed Zitron

    https://www.theatlantic.com/ideas/archive/2021/07/work-from-home-benefits/619597/

  8. New Zealand: When does the Labour government intend to start performing on the ‘bread and butter’ issues … such as housing ? …

    … Newshub Reid Research poll out today …

    Newshub-Reid Research Poll: ACT soars to 11.1 pct, Labour plummets to 43 pct and National still not cracking 30s … Newshub

    https://www.newshub.co.nz/home/politics/2021/08/newshub-reid-research-poll-act-soars-to-11-1-pct-labour-plummets-to-43-pct-and-national-still-not-cracking-30s.html

    … following Fridays Roy Morgan poll …

    Opposition parties National and Act NZ close the gap on Labour-Greens as support for Act NZ hits a record high. But as the overall gap closes, a stronger gender gap rises … Roy Morgan / Interest Co NZ

    https://www.interest.co.nz/news/111541/opposition-parties-national-and-act-nz-close-gap-labour-greens-support-act-nz-hits

    … Is this the twilight of the Ardern Labour Government because of its comprehensive failures with ‘bread and butter’ issues ? …

    Labour’s $22 billion supermarket problem — and opportunity … OPINION Luke Malpaaa … Stuff New Zealand

    https://www.stuff.co.nz/national/politics/opinion/125913234/labours-22-billion-supermarket-problem–and-opportunity

    … extracts …

    …It is how much New Zealanders spend on groceries each year and, according to the Commerce Commission, it’s too much.

    The commission has now made this figure – or at least part of it – Labour’s problem. Its draft report, published on Thursday, reckons New Zealanders are being ripped off and are buying the sixth most expensive groceries in the OECD, a club of advanced economies. …

    … It also means that, if significant lack of competition is found – as in this instance – the Government has to decide whether it has the will to sort it out. …

    … But now Labour has a problem. According to both the Commerce Commission and the experience of just about anyone who has shopped in other countries, the supermarkets have been using their market power to make off like bandits. That means the Government will have to actually do something this time around. …

    … concluding …

    … Lots of things cost too much in New Zealand, for various reasons. In a small nation, with good institutions, the cost of living should be much lower than it is.

    This political landscape has changed massively from five years ago. There seems to be a pretty good public appetite for the Government to sort some of these things out. If anything, Labour’s only downside risk here is not doing enough.

    And if Covid has taught us anything, it’s that – rightly or wrongly – Kiwis are quite happy for governments to intervene in the right circumstances. In the coming cost-of-living political war, the party that convinces voters it is the one on their side will be rewarded.

  9. Update …

    New Zealand: The Human Rights Commission belatedly wakes up to the housing crisis …

    … After all these years the problems and solutions are well understood …

    … Action on the bleeding obvious is desperately required … land supply and infrastructure debt financing … to simply JUST ALLOW affordable new housing to be built …

    … The Human Rights Commission could assist by proposing meaningful accountabilities and severe penalties for individuals within the broad (elected and staff) public service who obstruct the provision of affordable new housing …

    … They jail child abusers. Housing abusers need to be jailed as well …

    Human Rights Commission to launch national inquiry into housing crisis … Human Rights Commissioer Hunt with Duncan Garner VIDEO … Mark Quinlivan … Newshub

    https://www.newshub.co.nz/home/politics/2021/08/human-rights-commission-to-launch-national-inquiry-into-housing-crisis.html

    Human Rights Commission launches inquiry into housing crisis … TVNZ

    https://www.tvnz.co.nz/one-news/new-zealand/human-rights-commission-launches-inquiry-into-housing-crisis

    Housing a human rights calamity, commissioner says … Daniel Smith … Stuff NZ

    https://www.stuff.co.nz/business/125931015/housing-a-human-rights-calamity-commissioner-says

    Successive Governments have breached New Zealanders’ human right to housing, the Human Rights Commission says.

    Chief Commissioner Paul Hunt said the current housing crisis was an institutional failure.

    “Frankly it is a failure of our democracy. There is insufficient appreciation in New Zealand to the rights of a decent home, which is binding in international law.” Hunt said.

    The law that Hunt refers to is the International Bill of Rights, which includes a human right to adequate housing.

    Hunt said the Government was failing on this commitment.

    “We are currently facing a human rights calamity, from Bluff to Cape Reinga,” Hunt said.

    “Housing is absolutely fundamental to the country’s health. Poor housing impoverishes people and it impoverishes our country. We have got to get this right.” … read more via hyperlink above …

  10. Further update … New Zealand …

    … Lunatic political / planning created artificial intensification inflation … an Auckland example …

    … $4.29 million for 889 square metres of land … $4,825 per square metre … with development costs on top …

    Auckland house prices: Two-bedroom Point Chevalier home sells for double its CV … Belinda Feek … NZ Herald

    https://www.nzherald.co.nz/nz/auckland-house-prices-two-bedroom-point-chevalier-home-sells-for-double-its-cv/CT7ABBU7AHYJK32T6LEIHNPJZ4/

    A modest two-bedroom brick property has gone under the hammer for more than double its CV, with the Auckland house now set to be bulldozed by its new developer owner.

    The house sellers were left “flabbergasted” when the Point Chevalier house sold – for $4.29 million. …

    The 889sq m section was a developer’s dream.

    “You’re spending $4.6m before you start which means each section is worth $1.5m and is going to cost them at least a million per house, at least, if they’re going to be high quality, so then you’ve suddenly got three houses at $3m each.

    “I do start to question when does it become uneconomical for them to make it viable for themselves.” … read more via hyperlink above …
    .
    .
    … When do they intend to allow the ‘inflation vent’ fringes to work, so that increasingly more affordable land and housing can be provided, by a restored efficient production building sector ( … the Levitt system … access further information http://www.PerformanceUrbanPlanning.org …) … as occurred throughout the developed world following World War 11 …

    … the young returning troops demanded it. Where are our young today ? …

    Housing crisis: Response should mirror massive post-war effort – economist Shamubeel Eaqub … Tim Brown … Radio New Zealand / reprint New Zealand Herald

    https://www.nzherald.co.nz/business/housing-crisis-response-should-mirror-massive-post-war-effort-economist-shamubeel-eaqub/ONJFPZRZJKFQLJGYMUL44WQGUI/

    By sorting out and restoring true market pricing on the fringes ‘inflation vent’ means that true market pricing is possible for all forms of urban development.

    Get the land pricing wrong … everything else is wrong … as this Auckland intensification example illustrates.