Australian Economy

Chris Joye made the below potent observations in Friday’s AFR regarding the protection offered by the Pfizer COVID vaccine against Delta strain: The latest research from Oxford University finds that in the UK, the efficacy of Pfizer against delta halves to less than 50 per cent after four months.

The federal government’s plan to reopen the economy once 80% of Australians aged 16+ have been fully vaccinated against COVID-19 is based on advice from the Doherty Institute.

By Daan Smit Inflationary pressures in the United States and other corners of the world have been accelerating this year as a result of supply bottlenecks, cash-flooded economic systems, and suppliers’ struggles to push their output volumes near where they were before the pandemic to catch up with pent-up demand.

The Grattan Institute has released a new report calling on Australian governments to act now to curb industrial emissions if they want to achieve net zero by 2050.

NSW Health has recorded another 818 locally acquired COVID-19 cases over the past 24 hours: NSW recorded 818 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night.

Recall that the Australian Treasury’s latest Intergenerational Report (IGR) projects that Australia’s population will grow by a whopping 13.1 million people (~50%) over the next 40 years to 38.8 million people.

Despite harsher lockdown restrictions and Melburnians enduring their 204th day of lockdown, Victoria’s Delta outbreak continues to grow, with another 71 new local cases recorded over the past 24 hours: Reported yesterday: 71 new local cases and no new cases acquired overseas.

Markit with the news: Employment sickening fast.

Infrastructure Victoria has forecast that the state’s population will grow from around 6.6 million at the moment to 10.8 million by 2051, and that the population of Melbourne’s ‘fringe’ suburbs will increase by over 900,000 people over that time.

NSW Health has recorded another 644 new locally acquired COVID cases over the past 24 hours: NSW recorded 644 new locally acquired cases of COVID-19 in the 24 hours to 8pm.

The COVID-19 pandemic is basically over in some parts of the world.

Employers continue to complain of massive skills shortages due to the closure of Australia’s international border to migrants: Angela Thwaites runs a boutique nursing recruitment firm in Sydney.

Victoria has recorded 55 new locally acquired COVID cases over the past 24 hours: There are 57 new cases reported today with 55 local cases and two cases acquired overseas.

Yesterday’s employment report from the Australian Bureau of Statistics (ABS) revealed that Australia’s youth – defined as those aged 16 to 24 – continue to benefit immensely from the closure of Australia’s international border to immigration.

The ABS today released Average Weekly Earnings (AWE) data for May, which recorded sluggish 1.4% annual growth: Key statistics Estimates for average weekly ordinary time earnings for full-time adults (seasonally adjusted): Increased by 1.4% to $1,737.10 annually to May 2021. Males: $1,996.60 (public), and $1,807.40 (private). Females: $1,781.60 (public), and $1,490.70 (private).

CoreLogic has released its latest Cordell Housing Index Price (CHIP) results, which shows that construction costs are rising on the back of HomeBuilder stimulus. Residential construction costs increase 1.4% in the three months to June 2021, outpacing the Consumer Price Index (CPI) of 0.8% for the same period.