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The MediaCityUK agency has launched Visit Dubai's latest tourism campaign which takes the form of a spoof spy film.

MacroBusiness Access Subscriber Only Content at 11:00 am on July 15, 2021 | 13 comments The AFR has taken another shot at RBA governor Phil Lowe for daring to admit that Australia’s mass immigration program pushed down wage growth. The robber baron’s paper of choice has now enlisted economics editor John Kehoe to cherry-pick research and testimony claiming that immigration does not push down wages. Below are Kehoe’s main arguments: Economic studies are inconclusive about the impact of immigration on wages. “Australia’s disproportionately skilled migration program may be ‘decreasin...

MacroBusiness Access Subscriber Only Content Chris Joye at Coolabah with the note: After months of anticipation, the RBA finally delivered on its third quantitative easing (QE) program. Way back on 5 February 2021, when Coolabah first forecast a $100 billion QE3 program, the notion of a third stanza of QE extending into 2022 was not fashionable amongst economists at the time. (On January 22 we had predicted $100 billion of QE2, which the RBA delivered on 2 February.) flexible, open-ended and state-dependent program, which was calibrated at the same weekly bond purchase pace as QE1 and QE2 ...

Make no mistake, Treasurer Josh Frydenberg has pulled off a minor miracle saving Australia’s prized AAA credit rating, which has helped borrowers avoid the equivalent of half a 25-basis-point interest rate hike, writes Christopher Joye.

Australia on track to become pin-up boy of MMT failure at 9:00 am on May 11, 2021 | 31 comments An interesting piece today from John Kehoe at the AFR on how the RBA seized control of fiscal policy: A month ago, Treasurer Frydenberg was on track to deliver an austerity budget. But for months, the RBA and Treasury had been trying to turn him around. Historically low unemployment was their goal. Frydenberg shifted his fiscal trigger from below 6% unemployment to below 5%. I put it to you that this great pivot has absolutely nothing to do with the RBA or Treasury. The Morrison Government has neve...