Australian Economy

Sir Fomo McSpruikerson is an expatriate billionaire and proud proprietor of The Strayan, a vanity media project designed to boost his assets.

The ABS has released its annual Employment and Earnings, Public Sector data for the 2019-20 Financial Year.

The Senate has voted 30-28 to pass the federal government’s $4 billion JobMaker bill without any amendments, after One Nation and Centre Alliance agreed to back the legislation.

A new ­report prepared for the Business Council and Asia Society warns that the excessive concentration of Chinese students at Australia’s universities are stifling free speech and debate, compromising academic integrity.

Australia recorded 8 new COVID-19 cases and zero deaths: However, all were internationally acquired in hotel quarantine.

Via Deutsche: For years we have needed a tax on remote workers – covid has just made it obvious.

Via BofA: Here come the Zillennials!

CBA’s household credit and debit card spending surged in the week to 6 November as Victoria emerged from its 16-week lockdown: Key Points: CBA household credit and debit card spending has lifted over the week to 6 November and is now up 13%/yr.

Shadow employment minister Brendan O’Connor indicated yesterday that Labor is unlikely to oppose legislation to enact the federal government’s $4 billion JobMaker hiring credit scheme.

A close look at the NAB business survey from yesterday using Westpac charts, which are more readable than NABs.

Australia recorded 5 new COVID-19 infections overnight and zero deaths: However, all 5 were overseas acquired in hotel quarantine.

The Westpac-Melbourne Institute Index of Consumer Sentiment lifted by 2.5% to 107.7 in November from 105.0 in October.

Following NAB’s big bounce in business confidence yesterday: Roy Morgan has released its business confidence survey for October, which also reveals a big bounce: In October 2020 Roy Morgan Business Confidence jumped 13.1pts (+15.3%) to 98.7 – the highest monthly reading for over eight months since February 2020 (104.6).

The Mitchell Institute yesterday released a new report examining Australia’s international education market, which forecasts that the number of international students in Australia will halve by mid next year: Applications for international student visas have collapsed.

Prime Minister Scott Morrison has thrown 1.5 million unemployed Australians a temporary lifeline, extending the JobSeeker supplement to the end of March: The Australian understands cabinet’s expenditure review ­committee signed off last week on extending the coronavirus supplement payment beyond December 31, when it was due to expire.

From NAB: Business confidence rose to its highest level since mid-2019, led by a large gain in Victoria.

Chanelling the property industry, David Penberthy is the latest commentator to slam working from home (WFH), claiming that it is having a “toxic impact”: The figures in Victoria, the worst-hit and worst-managed state, remain extraordinary and the economic impact is terrifying.