Australian Economy

Via AIG: Where goes property goes Australia.

Australian new car sales dived 8.1% year-on-year in November on the back of the supply disruptions, according to the Federal Chamber of Automotive Industries (FCAI).

Victoria has reported over 1500 new cases yesterday, with six new deaths: Vaccination rates continue to climb, although still a bit short of NSW’s fully vaccinated percentage.

Below is a briefing note that I prepared for Sustainable Population Australia (SPA), which is a non-partisan, special advocacy group that seeks to establish an ecologically sustainable human population.

MB has long argued that Australia’s skilled visa program is poorly targeted with the majority of visas granted to professions experiencing an oversupply of workers.

Wednesday’s national accounts release for the September quarter posted another 4.2% quarter-on-quarter increase in company profits, which hit a fresh record annual high of $579 billion: By comparison, total compensation of employees only rose by 0.5% over the quarter.

Via AIG: New orders weak everywhere except infrastructure.

The Herald-Sun has published a spruik piece on how Melbourne’s suburbs will enjoy a “jobs and high-rise population boom” following the construction of the Suburban Rail Loop: The Suburban Rail Loop project linking middle-ring suburbs will spark a jobs and high-rise population boom, helping to ease Melbourne’s “unsustainable” urban sprawl.

The Australian Bureau of Statistics (ABS) today released the national accounts for the September quarter, which registered a 1.9% fall in real GDP over the quarter and a 3.9% rise through the year.

The Australian Bureau of Statistics (ABS) has released the country’s national accounts for the September quarter, with real GDP falling 1.9% over the quarter to be 3.9% higher year-on-year: The result beat analysts expectations of a 2.7% quarterly decline and 3.0% growth year-on-year.

Westpac is excited: Australia’s record breaking run of quarterly current account surpluses continues – with, as we have highlighted previously, more to come. In the September quarter, the current account surplus grew to a fresh record high of $23.9bn, up a touch from $22.9bn for June (upgraded from $20.5bn).

Nothing to write home to mother about: Employment nowhere.

S&P Global Ratings contends that Victoria will emerge from the pandemic in the weakest financial position of all the states and territories, and will have more than triple the debt it did before the pandemic.

The ABS today released current account data for the September quarter, with Australia’s current account surplus hitting a record high $23.9 billion.

The Herald-Sun reports that Melbourne is set to become Australia’s largest city by 2027 with a population of 5.7 million: In late January 2027, experts forecast that Melbourne will overtake Sydney to become the number one metropolis as its population approaches 5.7 million.

Only a week ago, Prime Minister Scott Morrison announced that all fully vaccinated international arrivals would no longer need to quarantine from 1 December – a move that was cheered by the edu-migration and business lobbies: All students stuck overseas should know that the Australian PM’s statement today includes all countries!

The ABS has just released business indicators data for the September quarter: Of most importance, inventories declined 1.9% over Q3 (versus expected -0.6% and +0.2% in Q2): This came as the Delta strain shut down NSW, Victoria and the ACT.