Via ANZ: If global growth concerns continue to push up the USD, like we have seen this week, we could see some near-term headwinds for the precious metal Importantly though, if U.S. growth concerns result in significant policy adjustments by the Fed to help the economy, such as negative interest rates or even monetary financing,
Via Banking Day: Small lenders have hit out at the Reserve Bank’s access rules for its Term Funding Facility, arguing that it is delivering a big funding “free kick” to the major banks at the expense of competition in the home loan market. Under the A$200 billion funding program set up in March to help
Peter Tulip sticking the boot in: I’m quoted agreeing with Paul Keating. The RBA’s culture of timidity can be attributed to the Board being composed mainly of non-economists.https://t.co/O8mgnrc0wo — Peter Tulip (@peter_tulip) September 23, 2020 I agree with @TheKouk. The RBA has persistently failed to meet its statutory targets. As Paul Keating says, this is
Via News: Aussie employment relations expert Natasha Hawker, who told news.com.au JobKeeper 2.0, which is now just days away, would leave employees and staff exposed to a redundancy “bloodbath”. …She predicted that would lead to a massive spike in redundancies – and with it, unfair dismissal claims. “For many businesses, especially smaller businesses for whom
![Trump: “Get rid of ballots and there won’t be a transfer [of power]”](https://www.macrobusiness.com.au/wp-content/uploads/2020/09/dtyjet-200x200.png "Trump: “Get rid of ballots and there won’t be a transfer [of power]”")
Jeez: I’m not sure transferring power is democratic thing to do “win, lose or draw”….but with that cleared up the President’s response is appalling. https://t.co/KhbkIDPdor — Peter van Onselen (@vanOnselenP) September 24, 2020
The newly reformed Jessica Irvine is on the case again today with desperate attempts to restore house prices: At some point, “zombie” firms and jobs – kept alive only by regular transfusions of government support – must be shot in the head. CBD cafes, travel agents, airline workers, traditional storefront retailers: how many of these
Via Nick McKenna, CEO of APLNG and gas cartelier, at the AFR: As government and LNG producers renew discussions to extend the heads of agreement that assures domestic customers of access to gas, we must not let emotive calls for subsidised prices triumph over reason. It is well documented by both the Australian Competition and
Via RBA sockpuppet Terry McCrann today: Westpac’s chief economist Bill Evans has joined NAB’s Alan Oster in predicting a rate cut from the Reserve Bank at its next meeting Tuesday week. I beg to disagree. There is no good reason for the RBA to make such an – essentially symbolic or ‘tidying up’ – cut;
Iron ore prices for September 23, 2020: Spot down again with more to go. Paper too. Steel has not updated. Steel output remains crazy into mid-September, via CISA: Indeed, steel inventories are huge for this time of year: I remain relatively comfortable with this given steel mills are policy operations at this point. That said,
Via the ABC: Paul Keating has accused the Reserve Bank of conservatism, laziness and failing to do what is necessary to head off the worst of the coronavirus-induced economic crisis. In a letter distributed to the media, the former prime minister said the RBA should be funding the “mountainous sums” of government spending required to
Via Westpac:
DXY is back in a big way. EUR toast: The Australian dollar is in free fall: Along with EMs: Gold puked: Oil was OK but it will surely break soon too: Base metals rolled bigly: Big miners actually did OK: EM stocks look ominous: The junk early warning system is screaming at fever pitch: Yields
Via APRA in a letter to ADIs: APRA has received and completed its review of all ADI comprehensive plans for the assessment and management of loans with repayment deferrals, provided in response to APRA’s 9 July letter to all ADIs. Where applicable, any entity-specific feedback, or clarifying questions have been facilitated by APRA’s supervisory teams. APRA acknowledges
The CCP lackeys are on the run again at UQ: BREAKING: UQ has attempted to ban our anti-CCP “Drew Pavlou Fighting Team” from student elections. Last week, new VC Deborah Terry held a private meeting with one of our key opponents, today we discovered these opponents registered tickets under our name, disqualifying us. — Drew
At the ABC: COVID-19 can cause worrying neurological symptoms like a loss of smell and taste, but Australian scientists are warning the damage the virus causes to the brain may also lead to more serious conditions such as Parkinson’s disease. It has happened before. Five years after the Spanish flu pandemic in the early 1900s,
This makes more sense to me than 90 cents: AUD … is worst-placed for a US-China decoupling, the RBA’s Debelle just gave a speech in which he said a lower AUD would be beneficial to support the economy, and that higher public debt levels (which the RBA will support) are not a problem. The RBA’s
Via News: Daniel Andrews has just confirmed for the first time that Victoria’s next easing of restrictions on Sunday will go further than the original road map. With case numbers dropping, Mr Andrews promised a “significant announcement” on Sunday and he was asked this morning whether he was considering going further than originally planned with
It’s not the fruitloop anti-vaxxers fault, either. It’s governments. Via Bloomberg: The Covid-19 vaccine trial designed by Pfizer Inc. and its German partner BioNTech SE may allow them to find whether their shot works before their fastest-moving rivals. The companies plan a first look after a mere 32 coronavirus infections have accumulated in their massive
Via Sinocism: Comment: We still have only sketchy details of what was decided at the recent 7th Tibet Work Conference, but perhaps they decided to take some of the “successes” from Xinjiang and apply them back into Tibet? Exclusive: China sharply expands mass labor program in Tibet | Reuters Beijing has set quotas for the
Via Bill Evans at Westpac: In a speech yesterday the Deputy Governor of the Reserve Bank gave a fairly clear hint that the Board is set to cut the cash rate and other key policy rates at its October Board meeting. The Bank is also likely to extend its objectives for bond purchases to include
Via The Fake Left: The draft reads: “Labor supports the responsible development of Australia’s gas reserves, subject to environmental approvals to ensure communities’ concerns are addressed through rigorous science-based processes, including gas from coal seams, shale and tight gas formations.” It says a future Labor government would ensure “gas development is environmentally sustainable, science-based and
Iron ore prices for September 22, 2020: Empty apartment sales have softened: China is struggling big time to lift the consumer as they save their butts off: Which leads only to the conclusion that MOAR empty apartments and MOAR bridges to nowhere are coming. Brazil is slowly doing better with the virus: I still see
Via Alan Oster at NAB: The RBA continues to signal further monetary easing is likely. Deputy Governor Debelle in a speech titled The Australian Economy and Monetary Policy, “outline[d] [the] possibilities for further monetary policy action should the Reserve Bank Board decide that is warranted” and concluded that “the [RBA] Board will continue to assess
Via Markit (CBA no longer): Latest PMI data indicated a recovery in business activity across Australia at the end of the third quarter after containment measures were loosened in parts of the country. This followed a decline in August. The upturn was driven by a further rise in manufacturing output, while signs of stabilisation were
And here it is from fake news journo Alexandra Cain: Adam Guala, 25, doesn’t do things by halves. He’s just emancipated himself from the rental market by buying not one but two properties in Geelong. But he has had a little help. “I’ve always wanted to buy my own place. But it wasn’t until I
DXY has broken out to the upside: The Australian dollar was clubbed: Gold looks shaky: Oil too: Base metals remain mixed: Miners missed out: EM stocks too: Junk is still screeching: Stocks jumped back above 50DMAs: Westpac has the wrap: Event Wrap US August existing home sales posted a strong gain of +2.4%m/m to 6million (annualised), meeting expectations,
Only a decade late, the Lunatic RBA has discovered that unconventional monetary policy will lower the Australian dollar and aid recovery: see chart 7 espeically. Abstract The cash rate is currently at its effective lower bound and the Reserve Bank has put in place a suite of alternative monetary policy tools. This article uses the
Via China apologist “think tank” China Matters: Plenty of people in this country agree with some or much of what the CPC has done over the past 40 years. They are entitled to express those opinions and to try to influence government. This is normal in a democracy. Members of Chinese communities in Australia often
Via ZDNET: The company responsible for the National Broadband Network (NBN) announced on Tuesday it was spending AU$700 million to create 240 “business fibre zones” that will cover 700,000 business premises. Being part of a zone will allow businesses to get a full fibre Enterprise Ethernet connection, as well as reduced rates and connection fees.
Yep, he’s missing the empathy gene. At the ABC: An Australian family stranded in London have expressed frustration their pet dog and cat have already arrived in Sydney while they are still stuck overseas. The Fotheringhams have been in the UK for the past two and a half years and were in the process of
