Australian housing affordability has never been worse. The percentage of income required to meet repayments on the median-sized mortgage hit a record high of 50.6% at the end of 2024. Rental affordability also reached a new low, making it difficult for first-time buyers to save a deposit. Prior to last week’s 0.25% interest rate cut
Westpac’s credit card tracker for the two weeks prior to the rate cut. The Westpac-DataX Card Tracker Index* barely budged over the past fortnight, with the latest print coming in at 136.6, up a mere 0.1pts. After a rollercoaster few months, spending patterns appear to be normalising somewhat. So far, February’s reads have been on
Another day, another energy superidiot. Opposition Leader Peter Dutton has insisted he is not a “zealot” for nuclear, but wants to ensure Australia can deliver “affordable energy” as he touted the Coalition’s plans during an address at The Advertiser’s Future SA. Speaking at the event on Friday, Mr Dutton highlighted the “core” issue of energy
As we know, the RBA is paid to lie about the immigration-led, labour market expansion economic model because if it didn’t, the model would collapse at the ballot box. It is always amusing, in the usual dark way, to watch as one of the world’s most corrupt central banks dances around the truth. I noted
A year ago, former Treasury Secretary Dr Ken Henry, who produced a 1,000-page review of Australia’s tax system in 2010, advocated for fundamental tax reform, claiming that the existing system is an “intergenerational tragedy”. Henry asserted that Australia’s tax structure has deteriorated compared to 15 years ago, with young people bearing the brunt of higher
I do love a Michale Hartnett sweeping generalisation but this one got my goat. The Price is Right: China house prices on rise, up in 24 of 70 big cities in Jan (Chart 5); if China retail sales accelerate>6%YoY =global investors go long China (not just BATX 2 stocks). Here is the latest Chinese housing
Via Judo Bank. Flash Australia PMI Composite Output Index(1): 51.2 (Jan: 51.1). 6-month high. Flash Australia Services PMI Business Activity Index(2): 51.4 (Jan: 51.2). 6-month high. Flash Australia Manufacturing Output Index(3): 50.1 (Jan: 50.5). 2-month low. Flash Australia Manufacturing PMI(4): 50.6 (Jan: 50.2). 27-month high. Business activity in Australia’s private sector expanded at a faster
On the surface, Australia’s job market looks incredibly strong. According to the latest labour market survey from the Australian Bureau of Statistics (ABS), the economy recorded 3.5% annual job growth in January. Australia’s official unemployment rate (4.1%) is also amongst the lowest in the advanced world, alongside the United States. The latest Statement of Monetary
The ferrous complex is still in the throws of LNY distortions and Q1 supply disruptions, supporting prices. But underlying conditions remain weak. Demand is down again this year when adjusted for LNY. So is steel production. I expect the entire ferrous complex to weaken again in Q2.
Wall Street had a major setback on Friday night led by tech stocks like Meta as Comrade Krasnov took another wild swing on tariffs against Europe as Germany gears up for its general election on Sunday. The USD came back against most of the undollars except Yen as inflation expectations came in much higher on