{"id":11466,"date":"2015-08-26T08:04:32","date_gmt":"2015-08-26T13:04:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11466"},"modified":"2015-08-26T08:04:32","modified_gmt":"2015-08-26T13:04:32","slug":"first-the-miners-now-the-banks-then-property-going-to-be-a-hard-landing-for-australia","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11466","title":{"rendered":"First the Miners, now the Banks, then Property? Going to be a Hard Landing for\u2026 Australia"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2015\/08\/25\/first-the-miners-now-the-banks-then-property-going-to-be-a-hard-landing-for-australia\/\" target=\"_blank\">First the Miners, now the Banks, then Property? Going to be a Hard Landing for\u2026 Australia<\/a><\/h3>\n<p><strong>A housing market set for the mother of all corrections.<\/strong><\/p>\n<p>\u201cI think it\u2019s important that people don\u2019t hyperventilate about these type of things.\u201d With these words, Australian Prime Minister Tony Abbott\u00a0<a href=\"http:\/\/www.reuters.com\/article\/2015\/08\/25\/us-markets-hongkong-china-stocks-idUSKCN0QU04I20150825\" target=\"_blank\">tried to soothe<\/a>\u00a0the world\u2019s rattled nerves\u00a0today about the ongoing crash in China. Australia is heavily exposed to China, the biggest consumer of its commodity exports.<\/p>\n<p>\u201cIt is not unusual to see stock market corrections,\u201d he said about the relentlessly brutal\u00a0three-month crash that has taken the Shanghai Composite down 43% so far.<\/p>\n<p>\u201cIt is not unusual to see bubbles burst in particular markets and for there to be some flow-on effect in other stock markets, but the fundamentals are sound,\u201d he said, speaking of the Chinese fundamentals, and by extension, of the Australian fundamentals that depend so much on Chinese fundamentals.<\/p>\n<p>And he said this though factory activity in China\u00a0shrank at the fastest rate since the Financial Crisis,\u00a0other indicators are heading south, cars sales are suddenly plunging, and\u00a0the People\u2019s Bank of China started devaluating the yuan to mitigate the problem, thus further hurting Australian exports to China.<\/p>\n<p>So here\u2019s Lindsay David, founder of\u00a0<a href=\"http:\/\/www.lfeconomics.com\/\" target=\"_blank\">LF Economics<\/a>\u00a0in Australia, weighing in on the \u201csound\u201d fundamentals in Australia.<\/p>\n<p>&nbsp;<\/p>\n<div>&#8230;click on the above link to read the rest of the article&#8230;<\/div>\n","protected":false},"excerpt":{"rendered":"<p>First the Miners, now the Banks, then Property? Going to be a Hard Landing for\u2026 Australia A housing market set for the mother of all corrections. \u201cI think it\u2019s important that people don\u2019t hyperventilate about these type of things.\u201d With these words, Australian Prime Minister Tony Abbott\u00a0tried to soothe\u00a0the world\u2019s rattled nerves\u00a0today about the ongoing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[41,1806,130,8434,312,2340,2914,2615,6537,801,4254,4255],"class_list":["post-11466","post","type-post","status-publish","format-standard","hentry","category-economics","tag-australia","tag-bubble","tag-china","tag-correction","tag-financial-crisis","tag-housing-market","tag-pboc","tag-peoples-bank-of-china","tag-shanghai-composite","tag-tony-abbott","tag-wolf-richter","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11466"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11466\/revisions"}],"predecessor-version":[{"id":11467,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11466\/revisions\/11467"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}