Victoria’s budget finances are in disarray, with the state carrying the nation’s highest debt and lowest credit rating. According to the latest state budget, Victoria’s net debt will rise to $194 billion by 2028-29, from $155.5 billion currently. Victorian net debt per capita is the highest in the nation. In 2023-24, Victoria’s per capita net
Peter Hartcher is freaking out. SMH. Trump gave himself the scope to deploy the militia and/or the military “where protests against these [federal] functions are occurring or are likely to occur”. Likely to occur? He once claimed to be a very stable genius, but now, apparently, he is also clairvoyant. In addition, says his order,
The machines are running out of volatility to bid. The Market Ear. Biggest volatility crash in history* “The 63% decline in the VIX over the last 9 weeks is the biggest volatility crash in history.” (Bilello) The spring 2020 post-COVID crash was the largest one prior to this (at 58%).*note that we are talking about a
Chinese deflation marches on. In May 2025 , the national consumer price index fell by 0.1% year-on-year . Among them, urban prices remained unchanged, and rural prices fell by 0.4 % ; food prices fell by 0.4%, and non-food prices remained unchanged; consumer goods prices fell by 0.5% , and service prices rose by 0.5% . — On average in May , the national consumer price index fell by 0.1% compared with the
The ferrous complex is nothing flash, that’s for sure. But tariffs are yet to show much in its steel exports. These are absorbing an extra 100mt of iron ore from the COVID lows. Iron ore imports are lacklustre but not collapsing. I expect more downside ahead as construction continues to shrink, but unless Beijing acts
The Australia-United States Free Trade Agreement (AUSFTA), which came into force in 2005, was a terrible deal for Australia that benefited the US at our expense. The Crawford School of Public Policy at the Australian National University (ANU) investigated AUSFTA and found that, a decade after its signing, the deal had diverted more trade than
Melbourne’s population was about 3.5 million people at the turn of the century. It took 165 years for Melbourne to grow to this size in the year 2000. Fast forward to 2025, and Melbourne’s population is nearing 5.5 million. That’s almost a 2 million population increase in less than a quarter of a century. Liveability
Falling living standards is what he promised, and he’s not going to spend his political capital on anything else! AFR. Anthony Albanese is hosing down expectations his government is about to embark on a bold new agenda just because it has a commanding majority, saying it must first deliver on what it has already promised
Last week’s Q1 national accounts release from the Australian Bureau of Statistics (ABS) showed that real per capita GDP fell by 0.2%. This represented the ninth decline in per capita GDP in eleven quarters. The following chart plots the current decline in real per capita GDP against prior episodes dating back to the beginning of
DXY can’t get off its knees. It’s not an AUD rocket so much as a tractor slogging it uphill. The big short is excellent support. Lead boots OK too. Machines are into oil. Metals no bueno. Fugly miners. EM thinks it can. Junk funk. Yields sticky. Stocks only go up. Nothing much has changed. The