{"id":13444,"date":"2016-06-08T22:20:44","date_gmt":"2016-06-09T02:20:44","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13444"},"modified":"2016-06-08T22:20:44","modified_gmt":"2016-06-09T02:20:44","slug":"how-the-rba-killed-australian-wages-macrobusiness","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/06\/08\/how-the-rba-killed-australian-wages-macrobusiness\/","title":{"rendered":"How the RBA killed Australian wages | MacroBusiness"},"content":{"rendered":"

Good summary of Australia’s predicament from David Llewellyn-Smith:<\/p>\n

…..A lot of this is to be expected in a post-mining boom environment. I mean, we seriously overdid it:<\/p>\n

\"\"<\/a><\/p>\n

This is why I obsess over lowering the dollar. It absorbs an huge amount of the deflationary pain in repairing one\u2019s competitiveness rather than doing it internally vis-a-vis Europe\u2019s PIIGS.<\/p>\n

That is also why authorities have made such a hash of the adjustment by at first denying the mining bust was happening and then inflating debt and asset prices to offset it when they found themselves behind the curve.<\/p>\n

They thus levitated the dollar throughout, hammering tradable wages harder than otherwise and spilling it out more widely now. Worse, we now have the debt overhang to deal with and another adjustment to face in non-tradable sectors related to households once the post-mining boom adjustment abates.<\/p><\/blockquote>\n

Pity we didn’t listen to Prof. Warwick McKibbin in 2012<\/a> when he warned: “…the central bank should \u2018lean against the wind\u2019, that is intervene to slow down the extent of appreciation of the exchange rate.”<\/p>\n

Source: How the RBA killed Australian wages – MacroBusiness<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good summary of Australia’s predicament from David Llewellyn-Smith: …..A lot of this is to be expected in a post-mining boom environment. I mean, we seriously overdid it: This is why I obsess over lowering the dollar. It absorbs an huge amount of the deflationary pain in repairing one\u2019s competitiveness rather than doing it internally vis-a-vis … <\/p>\n

Continue reading “How the RBA killed Australian wages | MacroBusiness”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-13444","post","type-post","status-publish","format-standard","hentry","category-stock-markets"],"yoast_head":"\nHow the RBA killed Australian wages | MacroBusiness - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the RBA killed Australian wages | MacroBusiness - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Good summary of Australia’s predicament from David Llewellyn-Smith: …..A lot of this is to be expected in a post-mining boom environment. 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Expect another test of support at $150. Breach would offer a target of $130\/metric ton. The ASX 300 Metals & Mining index shows a similar pattern, likely\u2026","rel":"","context":"In "Aussie dollar"","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19713,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/02\/01\/asx-resources-and-aussie-dollar-take-a-beating\/","url_meta":{"origin":13444,"position":1},"title":"ASX Resources and Aussie Dollar take a beating","author":"Colin Twiggs","date":"February 1, 2020","format":false,"excerpt":"The ASX 300 Metals & Mining index took a beating as concerns about coronavirus impact on Chinese imports soared. Breach of support at 4450 is likely and would warn of a test of primary support at 4100. Iron ore reaction is more muted but bulk commodities, especially iron ore and\u2026","rel":"","context":"In "Aussie dollar"","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16656,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/14\/trade-tariff-impact-on-china-australia\/","url_meta":{"origin":13444,"position":2},"title":"Trade tariff impact on China & Australia","author":"Colin Twiggs","date":"July 14, 2018","format":false,"excerpt":"The yuan is falling as threat of a tariff war rises. The Shanghai Composite Index is testing its 2016 low at 2700. Breach would warn of a decline to the 2014 low at 2000. Commodity prices are plunging in anticipation of falling demand from China. Chinese monthly iron ore imports\u2026","rel":"","context":"In "Aussie dollar"","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15263,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/12\/asx-200-bearish-consolidation\/","url_meta":{"origin":13444,"position":3},"title":"ASX 200 bearish consolidation","author":"ColinTwiggs","date":"May 12, 2017","format":false,"excerpt":"The big banks fell sharply on news of a new levy on bank liabilities in the latest budget. At this stage the ASX 300 Banks Index merely shows a secondary reaction. 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Both ships are sinking.\u2026","rel":"","context":"In "Gold & Precious Metals"","block_context":{"text":"Gold & Precious Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/gold-precious-metals\/"},"img":{"alt_text":"Dollar Index (DXY)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-11-20-dxy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-11-20-dxy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-11-20-dxy.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-11-20-dxy.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":14958,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/14\/australia-dont-expect-a-repeat-of-the-last-boom\/","url_meta":{"origin":13444,"position":5},"title":"Australia: Don’t expect a repeat of the last boom","author":"ColinTwiggs","date":"March 14, 2017","format":false,"excerpt":"Gerard Minack, courtesy of Macrobusiness, explains why the recent rise in commodity prices will not result in a repeat of the last boom. There are two main ways the last commodity boom boosted domestic activity. Neither seems likely to be repeated now. The first is that the mining sector lifted\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13444"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13444\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}