Australian Economy

From Westpac’s Matthew Hassan: The Westpac-Melbourne Institute Index of Consumer Sentiment fell 4.1% to 96.5 in July from 100.7 in June.

From Westpac’s Andrew Hanlan: The NAB business survey for June revealed that the spike in business confidence in May (post the Federal election and with the RBA set to cut rates) was a one hit wonder.

I missed this release yesterday, so better late than never: ANZ Australian Job Ads bounced back in June after falling more than 8% in May.

From NAB Economics: Overall, the survey results for June continue to suggest that the business sector has lost significant momentum over the past year or so.

The ABS yesterday released its Participation, Job Search and Mobility survey, which reported that long-term underemployment in Australia has increased significantly over the past decade: “Over one million Australians were underemployed in 2019.

From Roy Morgan Research: New research from Roy Morgan shows that with over 4.4 million Australians (21.5% of the population) using Uber in an average three months the popular ride-sharing app is set to overtake the traditional taxi as Australia’s preferred private transportation service during 2019.

by Chris Becker It’s going to take more than a rate cut and a tax cheque from ScoMo to get confidence back.

By Michael Bayliss, communications manager for Sustainable Population Australia and Co-founder of Population, Permaculture and Planning Australia’s economy is centred on the belief that we need Gross Domestic Product (GDP) as a means of measuring prosperity.

The West Australian has today documented the youth labour crisis afflicting Perth: Perth’s youth unemployment crisis is being exacerbated by the collapse of bars, restaurants and retailers across the city.

by Chris Becker While the latest new car sales figure highlighted a systemic underyling economic weakness in Australia, there is a glimmer of hope: electric!

Via The Guardian: Scott Morrison has declared the passage of the government’s $158bn tax cut package through the Senate a victory for “quiet Australians”, after Labor capitulated and joined the Coalition to vote for the 10-year plan.

Yesterday was good day for the Aussie economy, via The Australian: Australians will be handed an ­immediate $15 billion in tax cuts in a bid to boost the economy, drive retail sales and create new jobs, after parliament last night rubber-stamped Scott Morrison’s signature $158 billion tax relief package.

Via the AIG: Looking to new orders there is no ScoMo/RBA bounce of substance beyond things getting worse a little more slowly in houses: T That is a shit report for anyone expecting a ScoMo/RBA resurgence for dwelling construction.

Australian-Chinese lobby groups are fighting to retain Australia’s Significant Investor Visa (SIV) program – affectionately named “Golden Ticket Visas” – commissioning Deloitte Access Economics to spin positive economic benefits from the scheme.

Via Westpac: The May retail update showed sales edging up 0.1% in the month but essentially flat over the April-May period.

Via Martin North: We have released the June 2019 mortgage stress results, based on our running 52,000 household surveys.

The Australian Bureau of Statistics (ABS) has released retail sales figures for the month of May, which recorded a 0.1% rise in retail sales over the month in seasonally-adjusted terms, with annual sales growth falling to 2.4%: In trend terms, annual retail sales growth fell to 2.7%.

Cry infrastructure!