The national auction clearance rate has hit its lowest level in more than six years, with preliminary figures showing that just 47 per cent of homes were sold over the past week. Not only was the clearance rate weak, but nearly one-quarter of homes due to go under the hammer were withdrawn – another sure sign of softness in the market.

On top of that, nearly half of the homes being sold are going before they get to auction – suggesting sellers don’t want to test the market, according to research house Cotality.

With three interest rate rises so far this year, and Reserve Bank Governor Michele Bullock last week saying the rate hiking cycle might not be over, alongside changes in the federal budget making investment properties less attractive, buyers are staying away.

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Greed-o-meter

The highest-paying jobs in Australia have been revealed by the ATO, along with how they've changed since the previous year. And yes, they're all well north of the new average income of $78,127.

Source: ATO

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Fear & Greed Q+A today

On a very big week ahead for the economy, with a bunch of significant data releases - including the May inflation figures.

 

 "I hate to say it, they're going to be very high. Even though the price of petrol fell in May, in part due to the excise reduction fully kicking in, it's going to be a high number.

 

The annual increase will probably be just below five per cent. It'll probably be about 4.8 or 4.9 per cent because there's a very low rate dropping out of your year-on-year run rate.

So even with a modest increase, or even a small fall because of the petrol shock, you're going to get headline inflation jumping.

 

It's the trimmed mean inflation rate that matters. That's probably going to be a little better behaved, but still above target at about 3.4 per cent in annual terms.”

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News in brief

The peace deal between the US and Iran is already faltering, after Tehran said it had closed the Strait of Hormuz again, in retaliation for Israeli strikes on Lebanon. The US military disputed the claim, saying traffic is flowing.

BHP has warned of further cost overruns at its flagship Canadian potash business. The costs for the project have gone from the original $US4.9 billion estimate, to $US6.9 billion. BHP’s share price fell 5.6 per cent on Friday, having reached a new peak earlier in the week.

The federal government has extended the fuel excise relief for a month from 1 July, saving consumers 16c a litre of petrol. If the states opt to use their GST revenue to fund a portion of the excise cut, as is expected, the saving will go to 32c a litre. PM Anthony Albanese wouldn’t rule out further extending it.

Australia’s beef exports to China have had an additional 55 per cent tariff lumped on them after hitting Beijing’s annual quota limit.

UK Prime Minister Keir Starmer could announce his resignation within hours with cabinet support for the Labour Party leader collapsing, according to media reports.

Fear-o-meter

An insight into two-parent households in the US, thanks to the Morning Brew newsletter:

For the first time ever, a majority of two-parent households in the US (52%) feature both mom and dad collecting full-time paychecks, according to a new Pew Research Center report. Mothers with bachelor’s and post-graduate degrees are increasingly reshaping the breadwinning dynamics.

Women are earning more college degrees than men, which has helped drive up the number of households with two parents working full time. The survey of 2,242 working parents, which excluded same-sex couples because the sample size was too small, revealed how two incomes can help—and challenge—childcare responsibilities:

• Seventy percent said parenting-related tasks are handled during work time (e.g., changing a diaper during a Zoom call).

• Fifty-nine percent said work-related tasks are handled while with their children (e.g., converting a PDF at a piano recital).

• Fifty-four percent said it’s difficult to balance work and family tasks (the other 46%, presumably, were lying).

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