Australian Economy

Melbourne will reportedly head into a seven day hard lockdown this evening – the fourth lockdown since the COVID pandemic began.

Yesterday the NZD carried the Australian dollar higher after a hawkish RBNZ statement: Now that operational constraints have been addressed and the OCR can be lowered further if necessary, we believe it is appropriate to return to our long-standing practice of publishing an OCR projection (figure 2.17).

The Australian Bureau of Statistics (ABS) has released preliminary data on construction work done, which rose over the March quarter on the back of residential building.

As we know, the Morrison Government has locked itself into a high immigration future by declaring open war on Australian workers via: Abolishing labour market testing requirements.

Via Westpac: • The six-month annualised growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, eased from 3.31% in March to 2.85% in April.

Speculation is mounting that Greater Melbourne will be plunged into its fourth hard lockdown after a Victorian man caught the Indian strain of the virus while staying in an Adelaide quarantine hotel earlier this month before bringing it into Melbourne.

Westpac with the note: Weekly Payroll jobs estimates fell 0.5% between May 8 and April 24. Total wages paid by employers fell by 1.3%. The fortnightly increase of the previous release of payrolls (for the fortnight ending April 24), was revised down to +0.2% from +0.4%.

Be careful what you wish for.

Tightened COVID-19 restrictions will kick in again for greater Melbourne from 6pm tonight after the city recorded five local COVID cases linked to an Adelaide quarantine hotel.

For years I have lambasted Victoria’s ponzi economy, which relied far too much on extreme immigration-fueled population increases to drive growth.

Inequality.org has published a article debunking incessant claims by businesses of labour shortages as economies reopen.

By Gareth Aird, head of Australian economics at CBA: Key Points: The Australian economic data dump this week added weight to our view that wages and inflation outcomes will be stronger than the RBA has forecast.

Two interesting reports were released over the weekend highlighting how the tidal wave of temporary migration into Australia over the prior decade contributed to the nation’s record low wage growth.

Only a few months ago, the hospitality, tourism and accommodation industries were bleating about not being able to keep staff when Jobkeeper was terminated.

Yesterday’s employment report from the Australian Bureau of Statistics (ABS) revealed that Australia’s youth – defined as those aged 16 to 24 – are benefitting big time from the closure of Australia’s international border.

The bumbling of the Morrison Government is something to behold.

The Markit flash PMI has Australia’s catch-up boom topping out in May: Employment still good but we’re near peak growth.

Once-upon-a-time Labor star Jason Yat-sen Li appears on the hustings today to argue for more Chinese students: Foreign students are crucial to diversification from resources.