Macro Afternoon: 25 September 2025
Queenscliff, Victoria AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 UK 100 Japan 225
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Aussie interest rate hopes are evaporating
Belinda Allen, CBA’s Head of Australian Economics, believes that the probability of further rate cuts has slimmed amid stronger domestic economic data and stubborn inflationary pressures. Markets are effectively pricing no chance of a cut in September following the stronger August CPI indicator. November market pricing has also shifted from a 70% probability to around
Are Australians delusional?
With the release of the latest Westpac – Australian Chamber of Commerce and Industry (ACCI) survey on Industrial Trends, a concerning divergence has emerged between economic expectations and actual performance across a wide array of different metrics. Over the nearly 30-year scope of the Westpac-ACCI index, the actual assessed performance has tracked the expected performance
Australia transforms into nation of bureaucrats
Earlier this month, Ex-NSW Senior Trade and Investment Commissioner for Japan and Korea Michael Newman lambasted the size of Australia’s bureaucracy, claiming we had one of the world’s largest number of public sector workers per head of population. Newman claimed that Australia has 140 public servants for every 1,000 people. By comparison, Japan has 38 per
MB Fund Podcast: The Economics of Data Centres
In this week’s podcast, we are unpacking the economics behind the data centre capex boom—where the money is coming from, where it’s going, and what kind of returns investors can expect. Can’t make it to the live series? Catch up on the content via Podcasts or our recorded Videos. Damien Klassen is Chief Investment Officer at
Canada shows the LNP the way
As infighting within the Liberal Party continues over the party’s leadership and its stance on Net Zero, things continue to deteriorate. Electoral demographics continue to shift against them, as the proportion of people living in rented homes increases and their strongest established base of support passes away. According to sources within the Victorian Liberal Party,
Sydneysiders pay for endless population growth
Neither politicians nor supporters of a Big Australia immigration policy acknowledge the significance of water. Several reports have warned that Australia will face chronic water shortages and rising water prices as its population grows by millions, due to persistently high immigration. Infrastructure Australia’s 2017 modelling predicted that household water bills would quadruple over 50 years
A deep dive into Australia’s fertility rates
With the release of the latest ABS fertility rate data, it was revealed that the nation’s Total Fertility Rate (TFR) had fallen to its lowest level on record, slumping to 1.50 babies per woman. This compares unfavourably with the figure of 1.67 recorded immediately prior to the pandemic and the average for the 2010s of
Twiggy’s green hydrogen fantasy evaporates
Despite multiple setbacks, Andrew “Twiggy” Forrest, founder of Fortescue Metals Group, has remained one of the world’s most prominent champions of green hydrogen. In 2021, Forrest unveiled plans to produce 15 million tonnes of green hydrogen annually by 2030. Forrest recognised green hydrogen as a vital answer for decarbonising industries like steel, shipping, and heavy
The roaring bull market
From the Market Ear: Can’t put a good man down SPX has gone 107 sessions without posting a drop of at least 2%…its longest streak since July 2024. NASDAQ technicals NASDAQ remains trading inside the trend channel that has been in place since May. Note we never even tried the upper part of the channel