From Justin Smirk at Westpac:
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The headline CPI surprised in Q1 falling 0.2% compared to Westpac’s forecast for +0.4%….. The annual rate is now just 1.3%yr compared to 1.7%yr in Q4.
From Frik Els:
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According to Platts Mineral Value Service, a Munich-based iron ore and steel research company, domestic iron ore’s contribution to the Chinese steel market has declined from 36% of market share in 2010 to around 22% in 2015.
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“Australia continues to swim strongly against the global tide, shrugging off China’s slowdown, rotten commodity prices and a fast fading resource construction boom to chalk up good growth,” said Deloitte Access Economics partner Chris Richardson…..
From Leith van Onselen at Macrobusiness:
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…..the banks’ reliance on offshore funding hit an unprecedented 54% of GDP in the December quarter:
As always, the key risk is that the banks’ ability to continue borrowing from offshore rests with foreigners’ willingness to continue extending them credit.