Australian Economy

Via AIG: There’s not much point teasing out details given unprecedented cross-currents.

After 17 years of extreme immigration-driven population growth: Australia’s population growth is expected to ‘collapse’ due to the coronavirus travel bans: As the COVID-19 pandemic sees our borders close to both overseas and interstate migrants, Australia’s net population increase will slow – particularly in Melbourne and Sydney, demographer Mark McCrindle says.

Recall the abundant evidence showing that temporary migrants have been used and abused on Australia’s farms.

The AFR’s economist survey for the March quarter is out, with the median forecast of economists predicting the Australian economy will contract by 3.9% in calendar 2020 and by 1.1% in the year to 30 June.

Getting a timely read on the jobs market is difficult at present.

Via Banking Day: Lenders have started to advise investors that they can expect to see an increase in arrears.

Bloomie has no idea what it is talking about: Australia’s policy makers face a new challenge as they pump stimulus into a faltering economy: the Saudi Arabia-Russia clash that’s sent oil prices plummeting and belted the third-largest export Down Under.

Via Business Insider: The number of new listings has surged in recent weeks, according to Domain figures supplied to Business Insider Australia, as options for renters swell.

Furious stuff from the fringes of both sides of politics.

Via the AFR comes motherhood statements: Australia has an “enormous opportunity” to reboot its manufacturing sector by taking advantage of crippled global supply chains and a lower currency, says Nev Power, the man handpicked by the Prime Minister to lead an expert advisory commission.

Virgin Australia CEO Paul Scurrah has dismissed suggestions that the struggling airline is seeking a federal government bailout.

Annual Australian retail sales growth plunged further in February, despite recording a decent monthly lift: While retail sales rebounded by 0.5% in February, they collapsed to just 1.8% year-on-year.

Via Martin North: The latest edition of the DFA household surveys, up to 31st March 2020 reveals in painful detail the impact of the current health emergency.

Via The Guardian: Tanya Plibersek has called on the Morrison government to provide low-cost loans and guarantee universities’ funding, warning some are at risk of collapse due to falls in international enrolments during the Covid-19 crisis.

Via AIG: Much worse ahead.

The RBA released its household debt ratios for the December quarter, which revealed that debt loads remain near record highs despite households furiously repaying debt.

Cross-posted from FTAlphaville: Deutsche Bank’s Jim Reid has been on a tear recently, not only getting out his excellent macro round-up every morning but also finding time, somehow, to put together a daily corona-specific report and some thematic research.

The federal government has provided some $1 billion in financial assistance to the aviation sector as part of its response to the coronavirus pandemic.

Data demand among national broadband network (NBN) users has increased by up to 80% since lockdown measures began to implemented and more people started working from home.

The state and federal treasurers are working on a package to assist commercial tenants that have been hard hit by the coronavirus.