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ABS 6345.0 - Wage Price Index, Australia, March 2014. Wages rise 2.6% over the year.
Topic Started: 13 Aug 2014, 12:02 PM (1,670 Views)
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Evil Mouzealot Specufestor

Ned Flanders
13 Aug 2014, 11:15 PM
Go on.
Go on where?

Quote:
 
What abuse?
All of it.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Ned Flanders
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Shadow
13 Aug 2014, 11:26 PM
Go on where?
To the end of your train of thought.
Quote:
 
All of it.

Even Mabo?
------------------------------
" ... which is that all-too-familiar dynamic in Irish life where people tell lies, cover them up and create all sorts of collateral damage, sometimes spread out over decades, and never take responsibility."
- Alan Glynn
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Shadow
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Evil Mouzealot Specufestor

Ned Flanders
13 Aug 2014, 11:33 PM
To the end of your train of thought.
That was the extent of it (on that particular topic).

Quote:
 
Even Mabo?
You're welcome to include Mabo in your answer, if you wish.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Lef-tee
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It was noteworthy that the slowdown was very pronounced in Western Australia, as I would have expected.
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John Frum
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josh
13 Aug 2014, 08:11 PM
I'm sorry to break this to you but banks don't make huge profits by paying everyone heaps. you are over estimating your worth.
I'm sorry to break this to you mr anonymous coward, but if your work for the bank involves helping them to reduce costs by allowing them to close branches and call centeres you do get paid handsomely.

Feel free to grow a pair and get an account here so we can discuss this further.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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Jim
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We need to recognise the intertwined nature of the FIRE sector in Australia. As we saw the only areas of employment have been in the FIRE sector. So when the sector unwinds so will employment in one horribly correlated mess. Not to mention it will happen at the same time the mining sector goes off the deep end and probably China rotates through its next round of planned adjustment where its requirement for commodities falls down even lower. And around the same time our manufacturing sector is well and truly dead with the car manufacturers calling it a day.

Yes the currency may fall to improve out export competitiveness but the problem is (a) we killed any export sector apart from mining years ago so have nothing to send apart from tourism and education (b) inflation will rocket because of the import component of finished goods as evidenced by the yawning trade gap.

If retail is in the dumps now with credit cheap and easy and house prices high, how do you think it will perform in recession? How do you think your bank manager will react when you look to up your credit card because you’ve lost your job?

This is reality folks, go look at Greece, Ireland, Spain etc etc. All killed by poor lending standards and bad bank regulation. Australia is no different. Of course the CBA is out banging the drum on housing bubbles – it actually encourages me when they get the cheer squad out as it shows they are clearly worried enough about it to spend money on it. I’m sure Narev is actually aware there is a bubble and is quite concerned of it – Chronican from ANZ actually admitted it a month or so back. But what do you expect CBA to do – stop lending, let shareholders down, allow the other banks to suck up the market.

This will carry on as long as the market will allow it, then it simply won’t. Then every excess that has been caused over the past 10 years will be given back, and it will overshoot terribly for a few years before adjusting back to long term reality.
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Ollie
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The immediate outlook for household income growth is not looking good. The release of the ABS export and import prices for the June quarter revealed that export prices fell by 7.9% in June quarter and by 1.9% over the year. By contrast, import prices fell by a more moderate 3.0% over the June quarter but rose by 5.7% over the year. Taken together, this implied a whopping 5% fall in the terms-of-trade when the national accounts are released for June.

Nor is the longer-term outlook looking good. Between March 2003 and December 2011, real per capita national disposable income (NDI) grew by a whopping 26%, almost double that of real per capita GDP, which increased by 14%.

The simple truth is that these two lines need to, and will, reconnect. The process began after the terms-of-trade peaked in 2011 and has been declining ever since. But it has a long way to run, which is why income growth will remain so restrained over the remainder of this decade.

The Australian Treasury seems to agree with this view, last year forecast that average per capita income growth would halve over the next decade to the lowest rate of growth experienced in 50 years, weighed down by the falling terms-of-trade.
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