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1</head><body class="antialiased min-h-screen" style=""><div id="__nuxt"><!--[--><div class="flex flex-col min-h-screen"><div class="bg-mb relative h-[72px]"><div class="max-w-screen-2xl h-[72px] mx-auto py-4 pl-2 pr-4 flex items-center justify-between text-sm text-white"><div class="pl-1"><a href="/" class=""><img src="https://www.macrobusiness.com.au/wp-content/themes/macrobusiness-2021/images/logo-retina-ns.png" width="234" height="19"></a></div><div class="flex items-center gap-4"><div class="hidden h-full lg:flex"><div class="flex h-full justify-center space-x-8"><!--[--><div class="flex"><div class="relative flex"><button class="relative z-10 flex items-center focus:outline-none">Categories</button></div><div class="absolute inset-x-0 top-full text-gray-500 sm:text-sm z-50" style="display:none;"><div class="absolute inset-0 top-1/2 bg-white shadow" aria-hidden="true"></div><div class="relative bg-white"><div class="mx-auto max-w-7xl px-8"><div class="grid grid-cols-2 items-start gap-y-10 gap-x-8 pt-10 pb-12"><div class="grid grid-cols-2 gap-y-10 gap-x-8"><div><p id="desktop-featured-heading-0" class="font-medium text-gray-900">Australia</p><ul role="list" aria-labelledby="desktop-featured-heading-0" class="mt-6 space-y-6 sm:mt-4 sm:space-y-4"><!--[--><li class="flex"><a href="/category/australian-banks-2/" class="hover:text-gray-800">Australian Banks</a></li><li class="flex"><a href="/category/australian-budget-2/" class="hover:text-gray-800">Australian Budget</a></li><li class="flex"><a href="/category/australian-dollar/" class="hover:text-gray-800">Australian Dollar</a></li><li class="flex"><a href="/category/australian-economy/" class="hover:text-gray-800">Australian Economy</a></li><li class="flex"><a href="/category/australian-interest-rates/" class="hover:text-gray-800">Australian Interest Rates</a></li><li class="flex"><a href="/category/australian-politics/" class="hover:text-gray-800">Australian Politics</a></li><li class="flex"><a href="/category/australian-property/" class="hover:text-gray-800">Australian Property</a></li><li class="flex"><a href="/category/equities/" class="hover:text-gray-800">Australian Shares</a></li><li class="flex"><a href="/category/immigration/" class="hover:text-gray-800">Immigration</a></li><li class="flex"><a href="/category/international-students/" class="hover:text-gray-800">International Students</a></li><li class="flex"><a href="/category/superannuation/" class="hover:text-gray-800">Superannuation</a></li><!--]--></ul></div><div><p id="desktop-categories-heading" class="font-medium text-gray-900">Commodities</p><ul role="list" aria-labelledby="desktop-categories-heading" class="mt-6 space-y-6 sm:mt-4 sm:space-y-4"><!--[--><li class="flex"><a href="/category/australian-lng/" class="hover:text-gray-800">Australian LNG</a></li><li class="flex"><a href="/category/gold/" class="hover:text-gray-800">Gold</a></li><li class="flex"><a href="/category/iron-ore-price/" class="hover:text-gray-800">Iron Ore Price</a></li><!--]--></ul></div></div><div class="grid grid-cols-2 gap-y-10 gap-x-8"><div><p id="desktop-collection-heading" class="font-medium text-gray-900">Global Macro</p><ul role="list" aria-labelledby="desktop-collection-heading" class="mt-6 space-y-6 sm:mt-4 sm:space-y-4"><!--[--><li class="flex"><a href="/category/capitalism/" class="hover:text-gray-800">Capitalism</a></li><li class="flex"><a href="/category/carbon-economy/" class="hover:text-gray-800">Carbon Economy</a></li><li class="flex"><a href="/category/chinas-economy/" class="hover:text-gray-800">China Economy</a></li><li class="flex"><a href="/category/economics/" class="hover:text-gray-800">Economics</a></li><li class="flex"><a href="/category/european-economy/" class="hover:text-gray-800">European Economy</a></li><li class="flex"><a href="/category/new-zealand-economy/" class="hover:text-gray-800">New Zealand Economy</a></li><li class="flex"><a href="/category/us-economy/" class="hover:text-gray-800">US Economy</a></li><!--]--></ul></div><div><p id="desktop-brand-heading" class="font-medium text-gray-900">Company</p><ul role="list" aria-labelledby="desktop-brand-heading" class="mt-6 space-y-6 sm:mt-4 sm:space-y-4"><!--[--><li class="flex"><a href="/about/" class="hover:text-gray-800">About</a></li><li class="flex"><a href="/comment-rules/" class="hover:text-gray-800">Comment Policy</a></li><li class="flex"><a href="/contact/" class="hover:text-gray-800">Contact</a></li><li class="flex"><a href="/disclaimer/" class="hover:text-gray-800">Disclaimer</a></li>
1<!--]--></ul></div></div></div></div></div></div></div><!--]--></div></div><span></span></div></div></div><div class="min-h-screen"><div class="md:flex justify-center xl:gap-8 max-w-screen-2xl mx-auto"><div class="p-4 w-full flex-grow"><!--[--><div class="nuxt-loading-indicator" style="position:fixed;top:0;right:0;left:0;pointer-events:none;width:auto;height:3px;opacity:0;background:repeating-linear-gradient(to right,#00dc82 0%,#34cdfe 50%,#0047e1 100%);background-size:0% auto;transform:scaleX(0%);transform-origin:left;transition:transform 0.1s, height 0.4s, opacity 0.4s;z-index:999999;"></div><div class="page-content page-content-simple"><div class="my-8 font-bold tracking-tight leading-tight text-3xl sm:text-3xl md:text-4xl text-center md:px-6">About</div><div class="my-12"><div class="content"><p><strong>Manifesto</strong></p><p>MacroBusiness is Australiaâs leading business and investment blog. Itâs mission is to bridge the gulf between the Australian business media and reality.</p><p>That this gap exists without the heavy-hand of a dictator is testament to the power of vested interests, monopolies, weak government, closed ideologies and a perennial culture of populism.</p><p>In effect, it means our leadership class can make unaccountable economic and business blunders while being measured against inappropriate yardsticks.</p><!--[--><div height="250" class="flex items-center justify-center mx-auto">Advertisement</div><!--]--><p>At MacroBusiness we measure our economy and our elite against the lessons of history, reason and ideas to provide a better discussion for your investments and business.</p><p>MacroBusines posts are driven by the Australian national interest. They are fact-checked, data-driven analysis and opinion. If we get it wrong, we own up to it.</p><p>Occasionally, we are satircal.</p><!--[--><div height="250" class="flex items-center justify-center mx-auto">Advertisement</div><!--]--><p><strong>Regular bloggers</strong></p><ul> 2<li>David Llewellyn-Smith writes as <em><a title="David Llewellyn-Smith Macrobusiness.com.au Contributor" href="http://www.macrobusiness.com.au/author/david/">Houses and Holes</a></em>. He is the Editor-in-chief and Publisher of MacroBusiness and is also Chief Strategist at Nucleus Wealth, an independent company involved in the MB Fund. David is a macroeconomic analyst and former trader. He is the founding publisher and former Global Economy Editor of <em>The Diplomat</em> magazine, now the Asia Pacificâs leading geo-politics and economics website. He is also the co-author of <em>The Great Crash of 2008 </em>with Ross Garnaut<i> </i> and Editor of the Second Garnaut Climate Change Review.</li> <li>Leith van Onselen writes as the <a title="Leith van Onselen Macrobusiness.com.au contributor author" href="http://www.macrobusiness.com.au/author/leith/"><em>Unconventional Economi</em>s<em>t</em></a>. He is co-founder and Chief Economist of MacroBusiness and is also Chief Economist at Nucleus Wealth, an independent company involved in the MB Fund. Leith has previously worked as an economist at the Australian Treasury, senior economist at the Victorian Treasury, and at Goldman Sachs. He has a strong background in economic policy and financial sector regulation. Leith holds a Bachelor of Commerce (Honours) degree from Melbourne University and a Graduate Diploma of Applied Finance and Investment from the Securities Institute of Australia (now FINSIA). Leithâs YouTube channel can also be <a href="https://www.youtube.com/channel/UCi3WZlKputf4Kv6AFDiLYVg">found here</a>.</li> <li>Chris Becker writes as <em><a title="Chris Becker Macrobusiness.com.au The Prince contributor" href="http://www.macrobusiness.com.au/author/The-Prince/">The Prince</a></em>. Chris is an investment strategist with a strong background in portfolio management, asset allocation, equities analysis and trading. He was previously the investment manager for Empire Investing focusing on value in the Australian small and mid cap sector. He was also the senior financial advisor and portfolio manager for boutique financial services company, Growth Plus, in Brisbane. Chris is a professional trader with ten years of shares, commodities and options trading experience..</li> <li><em><a title="Delusional Economics Macrobusiness.com.au contributor" href="http://www.macrobusiness.com.au/author/delusion/">Delusional Economics</a> </em>is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint.</li> <li><em><a title="Deep T macrobusiness.com.au contributor" href="http://www.macrobusiness.com.au/author/Deep-T./">Deep T.</a></em> is a senior banking insider who is fed up with his colleagueâs reliance on public supp
2ort.</li> <li>Cameron Murray writes as <em><a title="Cameron Murray macrobusiness.com.au contributor" href="http://www.macrobusiness.com.au/author/rumplestatskin/">Rumpelstatskin</a></em>. Cameron is a professional economist with a broad range of interests and a diverse background in property development, environmental economics research and economic regulation. In his writing Cameron aims to bring reliable insights from the academic and technical literature into the mainstream economic debate. He is an occasional lecturer in environmental economics at QUT.</li> </ul><p>MacroBusiness is published by <a href="http://www.macroassociates.com.au/">Macro Associates</a> Pty Ltd.</p></div></div></div><!--]--></div><div class="hidden lg:block lg:min-w-[300px] max-w-sm space-y-4 text-center mr-4"><div class="h-full py-4"><div class="hidden lg:flex lg:flex-col justify-center mx-auto lg:min-h-[600px] lg:min-w-[300px] sticky z-50 top-4"><!--[--><div height="600" class="flex items-center justify-center mx-auto">Advertisement</div><!--]--></div></div></div></div><span></span></div><footer class="bg-gray-100 [content-visibility:auto]"><div class="max-w-screen-2xl mx-auto py-12 px-4 sm:px-6 lg:py-16 lg:px-8"><div class="pb-8 xl:grid xl:grid-cols-5 xl:gap-8"><div class="grid sm:grid-cols-2 gap-8 xl:col-span-4"><div class="md:grid md:grid-cols-2 md:gap-8"><div><h3 class="text-sm font-semibold text-gray-400 tracking-wider uppercase">Australia</h3><ul class="mt-4 space-y-4"><!--[--><li><a href="/category/australian-banks-2/" class="text-base text-gray-500 hover:text-gray-900">Australian Banks</a></li><li><a href="/category/australian-budget-2/" class="text-base text-gray-500 hover:text-gray-900">Australian Budget</a></li><li><a href="/category/australian-dollar/" class="text-base text-gray-500 hover:text-gray-900">Australian Dollar</a></li><li><a href="/category/australian-economy/" class="text-base text-gray-500 hover:text-gray-900">Australian Economy</a></li><li><a href="/category/australian-interest-rates/" class="text-base text-gray-500 hover:text-gray-900">Australian Interest Rates</a></li><li><a href="/category/australian-politics/" class="text-base text-gray-500 hover:text-gray-900">Australian Politics</a></li><li><a href="/category/australian-property/" class="text-base text-gray-500 hover:text-gray-900">Australian Property</a></li><li><a href="/category/equities/" class="text-base text-gray-500 hover:text-gray-900">Australian Shares</a></li><li><a href="/category/immigration/" class="text-base text-gray-500 hover:text-gray-900">Immigration</a></li><li><a href="/category/international-students/" class="text-base text-gray-500 hover:text-gray-900">International Students</a></li><li><a href="/category/superannuation/" class="text-base text-gray-500 hover:text-gray-900">Superannuation</a></li><!--]--></ul></div><div class="mt-12 md:mt-0"><h3 class="text-sm font-semibold text-gray-400 tracking-wider uppercase">Commodities</h3><ul class="mt-4 space-y-4"><!--[--><li><a href="/category/australian-lng/" class="text-base text-gray-500 hover:text-gray-900">Australian LNG</a></li><li><a href="/category/gold/" class="text-base text-gray-500 hover:text-gray-900">Gold</a></li><li><a href="/category/iron-ore-price/" class="text-base text-gray-500 hover:text-gray-900">Iron Ore Price</a></li><!--]--></ul></div></div><div class="md:grid md:grid-cols-2 md:gap-8"><div><h3 class="text-sm font-semibold text-gray-400 tracking-wider uppercase">Global Macro</h3><ul class="mt-4 space-y-4"><!--[--><li><a href="/category/capitalism/" class="text-base text-gray-500 hover:text-gray-900">Capitalism</a></li><li><a href="/category/carbon-economy/" class="text-base text-gray-500 hover:text-gray-900">Carbon Economy</a></li><li><a href="/category/chinas-economy/" class="text-base text-gray-500 hover:text-gray-900">China Economy</a></li><li><a href="/category/economics/" class="text-base text-gray-500 hover:text-gray-900">Economics</a></li><li><a href="/category/european-economy/" class="text-base text-gray-500 hover:text-gray-900">European Economy</a></li><li><a href="/category/new-zealand-economy/" class="text-base text-gray-500 hover:text-gray-900">New Zealand Economy</a></li><li><a href="/category/us-economy/" class="text-base text-gray-500 hover:text-gray-900">US Economy</a></li>
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2<script type="application/json" data-nuxt-data="nuxt-app" data-ssr="true" id="__NUXT_DATA__">[["ShallowReactive",1],{"data":2,"state":171,"once":173,"_errors":174,"serverRendered":42,"path":176},["ShallowReactive",3],{"$fSJN6pNda0kVCuZNv2KBUHgsTBVWxcj4MIgRuwuBP7j4":4},{"id":5,"date":6,"date_gmt":7,"guid":8,"modified":10,"modified_gmt":11,"slug":12,"status":13,"type":14,"link":15,"title":16,"content":18,"excerpt":21,"author":23,"featured_media":24,"parent":24,"menu_order":24,"comment_status":25,"ping_status":25,"template":26,"meta":27,"acf":29,"_links":30,"_embedded":62,"useHead":147},2,"2011-01-07T06:11:01","2011-01-07T12:11:01",{"rendered":9},"http://macrobusiness.com.au/?page_id=2","2024-01-25T18:24:50","2024-01-25T07:24:50","about","publish","page","https://www.macrobusiness.com.au/about/",{"rendered":17},"About",{"rendered":19,"protected":20},"\u003Cp>\u003C!-- p.p1 {margin: 0.0px 0.0px 13.0px 0.0px; line-height: 19.0px; font: 13.0px Georgia} span.s1 {letter-spacing: 0.0px} -->\u003Cstrong>Manifesto\u003C/strong>\u003C/p>\n\u003Cp>MacroBusiness is Australia’s leading business and investment blog. It’s mission is to bridge the gulf between the Australian business media and reality.\u003C/p>\n\u003Cp>That this gap exists without the heavy-hand of a dictator is testament to the power of vested interests, monopolies, weak government, closed ideologies and a perennial culture of populism.\u003C/p>\n\u003Cp>In effect, it means our leadership class can make unaccountable economic and business blunders while being measured against inappropriate yardsticks.\u003C/p>\n\u003Cp>At MacroBusiness we measure our economy and our elite against the lessons of history, reason and ideas to provide a better discussion for your investments and business.\u003C/p>\n\u003Cp>MacroBusines posts are driven by the Australian national interest. They are fact-checked, data-driven analysis and opinion. If we get it wrong, we own up to it.\u003C/p>\n\u003Cp>Occasionally, we are satircal.\u003C/p>\n\u003Cp>\u003Cstrong>Regular bloggers\u003C/strong>\u003C/p>\n\u003Cul>\n\u003Cli>David Llewellyn-Smith writes as \u003Cem>\u003Ca title=\"David Llewellyn-Smith Macrobusiness.com.au Contributor\" href=\"http://www.macrobusiness.com.au/author/david/\">Houses and Holes\u003C/a>\u003C/em>. He is the Editor-in-chief and Publisher of MacroBusiness and is also Chief Strategist at Nucleus Wealth, an independent company involved in the MB Fund. David is a macroeconomic analyst and former trader. He is the founding publisher and former Global Economy Editor of \u003Cem>The Diplomat\u003C/em> magazine, now the Asia Pacificâs leading geo-politics and economics website. He is also the co-author of \u003Cem>The Great Crash of 2008 \u003C/em>with Ross Garnaut\u003Ci> \u003C/i> and Editor of the Second Garnaut Climate Change Review.\u003C/li>\n\u003Cli>Leith van Onselen writes as the \u003Ca title=\"Leith van Onselen Macrobusiness.com.au contributor author\" href=\"http://www.macrobusiness.com.au/author/leith/\">\u003Cem>Unconventional Economi\u003C/em>s\u003Cem>t\u003C/em>\u003C/a>. He is co-founder and Chief Economist of MacroBusiness and is also Chief Economist at Nucleus Wealth, an independent company involved in the MB Fund. Leith has previously worked as an economist at the Australian Treasury, senior economist at the Victorian Treasury, and at Goldman Sachs. He has a strong background in economic policy and financial sector regulation. Leith holds a Bachelor of Commerce (Honours) degree from Melbourne University and a Graduate Diploma of Applied Finance and Investment from the Securities Institute of Australia (now FINSIA). Leith’s YouTube channel can also be \u003Ca href=\"https://www.youtube.com/channel/UCi3WZlKputf4Kv6AFDiLYVg\">found here\u003C/a>.\u003C/li>\n\u003Cli>Chris Becker writes as \u003Cem>\u003Ca title=\"Chris Becker Macrobusiness.com.au The Prince contributor\" href=\"http://www.macrobusiness.com.au/author/The-Prince/\">The Prince\u003C/a>\u003C/em>. Chris is an investment strategist with a strong background in portfolio management, asset allocation, equities anal
2ysis and trading. He was previously the investment manager for Empire Investing focusing on value in the Australian small and mid cap sector. He was also the senior financial advisor and portfolio manager for boutique financial services company, Growth Plus, in Brisbane. Chris is a professional trader with ten years of shares, commodities and options trading experience..\u003C/li>\n\u003Cli>\u003Cem>\u003Ca title=\"Delusional Economics Macrobusiness.com.au contributor\" href=\"http://www.macrobusiness.com.au/author/delusion/\">Delusional Economics\u003C/a> \u003C/em>is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint.\u003C/li>\n\u003Cli>\u003Cem>\u003Ca title=\"Deep T macrobusiness.com.au contributor\" href=\"http://www.macrobusiness.com.au/author/Deep-T./\">Deep T.\u003C/a>\u003C/em> is a senior banking insider who is fed up with his colleague’s reliance on public support.\u003C/li>\n\u003Cli>Cameron Murray writes as \u003Cem>\u003Ca title=\"Cameron Murray macrobusiness.com.au contributor\" href=\"http://www.macrobusiness.com.au/author/rumplestatskin/\">Rumpelstatskin\u003C/a>\u003C/em>.  Cameron is a professional economist with a broad range of interests and a diverse background in property development, environmental economics research and economic regulation. In his writing Cameron aims to bring reliable insights from the academic and technical literature into the mainstream economic debate.  He is an occasional lecturer in environmental economics at QUT.\u003C/li>\n\u003C/ul>\n\u003Cp>MacroBusiness is published by \u003Ca href=\"http://www.macroassociates.com.au/\">Macro Associates\u003C/a> Pty Ltd.\u003C/p>\n\u003Cp> \u003C/p>\n",false,{"rendered":22,"protected":20},"\u003Cp>Manifesto MacroBusiness is Australia’s leading business and investment blog. 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