Australian Economy

And the Australian tin-ear of the year award goes to UQ.

The Australian is on the line to the whaaambulance today: Nearly 2000 young Victorians are the dominant group suffering soaring infection rates that are fuelling the pandemic and killing scores of people.

Callam Pickering, economist at global jobs site Indeed, has updated his weekly jobs ad series, which shows that Melbourne’s lockdown has clearly stalled new job ads.

A new paper issued by the Productivity Commission (PC) has looked at ‘scarring’ in the job market in the 10 years after the global financial crisis (GFC).

For years Chief Executive of the Australian Industry Group and Migration Council of Australia Chair, Innes Willox, has lobbied against laws to prevent wage theft, lobbied against stricter labour hire rules, has spread copious propaganda about skills shortages, and has lobbied for mass immigration.

It’s getting grim in Melbourne, with Victoria reporting 532 new COVID-19 infections – the highest daily number recorded since the pandemic began: There were also an additional six deaths (five elderly), which follows 10 deaths yesterday.

Lots of demands for sensible reform on the weekend, triggered by an absurd Depressionberg.

With the Australian economy stuck in a depressionary funk, Treasurer Josh Frydenberg is pining for a return to mass population growth: The federal treasurer wants Australians to have more babies in a bid to battle the country’s economic COVID slump.

Victoria has recorded another 357 COVID-19 infections, up from yesterday’s 300: However, rates of infection look to be past their peak: NSW recorded 15 new infections, up from yesterday’s 7.

Treasurer Josh Frydenberg appeared on the Today Show this morning where he confirmed that personal tax cuts are still on the government’s agenda as a way to help lift Australia out of the worst recession since World War Two: “People already now are benefiting from that $158 billion worth of tax cuts.

As COVID-19 slowly spreads throughout Sydney, more than 100 Sydney suburbs are now on Queensland’s list of hotspots and banned from entry into the state.

As flagged earlier, Victoria has officially recorded another 300 COVID-19 infections, down from 403 yesterday: 206 Victorians are now in hospital with a record six deaths also registered overnight.

So says Crikey’s Bernard Keane without realising he is doing so: As Victoria is discovering, and the rest of us may yet discover, COVID-19 is perfectly habituated to a 21st century economy centred around services delivered by outsourced, precarious workforces.

First from Ian Verrender: Forecasting is never easy.

As you’d expect: The latest Commonwealth Bank Flash Composite PMI® signalled an improvement in growth momentum during July as the economic recovery from the coronavirus disease 2019 (COVID-19) downturn continued.

From Gareth Aird, Head of Australian economics at CBA: Key Points: We expect the headline CPI to fall by 1.9% in Q2(-0.4%/yr). The Trimmed Mean CPI on our forecasts will print at 0.2% (1.5%/yr).

Earlier this week, Victoria’s public sector union reached agreement with the Andrews State Government regarding a pay rise for public servants.

Via the ABC: The widespread shutdown of global supply chains caused by COVID-19 has been good news for Adelaide metal printing company AML3D.

The Melbourne Institute’s latest Taking the Pulse of the Nation survey shows that 45% of Australians are spending less now than prior to the onset of the COVID-19 pandemic.

Nineteen new cases today: 19 new cases of #COVID19 have been diagnosed in NSW between 8pm on 21 July and 8pm on 22 July. For the latest list of COVID-19 locations, visit: https://t.co/6PUOQ3J3tO pic.twitter.com/LatYpL5uBO — NSW Health (@NSWHealth) July 23, 2020 More: That is freakin’ everywhere.

Liberal MPs have intensified calls to bring forward $143 billion in personal tax cuts to lift household income and stimulate the economy: “The only thing better than a tax cut is an early tax cut,” Victorian Liberal senator James Paterson said.

The nightmare continues with Victoria recording another 403 COVID-19 infections: NSW has yet to report today’s infection numbers.