May 9 • 11M

Dawn Chorus for Tuesday May 10

First home buyers hammered to seven-year low by bank lending squeeze in March quarter; Congestion charging tipped for emissions plan next Monday; Stocks slammed again on rates fears

Bernard Hickey
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Bernard Hickey and friends explore the political economy together.
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TLDR: The Government is set to unveil its Emissions Reduction Plan next Monday to reduce emissions by a budgeted 36% by 2035, but has already ruled out anything that would impose a net cost on the Government or increase debt. (See more on that below the paywall fold.)

Climate change policies are politically contentious and so far the outrage seems to be working, with the Government showing little appetite for pushing further to tackle the climate emergency. Photo: Lynn Grieveson/TheKaka

In other news breaking this morning:

  • first home buyers bore the brunt of the bank lending squeeze late last year and early this year, fresh CoreLogic figures out this morning show (see more below);

  • US stocks are down as much as another 4% this morning on fears fast-rising interest rates will force the economy and corporate earnings into a recession; and,

  • Elsewhere overseas, Vladimir Putin justified Russia’s invasion of Ukraine at May day parades last night, but stopped short of declaring a war that would allow full mobilisation, UK Labour Leader Keir Starmer said he would quit if found guilty of breaching Covid rules, and Sri Lanka’s PM Mahinda Rajapaksa quit after weeks of violent protests over Sri Lanka’s economic collapse.

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This episode is for paid subscribers