Australian Economy

Amid the devastating bushfires, the ANZ-Roy Morgan Australian Consumer Confidence index has fallen 1.7% to 106.2 in the week ended 5 January, to its lowest level in more than four years: Confidence fell 1.7% last week, to its lowest level in more than four years.

The AFR reported that Melbourne’s population is projected to overtake Sydney’s population by 2026: Higher growth is being driven by rising birth rates, strong international migration and people moving from interstate and regional hubs, pushing Melbourne’s and Sydney’s populations to about 6 million by mid-2026.

by Chris Becker Car sales in 2019 dipped nearly 8% year on year according to the Federal Chamber of Automotive Industries, with just over 1 million new vehicles sold.

Via AFR: Melbourne builder Verve Construction has joined apartment developers Ralan and Steller and and national building supplier SWC as a big property development casualty of 2019.

The Australian is celebrating because it has no idea what it is reporting: New gas fired power plants will be built in Victoria and Queensland after gaining the backing of the Morrison government.

Going nowhere fast, from the RBA: All growth rates for the financial aggregates are seasonally adjusted, and adjusted for the effects of breaks in the series as recorded in the notes to the tables listed below.

Ross Gittins’s brain has gone on holiday early: Some people have suggested we move to a lower, more realistic target range, but Lowe has resisted, arguing that to do so would lower firms’ and workers’ expectations about inflation, making our weak-demand problem even worse.

She is the human wrecking ball for the former Eden turned smoking crater called Sydney: Greater Sydney Commission boss Lucy Turnbull has warned governments must avoid the mistakes of Green Square and Leppington in a massive redevelopment of Parramatta and Olympic Park over the coming decade.

So say Domain: Australian retailers look set to be battered by one of their worst Christmas seasons since the global financial crisis, as consumers shift away from traditional gifts to experiences and donations.

Via the ABC: This year was one many would like to forget when it comes to Australia’s economy.

As we have noted many times in the recent past, households have stopped spending and started saving.

As summarised earlier, the Australian Bureau of Statistics (ABS) today released its labour force report for November, which registered a 39,900 increase in total employment and a decrease in the headline unemployment rate (from 5.3% to 5.2%).

By Kelvin Thomson, National Media Spokesperson, Sustainable Australia Party We’ve just had another bout of breathless reporting from journalists, economists and commentators about our economic growth, accompanying the release of the Mid Year Economic and Fiscal Outlook.

As I analysed the recent MYEFO projections, one thing stood out: Here’s the economic outlook: GDP for this year might be OK but it’s odds-on too bullish.

The ABS is out with November Labour Force and the news is all good: NOVEMBER KEY POINTS TREND ESTIMATES Employment increased by 17,400 to 12,962,000 people.

Even the super funds are at it, via Banking Day: In an embarrassing admission, ME Bank yesterday confirmed that it underpaid staff A$1.5 million in superannuation entitlements for more than a decade.

Via Australian Government: All strata: All states: We think this has at least six months to go, if not twelve.

The scale of China’s trade pledge task is daunting: Clyde Russell has some musings on what it will mean Downunder: Beijing has agreed to increase purchases from the United States by $200 billion over the next two years over and above the level of imports in 2017, according to U.S.

Vai Westpac: The six month annualised growth rate in the Westpac– Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell from –0.78% in October to –0.81% in November.