Houses and Holes

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Canberra is now one giant control fraud

Via Paul Kelly: When a parliament is discredited the presiding government usually pays a fatal price. The current parliament is discredited and dysfunctional on fiscal, legal and symbolic grounds, our democracy continues to be damaged and the decline in trust in our institutions is intensifying. Just as the Tony Abbott-led opposition in 2010-13 was pivotal

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NZ election boilover builds as housing and immigration turn tables

From Interest: The Labour Party’s rise and the Green Party’s fall from grace has been reflected in the second major poll since Jacinda Ardern and Metiria Turei’s diverging fortunes caught political attention in recent weeks. The latest 1 News Colmar Brunton poll alarmingly shows the Greens at 4.3% – below the 5% threshold needed to enter Parliament

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Already time for more macroprudential?

Via Westpac: PulseAugust2017 ― Getting a precise fix on Australia’s housing markets remains tricky. Sentiment and lead indicators continue to point to a material slowdown and turnover is showing a renewed decline. However the picture around price growth is much less clear cut, with some moderation overall but trends varying greatly across capital cities –

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Auction clearances firm

Via CoreLogic: Preliminary clearance rate increases to 71.7 per cent, while auction volumes remain steady This week across the combined capital cities, the preliminary auction clearance rate rose to 71.7 per cent, up from last week when the final clearance rate fell to 67.5 per cent. There were 2,041 capital city auctions this week, virtually

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And now for XenoPom

From Domainfax: Nick Xenophon will let the High Court decide his fate if it is confirmed he is a dual citizen, with the key Senate crossbencher determined to dig in and not resign from the Senate. Senator Xenophon is urgently seeking clarification from the British Home Office over his citizenship status after questions were raised about his father’s nationality.

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AUSTRAC indictes TerrorBank in Parliament

It think we can call this brand damage, via The Australian: Six transactions by five customers made through Commonwealth Bank’s intelligent deposit ATMs may have financed terrorism, Austrac has alleged. …Mr Clark said prosecution was “not something we take lightly”. …Asked whether the allegations listed in the 600-page statement of claim against CBA werer exhaustive,

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The tragicomedy of a young SBS funnyman’s attack on Dick Smith

Check this out from SBS’s The Feed: Not funny. Sad. Here’s what Dick Smith has had to say about the SBS attacks on him: And, most ironically, the launch of his recent report into the role that population growth is playing in inflating away the fulfillment of Australian youth’s most basic need: a roof over their heads:

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NAB: Aussie dollar headed for 83 cents

Via NAB forex: The positive outlook that we have identified in the recent months has shifted to a new level upon the July breakout close above key resistance levels. Both price and momentum triggers remain positive at a LT level. Recent negative price and ST/MT momentum triggers highlight risk of a further correction towards 0.7710/30.

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High Court unlikely to “assist” Baaaarnaby

A good piece from The Australian today by Roger Wilkins who is a former secretary of the federal Attorney-General’s Department: On a literal interpretation of section 44, it seems pretty clear that Joyce was not qualified to be elected. He was a citizen of a “foreign power”: New Zealand. The section says the “citizen of a

1

Profits season misses

Via UBS: Reporting Season Progress Report Underwhelming Guidance Sees FY18 Estimates Crimped So far 73 members of the ASX200 have officially reported (47 large caps and 26 small caps). This represents c40% of ASX200 companies due to report in August though large-cap reporting season has now edged past the half way mark. Overall we believe

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Turns out the Nats are a full blown foreign legion

Via The Australian: Malcolm Turnbull is facing an ­escalating Labor attack over the ­stability of his government after a third cabinet minister owned up to being a dual citizen by descent, shocking observers with another test in the High Court that could reshape the ministry. Nationals deputy leader and Regional Affairs Minister Fiona Nash last

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Anti-laundering fast-tracked to crypto as property spins on super cycle

Via Reuters: The federal government is pushing ahead with its expansion of the anti-money laundering (AML) regime, with the financial intelligence agency AUSTRAC set to receive additional powers. The government unveiled changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 yesterday, which will also bring digital currency providers within the AML regime. Michael Keenan,

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Earth swelters

From the NOAA: The globally averaged temperature over land and ocean surfaces for July 2017 was the second highest for the month of July in the NOAA global temperature dataset record, which dates back 138-years to 1880. The year-to-date global temperature was also second warmest on record. This monthly summary, developed by scientists at NOAA’s

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Bannon: US in “economic war” with China

Via The Guardian: White House chief strategist Steve Bannon has given an unusual interview in which he claimed there was no military solution for North Korea, the far right was a “collection of clowns” and the left’s focus on racism would allow him to “crush the Democrats”. Bannon, who has been called the mastermind behind Donald Trump’s nationalist

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What are the investment implications of the government falling?

It’s still a long shot but worthy of consideration, from RBC: With an already precarious one-seat majority, the Liberal-National Coalition government risks turning into a minority government should the High Court uphold Section 44 of the Constitution and rule the current Deputy PM and leader of the National Party ineligible for Parliament. There must also be

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Jobs report a mixed bag

July jobs are out from the ABS and it’s a mixed bag: Employment increased 27,900 to 12,201,400. Full-time employment decreased 20,300 to 8,342,300 and part-time employment increased 48,200 to 3,859,10 Unemployment increased 1,100 to 730,600. The number of unemployed persons looking for full-time work decreased 3,800 to 496,400 and the number of unemployed persons only