Australian Economy

Whatever it takes has taken on a different meaning Downunder.

Callam Pickering, economist at global jobs site Indeed, has updated his weekly jobs ad series, which shows that net job ads – i.e.

The ABC has done an excellent report debating whether Australia should copy New Zealand, South Australia, Western Australia and Tasmania in aiming for COVID-19 elimination.

RBA Governor Phil Lowe has given an address to the Anika Foundation, where he flagged a turnaround in the Australian labour market and endorsed using fiscal policy to smooth out the pandemic shock.

NBN Co’s chief information officer Debbie Taylor says that COVID-19 has shown that employers need to take remote working seriously.

Via Michael West: Mirvac, an $8 billion property juggernaut, is claiming the JobKeeker subsidy.

Prime Minister Scott Morrison and Treasurer Josh Frydenberg have fronted the media to explain changes to JobKeeper and JobSeeker following their legislated expiry in late September.

A little brouhaha today around new CBA credit card data:   I have been warning against using this as a guide to consumption for some time.

Via the excellent Jonathon Mott at UBS: Direct exposure to small businesses – 18% of SME book in deferral Limited disclosure is available breaking down the 220,000 business loans (total ~$60bn) that are currently on loan repayment deferral until Sept/Oct (or Mar-21).

The nightmare continues, with Victoria recording another 374 COVID-19 infections: NSW recorded only 13 new COVID-19 infections.

The Business Council of Australia (BCA) has called for the introduction of an investment allowance of 20% for all businesses as part of the nation’s recovery from the COVID-19 pandemic.

FTI Consulting has forecast that a sharp decline in new construction projects will see the number of jobs in the sector fall by 12% by the end of 2021.

The public inquiry into Victoria’s bungled hotel quarantine has begun today in Melbourne.

Changes to the JobKeeper and JobSeeker schemes are expected to be announced in the federal government’s economic update. Modelling undertaken by The Australia Institute (TAI) suggests that more than 650,000 Australians would end up below the poverty line if the JobSeeker allowance is returned to its pre-coronavirus level.

Victoria has recorded another 275 COVID-19 infections, down from yesterday’s 363 cases: As shown above, the curve looks to have peaked.

Via Domain: Australians are being warned to prepare for years of slow or even negative real wages growth with fears the coronavirus recession will weigh on the economy and jobs market until the middle of the decade.

Victoria has recorded another 217 new cases of COVID-19, almost half yesterday’s record number of 428: NSW reported 15 new COVID-19 infections.