Australian Economy

Just when we hope daily COVID cases in NSW might have peaked, the state has recorded a pandemic high 1,431 new locally acquired cases over the past 24 hours: NSW recorded 1,431 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night.

Queensland is staring down the barrel of a COVID outbreak following three separate seeding events, which may have imported the virus from NSW and Victoria.

Over 900 people are in hospital with COVID-19 across NSW, including around 150 in intensive care.

Nothing good.

NSW Health has reported another 1288 locally acquired COVID cases: NSW recorded 1,288 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night.

A new report from the Senate select committee on temporary migration has found that Australia’s temporary migration system is “broken” and allowing the easy exploitation of foreign workers.

Analysis of today’s Victorian virus numbers by Nucleus Wealth shows that it is largely a Western Melbourne affair.

The Australian Bureau of Statistics (ABS) today released the national accounts for the June quarter, which registered a 0.8% rise in real GDP over the quarter with GDP also rising 9.9% through the year (due to the ‘base effect’).

And yes, that’s how stupid the measure is.

The ABS has released the national accounts for the June quarter, with Australia’s real GDP rising 0.7% over the quarter and 9.9% year-on-year (due to the ‘base effect’).

NSW Health has recorded another 1116 locally acquired COVID cases: NSW recorded 1,116 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night. pic.twitter.com/pweTEuCGbn — NSW Health (@NSWHealth) September 1, 2021 Four more people have died with COVID – one person in their 50s, 60s, 70s and 80s.

Another foreign worker visa scam has been uncovered by the mainstream media.

Roy Morgan’s business confidence index collapsed in August after Melbourne joined Sydney in hard lockdown: Roy Morgan Business Confidence plunged 15.7pts (-13.4%) to 101.5. Despite the fall Business Confidence is 18.4pts (+18.1%) higher than a year ago in August 2020 (83.1).

Victoria has recorded an outbreak high 120 new locally acquired COVID cases over the past 24 hours: Reported yesterday: 120 new local cases and no cases acquired overseas.

Via the AIG: Services will be much worse.

The Guardian’s Larry Elliott asks the pertinent question: “what’s so wrong with labour shortages driving up low wages?”: If labour shortages are driving up the wages of low-paid workers then what is wrong with that?

By Gareth Aird, head of Australian economics at CBA Key Points We expect Q2 21 real GDP to increase by 0.3%.

Within today’s dump of balance of payments data that feeds into tomorrow’s June quarter national accounts release was the important news that Australia’s terms-of-trade soared 6.9% over the quarter to be up 24.0% year on year: Australia’s terms-of-trade index has now hit its highest ever level.

New data from the Australian Bureau of Statistics (ABS) shows that dwelling approvals tanked by 8.6% in July but were still up 21.5% year-on-year.