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First the Miners, now the Banks, then Property? Going to be a Hard Landing for… Australia
First the Miners, now the Banks, then Property? Going to be a Hard Landing for… Australia A housing market set for the mother of all corrections. “I think it’s important that people don’t hyperventilate about these type of things.” With these words, Australian Prime Minister Tony Abbott tried to soothe the world’s rattled nerves today about the ongoing […]
This Veteran Climate Scientist Advised Three Australian Prime Ministers. What Would He Say To Tony Abbott?
This Veteran Climate Scientist Advised Three Australian Prime Ministers. What Would He Say To Tony Abbott? Scientist Dr Graeme Pearman knows more than most about the responsibilities and the perils that come with communicating climate change to the highest authorities. As one of Australia’s highest ranking government scientists, he was asked into the offices of three […]
The Crisis Is Spreading: China, Australia, Brazil, Canada, Sweden…
The Crisis Is Spreading: China, Australia, Brazil, Canada, Sweden… Earlier today, we posted an excerpt from IceCap Asset Management’s latest letter to investors focusing on the farce that is the Greek bailout #3, which can be summarized simply by the following table… … and Keith Dicker’s assessment which was that “for Greece, it’s mathematically impossible to repay […]
Emissions reduction target: Julie Bishop disputes Climate Change Authority’s figures
Emissions reduction target: Julie Bishop disputes Climate Change Authority’s figures Foreign Minister Julie Bishop has responded to the Climate Change Authority’s criticism of the Government’s emission reduction targets, saying its estimates are incorrect. On Tuesday, the Federal Government announced plans to cut emissions by 26-28 per cent by 2030 based on emissions from the year 2005. […]
This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions
This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions After the dramatic collapse in the SNB’s defense of the Swiss Franc peg to the Euro, there was a period of relative FX peace in which few if any central banks engaged in outright currency intervention (aside from the countless […]
This Coal Mine Valued At $630 Million In 2011 Just Sold For One Dollar
This Coal Mine Valued At $630 Million In 2011 Just Sold For One Dollar The following photos are from Australia’s Isaac Plains coking-coal mine. Why is Isaac Plains relevant? Well, in 2011 at the height of the Australian mining boom, Japanese conglomerate Sumitomo thought it has spotted a bargain, and a SMH reports, it approached […]
Futures Soar On Hope Central Planners Are Back In Control, China Rollercoaster Ends In The Red
Futures Soar On Hope Central Planners Are Back In Control, China Rollercoaster Ends In The Red For the first half an hour after China opened, things looked bleak: after opening down 5%, the Shanghai Composite staged a quick relief rally, then tumbled again. And then, just around 10pm Eastern, we saw acoordinated central bank intervention stepping […]
Aussie Dollar Tests Long-Term Trendline As China Contagion Spreads
Aussie Dollar Tests Long-Term Trendline As China Contagion Spreads Last week, we asked “Is Australia the next Greece?” It appears, judging bu the collapse in the Aussie Dollar, that some – if not all – are starting to believe it’s possible after last night’s 15-month low in China Manufacturing PMI. As UBS previously noted, China’s real GDP growth cycles have […]
Clean Energy Finance Corporation: Tony Abbott defends decision to axe wind, solar from renewables spending
Clean Energy Finance Corporation: Tony Abbott defends decision to axe wind, solar from renewables spending Prime Minister Tony Abbott says it is “no secret” he wants the $10 billion Clean Energy Finance Corporation (CEFC) abolished, but while it is still in place it should be as useful as possible. The Opposition and the Greens have […]
Australia’s Housing Bubble—–The Mania Down Under
Australia’s Housing Bubble—–The Mania Down Under Australians are being “irrationally exuberant” and borrowing too much to invest in housing, exposing the economy to financial shocks, global bond fund giant PIMCO says. In a detailed statistical study that compares Australian borrowers to those in other countries, PIMCO researchers found that Australians’ decision to borrow is driven […]
COWARDLY FIRING OF AUSTRALIAN STATE-FUNDED TV JOURNALIST HIGHLIGHTS THE WEST’S REAL RELIGION
COWARDLY FIRING OF AUSTRALIAN STATE-FUNDED TV JOURNALIST HIGHLIGHTS THE WEST’S REAL RELIGION A TV sports commentator in Australia, Scott McIntyre, was summarily fired on Sunday by his public broadcasting employer, Special Broadcasting Services (SBS), due to a series of tweets he posted about the violence committed historically by the Australian military. McIntyre published his tweets on “Anzac […]
Australia’s Bad Bet on China
Australia’s Bad Bet on China Wolf here: After any bubble, it’s always: “Nobody predicted the crash….” Central bankers don’t see bubbles. They’re not allowed to. At least officially, they don’t see them. And thus they can’t see the implosions coming. They can’t officially see these things because they help create them with their monetary policies. Industry insiders and their financiers don’t […]
Australia Runs out of Luck, Now Needs a Miracle
Australia Runs out of Luck, Now Needs a Miracle Australia, you have officially run out of luck. While leveraged property investors in Sydney and Melbourne are desperately hunting for a senseless “net-yield” that makes the yield on a German 2-year bund look rewarding, the Australian mining sector is screaming towards what may be one of […]
No Major Country Is More Exposed to Banks than Australia
No Major Country Is More Exposed to Banks than Australia There are six large (with a market cap of over AUD50 billion) listed companies in Australia. The biggest four are banks, the fifth is BHP, one of the world’s largest mining companies. The sixth is the world’s most over-priced Telco, Telstra. The table below puts […]
Australia To Start Taxing Bank Deposits
Australia To Start Taxing Bank Deposits Up until now, the world’s descent into the NIRPy twilight of fiat currency was a function of failing monetary policy around the globe as central bank after desperate central bank implemented negative and even more negative (in the case of Denmark some four times rapid succession) rates, hoping to […]
