One of these headlines is misleading

Business liquidation data being updated hourly? I don’t know if that is normal – but it does seem unusual.

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73 Responses to One of these headlines is misleading

  1. Ubique says:

    The economy shrank by 7.0 percent in the June 2020 quarter and a further 3.8 percent in the September quarter, so a 3.1 percent recovery is nothing to write home about, coming off a low base as it does.

  2. Just Interested says:

    Don’t know they are necessarily misleading or inconsistent.

    It is plausible that:

    1. nationally the economy is going gangbusters generally;

    2. Qantas remains screwed by the continued absence of international transport;

    3. Consumer shopping preferences have moved away from city shopping following COVID; and

    4. Your Premier Dan the Man has induced a state specific recession (depression?) through his policies.

  3. Dead cats are known to bounce if you drop them from a height.

  4. Roger says:

    I think Just Interested may be close to the mark.

  5. Pyrmonter says:

    They’re notified here: https://publishednotices.asic.gov.au/browsesearch-notices?appointment=Court%20Liquidation,Creditors%27%20Voluntary%20Liquidation&noticepurpose=Appointment&noticestate=All&court=&district=&dnotice=

    I don’t see any point in seeing them hourly, but daily summaries circulate widely.

    The last 9 months of last year saw appointments running at roughly half the rate of the last few years, at least in part because it became very difficult for creditors to enforce their contractual rights under Frydenberg’s ’emergency’ measures – some rise is to be expected from working through pre-Covid issues. https://download.asic.gov.au/media/5992682/asic-insolvency-statistics-series-2-published-march-2021.pdf

  6. Pyrmonter says:

    Related topic – a plot of annual GDP declines and Covid mortality. Australia, as a whole, hasn’t done badly. H/t Marginal Revolution.

    https://economistwritingeveryday.com/2021/03/03/gdp-growth-in-2020/

  7. H B Bear says:

    Rent moratorium and eviction ban due to expire in WA. Please place seats in upright position and stow tray tables. Normal service is about to resume.

  8. Tom says:

    Economy grows by 3.1 per cent in fourth quarter, smashing expectations

    No. The economy – the real economy – didn’t grow by 3.1%. Most of the GDP growth was in government spending and rocketing real estate prices caused by the government-mandated lockdowns of the past year.

    In a fascist, government-controlled economy where wage growth is virtually zero because of restrictions on the free market that have been tightening for the past 20 years, property is one of the few methods left where individuals can make money.

    In the meantime, state and federal government spending is heading for 50% of GDP like the basket-case socialist economies of Western Europe.

    Brought to us by the LNP, which long ago abandoned its small government/low taxes policy settings. In Peter Costello’s final budget in 2006, government debt was zero and government spending was $219 billion. Under the LNP, government debt is heading for $1.138 trillion and government spending to $596 billion in 2024.

  9. Perfidious Albino says:

    Also – Myer was on the skids pre Covid, mandated rent relief and an online sales boost just kicked the can down the road for a bit longer.

  10. Old School Conservative says:

    Is it possible we have moved into a two speed economy?
    Some businesses going gangbusters and some going bust.
    An anecdote to illustrate: a wedding cake baker friend of mine has moved from part time to full time because couples are reducing their spend on hall hire, large catering bills, and “destination weddings” whilst upping the size, complexity and cost of wedding cakes.

  11. Sinclair Davidson says:

    Tom’s point here is the real story – the increase in GDP is a statistical illusion by construction. The actual economy that produces wealth is tanking – the economy that is measured by spending isn’t.

  12. H B Bear says:

    One consequence of Covid, I didn’t appreciate how much money most people put into travel. Quite enjoyed the few trips I took but could never quite come around to dropping a few thousand each year.

  13. sfw says:

    Tom, you forgot the other thing driving stagnant wages especially for the unskilled, mass migration, it drives down wages and increases housing costs. Many people, especially men who once would have worked in manufacturing are now in construction trades, if the housing market implodes then many of them will struggle to make a living so the elites keep driving migration to prop up the housing market and at the same time give the illusion of a growing economy. I guess it is growing as the population bets bigger but with no productivity increase nobody is better off, except those at the top of course.

  14. Pyrmonter says:

    @ Doomlord

    This is all subject to revision, but … perhaps, or perhaps not?

    ‘Bumper harvest leads to a record rise in Agriculture, Forestry and Fishing gross value added (GVA)
    GVA rose 2.7% this quarter, with rises in 17 out of the 19 industries. Favourable weather conditions contributed to a large grain harvest, which is reflected in a 26.8% increase in Agriculture, Forestry and Fishing GVA. The impacts of this flowed through the supply chain, including in Wholesale Trade (up 3.6%) and Transport, Postal and Warehousing (up 6.1%). The increase in agricultural production was also reflected in a 23.5% increase in rural exports.

    Accommodation and Food Services, Administrative and Support Services and Arts and Recreation Services, industries that were heavily impacted by the pandemic, continued to rebound this quarter as restrictions eased. Despite this, the activity in all three industries remains well below pre-pandemic levels.

    There’s a nice graph that I can’t work out how to link. Longer summary here: https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-release

  15. Pyrmonter says:

    @ sfw

    How much migration have we seen in the last 12 months? If any proposition stood to be refuted by the Covid experience, surely it is the idea that ‘wages were being eroded by cheap overseas labour’, which served as the justification for ‘White Australia’, and the subsequent immigration restrictions for the last century and a half.

  16. Chris M says:

    Apparently housing costs (major component of most households) aren’t a factor in inflation numbers?

    Garbage figures.

  17. areff says:

    Central Melbourne was increasingly akin to an Afghan’s armpit before COVID came to town and Andrews got a year-long stiffy regulating the lives of his subjects. Parking is impossible unless you go private and $40 an hour. The streets, designed as wide enough to do a U-turn in a bullock cart, have been reduced to one-lane bottlenecks by tram mega stops and bicycle lanes.

    The mayor is a total ninny who presides over a bunch of woke greens and simpering independents. To a person, they believe cars are evil and the lives of their drivers should be made as difficult and expensive as possible. Then for a bit of variety, they give literature grants to the likes of Chlamydia Ford. What the hell is a council doing awarding literature grants anyway?

    And when you get there, what do you find? Empty shops driven out of business by Andrews’ idiocies. Rapacious parking officers. Derros in every second door. Human waste on the footpaths and office tower plazas eerily bereft of people who will never, ever be returning to their desks. Example: one of the outfits for which I do a little work recently abandoned a floor-thru office at the top end of Bourke Street and relocated to a smaller, much cheaper space on the edge of the city.

    Sister and I have our late Mum’s old unit just going on the market. I want it sold chop-chop, before rates go up and the market tumbles. As for the already oversupplied CBD apartment market, down down down.

    My Melbourne bloodlines go back to 1835, when Joseph Barrett finished his sentence and followed batman across the Strait. All I want to do now is get out of this ruined long-drop dunny of a shithole.

  18. sfw says:

    Pyrmonter, there has been so much migration that the place is chock a block with car washers and uber drivers etc. Many of them living 10 to a 2 bed flat, well they all want to get their own place eventually and what is here will drive the housing market for some time to come.

    Re trying to paint me as a racist for noting that importing massive numbers of low skilled people drives down wages, well good for you. Trouble is it’s a fact, it certainly isn’t going to help the least skilled in our society, they generally work in areas that there isn’t much room for productivity increases and the only thing that keeps them going is that what they do is often unpleasant work. Without high migration they would eventually get paid more due to simple supply and demand. Those at the top don’t care as long as they get their toilets cleaned and their kids looked after as cheap as possible.

  19. sfw says:

    areff, flee the state. Many of the most energetic and smartest left after Cain/Kirner, the same is starting to happen again, this time it will be hundreds of thousands. Melbourne will end up a city with some very wealthy parts and large areas of once beautiful suburbs drowning in multicultural stagnation and crime.

  20. Spurgeon Monkfish III says:

    Meanwhile here’s Joshy Frydchickenberger demonstrating his appalling ignorance and total lack of self awareness (again):

    He said the December quarter figures indicated the economy had recovered 85% of its “Covid-induced fall”.*

    The “fall” to which you refer, wasn’t induced by the bat flu, you dishonest destructive imbecile.

    *Quote via the Garudain and no, I’m not linking to it.

  21. areff says:

    sfw: I saw Melbourne’s future way back in 1980, when I went by train to Buffalo New York to cover what was billed as a Nazi Party gathering (with associated counterprotests). I don’t think Buffalo has improved since then, nor any of the other de-industrialised cities (Detroit etc) where the productive classes fled to the suburban ring and left the central city to its own devices. In Buffalo’s case, it was magnificent cinemas transformed into porn palaces, whores on every second corner and drug dealers stationed in between.

    That’s Melbourne’s future — except the whores are here already and serving as city councillors.

  22. duncanm says:

    dead cat bounce.

  23. areff says:

    Further example of Melbourne’s approaching doom: Deputy Mayor is Nicholas Reese, who you see often — far too often — on Sky. Any suprise the joint is rooted?

  24. gary says:

    GDP went up by $15b in the quarter but Federal Government debt went up by $38.6b and reserve bank assets went up by $18b (i.e. printing). So just on Federal Govt and RBA shenanigans Australia is -$46bn for the Dec 2020 quarter.

  25. HP says:

    The private sector just went off the cliff.
    At the same time, the government spending went through the roof.

    When you add the 2, apparently the government spending actually outpaced the crash the real economy, so there is the appearance of “economic growth”. Simply because GDP adds 1$ of productive activity and 1$ government spending as if it is the same thing. It is just bewildering.

    Apply commonsense and this GDP growth is actually bad news.

    Even more so, since we can now wait for the tax increases, which are sure to follow, to pay off the holes in the state and federal budgets that have been created by all the gov’t spending.

  26. Professor Fred Lenin says:

    Who would have thought that depriving businesses of their customers for months would have any impact on the economy ? The lockdown had no financial effect on the public service and was a bit of an irritant to the career politicians The peoplewho really matter , now these capitalists are moaning and complaining all over the place . They should put themselves in the position of LGTBFYSFEA people and white indigenius people who reall havesome thong to complain about .
    There is nothing wrong with Australia that borrowing more Vhinese money cant fix .

  27. Professor Fred Lenin says:

    We can always borrow more money to pay thevinterest on the money we borrowed to pay te interest on the money we borrowed to pay te interest on the moneywe originally borrowed ,simple economics really .

  28. BalancedObservation2 says:

    Myer is a national icon, shouldn’t the government intervene in an attempt to save it from its inability to adapt to the market? Surely we need to protect traditional retailing. It’s been under attack like our local traditional media.

    Hey Josh, charge Google for the links they provide to Myer and all retailers. Russle up some draconian legislation to give Myer muscle negotiating with Google. Easy.

    Sadly the idea won’t get off the ground… something tells me Myer doesn’t have the political clout our majority-foreign-owned near monopoly local media have.

  29. Pyrmonter says:

    @ sfw

    Never suggested you were racist – just that racist policies have been justified by this ‘low wage’ argument for which there is surprisingly little evidence, and many instances (Hong Kong, post-War western Germany, the internal migrations associated with urbanisation basically everywhere) that point the other way: bringing people together makes everyone better off.

  30. BalancedObservation2 says:

    Myer is a national icon, shouldn’t the government intervene in an attempt to save it from its inability to adapt to the market? Surely we need to protect traditional retailing. It’s been under attack like traditional “journalism” and our local media have been.

    How about charging Google for the links they provide to Myer and all retailers. Russle up some draconian legislation to give Myer muscle negotiating with Google. Easy.

    Sadly it’s unlikely to get off the ground even though it would be such a sound measure … something tells me Myer doesn’t have the political clout our majority- foreign-owned local media have.

  31. BalancedObservation2 says:

    Sorry about the duplicates. I’ve appointed a committee to investigate.

  32. Speedbox says:

    Professor Fred Lenin says:
    March 4, 2021 at 12:06 pm

    We already do Fred. Borrowing to pay the interest has been in place for a few years.

  33. BalancedObservation2 says:

    The simple facts are Australia’s economy is doing comparitively very well alongside the rest of the world.

    I haven’t checked recently but our debt levels were among the lowest in the world before covid. They’d still be likely to compare favourably.

  34. BalancedObservation2 says:

    The main weakness is private debt not government debt.

  35. H B Bear says:

    Looks great if you think Jobkeeper paid with borrowed money is equivalent to a private sector wage.

  36. min says:

    Depression up , anxiety up come out with a non positive message will only increase the wrist slitting . What do you suggest a politician to say ? They have to show everyone the slight glimmer at the end of the tunnel , that is if we can get there before the candle goes out .
    Although resilient humans always come through we might get a bit of a bashing this time made worse by the left copying Dems tactics that brought down GOP .

  37. BalancedObservation2 says:

    HB Bear

    It wouldn’t simply look worse it would be immensely worse without jobkeeper.
    Longer term debt through loss of production would be a lot worse too.

  38. stackja says:

    Some of my investments doing OK, others not. Seems similar situation for business in general.

  39. egg_ says:

    Under the LNP, government debt is heading for $1.138 trillion and government spending to $596 billion in 2024.

    Pussmonitor can’t see the big picture for his tea leaves.

    Trying to justify the Couf lockdowns, coward?

    Sad.

  40. egg_ says:

    Australia’s economy is doing comparitively very well

    As an island in the Southern Hemisphere isolated from any pandemic, so much so that Premiers vie for “Zero cases” via regularly shutting down the Economy?

    Only someone featherbedded in Government tenure could be so callous.

  41. egg_ says:

    Myer is a national icon

    Only to antipodean cardigans.

  42. DaveR says:

    One thing emerging is that prices of a range of goods and services are now above their pre-Covid levels. Short-term make up or rabid inflation already let loose?

  43. Mother Lode says:

    Bad as it is now you can be sure that this lock-down response is now locked in the minds of politicians to draw on when frightened by a newspaper article.

  44. egg_ says:

    And when you get there, what do you find? Empty shops driven out of business by Andrews’ idiocies. Rapacious parking officers. Derros in every second door. Human waste on the footpaths and office tower plazas eerily bereft of people who will never, ever be returning to their desks

    But, but… pusmonitor’s spreadsheets are all looking positive!

  45. max says:

    GDP numbers are a construct by statisticians for politicians.
    GDP number is a worthless measure of personal well-being.

    Thomas Sowell:
    If increased government spending with borrowed or newly created money is a ‘stimulus,’ then the Weimar Republic should have been stimulated to unprecedented prosperity, instead of runaway inflation and widespread economic desperation that ultimately brought Adolf Hitler to power.

    “in 1990, Soviet GDP equaled half of US GDP, according to the 1991 CIA Factbook. No one visiting the Soviet Union in 1990 would believe their economy came close to 50 percent of the quality and quantity of the goods and services produced in America. GDP-defined production may have been strong, but laying roads to nowhere, smelting unusable steel, and baking barely edible breads stretches the definition of “production.” And this describes the goods which were actually produced. There is no accounting for the opportunity cost of forfeited essential goods and services.”

    “If you do not include government spending in GDP, the economy will appear to be shrinking in the middle of a war or in a recession, even though the government is spending money hand over fist. From the point of view of politicians who wanted the government to spend more on goods and services (and yes, war), including government spending in GDP made total sense, because you want to be able to tell the citizens the economy is growing. Politicians have been spinning data and news for ages. Whether we’re talking about the results of reading sheep entrails or of dicing modern economic data, the information is spun to make the politicians look good. The controversial decision to include government spending in GDP was a political move made by President Roosevelt and the Democrats, who were in charge during the Great Depression.”

  46. Rabbi Putin says:

    Been calling Myers days numbered for some years now. Their market no longer exists and their business model is out of date. Luxury shoppers either go boutique or shop online. Everyone else goes to Big W and Kmart.

  47. Pyrmonter says:

    @ Rabbie P, egg, Tom:

    Myer solves a set of problems that no-longer exists. Once, department stores gave liberal credit, and were a fairly low cost retailing model (lower than own-operator, bespoke tailoring, millinery, manchester etc), with the added advantage of good warranty terms (and the brand that stood behind those terms).

    On each front, innovation has found better ways to solve those problems: consumer credit and delayed payment (Afterpay); first ‘discount department stores’ (Kmart, Target, BigW) and then online retailing have further reduced the cost of distribution, while warranty terms have been progressively standardised by ‘consumer’ legislation.

    Department stores also once had the advantage of scale purchases; they are dwarfed by the online retailers and the growth of direct-from-the-manufacturer (or more often, ‘producer’ who contracts out the manufacturing).

    It saddens me: my Uni jobs were in big store retailing; and some of my earliest memories are of ‘going to town’, which meant shopping in now long departed CBD stores.

    But, a Myer bail-out? It would only help its landlords.

    [egg, numeracy is a badge I wear with pride. It was something of which Cats once boasted. Nerds of the World, Unite!]

  48. H B Bear says:

    Anybody wondering about the validity of the department store business model should watch a few episodes of Are You Being Served.

  49. Pyrmonter says:

    @ HBB

    Staple child-hood viewing. It is turning up now in my FB video feeds. I hadn’t remembered how smutty it was; but still often brilliant characterisations – far better than the ‘stand up and use curse words’ form of so much contemporary ‘comedy’.

  50. BalancedObservation2 says:

    I was simply being facetious/ironic about the government intervening to help Myer – as a way of illustrating the total lack of credibility involved with the media bargaining code legislation.

    Oh well.

  51. Pyrmonter says:

    @ max

    We’re never going to be able to measure human wellbeing; some of us might think that was an impossible task. But measuring the capacity to deliver it by material means is still a useful exercise. That most commenters over-stated the level of material well-being in the Soviet Union is hardly to point: everyone knew it was much lower than in the west. And the measurement problems between contemporary countries are nothing as to the use of historical data series. Yet, without them, much of the population falls into nonsense beliefs like the Marxian view that industrialization arose from the accumulation of capital funded by a collapse in wages: nonsense, as Max Hartwell showed.

  52. RobK says:

    Some credit can go to the miners, especially iron ore. The timing of expansion and investment in getting bulk ore to port, at world competitive prices, over the past couple of decades has been pretty much text book stuff. No easy feat.

  53. BalancedObservation2 says:

    Egg

    “Only someone featherbedded in Government tenure could be so callous.”

    Or perhaps someone working for a financially unsuccessful newspaper company which uses its near monopoly media clout with government to extort money from successful companies to help it out.

    For the record I’m not tenured, nor an employee of government. And I’m not on the government purse.

    Nor am I callous. I’m very glad that our government has intervened to help people and business weather this.

    Myer used to be one of the most successful and classy department stores in the world. It had integrity and wonderful personal service. It deserved to be as successful as it used to be.

    Melbourne is a beautiful city. It will bounce back. So will all Australia. Melbourne before covid had the second highest rate of in-migration from other states, only Queensland got more. If it were anything like how you described it that what certainly not be the case.

  54. Pyrmonter says:

    @ BO2

    And if I said, ‘nothing good lasts forever?’

    Myer was decent. I preferred David Jones; and for sentimental reasons, Miller Anderson. But they were all businesses; creatures of past times that worked in their time, but which, however fine, don’t win against competitors today.

    I gather the Orient Line was once a fine way to get ‘Home’; but there would be no point offering a bounty for passengers, as there will be few takers at any price for 5-6 weeks spent travelling from Fremantle to Southampton.

  55. Diogenes says:

    All this ‘growth’ is killing my super. I have my money in ‘cash’ which means bonds. Between the 14th of January (the high water mark) and today my balance has dropped to what it was on the 31/8 last year, and since 14/1 nearly net 1k of employer contributions have gone in.

    At the present rate of ‘growth’ I expect my super balance to have halved by the middle of the year.

  56. BalancedObservation2 says:

    Pyrmonter

    “And if I said, ‘nothing good lasts forever?’”

    I’d disagree. Lots don’t adapt. But some businesses do adapt.

    Myer really started going bad when the merchant banks starting running retail. The Myer family had been the greatest retailers Australia had or is ever likely to have.

    Myer were at their pinnacle in Melbourne before David Jones arrived. That’s the era I’m talking about. David Jones were more like Myer used to be when they got established in Melbourne and Myer was going down hill. But they were no where near as good as Myer used to be.

    I remember going to Macy’s on my first trip to New York and being utterly underwhelmed compared with what I was used to with Myer Melbourne.

    Ironically I think there still is a role for the department store. The department store model still has some comparative advantages over small individual stores and big barn Kmart style operations. But instead of exploiting those comparative advantages Myer tried to ape them. First discounting and lowering quality like the big barns and then trying to look like a series of individual shops. In the process they utterly destroyed any remaining comparative advantages they had.

    I’m glad you have fond memories working for Myer. They weren’t only wonderful to their customers but also their staff.

  57. BalancedObservation2 says:

    Diogenes

    Government bonds are not cash. It’s quite a mistake to think that they are.

    Government bonds performed remarkably well after the GFC. But bond holders may be in for a shock with post covid growth.

    That’s not certain yet but there are already signs that bonds could come under pressure. We really don’t know the long term consequences of so much unprecedented abc sustained monetary expansion. However we probably only need marginal increases in inflation for the pressure on bonds to rise significantly. Or for China to spit the dummy with their US bond holdings.

    Shares like bonds have also been pumped up by stimulus spending. You’ve only got to watch the share market on a daily basis to see that. The swings are pretty much all pervasive. So much stimulus splashing around has given speculators a lot to play with. Price earning ratios look pretty high.

    The big question is what will happen to the bond market if we have sustained post covid economic growth and companies take the opportunity to lift their productivity.

  58. Pyrmonter says:

    Shares like bonds have also been pumped up by stimulus spending.

    Speculation, but those price rises might have different causes: bonds because expectations of future interest rates fell; but shares because they can, sometimes, as a claim on the residual value of firms, be a hedge against future inflation and the firms of which they represent ownerships beneficiaries of that inflation.

  59. BalancedObservation2 says:

    Correction. It’s not stimulus spending which has pumped up shares so much and certainly not bonds – but the monetary expansion element of stimulus.

  60. jupes says:

    and the subsequent immigration restrictions for the last century and a half.

    Restrictions? There are over 1 million Chinese living here you nong. How many of them are Chicoms? Hundreds of thousands of RoP have been let in as well.

    Give yourself an uppercut. FMD

  61. BalancedObservation2 says:

    Pyrmonter

    I don’t think share prices overall have increased as a hedge against inflation but more from the stimulus money splashing around.

    In fact arguably shares have gone up for some companies because inflation and inflationary expectations have been so low. Certainly not the risk of inflation. Why do I say that? People have held shares like say Telstra for the dividend because it’s so much better than interest rates on cash. And interest rates are low, among other factors, because inflation is low and inflationary expectations are still pretty low. And there’s more cash around.

    And of course it depends on what shares you’re talking about. Few would be buying travel industry shares as a hedge against inflation. On the other hand BHP could have been bought for that reason. But its current price is now subject to risk if iron ore prices become more competitive – with disruptions to supply being ironed out. China will lower its demand for our iron ore if they get the option to.

  62. BalancedObservation2 says:

    Incidentally I don’t agree with the actions of people holding say shares like Telstra for the dividend. But people have done that. It’s quite common advice from financial advisors to do so.

  63. BalancedObservation2 says:

    There’s also a risk for companies which are very highly geared when interest rates do pick up. Debt has been so cheap for so long. It makes me wonder what’s going to happen to highly geared companies when interests rates get back anywhere near normal. Maybe that will never happen. But it’s a big risk for highly geared companies if it does.

  64. Pyrmonter says:

    There’s also a risk for companies which are very highly geared when interest rates do pick up. Debt has been so cheap for so long.

    B02 – I am going to be rude and assume that, like me, you’re the wrong side of 45. We saw interest rates here in double digits (as a Uni student, I remember putting my meagre savings into term deposits at 18% +). Across financial history though, those rates were anomalous: real, low risk rates have usually been much lower, and the trend seems to be for them to go lower still: https://tinyurl.com/45ypkyyv. Even across 20C Australian history, they were very unusual: before the early 1970s and since 1995, rates have been much lower. I thought those high rates would return, and in my more pessimistic moods, I think they might: while the disruption they bring is good for my trade, they’re normally accompanied by a lot of misery, and misery that tends to fall most heavily on those least able to afford it: the poor and the old.

    But few of the tea-leaves readers in the financial papers seem to think there’s a problem. They might be right.

  65. BalancedObservation2 says:

    Pyrmonter

    On the contrary your age comparison was very flattering. Thank you.

    To affect bonds significantly interest rates don’t have to rise to the levels you’re talking about. The increases only need to be marginal. Same with shares. We saw that when US rates only rose marginally at the end of the GFC. The fed reserve changed swiftly when share markets were hit.

    The high interest rates were good for my organisation in the eighties. I’ll never forget that. The banks were desperate for cash. I set up a quick little tender system among our local banks – we’d never had one before; and got 20% PA for overnight or for very short periods. I don’t think that’s going to return. But never say never.

  66. The Sheriff says:

    The Governor should sack Andrews and dissolve Parliament.

  67. Nob says:

    RobK says:
    March 4, 2021 at 3:33 pm
    Some credit can go to the miners, especially iron ore. The timing of expansion and investment in getting bulk ore to port, at world competitive prices, over the past couple of decades has been pretty much text book stuff. No easy feat

    You’d be lucky to find one in a hundred in the East coast cities who would acknowledge that.

    You’ll find more like 99/100 making disparaging comments about “digging stuff up”.

  68. max says:

    4.6 million Aussies to receive $250 payment this week
    https://au.finance.yahoo.com/news/250-pensioner-payment-march-002409161.html

    The Official Counterfeiter (1969): A Classic Cartoon Booklet on The Federal Reserve System Is Now Online
    Gary North
    https://www.garynorth.com/public/9035.cfm

    Meet Fred Greenfinger. He prints his very own jolly green stuff in his cellar.

  69. Squirrel says:

    That selection of headlines is an excellent argument for competitive federalism – but, sadly, we’re all in this together……

  70. Entropy says:

    Ironically I think there still is a role for the department store. The department store model still has some comparative advantages over small individual stores and big barn Kmart style operations. But instead of exploiting those comparative advantages Myer tried to ape them. First discounting and lowering quality like the big barns and then trying to look like a series of individual shops. In the process they utterly destroyed any remaining comparative advantages they had.

    A few years ago (maybe 20?) when RJ Fletcher was in charge, a sweet young relative got a job at Myer. At this time Myer was shifting away form department counters to cashiers at the entrances (or should that be exits?) to stores.
    At her induction, the group was asked who Myer’s competitors were. She put up her hand and said “David Jones”.
    “No”, she was told, “Myer’s competitors were Kmart and Target”.
    “Doesn’t Coles Myer own Myer, Target and Kmart?” my smart young really asked.
    “yes, but not relevant, we all must compete against each other.”
    And for being pertinent she was sent to work in Men’s underwear.

  71. BalancedObservation2 says:

    Entropy

    Thanks for that comment. It does give an inside look.

    That’s probably went they stated going down hill.

  72. areff says:

    Pyrmonter, watch what’s happening with bonds.

  73. areff says:

    The Governor should sack Andrews and dissolve Parliament.

    Can’t be done. As amended, the governor’s powers don’t go beyond opening bridges and doing as he is told by the government of the day. He could, of course, resign in protest, but he’s a dutiful Labor appointment, so scrub that possibility.

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