NSW: 7 new cases of #COVID19 have been diagnosed in NSW between 8pm on 22 July and 8pm on 23 July. For the latest list of COVID-19 locations, visit: https://t.co/6PUOQ40ESo pic.twitter.com/Ty1BxiEM83 — NSW Health (@NSWHealth) July 24, 2020 VIC is expected at around 300. The Chart: Neither state is out of the woods.
So says Crikey’s Bernard Keane without realising he is doing so: As Victoria is discovering, and the rest of us may yet discover, COVID-19 is perfectly habituated to a 21st century economy centred around services delivered by outsourced, precarious workforces. Daniel Andrews, whatever his faults, at least recognises the role of insecure work in driving
Via freedom fighter Drew Pavlou: AMBUSH: Treachery from the Chinese Consulate today. Refused to send lawyers, but stuck to the shadows sending unmarked covert agents to terrorize Hong Kongers present and stop them testifying. Unjustly submitted documents to court without serving us. NO RESPECT FOR THE LAW! — Drew Pavlou 柏乐志 (@DrewPavlou) July 24, 2020
First from Ian Verrender: Forecasting is never easy. You only need to look at the rosy forecasts dished up by Treasury over the past decade. The Reserve Bank hasn’t been any better. They’ve pretty much all been wrong. Wages growth has been set for an Apollo mission-style take-off every year in recent memory. Inflation, household
As you’d expect: The latest Commonwealth Bank Flash Composite PMI® signalled an improvement in growth momentum during July as the economic recovery from the coronavirus disease 2019 (COVID-19) downturn continued. Business activity increased at the fastest pace since April 2017, with the overall expansion driven by a sharp rise in services activity. Total new orders
Having some image problems today so no charts. Westpac has the wrap: Overnight Market Wrap Global market sentiment: Sentiment weakened amid growing US-China tensions and disappointing US jobless claims data. The S&P500 fell 1.2%, defensive currencies outperformed, and bond yields fell slightly. Currencies: The US dollar index is down 0.3% on the day, making a low
Via S&P: MELBOURNE (S&P Global Ratings) July 23, 2020–S&P Global Ratings today said the treasurer’s economic and fiscal update released this morning is consistent with the ‘AAA’ rating and negative outlook on Australia (see “Australia Outlook Revised To Negative As COVID-19 Outbreak Weakens Fiscal Outcomes; ‘AAA/A-1+’ Ratings Affirmed,” published April 8, 2020). The extension and refinement of the government’s
The gas cartelier can’t help itself: In short, STO offset international weakness with domestic gouging. Hoocoodanode! We should give it back a fixed-price domestic contract based around $5Gj for domestic reservation. It charged about $8Gj in Q2 even as the volumes it supplied both here and overseas cratered.
Via the ABC: The widespread shutdown of global supply chains caused by COVID-19 has been good news for Adelaide metal printing company AML3D. “We’ve seen quite a reasonable increase, probably two-fold from what we would normally get,” founder and managing director Andy Sales said. His company makes metal parts, such as propellers and compressors for
Via Westpac: end-Sep forecast is 0.70, though a soft USD should keep lending support near term AUD’s rally to above 0.71 coincides with the MSCI World index reaching highs since Feb, keeping the Aussie’s traditional positive correlation with risk appetite firmly intact. support is broader than equities however, with commodity prices accelerating in recent weeks,
Nineteen new cases today: 19 new cases of #COVID19 have been diagnosed in NSW between 8pm on 21 July and 8pm on 22 July. For the latest list of COVID-19 locations, visit: https://t.co/6PUOQ3J3tO pic.twitter.com/LatYpL5uBO — NSW Health (@NSWHealth) July 23, 2020 More: That is freakin’ everywhere. The chart versus VIC is not encouraging though it
Not much to report in the Budget update. Basically, because the deficits don’t matter anyway and the economic forecasts are worthless as the second wave wreaks havoc. Noteworthy is two consecutive years of falling growth. A depression in other words: Interestingly, Depressionberg has destroyed the ABS’s jobs numberwang: We prefer the Roy Morgan definition which
Via Paul Frijters at Club Troppo: The management of the University of Queensland, and in particular Peter Hoj and Peter Varghese, stand condemned today by the international media, by both Labor and Liberal politicians, by both left-wing and right-wing Australians, by its own students, and by the powerful pro-American lobby. That management unleashed a shit-storm on
Josh Recessionerg was always going to kill Australia’s record growth run. He is far too attached to his surplus and appears to have no idea how bad things are in Australian economic structure. We can’t blame him for the virus but we can blame him for driving the Australian economy to stall speed before it
Iron ore price for July 22, 2020: Some material from Clyde Russell: China imported 101.68 million tonnes of iron ore in June, a 33-month high, taking imports for the first half of 2020 to 546.91 million tonnes, up 9.6% over the same period in 2019. Japan imported 5.08 million tonnes of iron ore in June,
Horrible stuff at News: Australia’s leading doctor appeared to be on the verge of tears this morning as he described an impending disaster in Victoria. Tony Bartone, the president of the Australian Medical Association, said there has been an “astronomical explosion” in cases in the state’s care homes. “Our residents in aged care facilities are
Via Martin North: The latest results from our household surveys reveals that after a small recovery last month, confidence has deteriorated again. This is data to mid July, and includes the recent impact of renewed lock-downs in some areas. Indeed, significantly the Melbourne lock-down, and the broader concerns about COVID are responsible for the latest
Matthew Haupt is a lead portfolio manager at Wilson Asset Management at the AFR: Highly complex and unpredictable, a second wave effect is likely to lead to one of three outcomes: The virus takes hold and economic conditions deteriorate. Governments alternate between opening and closing economies. The virus is contained, driving a strong economic recovery.
Don’t hold your breath. At the AFR: Wholesale electricity prices traded at the lowest in five years as the coronavirus lockdown crimped energy demand, especially from businesses in NSW and Queensland. The latest quarterly report from the Australian Energy Market Operator confirmed the downward trend in prices over the past 18 months. Average spot wholesale
Via Westpac: • The six- month annualised growth rate in the Westpac– Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose from –5.29% in May to –4.44% in June. Despite another modest improvement this month, the Index growth rate remains in