Australian Economy

The national economy is falling apart: Judo Bank chief executive Joseph Healy has warned the worst is still to come as omicron’s rapid spread and closed borders combine to stifle Australia’s economic recovery.

Like the astronomer scouring the heavens for new phenomena, the observer of economic history only very occasionally has the chance to put his name to something.

I’m on leave this week but managed to squeeze in a 10 minute interview with Radio 2GB explaining why the Big Australia mass immigration program should not be rebooted: Hopefully Labor will take a more sensible policy to the upcoming federal election, although I doubt it.

The other States put in there COVID stats this morning, with Tasmania first with nearly 1400 cases: Here is QLD: The Gold Coast cluster continues to be a sore point for Queensland health professionals.

Classic pent-up demand coming out lockdowns.

Queensland has reported nearly 10,000 new cases of COVID including RAT test results, but they are waiting on more private lab results to come back, which partly explains the drop since the last update (18000 cases).

A brief reprieve for Building Approvals today: Key statistics The seasonally adjusted estimate for total dwellings approved rose 3.6% in November.

Deutsche on the US.

NSW reported over 20,000 new cases of COVID and 18 deaths in the last 24 hours.

People have been investing in gold for many years.

Queensland recorded a pandemic high 10,953 new COVID cases over the past 24 hours, taking total active cases to 53,203: Obviously, the true number of infections is much higher because many people are taking at-home tests or are not testing at all.

Australian new car sales dived 18.0% year-on-year in December on the back of the supply disruptions, according to the Federal Chamber of Automotive Industries (FCAI).

The new Agricultural Visa program came into effect in October and provides pathways for permanent residency for workers from 10 South-East Asian nations provided they pledge to become indentured with an employer for at least three years.

Treasurer Josh Frydenberg has committed the Coalition to conducting a broad-ranging independent review of the Reserve Bank of Australia (RBA) if it retains power at the upcoming federal election.

NSW Health has recorded a pandemic high 38,625 new cases alongside 11 deaths: Victoria recorded 21,728 new cases and six deaths: Roughly one-in-three people tested across both jurisdictions tested positive for COVID.

The Guardian posted another whinge piece on how the hospitality and tourism industry is suffering from an acute shortage of migrant workers: “It’s very dramatic, staff shortages that are really starting to bite now,” Daniel Gschwind, the chief executive of the Queensland Tourism Industry Council, said.

South Australia has recorded 3070 new COVID cases over the past 24 hours – down from 3493 yesterday: Active cases have climbed to 21,215: There are 123 people in hospital, with 12 people in intensive care and one person is ventilated.