Australian Economy

A few weeks back, Per Capita released a report arguing that the COVID-19 pandemic would be a financial boon for employment agencies that are members of the federal government’s Jobactive program.

Callam Pickering, economist at global jobs site Indeed, has updated his Australian job listings data, which shows a continued improvement; albeit from highly depressed levels.

The Australian’s Adam Creighton believes that the COVID-19 shutdown will deliver a productivity dividend for Australia: If there’s a serious silver lining to lockdowns it’s that businesses, especially large ones, will become more efficient, freeing up resources.

Labor’s Kristina Keneally has called for greater labour market testing to ensure that temporary migrant workers fill general skills shortages, rather being used by employers as a tool to undercut wages and employment conditions: “When we’ve seen temporary migration levels soar… we’ve seen exploitation occur.

The Chinese Communist Party (CCP) continues to threaten Australia with tariffs for daring to seek an independent investigation into the Wuhan Coronavirus: David Littleproud is the second minister in successive days to admit to being unable to talk to high-ranking Chinese government officials as trade tensions between the two nations continue to fester.

Another fight is brewing over Australia’s minimum wage. The Australian Council of Trade Unions (ACTU) is pushing for a 4% ($30 a week) increase: “Delaying increases in the minimum wage will delay the recovery from coronavirus and mean unnecessary hardship for millions of working people and their families,” an ACTU spokesman said.

In the wake of last week’s absurd 6.2% unemployment rate for April, the Australian Bureau of Statistics (ABS) has released an explainer on why it has included those on JobKeeper as employed: JobKeeper payments will provide an estimated $130 billion of support from the Australian Government to eligible employers.

With social distancing likely to be the norm over the next two years, the notion of sardine-packing residents into trains, buses and trams is obviously no longer viable if Australia is to contain outbreaks of COVID-19.

Via The Guardian: The Greens have proposed increasing government debt by $300bn in a bid to kickstart the economy out of the Covid-19 contraction through investments in industry, infrastructure and renewable energy.

Four-in-five self-employed Australians have seen their profits hit as a result of the economic contraction caused by COVID-19, according to a survey by the ANU Centre for Social Research and Methods.

Australian Chamber of Commerce & Industry (ACCI) CEO, James Pearson, says the latest jobs data underlines the need for the minimum wage to remain unchanged in 2020.

Deloitte’s Vaughan Strawbridge is expected to receive four serious non-binding indicative bids for Virgin Australia on 15 May.

Some numbers for you: 1.

By Gareth Aird, Head of Australian Economics at CBA: Key Points: The increase in government benefit payments, which excludes JobKeeper, continues to be bigger than the fall in wages and salaries paid, albeit growth in household income has eased over the past few weeks.

Six weeks ago, billionaire Solomon Lew told landlords that none of the 1,200 stores within his Premier Investments group would be paying rent while they were closed because of COVID-19.

The Grattan Institute has released analysis suggesting that Australia’s true unemployment rate is nearly double the stated level at 11.7%: New ABS figures released this morning (14 May) confirm that COVID-19 has thrown a lot of Australians out of work.

Yesterday’s ABS labour force release for April was an unmitigated disaster for Australia’s youth – i.e.

Australian Industry Group CEO Innes Willox believes the $130 billion JobKeeper scheme must run its full course, and it should be extended beyond the current end date of 27 September if necessary.