Iron ore found support at $60.
The ASX 300 Metals & Mining Index has taken some encouragement from the rally, with support at 2850. But bear rallies are normally short in duration and reverse sharply. 103 more words
From Michael Pascoe:
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A Caterpillar and Komatsu cavalry is arriving just in time to save the next two federal budgets from the effects of slowing residential building approvals, solving one of Treasurer Scott Morrison’s fiscal dilemmas.
Iron ore broke support at 70. Follow-through below the rising trendline would warn that the up-trend is weakening.
Australian resources stocks, represented here by the ASX 300 Metals & Mining Index [$XMM], reflect strong selling pressure with a bearish divergence on Twiggs Money Flow. 8 more words
Extract from the latest Financial Stability Review by the RBA:
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….In Australia, vulnerabilities related to household debt and the housing market more generally have increased, though the nature of the risks differs across the country.
From Patrick Hatch:
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“Our existing tax base for the corporate income tax is in deep trouble,” Professor Garnaut told the Melbourne Economic Forum on Tuesday. “It’s subject to egregious avoidance or evasions, with two of the main instruments of avoidance being arbitrary use of interest on debt to reduce taxable income and, more importantly, arbitrary use of payment for import of services as deductions.