S&P with the report.
- Flash Australia PMI Composite Output Index(1): 51.2 (May: 50.5). 3-month high.
- Flash Australia Services PMI Business Activity Index(2): 51.3 (May: 50.6). 3-month high.
- Flash Australia Manufacturing Output Index(3): 50.4 (May: 49.8). 2-month high.
- Flash Australia Manufacturing PMI (4): 51.0 (May: 51.0).
Growth in new work was notably driven by domestic clients as new export orders returned to contraction.
The rate of reduction was sharp and the quickest in nearly a year amid a broad-based fall in foreign demand. Where lower export orders were reported, panellists often indicated that US trade policy impacted trade.
A combination of rising new business and positive sentiment led to a sixth successive monthly rise in employment. Job creation was broad-based with both manufacturers and services companies adding to headcounts in June.
Sounds good! But is it?
This is Labor’s version of the rat wheel economy created under the Coaliton after 2012, only worse. The economy has failed to rise from its knees since the election of 2022.
It is the immigration-led, labour market expansion economic model that produces an abundance of jobs while the individual Australian goes backwards in real terms via weaker GDP than population expansion, crushloading, environmental degradation, etc.
It is worse than any recession because it never ends.
This is the Victorian rat wheel economy perfected under endless Labor rule: excessive immigration leads to an infrastructure deficit, higher taxes, high public spending, higher debt, and bullshit jobs galore.
There’s no private economy, no productivity growth, and living standards slide backwards permanently while pollies crow about headline growth rates.
Treasurer Jim Chalmers is taking the model national.
