Via ABS: JULY KEY FIGURES July 2020 June 2020 to July 2020 $m % change Turnover at current prices Trend na na Seasonally Adjusted 30 705.3 3.2 na not available Monthly Turnover, Current Prices – Seasonally Adjusted Estimate JULY KEY POINTS CURRENT PRICES Due to the impacts of COVID-19 on retail trade the trend series has been
Virus today: Trend is frustrating: Bloody bogans: NSW OK: Body count: With one in charge of quarantine and the other aged care, how can Dan Andrews and Scott Morrison keep their jobs?
Cross-posted from FTAlphaville: From the June 2017 edition of The Economist: That central banks cannot endlessly reduce unemployment without sparking inflation is economic gospel. It follows from “a substantial body of theory, informed by considerable historical evidence”, according to Janet Yellen, chair of the Federal Reserve. Her conviction explains why, on June 14th, the Fed raised
Yesterday, The AFR reported the extraordinary rental slaughter taking place across Sydney and Melbourne: CoreLogic’s Tim Lawless reported similar yesterday, with apartment rents across Sydney and Melbourne crashing by 4.2% and 4.4% respectively in the five months to 31 August: This comes on the back of collapsing immigration and ballooning rental vacancies across both capitals:
AUD is taking some hits this morning: Bonds are calm: XJO gapped lower 2.5%. It will get more interesting technically if break into the 5800’s: Big Iron is hit: Big Gas more: Big Gold is up: Big Banks are still trending lower: But the real action is in the credit regulatory arbitrage sector with huge
The Australian Bureau of Statistics (ABS) this week released its dwelling approvals data for July, which revealed that apartment approvals have fallen 63% below their November 2017 peak: Today, I want to focus on the high-rise apartment segment, which has driven the apartment bust. The next chart shows the picture at the national level and
At The Australian: A cabinet-level taskforce will offer financial incentives including possible tax lures for foreign-based advanced manufacturers and high-value businesses of more than $250m to relocate to Australia as part of the budget’s economic recovery blueprint. The Australian can reveal that the Morrison government will target mining and technology, food and agri-tech, aquaculture, medtech,
The situation has gone from bad to diabolical for Australia’s new car dealerships, with the Federal Chamber of Automotive Industries (FCAI) reporting the 29th consecutive decline in new car sales in August: As shown above, new car sales have collapsed to around Global Financial Crisis levels, despite the Australian population being 4 million people larger
Nice work from Martin North: Very sensible.
By Chris Becker Stock markets had a “wibble” moment overnight with the NASDAQ dropping 5% as the major bubble, I mean tech stocks dragged everything back, but nowhere near to reality yet. This move was based entirely on sentiment with economic reports not coming in at any surprising levels, with the ISM non manufacturing print
Daily iron ore price update for Sep 3, 2020: New highs and my $130 target reached. But not for long given futures pricing overnight. Chinese empty apartments still strong (and they’re back at the movies): No change to my outlook. Seasonal weakness ahead. Higher into New Year. Top in April or June as Vale brings
At The Australian: Queensland and Western Australia have rejected Scott Morrison’s plan to reopen borders, vowing to keep their restrictions in place despite the most populous states, NSW and Victoria, being ready to adopt new rules on interstate travel. Amid fresh divisions over Queensland’s ban on NSW, the impasse has weakened the national cabinet’s ability
DXY was firm last night but hardly strong: The Australian dollar was hit but not very hard, either: Same for gold: And other commodities: Miners copped it, though: And EM stocks: Junk was fine. This is where I’d want see more damage to signal a bigger bust: Bonds rallied: Nasdaq went “pop”: So, is this
This week’s Australian national accounts data for the June quarter was obviously a shocker, with real GDP plunging by 7.3% over Q1 and Q2, marking the worst recession in data dating back to the 1960s: Every quarter, I like to dig a little deeper into the data to gauge the impact on the typical Australian.
In the week ended 3 September 2020, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell another 0.03%: It was the 17th consecutive weekly decline. The fall was again driven by Melbourne, whereas Perth recorded a strong rise: Quarterly dwelling values continue to fall fast, also led by
Global Macro / Markets / Investing: The pros are getting ready for a market crash — retail investors, not so much, top economist warns – Market Watch What is universal basic income? How the policy gained traction – Business Insider Psychological scars of downturns could depress growth for decades: Research presented at the Jackson Hole
Share markets continue to lift across Asia in response to the broad risk on moves overnight with the USD firming against the major currencies, plus Yuan despite a lower fix today by the PBOC. Gold is failing here, about to make a new intraweek low after its rout overnight, with momentum decidedly negative on the
The Grattan Institute has demolished the popular idea to make childcare tax deductible: A tax deduction will inevitably give more to high earners than to low and middle earners – the very opposite of the means-tested subsidy. So it’s no surprise that a switch from the subsidy to tax-deductibility would leave all but a handful
A bit silly in my book: Polling has lifted a bit: I wonder if the betting markets aren’t a little swayed by the broader stock market bubble in their own case of reverse Trump derangement syndrome. There’ll be some significant crossover in the punters. The virus is helping so there’s some support for the betting
CoreLogic has released its final auction clearance results for last weekend, which reported a final auction clearance rate of 59.8%, down slightly on last week’s 60.0%: Sydney’s final clearance rate softened to 64.2% (from 66.1% last week), whereas Melbourne’s bombed to 40.6% (down from 45.0% last week). As noted by CoreLogic: In Melbourne, 162 homes
As I noted yesterday, Gottiboff was way out on a limb defending the CCP. Readers at Murdoch gave him such a caning he has run for cover: …today I invite Wang to take time to read the 500 plus comments to understand why a great many Australians are simply not prepared to buckle and will
From the fake left Guardian today: Naomi is planning to fight a wage theft case against her former employer – thanks in part to a group of Chinese international students and travellers on working holiday visas who have begun to expose allegations of predatory behaviour by employers. In what is an open secret, bosses are
The Australian Bureau of Statistics (ABS) released trade data for the month of July, which registered a sharp fall in Australia’s trade surplus to $4,607 amid falling exports and rising imports: Key points as follows: The balance on goods and services surplus fell $3,542m to $4,607m in July 2020. Goods and services credits fell $1,604m
Via Cameron Kusher keeping it real at realestate.com.au: …mortgage holders who have lost their jobs should seriously consider the likelihood of them finding another job, or a job with an equivalent salary. If the likelihood of this occurring is low, they should strongly consider selling their properties sooner rather than later. 1. Competition Of course,
As the federal government opens Australia up to the return of international students and migrant workers, there are reportedly up to 100,000 Australian citizens and permanent residents stranded offshore and unable to return home due to limited (and expensive) flights and a weekly cap on returned travellers: Huge numbers of Australians are unable to come
Victoria’s COVID-19 infections have risen again, climbing to 113 from 90 yesterday. Another six deaths were also recorded. Unfortunately, infection rates appear to have plateaued: And the infection growth rate has ticked up; albeit remains below one (0.65): NSW recorded only 12 new cases of which 9 were locally acquired: NSW’s infection growth rate has
At the Herald Sun today: Melbourne’s stage four lockdown would be extended for a fortnight with limited tweaks but no clear timeline for many businesses to reopen, according to top-secret leaked documents outlining the government’s draft plans to ease restrictions. Versus just now, at the ABC: Victorian Premier Daniel Andrews says a proposal from the
The inquiry into Victoria’s bungled hotel quarantine program has been told that the state government had informed security firms in April that they were to allow returned travellers to go outside for fresh air. This had not initially been part of the arrangement. The inquiry was also told that a security guard who raised concerns about
Via AFR: Median house rents in Sydney’s Oakville could drop by 35 per cent by the end of the September, while units in Barangaroo are on track to slump by 27 per cent, a new report shows. Suburbtrends.com is also forecasting median house rents in Hyde Park in Adelaide to drop by 22 per cent
Melbourne’s rental vacancy rate ballooned by 20% in August, according to new data from Domain: New data from Domain has laid bare the impact of the stage four lockdown on the rental market, revealing the portion of available, empty rental properties is up by a whopping 140.7 per cent compared to the same time last
