Australian Economy

The AFR is long on fake but short on much else: In 1991, Keating’s typically aggressive “this is the recession we had to have” declaration fuelled the sense of crisis that helped accelerate productivity reforms that he and Bob Hawke had unleashed in the early 1980s.

Awesome, at Domain: Chinese investment in Australia has fallen to its lowest level in a decade as political tension rises between the two major trading partners, but Labor says superannuation funds could take the place of foreign investors.

Via NAB: Business conditions saw a broad-based improvement in the month but remain deeply negative – at a level last seen coming out of the GFC.

Via Ian Verrender at the ABC: Everything old is new again.

When the Howard Government navigated his GST reform package through the Senate at the turn-of-the-century, it was forced by the Democrats to exempt fresh food, health and education in a bid to protect lower income earners from the GST’s regressive impacts.

Over the weekend, tens-of-thousands of protestors gathered cheek-to-jowl across Australian cities protesting for “black lives matter”.

Bravo CCP!

When the Morrison Government’s $1500 a fortnight JobKeeper wage subsidy was first announced, we argued (among other things) that it would be rorted by businesses manipulating the rules to delay the timing of sales to ensure they qualify.

Yesterday, Australian Chamber of Commerce and Industry released a plan to implement a trans-Tasman travel bubble in an effort to resuscitate the tourism sector.

Foreign investors (obviously Chinese) will face tough new national security checks to be unveiled by Treasurer Josh Frydenberg today.

Roy Morgan Research has released its unemployment estimate for May, which has shown a massive increase in unemployment since the COVID-19 lockdown commenced in mid-March, but also a slight moderation in May: In May 14.8% of the workforce (2.09 million Australians) were unemployed.

Via AIG: Given we’ve been reopening for weeks now that’s a pretty slow start.

The March quarter national accounts, released on Wednesday, was another shocker for Australian households.

The Australian Chamber of Commerce and Industry will today outline its plan to implement a trans-Tasman travel bubble in an effort to resuscitate the tourism sector.

Nev Power has taken to central planning like a miner to iron ore: The National COVID-19 Coordination Commission has detailed priority manufacturing sectors it would like to see developed and expanded without government assistance to the Senate’s COVID-19 Committee.

Via Damien Boey at Credit Suisse: Small housing stimulus package.

Via Open Table: Quick.

The Federal Chamber of Automotive Industries (FCAI) has released its new car sales report for April, which saw annual car sales collapse to their lowest level since February 2010: It was the 26th consecutive month of decline, with annual new car sales now running 20% below their March 2018 peak.