Unconventional Economist

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Victoria records 392 new COVID cases

Victoria has recorded another 392 locally acquired COVID cases over the past 24 hours: Reported yesterday: 392 new local cases and 0 cases acquired overseas. – 36,534 vaccines administered – 48,063 test results received More later: https://t.co/lIUrl1hf3W#COVID19Vic #COVID19VicData [1/2] pic.twitter.com/BwAX6H3S6H — VicGovDH (@VicGovDH) September 11, 2021 Most are mystery cases: of the 392 infections, so

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NSW COVID cases rocket to new high

NSW Health has recorded a pandemic high 1,599 locally acquired COVID cases: NSW recorded 1,599 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night. pic.twitter.com/SbdI3mqHzt — NSW Health (@NSWHealth) September 11, 2021 Another eight people have died with COVID: A man in his 30s A man in his 40s A

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Victoria’s COVID outbreak spirals further out of control

Victoria has recorded another 450 locally acquired COVID cases over the past 24 hours – a fresh outbreak high: Reported yesterday: 450 new local cases and 0 cases acquired overseas. – 39,148 vaccines administered – 42,765 test results received More later: https://t.co/lIUrl1hf3W#COVID19Vic #COVID19VicData [1/2] pic.twitter.com/AJIyX0DHWZ — VicGovDH (@VicGovDH) September 10, 2021 The overwhelming majority were

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Weekend Reading: 11-12 September 2021

Global Macro / Markets / Investing: Why do economies become slaves to corporations – Think Write Rise Fighting pollution and climate change pays for itself – Market Watch Oil prices rise as US production falls – Economist – The Economist Americas: Working from Home is is taking hold: Microsoft indefinitely postpones return to U.S. offices

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Melbourne’s auction market retreats into cave

The nation’s final auction clearance rate rebounded last weekend following a big fall in auction listings in Melbourne. CoreLogic recorded a final national clearance rate of 67.7%, up significantly from the prior weekend’s 58.0%. Sydney’s final clearance rate remained strong at 81.2% versus 80.2% the prior weekend, whereas Melbourne’s rebounded to 43.8% from 35.9% the

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University wage thieves ground zero for gig economy

The National Tertiary Education Union (NTEU) estimates that the University of Melbourne’s wage underpayment bill could ultimately top $15 million. More than 1,000 casual academics have received a combined $9.5 million in backpay, and vice-chancellor Duncan Maskell has apologised for the incident. However, Annette Herrera of the NTEU says Maskell’s apology will “ring hollow” unless

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Aussie mortgage rates continue to push lower

Although the cash rate hasn’t budged since October last year, Australian mortgage rates continue to push lower, according to CoreLogic: According to CoreLogic, mortgage rates were 3 basis points lower over the month for existing owner-occupier loans and 1 basis point lower for new owner-occupier loans. However, fixed rates have begun edging higher. These have

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Economists: Rebooting immigration will drive up unemployment

For many months, the Reserve Bank of Australia (RBA) has argued that Australia’s unemployment rate will need to fall toward 4% or lower to tighten the labour market significantly enough to generate wage growth. Thanks to the heavy fall in migrant workers due to COVID: Australia’s unemployment rate fell to 4.6% in July – the

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SEEK job ads dive on lockdowns

Below is the August SEEK employment report: OVERVIEW OF AUGUST 2021: STATE OF THE NATION: SEEK job ads were down 5.3% month-on-month (m/m). SEEK job ads were up by 55.9% in August 2021 when compared to August 2020 (y/y) and were up 15.2% when compared to August 2019. Applications per job ad declined by 1.3%

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The impact of macroprudential policies on the housing market

By Tim Lawless, Research Director at CoreLogic Credit standards remain prudent, but higher household debt levels or a further rise in high-debt-to-income ratio lending could be a trigger for tighter credit conditions down the track. The focus on housing credit policies is becoming more intense as property values continue to rise and mortgage debt levels

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Victoria records another 334 COVID cases

Victoria has recorded another 334 locally acquired COVID cases over the past 24 hours: Reported yesterday: 334 new local cases and 0 cases acquired overseas. – 39,027 vaccines administered – 42,998 test results received – Sadly, 1 person with COVID-19 has died More later: https://t.co/lIUrl1hf3W#COVID19Vic #COVID19VicData [1/2] pic.twitter.com/73DOLPmdVe — VicGovDH (@VicGovDH) September 9, 2021 More

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MB submission to housing affordability inquiry

Below is MB’s submission to the House of Representatives Standing Committee on Tax and Revenue’s inquiry into Housing Affordability and Supply, which was uploaded yesterday. The House of Representatives Standing Committee on Tax and Revenue is conducting an inquiry into Housing Affordability and Supply. In launching this inquiry, committee chair Jason Falinski rallied an “urgent

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CoreLogic weekly house price update: slowing

In the week ended 9 September, the CoreLogic daily dwelling values index increased another 0.28%: All major markets recorded rising values. Note, Perth’s daily index has been suspended while CoreLogic investigates anomalies: Quarterly price growth remains turbo-charged but slowing at 4.94% across the five major capitals. Sydney (6.26%) continues to lead the way, followed by

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Links 10 September 2021

Global Macro / Markets / Investing: Yellen warns of likely October debt cliff and incoming ‘irreparable damage’ – Politico Yellen: US on track to default on national debt in October – The Hill Financial Armageddon.’ What’s at stake if the debt limit isn’t raised – CNN Dallas Fed President Robert Kaplan made million-dollar stock trades

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More proof collapsing immigration is helping Aussie workers

Chief Economist at IFM Investors, Alex Joiner, has dissected the latest quarterly ABS Labour Account, which shows that the loss of migrant workers is unambiguously benefitting Australian workers. As illustrated in the next chart, the labour account data implies there were almost 200,000 less people employed in Australia in Q2 than before the pandemic. This

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Property Council: Affordability in danger as approvals fall

NSW Property Council executive director Luke Achterstraat claims that “housing affordability is under pressure” because “low building approval rates” are “affecting the delivery of housing targets in New South Wales”: “Since the unwinding of stimulus measures and the return of lockdowns across parts of NSW and Victoria, approvals for private houses have fallen 24.4 per

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Australia’s vaccine hesitancy wanes

According to Deloitte Access Economics, Australian’s vaccine hesitancy continues to grow with only 20% of Australians now unwilling or unsure about getting the jab: At 5 September, 63% of Australians aged 16 and over had received at least one dose of a vaccine, and 38% were fully vaccinated. While this uptake reflects greater supply of

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NSW records 1405 COVID cases

NSW Health has recorded another 1405 locally acquired COVID infections over the past 24 hours: NSW recorded 1,405 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night. Two new cases were acquired overseas in the 24 hours to 8pm last night, and 23 previously reported cases have been excluded following

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Biggest fall in job ads in 16 months

Preliminary skilled job vacancies in August fell by 5.6% (12,828 job ads) to 216,031, and have fallen 9.1% since peaking at 240,039 in May, according to the National Skills Commission. It was the biggest monthly fall in 16 months. Nevertheless, job vacancies are still way above pre-COVID levels: Locked-down NSW has predictably driven the job

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China accuses Australia of ‘bullying’

A Chinese Communist Party (CCP) has accused Australia of “bullying” and using China’s economic coercion for “selfish political gain”: Chinese Foreign Ministry Spokesman Wang Wenbin said… “China has never done anything detrimental to Australia’s sovereignty”… “The label of so-called ‘economic coercion’ can never be pinned onto China. Instead, it is Australia that stands guilty of

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Victoria’s COVID outbreak soars by 324

Victoria’s COVID outbreak has well and truly grown out of control with locally acquired cases surging by 324 over the past 24 hours: Reported yesterday: 324 new local cases and 1 case acquired overseas (currently in HQ). – 37,604 vaccines administered – 54,242 test results received More later: https://t.co/lIUrl1hf3W#COVID19Vic #COVID19VicData [1/2] pic.twitter.com/SIb5uNZaFu — VicGovDH (@VicGovDH)