Independent economist Tony Alexander has published a detailed report on New Zealand’s economy and labour market, which is based in part on his latest business survey. Barely any jobs are being created at the same time as New Zealand’s population is growing strongly via immigration. And gauges of labour market plans and concerns show a The post Reserve Bank must cut rates to prevent mass unemployment appeared first on MacroBusiness ..read more

Data from property group Domain shows that the median house price in Brisbane has risen by 4% in the last three months to a record high of $976,464. Domain expects Brisbane’s median house price to reach $1 million within three months. The firm had forecast in April that the $1 million median price milestone would The post Brisbane housing joins $1 million club appeared first on MacroBusiness ..read more

Last month, Michael Fotheringham, a major immigration propagandist and managing director of the Australian Housing and Research Institute, touted group housing as a solution to Australia’s housing crisis. “We are consuming more houses for the number of people we have… The number of people per household is decreasing. Australia is increasingly becoming a nation of The post Growing demand for share houses pushes up rents appeared first on MacroBusiness ..read more

I have criticised Bloomberg commodities analysis before. But today’s effort goes from bad to disastrous. Stock-market routs like Wednesday’s highlight the importance of portfolio diversification. While not suitable for all investors, commodities are looking increasingly cheap and uncorrelated to the equity market. Unlike stocks — which experience their worst drawdowns in a recession — commodities rally The post Perhaps the worst commodity analysis ever written appeared first on MacroBusiness ..read more

Brainrot is the addiction to trivia from too much screen time. Meet your brainrotted PM: Jess Fox and Eddie Ockenden are veteran Olympians and incredible athletes, and they’ll do Australia proud as @AUSOlympicTeam flag bearers. Well done @jessfoxcanoe and @eddieockenden ?? pic.twitter.com/of04ctEV9V — Anthony Albanese (@AlboMP) July 24, 2024 So, while Aussies are being raped The post Albo has brainrot appeared first on MacroBusiness ..read more

The Australian Bureau of Statistics (ABS) reported that Melbourne’s population increased by 1.7 million people (49%) between 2001 and 2023, primarily due to net overseas migration. The Victorian government predicts that Melbourne’s population will reach 9.0 million by 2056. If this objection came true, Melbourne’s population would have increased by 5.5 million in just 55 The post Government housing targets will obliterate green space appeared first on MacroBusiness ..read more

Earlier this year, the Australian Population Research Institute (Tapri) released a comprehensive poll demonstrating that Australian voters strongly oppose excessive immigration and a Big Australia. Tapri’s December 2023 national survey of 3000 voters (released in April 2024) reveals a sizable and expanding voting base concerned about immigration levels. 74% of respondents desired lower net overseas The post Australia’s immigration backlash strengthens appeared first on MacroBusiness ..read more

The US is powering along despite a similar wind drought to the recent Australian experience. Why? Gas. U.S. natural gas-fired power generation jumped this week amid the lowest wind power output in 33 months seen on Monday while demand for cooling is rising in the summer. The US coal-to-gas switching strategy, which has converted rather The post AI burns energy superidiot appeared first on MacroBusiness ..read more

Melbourne is becoming an economic wasteland. According to data from the Australian Bureau of Statistics (ABS), Victoria experienced a net reduction of 7,606 businesses during the financial year 2022-23. The rising cost of doing business in Victoria drove numerous companies to migrate interstate or internationally, with increased state taxes being one of the primary factors The post Melbourne is an economic wasteland appeared first on MacroBusiness ..read more

Goldman wraps yesterday’s rate cut. The PBOC cut the 1-year MLF rate by 20bp with RMB 200bn liquidity injections this morning (July 25th). In our view, this move is a dovish surprise due to the unusual timing of the MLF loan extension (typically on the 15th of each month) and a larger-than-expected rate cut (vs. The post China’s bond unbubble appeared first on MacroBusiness ..read more