Shock horror: the mega rich are happier

Water is wet. Snow is white. The sun is hot. And the wealthiest 1% are more satisfied with their lives than the poor, according to a new survey from NPR, the Robert Wood Johnson Foundation, and the Harvard T.H. Chan School of Public Health: Adults in the top 1 per cent of US household income


Weekend Links, 4-5 January, 2020

Golden Summer, Clarendon, John Olsen, 1983, Art Gallery of NSW   Macro & Markets These 6 charts compare the US and China economies in the second year of their trade war – CNBC Vietnam and Asia neighbors hungry for cheap coal – Nikkei Economic ‘Doom Loops’ Get Harder to Avoid in 2020s – Bloomberg Killing


Links 2 January, 2020

The Flood in the Darling 1890, W.C. Piguenit, 1895, Art Gallery of NSW   Macro, Markets & Investing The Decade in Which Everything Was Great But Felt Terrible – The Atlantic US, China and Germany profit most from global free trade, says WTO – DW From opioid deaths to student debt: A view of the


New Years Day Links, 1 January 2020

Fire haze at Gerringong, Lloyd Rees, 1980, Art Gallery of NSW   Macro, Markets & Investing It’s more than a decade since the financial crisis. Where’s the recovery? – Guardian White House expecting agreement with China ‘within next week or so’ – Guardian The Decade of Debt: big deals, bigger risk – Reuters What’s wrong


Macrobusiness Links, 27 December, 2019

Summer in the You Beaut Country, John Olsen, 1962, National Gallery of Victoria   Macro & Markets China says it is in close touch with U.S. on trade deal signing ceremony – Reuters China treads warily on US trade deal text to keep other partners on side – SCMP Trump Won’t Be Able to Let


Weekend Links: December 21-22, 2019

Drought Skeleton, 1953, Sidney Nolan, Art Gallery of NSW   Asia & China Mysterious Bags of Cash Trigger Major Hong Kong Protest Arrests – Bloomberg Did Xi surrender to Trump? China struggles to silence chatter – Nikkei Asian Review China’s hidden debt risks economic ‘chain reaction’ – Nikkei Asian Review China’s tech companies have had


The end of negative interest rates

Via FTAlphaville: Negative rates are the Manchester United of monetary policy. They annoy a lot of people and their glory days as a major force are behind them. Banks, which’ve struggled to pass the costs they bear on them on to their customers, have always disliked them. Now the tide of opinion is turning within


Lunatic RBA minutes open way for February rate cut

As expected: Financial Markets Members noted that interest rates were very low around the world, with a number of central banks having eased monetary policy over recent months in response to downside risks to the global economy and subdued inflation. Market expectations for further policy easing by central banks had been scaled back over previous


Weekend Links: 30 November – 1 December 2019

The arrival of implacable gifts, 1985, James Gleeson, Art Gallery of NSW     China – Asia ‘China spy’ spills secrets that rattle Taiwan and Hong Kong – Nikkei Asian Review China Financial Warning Signs Are Flashing Almost Everywhere – Bloomberg Sri Lanka’s new government wants to undo Hambantota port lease to Chinese venture –


Is Pauline Hanson or the world’s greatest tyranny the worry?

Kevin Rudd appears to think it’s the former: As we flagged earlier, Kevin Rudd returned to parliament today to launch Peter Hartcher’s Quarterly Essay on China’s attempts to build influence in Australia. Mr Rudd said Australia must “maintain domestic vigilance against any substantive, rather than imagined, internal threats to our democracy, our political institutions and our critical


Irrelevant UN warns ACT on marijuana legalisation

The ACT government passed laws in September that legalise the use, possession and growing of small amounts of cannabis. The federal government has indicated that it may use its powers to have the ACT’s legislation struck out, with the new laws being at odds with Commonwealth legislation, while the United Nations’ (UN) International Narcotics Control


Political stoush brews over ACT’s marijuana legalisation

Last month, the ACT Legislative Assembly passed laws legalising the recreational use of marijuana, which will allow residents aged over 18 to possess up to 50 grams and grow two plants from next year. This has garnered a strong backlash from the federal government, which labelled the legislation “dangerous” and has threatened to block the


A night at the charts – 14 October 2019

a little something for the evening banter…..   Australia major projects pipeline   Interbank Market Stress Australia – who likes to drive further   Tax Havens and revenues foregone     Household liabilities and GDP     US Overnight Repo rate     External debt to China   Hong Kong migration destinations     China


Links 14 October 2019

Global Macro / Markets / Investing: World’s Biggest Pork Producer Warns of Bacon Shortage – Bloomberg QE on the QT? Fed says no, economists say maybe so – Reuters Here’s how the Fed’s balance sheet expansion that’s got the market excited is going to work – CNBC Oil jumped back above $60 a barrel after


Morrison Government told to lay-off ACT’s pot laws

After the ACT Legislative Assembly last week passed laws legalising the recreational use of marijuana from 31 January, Home Affairs Minister Peter Dutton labelled the legislation “dangerous” and threatened to block the laws, as did Federal Attorney-General Christian Porter. However, constitutional law expert George Williams says that while the Coalition has special powers to override


Daft Dutton threatens to block ACT’s “dangerous” marijuana legalisation

On Wednesday, the ACT Legislative Assembly passed laws legalising the recreational use of marijuana, which will allow residents aged over 18 to possess up to 50 grams and grow two plants from next year. However, this has garnered a strong rebuke from Home Affairs Minister, Peter Dutton, who has labelled the legislation “dangerous” and has


Macro Afternoon

A generally positive day across Asian risk markets with a good response to the latest Federal Reserve cut, as the USD continued its gains against most of the majors. The Australian dollar tanked on the rise in unemployment which buoyed the local stock market, and this afternoon the BOJ held to its course, sending Yen


Macro Morning

By Chris Becker  Markets are being pushed around by central bank speculation and a calming of the nerves surrounding the Saudi oil supply crunch with a surprise build in oil inventory cutting the recent gap higher in half for both WTI and Brent crude prices. The USD fell back against the majors with the Euro


More Australians have Netflix than a home telephone

From Roy Morgan Research: The changing way Australians consume their media is starkly illustrated when looking at long-term trends for the technologies Australians use. Over the course of the last year the proportion of Australians with access to subscription/pay TV services at home has increased to 66.5%, up 4.9% points from a year ago (61.6%


Migration Council chief slams criminalsing wage theft

Good news from Domain: Prime Minister Scott Morrison has put employers on notice that those who exploit workers may soon face criminal penalties, after a company whose directors include celebrity chef George Calombaris was fined for underpaying staff $7.8 million. “Right now, the Attorney-General is drafting laws to deal with criminalising worker exploitation,” Mr Morrison


MB Fund Podcast – Ethical Investment Essentials LIVE TODAY

This week’s LIVE webinar (12:30pm AEST, Thursday 4th July) – we explain all things ethical investment. An update on some big changes in company portfolios (such as Woolworths) Defining ethics in investment What does investing ethically mean to a portfolio’s performance? What are the options ? What are the pitfalls? How we help investors invest according


Chinese PMIs still weak

From China’s NBS over the weekend: The manufacturing purchasing managers’ index was unchanged from the previous month.  In June , the manufacturing PMI was 49.4% , and the manufacturing boom was the same as last month. The main features of this month: First, the overall expansion of production, industrial transformation and upgrading continue to advance. The production index was 51.3% , although it fell 0.4 percentage


Auction clearance recovery continues

Via CoreLogic: Over 60 per cent of capital city homes sell at auction for the 3rd consecutive week There were 1,292 capital city homes taken to auction over the final week of June, returning a preliminary auction clearance rate above 60 per cent for the third consecutive week (66.5 per cent). Last week, a higher


Weekend Links: 29-30 June 2019

Victor Rubin, Ward 369: An indicative cage, 1987, Art Gallery of NSW   Global Macro Western liberalism is obsolete, warns Putin, ahead of May meeting – Guardian G20: Europe tells US and China their trade war is harming global economy – SCMP G20 Osaka: as China, India and Russia draw close, has Trump overplayed his