Australian Economy

The federal budget included the below measure indicating that an English language requirement will be introduced for partner visas and their permanent resident sponsors: As noted above: “These changes will help support English language acquisition and enhance social cohesion and economic participation outcomes”.

Yesterday’s MSM budget discussion was shockingly bad.

Herald Sun Business Columnist Terry McCrann is one of the few commentators that ‘gets it’.

One of the biggest failures of last night’s federal budget was that it failed to permanently lift the rate of JobSeeker from its poverty rate of around $40 per day.

Australia recorded only 9 new COVID-19 infections overnight, well down on the 28 recorded yesterday: Victoria recorded only 6 new infections, with Melbourne’s 14-day average falling to 9.9, thus edging closer to the 5 case average required to ease draconian restrictions on 19 October: By comparison, NSW recorded 3 new COVID-19 cases.

Via AIG: Employment less dire at least.

Tonight’s Federal Budget delivered by Treasurer Josh Frydenberg was a dull affair that lacked ambition and included no real surprises.

From Roy Morgan Research: Roy Morgan Business Confidence up 2.5pts to 85.6 in September – Confidence lowest in Victoria (77.0), SA (75.0) & Queensland (71.6) In September 2020 Roy Morgan Business Confidence was up 2.5pts (+3%) to 85.6 – the highest monthly reading since June 2020 (95.0).

Last month we reported how the Morrison Government’s JobKeeper subsidy has been an absolute boon for Australian business owners, juicing company dividends and profits.

The Australian Bureau of Statistics (ABS) released trade data for the month of August, which registered a sharp fall in Australia’s trade surplus to $2,643 million amid falling exports and rising imports: Key points as follows: The seasonally adjusted balance on goods and services surplus decreased $2,009m to $2,643m in August.

Australia’s COVID-19 infections jumped overnight, with 26 new cases recorded versus 11 yesterday: Victoria recorded 15 new cases, the highest daily count since 27 September.

Roy Morgan has released its unemployment estimate for September, which reports that Australia’s unemployment rate fell by 0.9% in September to 12.9%. However, underemployment rose by 0.4% to 9.4%: Unemployment was down 3.9% from its late March peak (16.8%), whereas underemployment was 1.2% lower from its late March peak (10.6%).

The October NAB business survey is out and remains fugly.

Treasurer Josh Frydenberg has warned that Australia is facing the lowest population growth in more than 100 years due to the collapse in immigration induced by COVID-19: “We’re also seeing our population growth go to its lowest level in more than 100 years.

Peter Hartcher gave us a decent wrap of all things manufacturing on the weekend: Just as China’s stimulus after the global financial crisis helped Australia power its way out of that downturn, so too today.

Cross-posted from FTAlphaville: At a passing glance, it appears that on both sides of the Atlantic the labour market is, if not exactly thriving, doing far better than we might have expected.

ABC’s 7.30 Report has presented both sides of the argument for removing responsible lending laws: CARRINGTON CLARKE, REPORTER: It’s almost five years since Peter Low died and his family is still paying off his loans.

Welcome to the economic smash formerly know as the “fiscal cliff” now re-branded budget boom by all and sundry, including the ABC.