Australian Economy

Via Westpac: Despite the slight improvement, the Index growth rate remains in deep negative territory consistent with an economic recession.

From Roy Morgan Research: In May, before the Federal Government conceded in June that Australia had entered its first recession for three decades, Australians expected inflation of 3.3% annually over the next two years.

More Global Times material today pounding away at “racist” Australia.

Former Labor Party MP, Craig Emerson, is the latest shill demanding an increase in Australia’s immigration intake to propel the economy out of its COVID-19 slump.

The ABS has released its Weekly Payroll Jobs and Wages in Australia data for the week ended 30 May, which posted further improvement from the lows reached on 18 April.

Gareth Aird, Head of Australian Economics at CBA, has released card spending data for the week ended 12 June, which points to a modest improvement in spending: Key Points: CBA credit & debit card spend indicates that expenditure continues to pick up modestly as the economy reopens.

We are beginning to see incessant lobbying from retiree groups demanding greater taxpayer support in the wake of COVID-19.

Iron ore prices for June 15, 2020: Chinese data still looks bloody ordinary: Except for empty apartments, bridges to nowhere and ungodly amounts of steel: And this with an enormous inventory glut!

Via Domain: Australia’s lucrative exports of natural gas are being hit by a global supply glut and the coronavirus crisis destroying demand, with dozens of cargoes either anchored offshore or idling at sea as Asian buyers delay deliveries.

The Australian Bureau of Statistics (ABS) has released visitor arrivals and departures statistics for the month of April, which reveals a massive decline in visitor numbers on the back of COVID-19 travel bans.

Scott Morrison says on growth today: “We need to lift our economic growth rate by more than one percentage point above trend to … catch back up to where we were before COVID-19 hit.” “The restoration of growth is also critical to our public finances.

The level of dishonesty in the immigration debate is something to behold.

The Australian Banking Association (ABA) has released data on loan deferrals to 12 June.

It sounds preposterous.

Economist Jason Murphy has questioned whether Australia’s near 30-year recession-free run has made us better-off: Well that’s it.

It’s taken two decades but bullseye!

Via FTAlphaville comes the secret diary of London cafe owner with some serious implications for Australia’s anus economy: Ted Rosner is the co-founder of Redemption Roasters, a specialty coffee company that operates five shops in London alongside wholesale.

Wages fell by 0.7% in the year to June, according to the Melbourne Institute’s latest monthly survey of workers.

Seek has released its job ads report for the week ended 7 June 2020, which shows further improvement: Key insights (weeks 22 & 23 compared to April 2020): New job ads posted on SEEK during the fortnight ended 7 June are up 60.6%.

Citizens of Victoria have some pride and kick this mob out if they won’t change, via The Australian: A Victorian Labor MP leading Daniel Andrews’s Belt and Road Initiative negotiations with Beijing lauded China’s handling of the coronavirus outbreak amid emerging global suspicions about the communist regime’s secrecy over the pandemic.

The immigration-driven population boom in Sydney – which has added 1.1 million people (27%) to Sydney’s population over the past 15 years (see below charts) is the gift that keeps on giving.