Western Sydney has traditionally been the dumping ground for newly arrived migrants. The Western Sydney ghetto is designed to provide cheap migrant labour to the Eastern suburb elites who enjoy rentier profits from over-priced shoe box apartments and postage stamp housing lots, inflated land banks, as well as mortgages and retail by volume. It is

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This site has regularly lamented the politicisation and loss of independence of Australia’s public service. I witnessed this phenomenon first hand in the early to mid 2000s while working at the Australian Treasury and Victorian Treasury, whereby governments of either persuasion were too willing to outsource policy development to consultants or erroneously named think tanks.

The post Ombudsman: Dictator Dan trashed Victoria’s public service appeared first on MacroBusiness.

Things are moving fast. Just a few weeks after the primary prototype for Small Nuclear Reactors all but collapsed, COP28 has breathed new life into the segment. Bill Gates’ advanced nuclear reactor company TerraPower LLC and the United Arab Emirates’ state owned nuclear company ENEC said on Monday they have agreed to study the potential

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Get ready to dive into the future of investing with us this week! Join us in this week’s podcast as Nucleus Wealth’s Chief Investment Officer Damien Klassen and Head of Advice Samuel Kerr explore the most exciting investment themes set to redefine the next few years. We’re talking about groundbreaking trends that every savvy investor

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Update on Simandou from RIO. Simandou is the world’s largest untapped high-grade iron ore deposit. The Simfer joint venture’s2 mine concession held an estimated Total Mineral Resource as at 31 December 2022 of 2.8 billion tonnes, of which Rio Tinto is today reporting the conversion of an estimated 1.5 billion tonnes to Ore Reserves that support

The post RIO Tinto to sell Coke for Allies, Fanta for Nazis appeared first on MacroBusiness.

The Federal Chamber of Automotive Industries (FCAI) has released new car sales data for November, which reported that 112,141 cars were sold over the month, up 17.9% from November 2022: The next chart shows the strong growth in both SUV and commercial vehicle sales, which have come at the expense of passenger vehicles: The boom

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Westpac with some unusually frank observations about Albo’s immigration-led economy. The Australian economy almost came to a standstill in the September quarter, with output up a very weak 0.2%. That was materially weaker than expected, Westpac 0.5% and market median 0.5%, range (0.1% to 1.0%). Annual growth printed 2.1%, or -0.3% in per capita terms.

The post Westpac: “bleak” economy at “stand still”, “very weak”, “diminished” appeared first on MacroBusiness.

The September quarter National Accounts, released on Wednesday by the Australian Bureau of Statistics (ABS), revealed that the share of income paid towards income taxes has soared to near record highs. The below chart from Alex Joiner, chief economist at IFM Investors, shows that income taxes consumed 17.2% of household gross income in the September

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Oil is leading the way lower. Brent getting absolutely hosed: Money managers were already conservatively positioned before the current dump. There is a deeper re-evaluation of oil prospects going on here: OPEC is struggling to cut any more production while US shale productivity keeps trending higher, meaning less rigs but more oil: Shale breakevens are

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Earlier this year, Finder released a survey which revealed that at least one in every eight respondents admitted they had lied on their home loan application forms. If the findings of the survey applied to the entire population, it would indicate that an estimated 430,000 mortgage holders fabricated data concerning their home loan applications. Roughly

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Wednesday’s national accounts release from the Australian Bureau of Statistics (ABS) estimated that Australia’s population grew by 0.5% and 0.7% over the June and September quarters respectively. If you input these growth figures into the ABS’ latest official population growth figures for the March quarter, it provides an estimate of the nation’s population increase to

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They can’t both be right. Or can they? The Market Ear on overheated stocks and ice-cold oil. Don’t fear shitty breadth You should fear “exuberant” breadth. The percentage of SPX stocks trading above their 50-day moving average has exploded to the upside. Tradingview Magnificent selling Mag 7 have been net sold in 15/17 past sessions,

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DXY is still firming in counter-trend: AUD is the mirror image: CNY will hold back AUD upside: Oil is in free fall. If it breaks support then $60 comes into view as the global economy lands: Dirt is failing: Miners did better: EM is truly, madly dead: Junk is poised for recovery but what sort

The post Australian dollar’s commodity crash appeared first on MacroBusiness.

Bond markets again dominated proceedings overnight across the risk complex with all eyes on US Treasuries as Wall Street can’t make its mind up on direction with continued wobbles going into the end of year session. The USD was unchanged against the majors with the Australian dollar holding somewhat steady at the mid 65 level

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Wednesday’s national accounts release from the Australian Bureau of Statistics (ABS) was an unmitigated disaster for Australians and proved that material living standards have collapsed under the Albanese government. Australia’s real GDP in per capita terms fell for a third consecutive quarter, entrenching the “per capita recession”: Over the year to September, real GDP per

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Asian share markets are doing much better despite the wobbly session on Wall Street overnight with Chinese stocks rebounding following yesterday’s Moody’s cut, while locally the latest GDP figures are giving the Aussie dollar a boost despite a per capita recession. Oil prices are looking to fall further tonight with Brent crude about to break

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On Tuesday, I was interviewed by Sharri Markson from Sky News regarding the Reserve Bank of Australia’s (RBA) decision to keep interest rates on hold at Tuesday’s meeting. In the interview, I explained why I believed that the official cash rate (OCR) has likely peaked, but that inflation would remain “higher for longer” due to

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Roy Morgan has released its business confidence survey for November, with confidence falling to its lowest level since the depths of the pandemic in 2020: Business Confidence was 85.8 in November, down 4.6pts since October. The fall in Business Confidence followed the 0.25% increase in the official cash rate (OCR) by the RBA, which sent

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The engineering profession exemplifies the flaws in Australia’s so-called “skilled” visa system. Skilled migrants constitute approximately 60% of Australia’s engineering workforce, with slightly more than half of the engineers who obtained their degrees from Australian institutions being foreign-born. However, Engineers Australia (EA), which earns large sums “vetting” the degrees of migrants, continues to complain of

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Once upon a time, the Australian Industry Group (AIG) had three PMIs (manufacturing, services and construction) that were far from perfect but still useful. Moreover, all three were widely quoted in the press, so they were certainly good for AIG. Then, one day, somebody decided to recreate the indexes as the Australian Industry Index, which

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