This is a radio segment from ABC Illawarra where I discussed the branch closure issue, my recent research, and why the big banks are putting up a digital smokescreen story to cover deep cost cutting, despite the focus on regional branch closures which will strangle local communities.
We need to put pressure on our Politicians who at the moment are largely implicitly supporting the banks’ cost saving mantra.
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The latest edition of our finance and property news digest with a distinctively Australian flavour. In this week’s market update we look across the main markets to see what has been happening. Are the markets set for further falls as we approach year’s end?
CONTENTS 0:00 Start 0:15 Introduction 1:00 US Macro 4:20 US Markets 6:45 Oil 11:34 Gold 12:25 Europe And UK 14:45 Asia 16:42 China Macro 23:15 Australia 26:08 Crypto 29:15 Conclusion And Close
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Well clearly most central banks got the 50-basis point hike memo, as following the Fed yesterday, with the Bank of England, the ECB and The Swiss Central Bank all hikes their rates by 0.5%. Markets reacted with significant falls, as the higher for longer mantra is threatening future earning, while Treasury yields fell across the curve. This all does put the RBA out of line given its recent 25-basis point rises and suggests we in Australia are behind the ball – significantly. Hey, but then of course Australia is different – right?
U.S. stock indexes finished sharply lower on Thursday with the Dow Jones Industrial Average logging its biggest daily decline in over three months, as investors continued to digest tough talk from the Federal Reserve on inflation that revived concerns about a potential U.S. recession.
In the UK, Bank of England Governor Andrew Bailey said he saw “good news” in UK inflation figures that ticked down from a 41-year high, but there was a concern that consumer prices could leap again and that the central bank has more to do to prevent a wage-price spiral. Speaking after policy makers lifted their key rate a half point to 3.5%, the highest since 2014, Bailey said the risk is that inflation sticks around longer that the BOE is anticipating.
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People are leaving NSW for other states, driven by the failure of housing and planning policy and ultra-lose lending. The consequences are significant in terms of younger households exiting, while the burden of providing adequate support for older Australians is rising fast.
This mess will create massive problems in the years ahead.
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This is an edited version of a live discussion with Cameron who recently republished his book from 2017 Game of Mates: How favours bleed the nation as Rigged “How Networks Of Powerful Mates Rip Off Everyday Australians”.
This book will open your eyes to how Australia really works. It’s not good news, but you need to know it.’ – Ross Gittins
‘You’ll be shocked at how far the Mates have their hand in your pocket.’ – Nicholas Gruen
Australia has become one of the most unequal societies in the Western world, when just a generation ago it was one of the most equal. This is the story of how networks of Mates have come to dominate business and government, robbing ordinary Australians.
Every hour you work, thirty minutes of it goes to line the Mates’ pockets rather than your own. Mates in big corporations, industry groups, government departments, the halls of parliament and the media skew the system to suit each other. Corporations dodge taxes, so you pay more. You pay more for your house and higher interest rates on your mortgage, more for your medicines and transport, and more for your children’s education and insurance, because the Mates take a cut.
Rigged uncovers the pattern of political favours, grey gifts and information-sharing that has been allowed to build up over two decades. Drawing on extensive economic research, it exposes the Game of Mates as nothing less than cronyism on a grand scale across Australia and how we have fallen behind other countries in combating it.
We also discuss housing policy and economics in general.
Dr Cameron K. Murray is a Research Fellow in the Henry Halloran Trust at the University of Sydney and an economist specialising in property and urban development, environmental economics, rent-seeking and corruption. Professor Paul Frijters teaches at the London School of Economics and was previously Professor of Health Economics at the University of Queensland.
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Join me for a live discussion with Cameron who recently republished his book from 2017 Game of Mates: How favours bleed the nation as Rigged “How Networks Of Powerful Mates Rip Off Everyday Australians”.
You can ask a question live!
This book will open your eyes to how Australia really works. It’s not good news, but you need to know it.’ – Ross Gittins
‘You’ll be shocked at how far the Mates have their hand in your pocket.’ – Nicholas Gruen
Australia has become one of the most unequal societies in the Western world, when just a generation ago it was one of the most equal. This is the story of how networks of Mates have come to dominate business and government, robbing ordinary Australians.
Every hour you work, thirty minutes of it goes to line the Mates’ pockets rather than your own. Mates in big corporations, industry groups, government departments, the halls of parliament and the media skew the system to suit each other. Corporations dodge taxes, so you pay more. You pay more for your house and higher interest rates on your mortgage, more for your medicines and transport, and more for your children’s education and insurance, because the Mates take a cut.
Rigged uncovers the pattern of political favours, grey gifts and information-sharing that has been allowed to build up over two decades. Drawing on extensive economic research, it exposes the Game of Mates as nothing less than cronyism on a grand scale across Australia and how we have fallen behind other countries in combating it.
We also discuss housing policy and economics in general.
Dr Cameron K. Murray is a Research Fellow in the Henry Halloran Trust at the University of Sydney and an economist specialising in property and urban development, environmental economics, rent-seeking and corruption. Professor Paul Frijters teaches at the London School of Economics and was previously Professor of Health Economics at the University of Queensland.
Go to the Walk The World Universe at https://walktheworld.com.au/
The latest edition of our finance and property news digest with a distinctively Australian flavour. We look at the action on the markets, the $80 trillion-dollar black hole in the financial system, and why Oil is so weak. All ahead of the FED next week who are expected to push rates higher – as recession risks grow.
CONTENTS
0:00 Start 0:15 Introduction 1:35 Stronger PPI 5:10 US Markets 6:18 Oil and Contango 9:09 Gold 9:30 Europe And Credit Suisse 13:05 Asia 14:39 Australia 18:40 Short Sellers Exit 20:20 Crypto 21: 55 $80 Tr Black Hole 27:00 Summary And Close
Go to the Walk The World Universe at https://walktheworld.com.au/
My latest Friday afternoon chat with Journalist Tarric Brooker, as we walk through the key charts as we come to the end of 2022. So, what might 2023 look like?
Go to the Walk The World Universe at https://walktheworld.com.au/
An important call to arms with Robbie Barwick from the Australian Citizens Party, aimed at saving SIX bank branches which are ear-marked for closure in the next few days, leaving more communities in the lurch, without property banking services in the community.
In the next fortnight, the big banks which gorge themselves on massive profits from taxpayer support will shut down branches in 10 regional towns around Australia.
Six of those towns will lose their last bank, which will be a massive blow to the local economy and community. They are:
NSW • Bombala NAB: closing 8 December QLD • Dysart NAB: closing 15 December WA • Tom Price Westpac: closing 16 December • Wongan Hills Westpac: closing 16 December SA • Mannum BankSA (Westpac): closing 16 December • Yankalilla BankSA (Westpac): closing 9 December
Please call the Treasurer, and Members relevant to the state in which the branches are located and demand that the Government intervenes to stop this community damage from occurring.
