Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Michael Witts
Making a case for the 40 year mortgage
Don Stammer, leading Australian economist: "Congratulations to all associated. It deserves the good following it has." Reader: "Love it, just keep doing what you are doing.
The housing market is heading into choppy waters
Reader: "Keep it up - the independence is refreshing and is demonstrated by the variety of well credentialed commentators." Ian Silk, CEO, AustralianSuper: "It has become part of my required reading: quality thinking, and (mercifully) to the point." Reader: "Great resource.
Cash rate remains on hold
What was discussed at today’s RBA meeting? Were there any major differences compared with last month’s statement? While the length of the statement from the RBA was longer than usual (one and a half pages versus just over one page previously); the sentiment and message from the RBA was largely unchanged compared with previous months. The main messages were: What are the major concerns for the RBA? The RBA noted that the high level of debt in China was an area of medium term concern.
Investor signposts: Business conditions and jobs to dominate
By Craig James There are fewer ‘top shelf’ economic indicators in Australia in the coming week but it is still a busy schedule. Main interest is in the NAB business conditions survey and the latest jobs report. The week kicks off on Monday with the Australian Bureau of Statistics (ABS) releasing the July data on lending finance commitments. As well as containing figures on new home loans, the data covers personal, commercial and lease loans. A busy agenda is set down for Tuesday.
Investors still worried about North Korea
Despite a good start to the session, the Australian share market has closed steady as investors worry about the possibility of another North Korean missile test on Saturday, the anniversary of the country's founding. The benchmark S&P/ASX200 stock index gained just 0.2 points to 5,689.9 points, with a mixed performance across the sectors, with materials slightly weaker and financials marginally stronger.
New study another nail in the coffin for E-cigarettes
By Ross Walker If you were asked, what drug causes the most deaths in our society, many people would say heroin, some may say cocaine or, possibly, the very recent modern scourge of Ice. The reality is that illegal drugs only contribute 3% to the death rate from drug abuse - 17% is from alcohol and 80% from cigarette smoke. In Australia, we have one of the lowest rates of cigarette smoking in the world where now only 13% of the adult population continue to smoke.
Banks and insurers drag market lower
The share market has lost ground due to a broad sell-off of banks, insurers and other financial stocks, and the Australian dollar’s surge above 80 US cents was tempered by slightly weaker than expected economic growth. The benchmark S&P/ASX200 index dropped 0.29 per cent to 5,689.7 points, as the financial sector’s fall outweighed gains by mining and oil producers.
Rates on hold for 13th month in a row
By ING Direct's Deputy Treasurer, Peter Casey What was discussed at today’s RBA meeting? Were there any major differences compared with last month’s statement? There were no major differences but the tone has been getting slightly more positive in recent months. What are the major concerns for the RBA? Support is coming from Chinese growth but this may not be sustainable as it is reliant on high levels of debt.
Thinking - your brain needs it!
Cogito ergo sum - I think, therefore I am. This famous phrase was made by the French philosopher, René Descartes in 1644. In so many ways, the way we think defines us. The quality of your life is often defined by the quality of your thinking. My daughter, Dr Ali Walker, has recently published her first book - “Get Conscious - How to overcome overthinking”. Yes, many of us overthink, but without good-quality, well-crafted thinking, many of us live in misery.
Commodities weakness weighs on Aust shares
The Australian share market has closed lower after mining and energy companies slid due to a plateau in commodity prices and the major banks lost ground. The benchmark S&P/ASX200 index closed down 28.2 points, or 0.49 per cent, at 5,744.2 points on Wednesday. AxiTrader chief market strategist Greg McKenna said investors were seeking direction as commodities and energy companies sold off and the big four banks hit peak values.
RBA wary of higher dollar risks
What was discussed at the latest RBA meeting? Were there any major differences compared with last month’s statement? While the RBA kept the cash rate unchanged at 1.5%, today’s statement contained wholesale changes across a number of fronts. This is in stark contrast to statements issued following the recent RBA monthly meetings. In other aspects, the statement is broadly consistent with sentiments expressed in previous months.
Aust shares drop as miners hold ground
The Australian share market was lower at the close despite a late rally as global concerns were felt across most sectors except the major miners. The benchmark S&P/ASX200 dropped 20.5 points, or 0.35 per cent, to 5,763.3 points, with the banks and energy stocks leading a broad slide. CMC Markets chief market analyst Ric Spooner said after sharp gains on Tuesday and Wednesday’s flat performance, local stocks were out of step with Asian markets, which were higher in Wednesday afternoon trading.
RBA cash rate unchanged at 1.5%
What was discussed at today’s RBA meeting? Were there any major differences compared with its last statement? Any major concerns? The RBA again left the cash rate unchanged at 1.5%. This means the cash rate is unchanged over the past 12 months. The statement itself is almost identical to the previous month’s. Clearly the RBA is content to sit on the sidelines as the various macro-prudential controls imposed by APRA work their way through the housing market.
Shares steady and $A on the rise
Better than expected economic growth has boosted the Australian dollar, while the share market was steady as gains by banks and healthcare companies offset falls by the supermarket giants. The Australian dollar jumped from 75.01 US cents to a high of 75.48 US cents shortly after the release of GDP figures that showed growth of 0.3 per cent in the March quarter and an annual rate of growth of 1.7 per cent.
RBA leaves cash rate at 1.5%
What was discussed at yesterday's RBA meeting? Were there any major differences compared with its last statement? Any major concerns? The RBA Board again left the cash rate unchanged at 1.5%. The tone from the meeting was consistent with recent previous meetings; namely the transition in the economy continues and the shift towards non-mining investment is gathering momentum.
Banks and miners trigger market fall
Falls by the major banks, miners and and telco company Vocus have triggered the share market’s steepest fall in six weeks. The benchmark S&P/ASX200 index dropped 0.98 per cent after the big banks lost more ground on ANZ’s weaker-than-expected half year cash profit, announced on Tuesday. Weak iron ore futures hurt the miners and a profit warning from Vocus caused a plunge in its share price, Patersons Securities economist Tony Farnham said.
RBA leaves cash rate on hold at 1.5%
What was discussed at yesterday's RBA meeting? Were there any major differences compared with last month’s statement? At yesterday’s meeting, the RBA left the cash rate unchanged at the record low of 1.5%. The comments this month were broadly consistent with the comments released following previous meetings. It would appear clear that the Bank is not inclined to further cut the cash rate. Equally, it appears unlikely that the cash rate will not be increasing in the near future.
The wage underpayment saga continues
Not too long ago, I wrote that the wage underpayment scandal engulfing 7-11 franchisees was just the tip of the iceberg. Well ladies and gentlemen, the rest of that iceberg is about to smash head-on into hundreds of unsuspecting Australian employers. Caltex is now the latest brand to be tarnished by seemingly widespread wage underpayments by some of its franchisees.
Mining, energy stocks push market higher
The share market has gained ground as higher commodity prices fuelled strong gains by mining and energy companies. The benchmark S&P/ASX200 index rose 0.3 per cent, in line with gains made on Wall Street and major equity markets across Europe. The Australian dollar recovered slightly from Tuesday's fall, triggered by the Reserve Bank of Australia's warning about the economic risks posed by rising household debt levels.
Masterchef cooks up a Fair Work disaster
If you’re a fan of reality TV, chances are you’re familiar with George Calombaris from the hit show Masterchef. He cooks up lots of incredible dishes, the latest of which is a rich serving of humble pie. You see, Mr Calombaris is the latest Australian employer to discover our nation’s ridiculously complex employment laws make it virtually impossible to pay employees correctly. The Fair Work Ombudsman (FWO) has this week confirmed Mr Calombaris underpaid his restaurant employees. By $2.6 million.
RBA keeps cash rate steady at 1.50%
What was discussed at today’s RBA meeting? What are the RBA’s main concerns? The RBA left the cash rate unchanged following yesterday's Board meeting. This outcome was widely anticipated across financial markets. Current expectations are that the RBA will be on hold over the balance of 2017 and into the first half of 2018. The RBA remains positive on the global economy and has called time on any further easing of monetary policy across the globe.
Market and $A fall as commodities drop
Then share market has lost ground for a second straight day as investors dumped resource and energy stocks following a drop in iron ore and oil prices. The benchmark S&P/ASX200 index fell 0.3 per cent on Thursday, with the heavyweight materials index the biggest loser, dropping 2.6 per cent.
Is there any basis for Hanson's vaccination comments?
Recently, Pauline Hanson was hijacked by Barry Cassidy on the ABC Insiders program when she was put on the spot about her opinion regarding vaccinations. Up until now, she has been riding high in the polls, in my opinion, more from the poor performance of her opponents. Her recent ill-informed and ignorant comments unfortunately do represent the views of a minority of the population.
Fair Work Ombudsman throws in the towel
For more than seven years now, the team at Workforce Guardian has consistently described Australia’s so-called ‘Fair Work’ laws as ‘hopelessly complex’. We’ve backed this claim by comparing Australia’s workplace relations system with those in comparable jurisdictions such as New Zealand, the UK, and Europe. Only here do we maintain an archaic system of over 100 ‘Awards’ which baffle and befuddle small business owners.
China data triggers market recovery
The share market has closed relatively steady after stronger-than-expected Chinese drove a recovery from early losses. The benchmark S&P/ASX200 index was just 1.7 points lower, a significant improvement after dropping almost 23 points soon after trading began. The latest Chinese trade data, in particular import figures, trumped economists' expectations and drove a broad afternoon rally on the market, CMC Markets chief market strategist Michael McCarthy said.
Interests rates expected to rise in 2017
What was discussed at yesterday’s RBA meeting? Were there any major differences compared with the December statement? At today’s meeting, the RBA kept the cash rate unchanged at 1.50%. This outcome was broadly expected across financial markets. The RBA was slightly more upbeat in its assessment of the global economy than it has been previously.
Rate cuts off the table
What was discussed at today’s RBA meeting? Were there any major differences compared with its December statement? While the wording was different, the sentiments expressed in the statement released following the meeting were generally consistent with previous months. While leaving the cash rate at 1.5%, the RBA noted that on a global basis there is no longer an expectation of further monetary easing in other major economies.
Is IAG in a storm?
Australia’s biggest domestic insurer IAG recovered slightly yesterday, picking up $0.03 to close at $5.75, which in the light of the weekend’s storms, is like finding the roof doesn’t leak after all. On Monday, the Insurance Council of Australia announced that Queensland and New South Wales were officially in a state of catastrophe in insurance terms, following that up yesterday by putting Victoria and Tasmania in the same category.
The reality behind rentals
Australia has a diverse rental market, with vacancy rates and yields differing at state, city and suburb levels. Many areas with significant price growth have not seen the same increases in rents. This means that yields have dropped in real terms in these areas. The mining investment slowdown is affecting places such as Perth, which is also experiencing an increase in vacancy rates. According to Domain’s September Rental Report, the yield for houses in Melbourne has dropped from 4.07% to 3.96%.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Michael
Contact Michael, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack