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here .","image":"$width_780,$height_439/t_crop_fill/t_sharpen,q_auto,f_auto/0044493fe2899f5ff00ce974c75246b4b782c875"},{"@type":"BlogPosting","datePublished":"2018-08-10T01:29:48+00: a-down-ahead-of-rba-statement-20180810-h13s0m.html/#update20180810-0129","articleBody":"Hedge funds have found a new way to profit from the sorry state of Australia's housing market: playing off how much poorer consumers feel as their home values decline.Managers including Totus Capital and Sydney's Regal Funds Management are putting bearish wagers on companies from JB Hi-Fi to Harvey Norman Holdings, betting discretionary retail stocks will wobble as the country's decades-long property boom goes into reverse and people shop less.It's a twist to the infamous \"widow maker\" trade, where hedge funds took large losses over the past few years betting against Australian banks after prematurely predicting house prices would crash. This time, the theory is that rather than default on their mortgages, homeowners stung by 10 straight months of nationwide house price declines will curtail spending -- what economists refer to as the wealth effect.Read the full story here ."},{"@type":"BlogPosting","datePublished":"2018-08-10T00:32:55+00: a-down-ahead-of-rba-statement-20180810-h13s0m.html/#update20180810-0032","articleBody":"Just a day after it announced rates would remain on hold for nearly two more years at least, the Reserve Bank of New Zealand has been forced to vacate its office after unsafe levels of asbestos were detected in the building. Here's the full statement:The Reserve Bank is vacating its Wellington building for about three months so it can remediate asbestos issues.The Reserve Bank's currency, payments and settlements, and markets operations are not affected. We are able to undertake our currency operations in the building, as usual, with confidence. All other critical real-time banking functions are being operated from our Auckland premises.Governor Adrian Orr said: \"As a responsible employer and landlord, the Reserve Bank has decided to close the building so we can address the issue comprehensively. We will move to other premises until all necessary remedial action has been taken. I apologise for the inconvenience to tenants, staff, and customers of affected organisations. I congratulate my team for being so organised and effective.\"The decision comes after ongoing asbestos remediation was proving too complex and disruptive. The final straw was yesterday when a trace amount of airborne asbestos was detected in one floor's lift foyer. The amount detected is low risk but the health and safety of all building occupants is our priority. The floor – level 6 - was vacated immediately.Until yesterday, ongoing air monitoring in the Reserve Bank building showed that the level of respirable asbestos fibres was below trace level, meaning that the building was safe for occupation.The ground and basement levels will remain occupied and in use. The way that those levels were built is different than the office block above, meaning those levels are safe.\"We expect to move back into the building after three months, when building-wide remediation work is finished and safety tests have been completed and signed off by specialist asbestos firm Major Consulting Group,\" Mr Orr said.We are supporting tenants in the building as they make arrangements for temporary accommodation. They are the Parliamentary Commissioner for the Environment, Parliamentary Counsel Office, State Services Commission, and NZ Defence Force.","image": 09T23:40:43+00: a-down-ahead-of-rba-statement-20180810-h13s0m.html/#update20180809-2340","articleBody":"News Corporation chief executive Robert Thomson has poured cold water on the global media conglomerate jumping into the consolidation of the Australian sector in the wake of a merger between rivals Fairfax Media and Nine Entertainment.Speaking to analysts on Friday morning at News Corp's full-year results, Mr Thomson was asked whether the Rupert Murdoch-controlled business is a \"seller or acquirer\" in the Australian market, following the announcement in July Fairfax, publisher of The Australian Financial Review, will merge with Nine Entertainment, he responded the company is a \"focused operator\".Mr Thomson said bringing together Foxtel and Fox Sports \"will be our absolute focus\".\"That combination we want to make more than a sum of the parts.\"Max Mason has the full story here .","image":"$width_780,$height_439/t_crop_fill/t_sharpen,q_auto,f_auto/640c2a47b6b2755fdf00be57d4643a9a4c02c58e"},{"@type":"BlogPosting","datePublished":"2018-08-10T00:25:31+00: a-down-ahead-of-rba-statement-20180810-h13s0m.html/#update20180810-0025","articleBody":"The Australian sharemarket has opened flat with only very muted movements from most stocks.The S&P/ASX 200 index is up 2.7 points, or less than 0.1 per cent, at 6300.4.Only two stocks, Commonwealth Bank and CSL, are addi...