Australian Economy

Rupert Murdoch’s Herald Sun loves a bit wage theft.

It’s a tradition.

The 2008 Bradley review into higher education was concerned that the strict allocation of undergraduate university places over the prior 30 years would lead to a shortage of graduates for the so-called “knowledge economy”.

Via Martin North: We are releasing the latest edition of our household financial confidence index today.

Via Nick Scali, a crappy year: And a crappier new year: Same store sales falling post EOFY.

Via an obtuse Deloitte: Deloitte Access Economics Investment Monitor: infrastructure to the rescue 8 August 2019:  The slowdown in the global economy is flowing through to Australian investment conditions.

The Regional Australia Institute (RAI) has released a new report warning that Sydney and Melbourne are facing dramatic increases in commute times if their populations are allowed to expand as projected by the Australian Bureau of Statistics (ABS): For most cities, ABS and state government projections have been released out to the mid-2030s.

Via The Guardian: The Essential poll, undertaken from 1-5 August, also gauged voter support for the current rate of Newstart, with almost 60% of people believing the Newstart benefit of about $280 a week was too low for a single person with no children.

Earth to Recessionberg.

Don’t say we didn’t warn you, Recessionberg.

Courtesy of Gerard Minack of Minack Associates: The outlook for Australia is not boom versus bust; it is bust versus blah – blah being a continuation of the anaemic, sub-trend growth seen through the past 5 years.

Over many years, MB has consistently argued that mass immigration is helping to hold down Australian wages.

Via George Theranou at UBS: UBS Labour Demand Index at ~6-yr low, indicating jobs ~halving to ~1¼% y/y July ANZ job ads bounced 0.8% m/m, but are still down 9.1% y/y; and the PMI alleconomy employment component slumped to 44.4.

Just in from the RBA: At its meeting today, the Board decided to leave the cash rate unchanged at 1.00 per cent.

It’s going to funny watching this unfold.

Via ANZ: ANZ Australian Job Ads rose for the second month in a row in July, posting growth of 0.8% m/m after the jump of 4.9% in June.