Australian Economy

Wednesday’s national accounts release for the June quarter confirmed that the Australian consumer is sick, which is bad news for the economy given the consumer accounts for around 55% of the economy’s growth.

Via AIG: Some hope for houses: But nothing else: Onwards and downwards.

The June quarter national accounts, released Wednesday, was another sobering experience for Australian households. Yesterday, the Reserve Bank of Australia (RBA) released real household disposable income (HDI) data, derived from the June quarter national accounts, which revealed that real per capita HDI fell by 1.0% over the year.

Via the Herald Sun: Chapel St restaurants and the Stonnington Council are shunning delivery service apps like Uber Eats and Deliveroo to save businesses on the famous once-bustling strip from closing because of crippling costs and health risks.

Western Australia’s economy continues to whither on the vine, with yesterday’s national accounts recording a sixth consecutive quarterly decline in final demand, falling by 0.1% in the June quarter: As shown above, the Western Australian economy is experiencing its fourth recession when measured by real final demand.

Starting with the always delirious AFR editorial: Mr Frydenberg is signalling that the government will introduce some sort of tax break for extra business investment, as urged by the Business Council of Australia and Labor.

The Australian Bureau of Statistics (ABS) today released the national accounts for the June quarter, which registered soft 0.5% growth in real GDP over the quarter and just 1.4% growth over the year.

ACTU secretary Sally McManus has outlined a range of proposed workplace reform measures in a four-page letter to Industrial Relations Minister Christian Porter.

I’ve been having a second look at the private capital expenditure (capex) forecasts for Australia released last week.

Another bogus report has emerged claiming that 60% of NSW businesses are experiencing “skills shortages”: THE NSW Business Chamber says its latest workforce skills survey has revealed a substantial increase in the number of jobs being left unfilled because of a lack of applicants skilled enough to undertake the work.

Via the AIG: So long as you’re wiping up someone else’s poo then you’re in clover.

Monday’s June quarter Business Indicators release from the ABS, which feeds into today’s national accounts, showed that wages & salaries remain wildly divergent from business profits.

Today we will see the Recessionberg Stupidity Index at new lows, one way or another: He appears to have absolutely no idea what’s happening, via News: “Our economic plan is working,” he declared.

Via Martin North: For the first time since 2015 the overall level of mortgage stress did not rise significantly in August, according to the latest research from Digital Finance Analytics, based on our rolling 52,000 household survey.

The Australian Bureau of Statistics (ABS) has released retail sales figures for the month of July, which recorded a 0.1% fall in retail sales over the month in seasonally-adjusted terms, with annual sales growth slowing to just 2.4%: In trend terms, annual retail sales growth also slowed to 2.4%.