Australian Economy

After Australia’s abysmal June quarter national accounts were released earlier this month, Treasurer Josh Frydenberg swept aside the concerns and triumphantly declared: “Today’s National Accounts show that the Australian economy has completed its 28th consecutive year of economic growth – a record unmatched by any other developed economy.

When you gut your industrial base certain things flow in due course.

If it didn’t matter so much it would be amusing watching L-plate Treasurer Josh Recessionberg make no sense, via the AFR: Treasurer John Frydenberg has endorsed Future Fund chairman Peter Costello’s call that further interest rates cuts won’t boost the economy all that much and insisted the government is developing a productivity agenda.

Via Tim Colebatch at Inside Story: Strong exports have been one of the key pillars of Australia’s economic growth in the past decade.

The Australian Bureau of Statistics (ABS) yesterday released its quarterly labour force report, which breaks-down employment at the industry level to August 2019.

Via Domain: Future Fund chairman Peter Costello has downplayed the economic impact of any future interest rate cuts, saying deep-seated or “structural” reforms were instead needed to promote growth.

The lengths policy makers will go to support the mass immigration ponzi knows no bounds.

Another day, another report on Sydney’s schools being crush-loaded by immigration.

Victoria University estimates that national income would be increased by $32.60 per capita for every $1 billion reduction in stamp duties, of which around $21 billion were collected last year.

Official data shows that Australia’s gross expenditure on research and development fell to 1.79% of GDP in 2017-18, down from 1.88% in 2015-16.

Treasurer Josh Frydenberg has urged Australians to embrace “digitisation of the economy”, claiming it is inevitable and improves both productivity and living standards: “We’re living through the fourth industrial revolution.

Record low interest rates are having a direct impact on the Australian labour market, by forcing older people to delay retirement and remain in full-time work for longer than they had intended.

Economic blogger Jason Murphy says they can at Crikey: Australia’s services industry is booming. But the transition away from traditional industries (manufacturing etc) is making some people extremely nervous.

With immigration into Australia continuing to run rampant: And Australia’s population projected to balloon by another 17.5 million people over the next 48 years, driven purely by mass immigration: Both Labor and the Coalition continue to throw up smokescreens to alleviate voters’ concerns.

Via Jacob Brown, Future Energy Leader – Institution of Chemical Engineers (IChemE) from  The World Economic Forum: On 18 May this year, Australia had the most surprising election upset in decades.

Via CBA: Business activity in the Australian private sector returned to growth in September, according to the latest Commonwealth Bank Flash Composite PMI®.

Yesterday’s ABS labour force release for August revealed a mixed Australian youth labour market – i.e.

A lot more.

Some charts from Damien Boey at Credit Suisse offering a lead on the labour market after yesterday’s weakening read: I can see this coming as: dwelling construction crashes; infrastructure starts to plateau; the NDIS roll out halves; and consumption remains weak.

The Australian Bureau of Statistics (ABS) yesterday released its Australian Demographic Statistics for the March quarter of 2019, which revealed that Australia’s population continues to grow manically led by surging net overseas migration (NOM), mostly into Sydney and Melbourne.

The Australian dollar has resumed its great sink today as bank and market observers pile in for rate cuts: Bonds are on fire: Stocks too: Dalian is weak: But nobody cares as Big Iron reaches for the skies.