• Russia’s international reserves decline 2.2% in April – AA
• Norway’s Inflation at 13-Year High Boosts Rate-Hike Pressure – Bloomberg
• UK strikes new security agreement with Sweden and Finland – Euro News
• German populism takes a blow – Both the far-right AfD and the socialist Left Party were punished by German voters in recent state elections – DW
• Russia demands formal Polish apology for Warsaw anti-war protest – Reuters
• Northern Irish economy outperforming UK thanks to Brexit protocol – Politico
• Solar panels could be on all Europe’s public buildings by 2025, in phase out of Russian fossil fuels – Euro News

Asia:

• Sri Lanka is the first domino to fall in the face of a global debt crisis – The Guardian
• China implores US to drop tariffs that punish Americans and Chinese alike – SCMP
• Jeers and tears in the Philippines as some ‘draw the line’ after Marcos victory – SCMP
• Arrest of Hong Kong cardinal sparks fears over wider net cast on religion – SCMP
• Kim Jong-un orders lockdown after North Korea reports first Covid-19 case – SCMP
• WHO chief censored on China’s internet after calling zero-Covid unsustainable – CNN

Trans-Tasman:

• The PM previously said Albanese had no power to do anything about wages – now he’s arguing the Labor leader wants to do too much – The Guardian
• It shouldn’t be such a shock that Anthony Albanese believes the minimum wage should rise with inflation – The Guardian
• Australian taxpayers paid almost $20 million to sell the Port of Darwin – The SMH
• Greens pledge to abolish Border Force and establish royal commission into offshore detention – The SMH
• ‘Minority governments will get nothing done’ claims government that has done nothing for 3 years – Chaser
• ‘Almost impossible to get bulk billed’: patients avoid seeing doctors due to out-of-pocket costs – The Guardian
• Australians rate Morrison, Albanese out of 10 for trust, compentency – ABC
• The Australian dollar is falling and that’s another strain on cost of living. Here’s what it means – ABC
• ‘Just embarrassing’: Young people have lost all confidence in politicians, survey shows – ABC
• Kevin Rudd attacks ‘idiot’ Peter Dutton over ‘hairy-chested’ comments on China – The Guardian
• Life without Josh: how a Frydenberg loss would change the face of the Liberal Party – Crikey
• April sales down a third year-on-year, with national median price down $45k from peak, REINZ says – Interest.co.nz
• BNZ joins other banks, increases mortgage serviceability interest rate by 50 basis points – Interest.co.nz
• Immigration flows picked up in March with a net monthly gain of 1177 – Interest.co.nz

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Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also Chief Economist and co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

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