See the latest Australian dollar analysis here:
Asian share markets continue their slump as local stocks play catchup, putting two days of selling into one session that has many spooked. The USD remains strong against all the undollars, with gap downs across the complex although stock futures are stabilising going into the European open. Oil prices are drifting slightly higher as tensions in Libya mean well shutdowns, with Brent crude still well above the $120USD per barrel level while gold is trying hard to fightback after a big move lower overnight, currently just above the $1830USD per ounce level:

Mainland Chinese share markets are the best of the bunch with the Shanghai Composite only down a handful of points to 3254 while the Hang Seng Index actually gained ground, up 0.1% to close at 21018 points. Meanwhile Japanese stock markets had a sizeable pullback, with the Nikkei 225 index losing 1.3% to 26629 points while the USDJPY pair is holding on to its gains to remain well above the 134 level:

Australian stocks were the wurst of course, down more than 4.5% at one point on the ASX200 before eventually closing some 3.5% lower at 6686 points as it played catchup to other correlated risk markets. The Australian dollar has tried to bounce back up to the 70 cent level this afternoon, but the Pacific Peso is looking very weak here as weekly support has evaporated:

Eurostoxx and Wall Street futures are coming back slowly with the latter showing a nascent sign of bottoming after last night’s big selloff. The S&P500 four hourly futures chart shows price action still crushed well below the 3900 point level and the May lows (lower horizontal black line) as a swing play may give some hope here:

The economic calendar has a busy night with German inflation, UK unemployment, the closely watched German ZEW Survey then the US PPI print.
- Macro Afternoon - June 28, 2022
- Macro Morning - June 28, 2022
- Macro Afternoon - June 27, 2022
https://mobile.twitter.com/AvidCommentator/status/1536589230318571520?cxt=HHwWgMCi7fDwh9MqAAAA
35 years mortgage arrived
Solution to keep house prices up and to accommodate higher interest rates
They laughed at me but I wasn’t joking…
Makes sense, when you consider my generation will likely never get to retire (Gen Y).
Has anyone installed a Tesla Home Battery? Reliable?
Do they still use laptop batteries?
I’m on Pylontech LiFePO4. Reliable? Ask me in ten years…
There was a guy with knowIdea handle who i thought might have impersonated you for a second
I was confused on that one too. Totally seemed like a response to your question for lemon but wrong handle lol
Hmmm, missed that altogether. Bit busy on the weekend – the paddocks have finally dried out enough that I can get some work done around the place. It’ll take six months to catch up on the last six months of mud enforced laziness…
And, yes, I’m keeping the old batteries. They’re my insurance in the event charge controllers and inverters fail and can’t be replaced, as they can be charged without all that electronic [email protected], provide you don’t want to do anything other than run a few DC loads – fridge and lighting and stuff…
Tã ! So that guy did impersonate you ! As he answered not just my question but other people’s questions to you
Lol all good 👍 👌
Will do! 😂
Arthur, rather than installing a battery (expensive), I’m about to install a Solahart Powerstore https://www.solahart.com.au/products/battery-storage/solahart-powerstore/
We have a 7.92 kW solar system that should provide for most of our power needs but we still have an off-peak electric water heater that doesn’t use the solar. Changing to the Powerstore will enable us to use solar for hot water while still optimising power usage and exporting the excess to the grid. With the SA government rebate installation is under $3000 for a 300 litre unit. For us, a much better option to a battery costing $10-12K.
Thanks for the heads up.
Yes we did in 2017 when we did our reno – just got in for the series 2 13.2Kwh and we only paid about $6k at the time so I thought why not. Works well in Winter as we seem to have battery left over in morning when you get fine sunny days.
We live in QLD. We have a gas fireplace and rarely use the heating. Our heating/air conditioner is a big unit and would suck the battery dry in 2 hours so without that going we would be ok.
Thanks PT. We’re just about to do a renno and I’m looking at options. We’re in Melbourne, but there still looks to be enough solar access for a battery.
Thinking about hydronic heating, but not sure it’s worth the cost.
Heating is the big problem.
“heating is the problem.”
Only in the short term Arthur.
I’ve got an LG-chem 10 units but a mate has the Powerwall with 13? kW/hrs. He seems very happy with it.
Thanks DC.
LOLd. Nice one.
We need AC now!!!
Probably worth hanging around. Throwing the Mates some easy $$$ with home battery subsidies seems like an obvious half-arsed solution to escalating power bills.
We have one we installed in Jan 19. Hasn’t missed a beat in that time. We live in an area that gets quite a few small outages. I love that you don’t even know about them now until the battery sends a message saying mains power has been restored.
Remember those letters from the super mobs suggesting to get out of cash, it’s costing you money?
https://c.tenor.com/-s09vbD_sFMAAAAd/flounder-animal-house.gif
Onlyfans isn’t for poor people to make a quick $ but for bored rich ones too
https://www.news.com.au/entertainment/celebrity-life/celebrity-kids/charlie-sheen-blasts-exwife-over-daughters-only-fans/news-story/bd2f0ff2745317e32dc71c9a2762d092
Energy companies reducing their production to trigger emergency low supply levels to force state governments to pay more..who thought they won’t do it???
https://www.theage.com.au/politics/federal/power-companies-accused-of-unconscionable-conduct-as-they-withdraw-from-grid-20220614-p5ath9.html
Nationalise them yesterday.
Yep.
I prefer arresting the executive and CEO until the power comes back online.
Read that as ‘Arresting and executing the CEO’ and was already looking up at buying tickets to that electrifying show!
To be effective you’d need to include the ALL major shareholders who are after all the major beneficiaries of this Thieving and thus primarily responsible.
The public hate gas/electricity companies – seriously Labor grow some nuts and at least threaten them with strong reservation.
Longer they leave it the more of the blame they are going to wear.
Yep
You’re not wrong but it’s just crazy how fast we’ve gone from a decade of LNP corruption and non-governance to 1 month of ALP gov and every 2nd person is saying “they better fix it now or we’ll make em regret it” lol, so much inconsistency from the constituents.
Labor are not from/lack marketing…people love pipers
(Not that Labor are much better or great though)
No, they’re simply held to a different standard.
A Labor Government that doesn’t improve things is considered a failure.
A Coalition Government that doesn’t burn the whole country down is considered a success.
Inconstituents
Weird stat, MFC on a loosing streak sice liberals lost Kooyong :/
It’s more complicated than the journo understands. But that’s no surprise, hey?
It’s all a result of our essential services being farmed out to profit seeking entities and the contracts that get written in their favour.
How long have we had hammered into us that Privatisation is a magical cure all.
It isn’t.
At least all that “Union excess” if the past got rolled back into the Australian economy.
Now corporate manipulation and profit excess has us paying more With the excess going into the hands of foreign concentrated wealth.
Sucking money out of our economy.
Like MB said should have been nationalized yesterday
I don’t think there’s a single word in there I can disagree with.
OTOH, from the point of view of a generator (pure generator, not vertically integrated), cost of inputs goes up, price of outputs needs to go up.
If the mandated price for outputs is below the desired profit line, then there’s no point bidding. Just idle the machines and send everyone home. Catch up on some maintenance, maybe.
And here we are.
Nationalising only the generators won’t achieve much.
Using the export terminals in Gladstone as target practice for the RAAF or RAN would do much more to help. Ditto blockading the Port of Newcastle.
Do not forget the impact of a recession on people’s lives….from the “Big Short” character portrayed by Brad Pitt. “For every 1.0% increase in the unemployment rate, 40,000 people die”. It may not necessarily apply to Aus, but what if it did. Again, it’s the ordinary punter that cops it.
https://www.youtube.com/watch?v=7eYcWpgCb7o
I had dinner with someone who works with DV and assault victims last night. She said that it is getting worse and the problem of nowhere to go even if they could get away is being made worse by the right rental markets. It’s going to get worse before it gets better.
Seeing the same here. We have a friend who runs a local women’s shelter. Business is booming, so to speak. 🙁
Thanks for the feedback….it’s the most vulnerable of people who always get forgotten…
It was a pattern I saw through all the booms and busts in FNQ from the 80s on. DV, family breakups, suicides. I wrote about it n here a decade ago. Warned about it. But nobody cares when they think they’re getting wealthier.
Now here we are again.
And then people will think they’re rich again.
And it will happen again.
I’m hoping for scoreless draws.
https://www.abc.net.au/news/2022-06-14/five-things-you-need-to-know-about-socceroos-at-world-cup/101150220
socceroos should be able to do their part for that
Fcuk I’m bored of the euphemisms:
“Bailing out” developers, “ Stimulus packages’ for companies, “ subsidies” for toll road monopolies and “support packages” to the tune of $5000,000,000.00 for child care industry players.
It’s nothing but the direct distribution of public money to the pockets of those who’ve corrupted/ lobbied the government into contributing to their profits.
It’s a feature , not a bug of neoliberalism.
Then there’s the energy and mining corps who put these small potatoes helicopter money for private industry into perspective.
Yep.
Rentierism: the crappiest version of capitalism.
Would be nice to expunge it, and only have productive and innovative capitalism, where companies needs to reinvest profits to stay competitive, and capital is ‘forced’ into productivity and innovation in order to make yields above that of government bonds.
Sigh.
“Rentierism” is what you get if you let capitalists run capitalism. Because most capitalists fvcking hate the “competition” part of capitalism.
You rang – ?????
https://www.nakedcapitalism.com/2014/03/neo-liberalism-expressed-simple-rules.html
In coming copy and pasta ….
“What is neoliberalism? Neoliberalism (a.k.a. The Washington Consensus) is the dominant ideology of the political class in Washington D.C., shared by both legacy parties. In fact, it’s not clear there is another ideology, which is why we get seemingly weird policymaking processes like RomneyCare morphing into ObamaCare, even as proponents of each version of the same plan hate each other, “narcissism of small differences”-style. Of course, in neo-liberalism’s house are many mansions, many factions, and many funding sources, so it’s natural, or not, that an immense quantity of obfuscation and expert opinion has accumulated over time, making for many fine distinctions between various shades of neo-liberalism.
In this brief post, I hope to clear the ground by proposing two simple rules to which neo-liberalism can be reduced. They are:
Rule #1: Because markets.
Rule #2: Go die!
Of course, these rules can’t be applied, willy-nilly, inartfully, in just any context; Rule #1 — and here we owe an immense debt of gratitude to the work of Outis Philalithopoulos on academic choice theory — doesn’t apply to in (let’s label it) Invariant #1: The world of the neo-liberal practitioners themselves; the academic guilds, media outlets[1], and think tanks to which they adhere, Flexian style, are distinctly not market-driven; just look at Thomas Friedman. It follows that Rule #2 does not apply to neo-liberal practitioners either, because of their social position just described in Invariant #1: “wingnut welfare” and its equivalent in the “progressive” nomenklatura; they will have — to strike a blow at random — corporate health insurance. In addition, we have Invariant #2: The world of the 0.01%, to whom no rules apply by definition. Summarizing, the rules do not apply in the following two contexts:
Invariant #1: The rules of neoliberalism do not apply to those who write the rules.
Invariant #2: The rules of neoliberalism do not apply in the world of the 0.01%.
Both have impunity[2]. These asymmetries will become more interesting shortly.
So (reviewing), to Rule #1: “Because markets” uses that stupid “because” meme:
Let’s start with the dull stuff, because pragmatism. … Linguists are calling the “prepositional-because.” Or the “because-noun.” [For example:] But Iowa still wants to sell eggs to California, because money. It’s a usage, in other words, that is exceptionally bloggy and aggressively casual and implicitly ironic. And also highly adaptable. … it also conveys a certain universality. When I say, for example, “The talks broke down because politics,” I’m not just describing a circumstance. I’m also describing a category. I’m making grand and yet ironized claims, announcing a situation and commenting on that situation at the same time. I’m offering an explanation and rolling my eyes—and I’m able to do it with one little word. Because variety. Because Internet. Because language.
Because neo-liberalism. Because I like the idea, a lot, of catching the Mount Pelerin Society, Pinochet, Diane Rehm, the Friedmans, Joe Biden, Rush Limbaugh, and the people who drafted the Democratic platform in one big net, and then deep-sixing the entire squirming and gesticulating political class with language that’s “exceptionally bloggy and aggressively casual and implicitly ironic.”
And this tactic really is fair. Trap a neo-liberal in conversation next to a whiteboard, or hand them a napkin, and you can probably coax them to “educate” you by drawing the famous “Because Markets” diagram, which looks like this:
Figure 1: “Because Markets”
500px-Supply-and-demand.svg
And when your targeted neo-liberal is done sketching, they will express the idea, with varying degrees of quasi-religious fervor, that the price set by the intersection of the downward-sloping demand curve and the upward-sloping supply curve is the right price.” – snip
And as always …. don’t forget too ***breathe*** …. its a life saver ….
PS. walking the beasties is good too so off I go …
Don’t forget those neoliberal vaccines….
The administration of the public health was/is neoliberal and not the vaccines.
Not arguing any of that just sticking it to old mate anti vax, riding in here on his horse whinging about rhetoric when we spent 2 years of him posting anti vax rhetoric the majority of the time. Just another chortle worthy moment
Be that as it may context matters and allowing others to be wrong on some things, but acknowledging when its right/correct in other things is how we get out of this fix. Just to see 72 use the term neoliberalism in basic context is not something I would have thought awhile back and why I presented him more via the link. He – asked – for more information some time ago and I summited the softpedia link for his consideration without comment.
Yes it is.
Straw poll – best Aust. state to live in during the coming global apocalypse?
Extra points for specific region.
Norfolk Island? Still lots of fish there, I think.
Mind you, the locals will probably make all the blow-ins swim home if stuff gets really tuff, so maybe not.
Personally, I’m betting on the Manning Valley in NSW. Poor soil, poor people, no reason for anyone to come here. More than walking distance from Sydney…
Never considered the poor soil aspect, that’s pretty nifty. Keeps people away but you can improve it. Blowing my mind, opens up so many other options lol
Depending on why the soil is poor, it may or may not be easy to remediate. Overgrazed young clays are pretty easy to fix. Our 500 million year old ridge gravel and shale, not so much. If you’re *really* interested, go find a copy of “The Intelligent Gardener” by Steve Solomon (a septic living in Tassie for the last couple of decades) – more detail than you ever thought you could want.
Cheers, I’ll check it out.
Septic lol!!1!!11!
Great book.
Oh, and it’s surprising just how much good soil there is from Vic to SEQ. All those places that Santos wants to go fracking in? Mostly good soil, no matter how abused. There’s a chunk of really old played out stuff from north of Newie to south of Grafton and over to Armidale. It’s older than the carboniferous era, so, except for some bits that had serious volcanic activity, there’s no coal, oil or gas. One of the main reasons we moved here – no-one is going to come and dig up our farm looking for energy…
The Australian Antarctic Territory, lots of bears out hunting after long hibernation , so you’ll have the whole region for yourself.
* disclaimer my post contains 1 fallacy
Apparently bear meat can be pretty tasty, especially when they’ve been feasting on berries in preparation for hibernation. I really like that Meat Eater show with Steve Rinella.
Hang on, isn’t that cannibalism? I thought we were all bears around here.
Lol 😆 🤣
Good one LOL.
Bears at the south-pole? They’re a little far from uh, say, I dunno, North Pole, don’t you think?
Unless you’re talking about bears in a Reusa-sense!
You mean “accident” bears or housing bears?
What’s accident bears?
A bear you have an accident with, at the parties.
Intensive care-bears, yes …
Frosti’s comment from last night was great
Worth a mention again
<>
Never knew if I put words between
they get erased!!!!
Heres the quote without putting it between
You know it’s bad, when APRA is no longer able to use lettuce leaves for law enforcement, they’ve had to use cabbage though even that’s on a “if absolutely needed” basis.
Here ya go phanny.
https://www.w3schools.com/tags/tag_blockquote.asp
^^ thanks Harry, it took my by surprise these > < have magic powers
In their law enforcement kit APRA also have this long string with Brussels-sprouts on it. There are no documented circumstances where it was used for law enforcement, so it is speculated they use it on themselves.
There’s a lot of people (not Australians) converting natural resources down there.
Have the Russians reached there?
The Julatten Tableland
shhh.. I haven’t been there for many years and it’s best remaining ‘undiscovered’. Wiki says population of 1000 so too late! I have family from around there and had a dear friend whose family home of Devil Devil Lodge was built by Mr Pink (not a Reservoir Dog) from local timber, confirmed legend has it that he carried the wood stove on his back from Mossman up the Rex to Julatten.
I reckon Tassie or WA.
West coast SA southern Eyre Peninsula gods own country.
Good food, good seafood, some ok wines. Plenty of local fair to survive the next holocaust.
Schnitzel economics …………I call for a side salad stimulus payment ………
Or we could just sell empty plates that would make the pub lobby really happy……..
https://www.abc.net.au/news/2022-06-14/side-salad-waste-costing-pubs-during-rising-cost-of-groceries/101149752
Maxi takes the second over!
Check out the scorecard in the Aust A v SL A 4 day match – 5 bowleds and 2 stumpings in the 7 wickets so far!
https://www.espncricinfo.com/series/australia-a-in-sri-lanka-2022-1317939/sri-lanka-a-vs-australia-a-1st-unofficial-test-1317946/full-scorecard
I do like that kid Aaron Hardie.
Frank don’t like dogs.
https://www.dailymail.co.uk/news/article-10914165/Moment-stray-shepherd-dog-chased-GORILLA-inside-zoo-enclosure.html
I don’t know but this story reminded me of Ermo’s mentioning he wanted to get a dog in the weekend sundries…neither Ermo is a gorilla nor the dog he wants is a stray
Geez, Frank can move for an old guy.
I want to see Frank fight this bloke.
https://www.sportbible.com/boxing/australia-man-gets-knocked-out-by-former-british-heavyweight-champion-20220614
Phil Lowe on 7:30…the RBA is targeting inflation for the good of the nation…sorry RE market.
I bet he got backbone transplant
It’s old age, and is called arthritis.
Australian stocks were the wurst of course, down more than 4.5% at one point on the ASX200 before eventually closing some 3.5% lower at 6686 points as it played catchup to other correlated risk markets.
Don’t be such a sauerkraut!
Das ist mir wurst.
Strange alarms emanating from the barracks near me, slightly concerning…
Night drills
It’ll just be shift change time at the Gentleman’s club.
Did I hear something about Josh Frydenburg potentially being the next CEO of the AFL?
You did. Apparently he has declined the offer.
If true, means he still have hope to come back to politix?
He probably had to do a lot more work than he ever done in government. A man has to stand for his principles when the situations require it.
He’s probably got a few more charities to fleece first..
https://www.theklaxon.com.au/home/guide-dogs
https://www.theage.com.au/politics/federal/federal-politicians-awarded-2-75-per-cent-pay-rise-20220614-p5atpj.html
Good on them for taking a pay rise less than inflation. / sarc
/
Will England go for it? Chasing 299 with an aggressive Stokes in charge.
Three boundaries in the first over…
They did it.
Reserve Bank Governor Philip Lowe warns it is unclear how high interest rates will go
https://www.youtube.com/watch?v=H5lJUIDPOwk
We think Inflation could go as high as 7% .
He keeps banging on about that $250B that Aussie savers have in their back pocket, so it’s all OK. Even as CPI blows off & wages are stagnant & home loan rates rise & petrol explodes & food cost are way over official CPI (whatever that really is?).It doesn’t matter as he reckons the punters have heaps of dosh to cover the extra costs coming their way. Nothing to see here look over there. Far out where is all that savings? I’d like to see analysis of who has the savings. Pretty sure Joe Average hasn’t got a share of that $250B. Made up number anyway!
The Corporate media are going to be showing their true pro plutocracy colours during this coming recession/depression.
He had this smirk through the whole thing. Leigh Sales didn’t really ask any difficult questions either. You could tell Phil knew when he was lying as he side glanced at the Camera. 🙂
Interest