Houses and Holes

20

Where to invest once property tops

Via the AFR: Australia’s housing market may be at its peak in this cycle, according to some experts, and investors might be wondering whether they should look for alternative places to put their money. With four of the top twenty Australian companies trading at discounts to their long-run averages, the top tier of the stockmarket

10

Gotti upset as two people fly home on busted 457s

From doddering Gotti today: The federal government’s clamp down on overseas workers and the emotional rhetoric that goes with it has improved its voter appeal as measured in the polls. But unless immigration minister Peter Dutton gets the detail right, it will backfire dramatically and cost far more jobs than it generates. …In the detail

2

Chinese steel entering “zugzwang” calamity

Via Bloomberg: “We’re going from one world to another,” Peter Marcus, founder and managing partner of U.S. consultancy World Steel Dynamics, said in an interview in Shanghai. “We’re going to have mercantilism that’s going to promote domestic industries. The U.S. is going to win, and China is going to lose.” Prices in China could return

2

Iron ore opens, crashes

While global markets party on the rise of Emmanuel Macron in France, Dalian has opened and immediately shed the good spirits as iron ore and coking coal futures tank: Big Iron is dutifully down: Big Oil is up despite the oil pounding, fishing for a low: Big Gold is mixed: Big Debt is enjoying the

5

Trump-Australia propaganda flows

A river of drivel today surrounding Vice-President Mike Pence’s Aussie visit. Grovelling central is the AFR: US President Donald Trump’s “massive” tax reduction plan, details of which are expected on Thursday, will have direct benefits for Australia, Vice-President Mike Pence says. He met privately with the chief executives of Westfield, Macquarie Group, Lendlease and Austral

0

Macquarie’s Chinese steel sentiment survey crashes

From Macquarie: Most recent survey result gives the short signal The most recent reading of the steel survey released by Macq’s commodities team shows a sharp deterioration in both sentiment and orders – sentiment dropped to 38 from 80 just two months ago, and the order index, while higher than sentiment, is below 50 which

6

British power logs first ever coal-free day

Via The Guardian: Friday was Britain’s first ever working day without coal power since the Industrial Revolution, according to the National Grid. The control room tweeted the milestone on Friday. It is the first continuous 24-hour coal-free period for Britain since use of the fossil fuel began. West Burton 1 power station, the only coal-fired

19

Vive Le Pen!

The below charts do not pick up any movement from this morning’s French election results. The US dollar was firm: Commodity currencies too: And gold: Brent was whacked: Base metals were soft: Big miners mixed: EM stocks firm: High yield too: US bonds sold: European spreads tumbled: Stocks were muted: Friday’s big news was that

7

The Coalition needs to see a shrink

From Gerard Henderson over the weekend: It’s no way to treat a former leader. The Australian Financial Review’s lead story on Thursday, titled “Revealed: How Turnbull saved Abbott’s skin”, continues a campaign by supporters of Malcolm Turnbull to diminish his predecessor. This is potentially unwise and ignores the strong support for Tony Abbott within the

24

Government right to target “job snobs”

Via The Australian: Coalition MPs with thousands of dole recipients in their electorates have hit out at “job snobs” and demanded the government target those who are “working the system” by choosing welfare over work and leaving employers to rely on foreign labour. Warning that employers, particularly in regional areas, are “competing with the welfare

30

So, Mr Cannon-Brookes, what kind of billionaire are you?

From the AFR over the weekend: “The rhetoric and the language I think is dangerous for the ability to attract that talent and retain that talent,” he said. “The ‘Australia first’ is a very nationalist argument, very exclusive, not inclusive. And here we’re trying to hire someone in Australia by telling them we really want

6

Garnaut backs gas export curbs

The gas debate got a good boost over the weekend when the Godfather of Australian neo-liberlaims, Professor Ross Garnaut backed gas export curbs, via the AFR: ZEN Energy chairman Professor Ross Garnaut says the solution to Australia’s gas crisis which threatens to do “unconscionable” damage to the manufacturing sector is for all three LNG projects

1

China deploys anti-laundering property rules

Via Ifeng: April 20 evening, the People’s Bank of China Business Management Department (equivalent to the Beijing Branch) in its official website, and Beijing Construction Committee, the Beijing Banking Regulatory Bureau jointly announced an important document: “on real estate development enterprises real estate brokerage agencies to implement anti-money laundering Obligations of the notice “. This

37

Barnaby’s BBQ robots “get on with the job” of quitting

Via The Guardian: The head of the pesticides authority being forcibly relocated to Barnaby Joyce’s electorate has resigned. Kareena Arthy, the chief executive of the Australian Pesticides and Veterinary Medicines Authority, informed the deputy prime minister of her decision on Thursday afternoon. It leaves the APVMA bereft of leadership in a tumultuous time for the

41

Children-devouring property parasites: Labor is racist

There is nothing more satisfying than observing a dodgy realtor get upset that his/her dodgy trade with dodgy foreign money launderers is being shut down: Labor leader Bill Shorten’s pledge to double the fees and penalties imposed on foreign property buyers and tax vacant properties drew a strong reaction for singling out Chinese investors. “This is