Macro Afternoon: 6 March 2025
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Election 2025 is less about Liberal vs Labor, more about the top 20% vs the rest
By Stephen Saunders At times, Canberra is another world. From its Press Gallery comes this Financial Review bedtime-story of “best performer” Jim Chalmers with his “disdain for” inequality. The 28 February AFR gushes for the “smartest person” in the room and his enthralling (who among average Australians even cares?) insider skirmishes with the Reserve Bank.
Chicken Chalmers crows about economic wreckage
The most recidivist liar in the parliament is Treasurer Jim “chicken” Chalmers. Treasurer Jim Chalmers says the Australian economy has turned a corner after the strongest GDP growth figures since the pandemic, but economists say any recovery will be shallow as long as productivity remains stuck at 2016 levels and business investment stays tepid. The
Victorian government drowns in Suburban Rail Loop lies
Recent polling undertaken by SEC Newgate Australia suggested that Victorians do not see the $200 billion Suburban Rail Loop (SRL) as a high-priority project. The Orwellian Victorian Labor government has responded with propaganda, declaring the SRL “Australia’s largest housing project”: The gaslighting is unbelievable. The SRL is a rail project, and not a very good
MB Fund Podcast: We Have Been Selling Stocks
It has been a busy few weeks in geopolitics. Late last week, we changed our portfolio allocation to pull back on stocks in our tactical funds. There are a broad number of reasons that I will discuss in podcasts and the performance report (later this week). The headline is that there is growing execution risk
Chinese yawnulus turns economic valium
Credit Agricole lists the top ten priorities of the new yawnulus package. The ten major government work tasks for the year: Boost consumption and stimulate domestic demand by increasing household income and boosting consumption in the cultural, tourism & sports sectors. China will continue to support consumer goods trade-in programmes as well as investment in
Treasury pumps immigration. Ignores the consequences.
The Australian Treasury is arguably the nation’s most potent lobbyist for Big Australia immigration. Treasury supports mass immigration because it only has two key performance indicators (KPIs) that are narrowly focused and do not align with the broader interests of Australians: Treasury only cares about the health of the federal budget, while ignoring impacts on
Why is Australia “running out of workers”?
Simon Kuestenmacher, dubbed the “Stats Guy”, is a well-known immigration shill. For years, he has spread propaganda to support Big Australia. Last year, Kuestenmacher claimed that Australia’s skills shortages will worsen unless net overseas migration remains at an historically high level. Last month, Kuestenmacher claimed that “Australia is running out of workers and increasingly faces an
Steel output cut
The iron ore jaws remain wide. The news from the NPC is steel output cuts. The world’s largest steelmaker and consumer will “promote restructuring of the steel industry through output reduction”, according to an official report on Wednesday. “We will introduce policies and measures for resolving structural problems in key industries and end the phenomenon
Australian population growth reaccelerates
The latest net permanent and long-term arrivals data from the Australian Bureau of Statistics (ABS) showed that 446,504 net migrants arrived in 2024, slightly less than the record 449,813 that arrived in 2023. While net arrivals declined since March 2024 compared to 2023, each month in 2024 was higher than in the corresponding month in