The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."
Wednesday, August 8, 2012
UBS: "housing has passed its weakest point"
Housing finance (total ex-refis) rose 3.2% m/m in June (UBSe +2.5%, mkt nf), more than reversing last month’s 1% fall, and taking new lending to its best level in 6 months. From its March low-point, lending is up a modest 4%, though it’s still 2% below end-2011’s (uninspiring) peak. Owner-occupiers rose a solid 2.0% (4th gain, led by a 6% rise in new, with existing up 1% after 2%), while investors jumped 5% (after -5%, also led by new, +80% m/m)...The data add to other indicators, such as the recent jump in resi approvals, moderate rise in auction clearance rates and higher housing sentiment, suggesting housing has passed its weakest point.