Houses and Holes


CBA: Retail spending intentions crater

Via a sad and sorry CBA: Retail spending intentions have dipped while home buying intentions remain high, according to CBA’s latest research. CBA’s Chief Economist Michael Blythe has today confirmed that household spending intentions stumbled in September after the positive lead reported last month. Nonetheless, the series also highlights some underlying improvement in spending intentions


Vale readies the iron ore flood

Via Vale: Rio de Janeiro, October 14th, 2019 – Vale S.A (“Vale”) iron ore fines production and sales had a significant increase in 3Q19, as a result of the continuous progress in the resumption of operations in the Southern and Southeastern Systems and also due to the strong operational performance and shipments normalization in the


Daily iron ore price update (under pressure)

Texture from Reuters: Benchmark Dalian iron ore and coke futures slumped more than 2% in late trade on Monday following growing concerns about demand for the steelmaking raw materials, amid China’s renewed efforts to curb pollution by restricting steel mills operations. “Traders have been wary of the impact of ongoing restrictions on steel mills in


What ScoMo tells average Aussies about “double agent” Gladys Liu

An enterprising MB reader wrote to Prime Minister Scott Morrison to express anxieties about the national interest loyalties of Member for Chisholm, Glady’s Liu. Liu is on record lying about her senior memberships of Chinese Communist Party propaganda organisations, proudly declaring a fund raising record with dubious and very likely CCP cash, cynically misled the


Gittins: Ain’t no QE comin’

Via Ross Gittins today: It’s amazing so many people are so sure they can see where the Reserve Bank is headed. Once interest rates are down to zero it will be on to QE – “quantitative easing” – and negative interest rates, they assure us. Don’t you believe it. …People assume the Reserve is hot


Watch: Alleged CCP agent shuts down Melbourne protest

Can’t vouch for it but makes sense: Via Crikey last week: Feng Chongyi works from a small, cramped office at Sydney’s University of Technology, where he is associate professor in China Studies. Hanging on his wall is a photo of him, in 2006, sitting with top liberals and democrats within the Communist Party’s Central Committee.


How will Trump’s trade non-deal impact markets?

Via Damien Boey from Credit Suisse: On Friday evening, the Trump administration announced a partial trade deal with China (Phase I). Key ingredients of the deal include: Delay of tariff increases that would have taken effect on 15 October. Increases in Chinese purchases of US agricultural products. Intellectual property measures. Greater currency transparency. Greater concessions


4Corners: Aussie unis aid CCP “global surveillance apparatus”

Perhaps this explains Peter Dutton’s sudden China hawkishness, via the ABC: Australia’s top universities could be aiding the Chinese Communist Party’s mission to develop mass surveillance and military technologies, amid rising concerns from Australian intelligence agencies that they are putting national security at risk. A joint Four Corners-Background Briefing investigation has uncoveredextensivecollaborations between Australian universities


Recessionberg’s budget surplus begins great unwind

Via Domain: The federal budget has had a $2.3 billion hole punched in it by lower-than-expected company tax collections and Australians eager to get their hands on the first stage of the Morrison government’s personal income tax package. Figures from the Finance Department covering the first two months of the 2019-20 financial year show company


Recessionberg launches bank inquiry into self

It’s never enough bubble for Joshy Recessionberg: The big four banks will be ­officially investigated for their repeated failures to pass on the full extent of central bank rate cuts to consumers under a government-launched probe into home-loan gouging. Josh Frydenberg has directed the Australian Competition & Consumer Commission to investigate the pricing of residential


High treason the new black in Australian Parliament

The fundamental operational principle of Westminster democracy is that MPs take responsibility when things go wrong in their electorates or departments and resign. No more. Via Domain: Federal Liberal MP Gladys Liu is confident she no longer belongs to any “inappropriate” Chinese Communist Party-linked organisations after a “lengthy” probe of her association memberships. The first-term


Daily iron ore price update (Q2, 2020)

Texture from Reuters: “The combination of weak demand and relatively high supply is weighing on steel prices,” said Richard Lu, senior analyst at metals consultancy CRU in Beijing. Reports that China’s top steelmaking city of Tangshan has issued new anti-pollution restrictions on mill operations, effective from Oct. 10 up to Oct. 31, did not help


Minack special report: Blah or bust for Australia?

Exclusively from Gerard Minack: House prices bounce but Australia remains stagnant Australia’s housing correction is, for now, over.  A lift in prices points to rising housing turnover, which will help some retailers.  But none of this changes the stagnation in incomes and the sub-par growth outlook.  And none of this reduces the risk of a


Peter Dutton stands up to China at last

Via the ABC: One of the Morrison Government’s most senior figures has taken a direct swipe at Beijing, accusing the Chinese Communist Party of behaving in ways that are “inconsistent” with Australian values. The Home Affairs Minster also criticised China’s Belt and Road Initiative and defended a ban on using Huawei to help build Australia’s


Chinese bribes pave military path into Pacific

Via Nikkei: The Thursday edition of China’s state-run People’s Daily newspaper featured a photo of Solomon Islands Prime Minister Manasseh Sogavare and Chinese President Xi Jinping smiling and shaking hands splashed across its front page. The two leaders met in Beijing on Wednesday, weeks after the island nation cut diplomatic ties with Taiwan and switched


Recessionberg demands states slow growth

Oh yes, via the AFR: Treasurer Josh Frydenberg has rejected a renewed push by NSW to bring back federal incentives for state asset recycling, a privatisation scheme designed to help fund large infrastructure projects, saying the state’s budget is in better shape than the Commonwealth’s and needs no more handouts. Speaking ahead of today’s meeting


Rod Sims must resign over energy markets failure

You can’t make this stuff up. Via the AFR: Competition regulator Rod Sims has suggested big electricity companies are deliberately delaying investment in new fast-start gas power stations to defend their own profits, deepening the quarrel between government and the energy industry. In comments that were bluntly rejected by power producers but back the position


Is Labor being smart or stupid gutting policy?

Via the AFR comes ALP rising star Richard Marles: Acting Opposition Leader Richard Marles said Labor failed its base at the last election by offering “handouts over hope”, as he joined calls for the party to move its economic focus away from tax and spend and towards generating growth. Speaking to the John Curtin Research