Australian Economy

Via AIG: The Australian recovery boom is ending.

In yesterday’s Monetary Policy Decision, RBA governor Phil Lowe again reiterated the Bank’s central goal of driving unemployment and underemployment down and wage growth up.

Recent studies show that the overwhelming majority of Australians want to continue working from home some of the time, due mostly to the potential savings on commuting times and childcare costs.

The closure of Australia’s international border to immigration has done wonders for the labour market, which had suffered from a decade of stagnating real wages.

NSW Health has recorded another 18 locally acquired COVID cases over the past 24 hours, taking the total to 327.

The latest Intergenerational Report (IGR) from the Australian Treasury warned incessantly that Australia faces an ageing population timebomb in the decades ahead that will slow economic growth and derail the federal budget’s return to surplus.

New car sales lost momentum in June after bouncing back hard over the early months of 2021. According to the Federal Chamber of Automotive Industries (FCAI), 110,664 new cars were sold in June, up only 0.4% from June last year and 6.1% lower than June 2019.

According to Robert Gottliebsen, National Party leader Barnaby Joyce should take control of the partially completed Melbourne to Brisbane inland rail project and make it a national priority.

The NSW Government’s 2021-22 budget papers forecast it will net $41.6 billion in property stamp duties in the forward estimates to 2024-25.

I have been waiting for The SMH’s economics editor Ross Gittins to reenter the immigration debate following the release of last week’s Intergenerational Report (IGR) by the Australian Treasury.

The ABS has released retail sales data for May, which rose by 0.4% over the month (versus 1.3% in April).

Roy Morgan Research has released its labour market survey for June, which recorded an unemployment rate of 9.4% (down from 10.3% in May) and an underemployment rate of 8.5% (down from 8.6% in May).

NSW Health reports that another 35 local COVID cases were recorded over the past 24 hours, taking the total number of active infections to 309: NSW recorded 35 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night.

Australia has a new immigration shill working in the mainstream media: The AFR’s new economics correspondent Ronald Mizen.

Via AIG: Boom topping out.

By Gareth Aird, head of Australian economics at CBA Key Points At the July Board meeting the RBA will announce a decision on yield curve control and the bond buying program.

By William Bourke, President of the Sustainable Australia Party On 28 June, the fifth ‘Intergenerational Report’ (IGR) was finally released.