Australian Economy

Westpac with the note.

By Gareth Aird, head of Australian economics at CBA Key Points: We expect the headline CPI to increase by 0.8% in Q3 21 (+3.0/yr). The trimmed mean CPI on our forecasts will print at +0.5% (1.8%/yr).

From ANZ Research: Six weeks of gains in consumer confidence Consumer confidence increased 1.3% last week, its sixth straight gain.

After a sluggish start, Australia’s vaccine rollout has been exemplary.

Callum Foote and Michael West have made explosive allegations that the business lobby pressured the federal government not to amend JobKeeper when it was discovered by Treasury three months in that billions was being paid to companies with neutral or rising turnover.

Yesterday’s employment report from the Australian Bureau of Statistics (ABS) revealed that Australia’s youth – defined as those aged 16 to 24 – have been hit hard by lockdowns.

Victoria has recorded another 2179 locally acquired COVID cases – the second highest daily tally on record – alongside six deaths: Reported yesterday: 2,179 new local cases and 0 cases acquired overseas.

Infrastructure Australia has released a new report lobbying for more skilled immigration to build the infrastructure needed to sustain a bigger population (caused by immigration): Infrastructure Australia chief executive Romilly Madew said more migration will be needed to fill the forecast shortfall of 105,000 infrastructure jobs.

Good news: Pfizer Inc.

Yesterday, the Australian Bureau of Statistics (ABS) released Overseas Arrivals and Departures data for August 2021, which suggests net migration into Australia remained firmly negative.

As already reported, Australia’s unemployment rate rose 0.1% in August to 4.6% – close to the lowest reading since December 2008: However.

From The ABS: Key statistics Seasonally adjusted estimates for September 2021: Unemployment rate increased to 4.6%.

NSW’s roadmap out of lockdowns plans to lift all coronavirus restrictions once the state reaches a 90% full vaccination rate, which is expected by 26 October.

Treasury officials have confirmed that the Morrison Government’s $4 billion JobMaker wage subsidy is a failure.