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Kombat Coast 🥷
Today’s newsletter is 1014 words: 4 minute read.
Thursday, May 25.
Happy international wine day 😎🥂🍷
In today’s email:
Kombat Coast: Hollywood’s back on the GC with an an epic
1st world rates vs. home: A few G20s compared
Trending: Simply the best
Around the Web (Snippets): Netflix cracks down on Aussies, Pizzey Park reno, super-rich Aussies and a guide on how to spot AI images
Live Gold Coast housing price movements
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1. One Big Thing: A Hollywood epic is here
Mortal Kombat 2, based on the iconic video game by Ed Boon and John Tobias, will begin filming here on the Gold Coast at Village Roadshow Studios starting next week.
The Australian Location Offset Scheme was raised to 30% to attract International Film, Television, and Digital Media.
Already gaining firm footing as a hub of inbound film production with an existing 16.5% offset, the 2023-2024 national budget will raise it to make Australia and the Gold Coast, in particular, appealing to indie films and established major studio productions.
The Village Roadshow Studios offer world-class film production facilities comprising nine sound stages, three water tanks, twelve production offices, editing suites, professional wardrobes, makeup stations, construction warehouses and paint and carpentry shops.
Over a dozen Gold Coast tech companies are onsite at Village Roadshow Studios, home of film innovations.
It has already made some of the world’s biggest blockbusters. Thor: Ragnarok, Sanctum, Unbroken and San Andreas were all filmed either substantially or exclusively on the Gold Coast.
Another epic was Pirates of the Caribbean: Dead Men Tell No Tales, which grossed over $1 billion at the box office.
What the people say
Producer James Wan has said, “I’m thrilled that with the help of Screen Australia and Screen Queensland, we can show off the majestic locations of Queensland and work with the top-notch artistic talent based there.”
Treasurer Jim Chalmers has said a few good things about the scheme, “it will deliver a significant boost to the Australian screen industry and broader Australian economy by providing certainty and stability for international film and TV productions.”
Gold Coast Wins..
“With an estimated local spend of more than $68 million, Mortal Kombat 2 is a heavy hitter for the state’s economy, creating at least 560 jobs for Queensland cast and crew,” Queensland Premier Annastacia Palaszczuk said in prepared remarks.
What you look for next
Some pretty average Rotten Tomatoes, if the 2021 Mortal Kombat I was anything to go by..
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2. Australia vs G20 rates
The Lowe down
The cash rate, which we all now know more than ever, is set by the Reserve Bank of Australia (RBA).
It is the rate for the cash market that banks charge each other for overnight borrowing to maintain their liquidity that is reviewed and set on the first Tuesday of each month.
Where are we at
In the latest review, back on May 2, the RBA announced a cash rate target of 3.85%, up from its previous target of 3.60%.
The inflation rate in Australia slowed to an annual rate of 7.0% in the March quarter of 2023.
This is good-ish news because 7.0% is down from where it was, but really not great.
It is still way off the targeted 2-3%.
To rise or pause in June
Central banks around the democratic world also use the cash rate to aim for inflation and other major economic factors, so we aren’t the only ones with these sorts of questions right now.
Here’s a look at a few other G20 countries and how far they’ve pushed up.
Based on the most recent changes, we have:
NZ 5.5% - an increase from 5.25%
USA 5.25% - an increase from 5.00%
Canada 4.50% - no increase from 4.50%
UK 4.5% - an increase from 4.25%
Australia only at 3.85% - an increase from only 3.60%
How many times did these other economies feel they were at the pause mark?
You’ve got to wonder.
What the banks know
As much as you and I, it seems.
Only about a month ago, the big four banks told Rate City their predictions of what will happen to the cash rate this year.
CBA: Peak of 3.85% by May 2023, then dropping to 2.60% by August 2024
Westpac: Peak of 3.85% in May 2023, then dropping to 2.10% by May 2025
NAB: Peak of 3.85% in May 2023, then dropping again in 2024
ANZ: Peak of 4.10% by August 2023, then dropping to 3.85% by November 2024
All but one of the top four picked a peak rate that we’re already at.
In the last 24 hours, the probability of a rate hike has risen to 64%, so reputations are on the line.
What to look for next
Some banks like Westpac have started to move out of step and reduce the stress test.
It was pretty high, so this isn’t a bad thing, but it kinda just means more people will be able to keep spending.
Keep an eye out for other banks to follow.
At a 7.0% inflation versus a 2-3% target, and looking at some other G20 economies, it’s hard to see how we won’t get at least another two or three more 💸.
Tina Turner - Rock legend and one of the top recording artists of all time, passed away.
Here’s an epic to remember: NRL x Tina Turner x Jimmy Barnes = Simply The Best
Click pic to play.
4. Around The Web (Snippets)
Pizzey Park Reno: Epicness on the agenda for 2032. Check the plan.
Netflix: Cracking down on Aussies cheating the system
Richie Rich: The latest Australian rich list revealed
Today in AI: A guide on how to spot AI-generated images
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