James Glynn Profile Banner
James Glynn Profile
James Glynn

@JamesGlynnWSJ

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Senior Economics Reporter Dow Jones/Wall Street Journal/RBA Watcher. Has covered the Australian economy for more than 35 years. #Collingwood #drums #Shakespeare

Sydney
Joined April 2009
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@JamesGlynnWSJ
James Glynn
4 years
A proud father moment. This in my daughter Laura in command of a pit orchestra for the first time. Chicago opens March 12 at Campbelltown’s Town Hall Theatre.
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@JamesGlynnWSJ
James Glynn
3 years
@aletweetsnews “Go f@&k yourself” is now up there with #Let ’s roll” on 9/11. Amazing courage.
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@JamesGlynnWSJ
James Glynn
5 months
These are my daughters. One has a mortgage, another is fretting as she is close to starting, and the other just feels it’s totally hopeless. I don’t we should underestimate the societal carnage our stupid house prices are inflicting.
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@JamesGlynnWSJ
James Glynn
2 years
@DVATW The reformation has given us more than 30,000 different Christian denominations globally. It was declared open for interpretation and this is one of them. The Christian spectrum is vast.
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@JamesGlynnWSJ
James Glynn
3 years
My neighbour was buzzed by the NSW police helicopter on Sunday. It hovered and from the loud speaker came demands for him to mask up…he was on his front lawn with his young boy. There was a 24 hr blitz on my suburb. At least they seemed serious about compliance. #auspol
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@JamesGlynnWSJ
James Glynn
3 years
This is my grand daughter Isla. I just felt the need to share.
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@JamesGlynnWSJ
James Glynn
10 months
Redeveloping Rosehill for Sydney housing might look good on paper, but isn’t it just another step toward making Sydney a bland and over crowded place to live. Imagine Victorians selling off the G and the tennis complex for housing.
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@JamesGlynnWSJ
James Glynn
2 years
Distressed Sydney property of the week from SQM. Distressed is an understatement. #ausecon #ausbiz #ausproperty
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@JamesGlynnWSJ
James Glynn
1 year
Within a small margin for error, interest rates have peaked in Australia. The 2Q CPI will point to some stickiness on the services side of things, and the RBA remains watchful of EBA agreements and wages more broadly. But the central case is that it is pretty much done. #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
For the mob now bashing on the doors of the #RBA and demanding the head of Phil Lowe. ANZ expects the RBNZ to consider a 75 bp hike next week, adding to the 400 bps already delivered even as recent data shows inflation cooler and house prices -15% #ausbiz #ausecon #getreal
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@JamesGlynnWSJ
James Glynn
2 years
Anybody thinking the RBA will pause in December should go and sleep off whatever is causing the hallucinations. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
3 years
Why is there a rush to spend billions on softening the blow of rising living costs when a large portion of the pandemic stimulus is still sitting in household savings accounts? #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
3 years
Australia has now recorded weak sub-3.0% wages growth for 34 consecutive quarters. Turning it around will take time. #ausecon #RBA #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
We now expect the RBA to lift the policy rate to 2.6% by December 2022 -- Goldman Sachs. #ausbiz #ausecon #ausproperty #blisteringspeed
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@JamesGlynnWSJ
James Glynn
2 years
It's a simple equation. The cash rate is at just 0.85% and CPI is forecast at 7% in 2022. The RBA is worried abut "70s-style wage price spirals." Rates are too low. Front load. #ausecon #ausbiz #getonwithit
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@JamesGlynnWSJ
James Glynn
3 years
While wages increased 81.7% in the past 20 years, Australian home values have grown 193.1% - Corelogic. I wish well heeled baby boomer toffs would stop trying to find a silver lining in this. The debt our kids are taking on is gobsmacking. #ausbiz #ausproperty #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
I would put the probability of an #RBA pause on Tuesday at 5%. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
3 years
Here's the problem: The #RBA 's targeting of wages growth is fine in principle. But it is trying to do something that the government should have done years ago? Sustained higher wages growth is won from economic reform, not ultra-low rates. #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
JUST IN: Australian prime and nonconforming mortgage arrears are on the rise--according to S&P Global Ratings
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@JamesGlynnWSJ
James Glynn
2 years
The RBA statement doesn't rule out a repeat 50 bps performance in coming months. 2Q CPI in late July will be as ugly as they get. August could be fun too. #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
#RBA Governor Phil Lowe’s calm and thoughtful articulation of policy before Parliament this week amid unprecedented hysteria should be listed as a reason to retain his services after September. #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
11 years
Flying with #RBA Gov last year. He's a very good aviator #ausbiz http://t.co/cuXXaXUC5h
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@JamesGlynnWSJ
James Glynn
2 years
If you don’t have the #RBA going +50bp on Tuesday you are missing the signs. The Gov’s ABC TV appearance 3 weeks to upgrade the CPI forecast was unprecedented. All except an upgrade was discussed in my column 3 hours prior. #ausbiz #ausecon #getonwithit
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@JamesGlynnWSJ
James Glynn
2 years
Imagine being forced out of your home because the task of repaying the mortgage simply became impossible only to face things like the nightmare of the Sydney rental market, which is potentially more expensive and totally insecure for families. #ausbiz #ausecon #ausproperty
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@JamesGlynnWSJ
James Glynn
2 years
More than 800,000 Australian households making the move from emergency low fixed rate loans to variable rates that are already in low Earth orbit. Happily living on the lunatic fringe of Sydney....I can tell you this will hurt. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
2 months
Shouldn’t those forecasting a November #RBA cut be packing up and moving just now? #ausecon
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@JamesGlynnWSJ
James Glynn
3 years
Iron ore closes in on $US230/t. There should be vouchers for a day spa and foot rubs for all of us in this budget. #ausbiz #auspol
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@JamesGlynnWSJ
James Glynn
5 months
I can’t help feeling that the RBA needs a bigger stick. It’s over achieving on full employment and under achieving on getting inflation down. The latter threatens to do great damage still. The tightening cycle is 2 years old today. We could have done better. #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
The RBA will press on with +25bp hikes in Dec, Feb and Mar. 4Q CPI is unlikely to offer up a pause signal, but the lagged nature of inflation will be a bigger part of the guidance. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
1 year
Efforts to renovate the RBA in the middle of an economic crisis were always troubling. This takes it to a new level. Keep Lowe, he’s a great economist. It’s about the economy, not the review Dutton rules out two frontrunners for RBA governor
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@JamesGlynnWSJ
James Glynn
5 years
My Mum and Dad celebrated 64 years of marriage on Tuesday. They still have a spring in their step and remain guiding lights to many. Both nearing their 90s, they've witnessed more societal change than any prior generation. #stillsmiling #Longevity
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@JamesGlynnWSJ
James Glynn
3 years
Debelle’s departure is a monumental blow to the #RBA . Easily the best candidate to be the next Governor, his handling of the GFC, which brought with it a currency collapse, is just the tip of a stunning resume. I wish him all the best. # #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
3 years
CBA: An #RBA cash rate of 2.50%, (in‑line with current market pricing) would be deeply contractionary and would result in mortgage payments as a share of household disposable income rising to a record high (data used goes back to 1999). #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
An #rba press conference might be a good thing, but I recently heard a reporter ask why the central bank was raising rates because it was pushing up costs and adding to inflation. The mob mentality we are now seeing is not reassuring either.
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@JamesGlynnWSJ
James Glynn
4 years
Congratulations to my Mum and Dad on the celebration of 65 years of marriage. After 9 children and more than 40 grand children and great grand children, both are still lively and active in the community. They are a testament to the power of forgiveness and their shared faith.
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@JamesGlynnWSJ
James Glynn
2 years
Westpac calling #RBA +50bps in November.
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@JamesGlynnWSJ
James Glynn
2 years
The 3Q CPI data shows higher than expected core and headline numbers, making RBA officials a little uncomfortable. But they'll remind us that 25 bps hikes each month is still a bludgeoning implement. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
3 years
Full disclosure. He was also on the road in front of his house. It's quiet culdesac on the very fringe of the city. His son was in a RC electric toy car. He was told to get the car off the road and put on a mask. All pretty dramatic.
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@JamesGlynnWSJ
James Glynn
3 years
The three busiest days in Lifeline’s 57-year history have been this month with the service receiving 3,436 calls on Monday, according to new data released by Lifeline Australia today. #auspol #reachout #areyouokmate #pickupthephone
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@JamesGlynnWSJ
James Glynn
1 year
This is a completely new phase of the RBA's tightening cycle fueled by data in the last month. There's nothing in Lowe's comments that suggests he's sensing a peak. Zero productivity and zealous government advocacy for big pay hikes have invoked Hiking Cycle Mk2 #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
The #RBA ’s liaison is clearly still full of anecdotes from firms highlighting super strong demand conditions in the economy, and employee scarcity. +50 bps again in September. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
The OCD crowd who want the #RBA cash rate back to an even multiple of 25 bps should stop fidgeting and cease pacing the room. I don’t think there’s much interest in easing your woes. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
1 year
I’m heading into a 6 hour media lockup today to cover a budget that is already largely released. Maybe there will be a curve ball like plans to build three aircraft carriers and funding for a take over of New Zealand. But I doubt it. #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
I sense it in the wind...a shocker CPI (upside surprise) is about to be delivered. Adopt the brace position, write your letters home. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
If you stare too long at the gloomy consumer confidence data and then the strong retail sales data....you must conclude that retail therapy is a genuine economic dynamic. I'm off to the shops...
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@JamesGlynnWSJ
James Glynn
2 years
Retail sales up by a blistering 19.2%​ on-year, the second-largest increase in the 39-year history of the survey
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@JamesGlynnWSJ
James Glynn
2 years
So the RBNZ massively underestimated 3Q inflation...might the RBA be in the same hot seat shortly? #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
3 years
Glynn’s Take: The Coming Jump in Australian Interest Rates Could Be Brutal via @WSJ #RBA #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
1 year
ANZ now expects 1Q trimmed mean of 6.8% annual. Such a result would have #RBA staffers sleeping uneasily. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
3 years
RBA's Lowe turn his guns on the hawks.....it just isn't going to happen in 22, 23. Not even surging house price growth will trigger a move. Smoko until 2024. #auspol #ausbiz
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@JamesGlynnWSJ
James Glynn
5 years
"It is intuitively uncomfortable to have QE when the budget is in surplus." -unnamed economist #RBA #auspol #ausbiz #Ausecon
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@JamesGlynnWSJ
James Glynn
3 years
Goldman Sachs now expects RBA rate hikes in August, September, October and November. The new post-budget addition is the August hike. #ausbiz #ausecon #RBA #ausproperty
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@JamesGlynnWSJ
James Glynn
3 years
Ethereum’s energy usage is estimated to be equivalent to the Philippines, the 35th largest economy in terms of energy consumption. #RBA #Crypto #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
250 bps by the RBA since May is very significant. A string of +25bps stretching into next year isn't backing off. The world economy is slowing and inflation will cool in 2023. #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
The RBA board will likely have the chat about 40 bps. Jobs and wages data didn't scream for it, but the inflation and business liaison data do. The reality is the OCR is at 0.35 bps as inflation heads to its highest in let's say 40 years. #ausbiz #ausecon #getmoving
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@JamesGlynnWSJ
James Glynn
3 years
I’m not sure I’ve ever seen a bigger clash of wills between the RBA and markets. Coming weeks will be like bonfire night….something I wish would make a come back. #ausbiz #ausecon #RBA #bonfirenight
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@JamesGlynnWSJ
James Glynn
7 years
A masterful statement by Phil Lowe. Devoid of color and emotion, the RBA did not blink. A tour de force in dull. Bravo. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
@TheKouk This feels like the scene in the Life of Brian where the PFJ is asking what Romans “have even done for us.” ….50 year low in unemployment? The aqueduct.
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@JamesGlynnWSJ
James Glynn
6 years
Isn't there a good chance that cutting interest rates by 50 bps this year will achieve next to nothing? It's not the cost of borrowing that is the problem. It probably wouldn't even float house prices. #RBA #ausecon #RBA
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@JamesGlynnWSJ
James Glynn
2 years
I’m heading off for some long service leave. I’ll be back for 4Q CPI. So it’s 25bps in December with the bank set to experience discomfort for a bit about the move back to 25 bp from 50bp. Still global growth forecasts are tumbling. I still don’t think the OCR will bust 4%.
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@JamesGlynnWSJ
James Glynn
2 months
Why swap markets are still pricing a rate cut before Christmas is strange to say the least. If it’s a bet that the RBA will respond to an artificially lowered CPI, it’s misguided. Bullock is speaking pretty clearly. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
I took my daughter to see the new Avatar on Monday. Counting us, there were about 8 people present. My local musical instrument store was deadly quiet too. Anecdotes only, but I think rate hikes have finally hit the consumer. She’s cute right?
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@JamesGlynnWSJ
James Glynn
4 years
Australia's average national mortgage stood at $542,800, up 5.7 per cent on a year ago in February #auspol #ausproperty #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
Australia's Fair Work Commission will award a 4.0–4.5% nominal increase to the national minimum wage in its 2021-22 annual review, ANZ forecasts. Despite being the largest rise since 2010, it will still represent a real wage cut. #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
11 years
'We are building up this myth of 22 years uninterrupted growth': Australia central banker http://t.co/gCLlPSH7qt Stevens-WSJ #Ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
The October #RBA board meeting is more likely to see it deliver +25 bp than +50 bp. +25 bp gets them into the neutral zone, where they'll move more cautiously. Compounding the RBA's reputational damage by introducing heightened recession risk seems unlikely #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
Let's face it--50bp in July is coming. 25bp will be ruled out soon after the board is served their prawn cocktails at lunch, and well before the crumbed schnitty is wheeled in. By the time the frog-in-a-pond comes out, they will be done and dusted. #ausbiz #ausecon #RBA
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@JamesGlynnWSJ
James Glynn
7 years
#PopUpGlobe 800 kilometres to be here. Day 1. As You Like It
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@JamesGlynnWSJ
James Glynn
4 years
That growling you can all hear is probably Guy Debelle reacting to ridiculous news headlines like #RBA says recession over. In a purely technical sense perhaps. But in a real world sense, absolutely not. Debelle said nothing of the sort. #auspol #ausecon
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@JamesGlynnWSJ
James Glynn
3 years
Does anybody else get jittery before these announcements? It's not as if I'm long or short anything. I don't trade, never have. Still....everything is at stake...hahaha. #RBA #firstworldproblems
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@JamesGlynnWSJ
James Glynn
5 years
Annualized Aussie GDP growth is still hovering around 1%. Something closer to 3% is needed to get unemployment trending down to 4-point something. Rate cuts can't do that alone. #ausecon #RBA #ausbiz The myth of the strong economy is being exposed.
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@JamesGlynnWSJ
James Glynn
1 year
England lost the Ashes because Australia won two consecutive tests putting them in a near unbeatable position. Take responsibility for your loss and stop pointing at weather and your keeper who likes to go farming outside his crease when he shouldn’t
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@JamesGlynnWSJ
James Glynn
10 years
"Australian property prices will continue to double every 10 years mate!" Brisbane real estate agent today. Hmmm #ausbiz #ausproperty
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@JamesGlynnWSJ
James Glynn
2 years
With critical data just 90 minutes I’m posting this to distract and calm nerves. My band is available for weddings, parties and bar mitzvahs.
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@JamesGlynnWSJ
James Glynn
4 months
That's a very hawkish hold by the RBA. 2Q CPI holds the key. #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
10 months
Ok so maybe it’s not the G. But Sydney is suffering from a lack of creative, artistic and sporting outlets. Redevelop it into Sydney’s G. Put the Swans and the giants in it. Or build a replica Globe Theatre. Acres of tiny ticky tacky boxes will curse the city for centuries.
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@JamesGlynnWSJ
James Glynn
2 years
I’m running across a lot of 20 to 25 year old who say they never want children given the enormity of the financial task. Is this new or has this group always said this? #ausproperty
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@JamesGlynnWSJ
James Glynn
5 years
Crucially...50 bps of cuts, according to RBA modelling, only gets you to a jobless rate of about 5% in 2020.....So the likelihood of more cuts is high given that 4.5% is the expected NAIRU. There's good reason to expect that it will be lower #RBA #ausecon #ausbiz #auspol
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@JamesGlynnWSJ
James Glynn
3 years
At least one more major Australian bank looks set to announce downward 3Q GDP growth revisions this week. Other key voices are talking about 3Q GDP contractions as big as 4%, but aren't ready yet to go to print. Risk of recession now at 35%. #ausbiz #auspol #ausecon #RBA
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@JamesGlynnWSJ
James Glynn
5 years
I still contend Pixar needs to make Finding NAIRU. Let’s face it, it is probably 4% or lower. #ausecon #RBA #ausbiz
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@JamesGlynnWSJ
James Glynn
3 years
BBC reporting explosions near Kiev's main airport #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
1 year
@TheKouk Ridiculous Stephen that you should bend over backwards to sully the reputation of Lowe with a charge of political bias. Seriously?!? He may have made errors exiting the nightmare of the pandemic, but you should retract this immediately.
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@JamesGlynnWSJ
James Glynn
3 years
Merry Christmas to all. The chat here about the economy is always an important place to stop each day. 2022 is going to be a cracker. I'm back in mid January. Stay safe. May the peace of the season be with you all. QE to end in Feb. Cash rate up 1Q 2023 #ausbiz #ausecon #RBA
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@JamesGlynnWSJ
James Glynn
2 years
@TheKouk Push on SK. We live in the sad age of the anonymous keyboard warrior. Your contribution is huge.
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@JamesGlynnWSJ
James Glynn
7 years
An RBA rate hike is like a Collingwood premiership. You know its coming some day, but it's likely over the horizon, out of view #ausbiz ;
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@JamesGlynnWSJ
James Glynn
2 years
Collingwood have won 8 out of their last 10 games and look likely to go deep into September. A more compelling recession indicator I’ve not seen. 2010 GFC exit; 1990 recession; stocks crash, Depression 4-peat 1927,28,29,30. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
1 year
Change is good, but there’s a good argument that Australia has tossed out the RBA board structure that helped deliver a record expansion. The savaging of Lowe suggests the new experts will face the same blow torch from a society obsessed with investor debt. #ausbiz #ausecon
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@JamesGlynnWSJ
James Glynn
2 years
Visiting Victoria Park 100 years after my grandfather laced up for club. #hallowedground #AFL
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@JamesGlynnWSJ
James Glynn
2 years
50 bps. Decisive, urgent, preemptive....everything you want from a central bank #RBA #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
2 years
New Zealand 4Q GDP contraction a much bigger than expected-0.6%
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@JamesGlynnWSJ
James Glynn
2 years
The slowing in #RBA hikes has come as they've been indicating it would #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
1 year
Even my dog now sees a risk of RBA rate hikes in both July and August. #lookingpensive
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@JamesGlynnWSJ
James Glynn
2 years
This is not the end. It is not even the end of the beginning. But it is, perhaps, the end of the beginning. Winston Churchill on Australia’s February CPI data #ausecon #ausbiz
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@JamesGlynnWSJ
James Glynn
6 years
Australia’s economy completed 27 years of uninterrupted economic expansion in the second quarter via @WSJ
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@JamesGlynnWSJ
James Glynn
7 years
No surprise retail sales has fallen in a hole. Soaring utility costs have hit hard. Policy makers must wake to the pain in Western Sydney
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@JamesGlynnWSJ
James Glynn
3 years
Bitcoin and Ethereum's combined energy consumption is estimated to be close to the energy consumption of the world’s 13th largest economy, says #RBA #crypto #ausbiz
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@JamesGlynnWSJ
James Glynn
3 years
Rating agency S&P Global has affirmed Australia’s AAA credit rating, citing Australia’s strong economic recovery from the pandemic and track record of sound economic and fiscal management. #ausbiz #ausecon
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