Australian Economy

Cross-posted from Independent Australia: Without a fundamental change to economic thinking, we will continue down the dystopian road, argues Stephen Williams.

By Leith van Onselen More evidence of weak Christmas trading has come to light, with Kmart recording its first like-for-like sales decline in years.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released retail sales figures for the month of November, which recorded a 0.4% rise in retail sales over the month in seasonally-adjusted terms, with annual sales growth falling to 2.8%: In trend terms, annual retail sales growth was flat at 3.6%.

Via The Australian: Unions will use a seven-day strike next week to intensify pressure on the Coalition and business over the “exploitation” of labour-hire workers, declaring public unrest at employer conduct will be a “vote-shifter” at the federal ­election.

The Australian economy is stalling as its key drivers sputter.

Via COMMSEC:  CommSec Luxury Vehicle index: For around a decade, CommSec has been tracking an index of luxury vehicles.

From the AIG: Australia’s next economic downturn has begun.

A recession election is coming.

So that it could pump us coolies for all we’re worth, via The Australian: Embattled public broadcaster ABC has underpaid up to 2,500 casual employees over the past six years.

Via the FT today: Free iPads, rental guarantees and an eye-watering A$100,000 ($72,000) off the price of an apartment are some of the sweeteners on offer from property developers amid the worst housing downturn in Australia for 35 years.

Via The Australian we get another glimpse of how far behind the economy are our illustrious leaders today: Josh Frydenberg says he will deliver a surplus budget before a federal poll, despite doubts cast on that commitment by a global ratings giant and the possibility of an early election.

Via the AFR: Beauty and home products retailer Crabtree & Evelyn is the latest retailer to fall victim to lower discretionary spending by under-pressure households, with restructuring experts KordaMentha appointed to close down the entire Australian network of stores.

Australia’s most bullish senior economist has come face to face with fact this morning.

You’d have to be as blind as the RBA to miss the signals.

Via Martin North: Following on from our mortgage stress report for December 2018, which we released yesterday, we complete our monthly data series with the release of the December Household Financial Confidence Index, our gauge of how households are feeling about their financial situation.

The destruction of Australian wages runs on apace.

We live in very strange times.

Via the AFR: “Foot traffic appears to have been weak as shoppers continue to shift December shopping trips online and pull forward purchases into Black Friday in November,” said Citi in a note reviewing the past Christmas season.

by Chris Becker The Coalition government has been promising a return to surplus for sometime now, having put it’s stamp on the mid-year budget back in December last year.

Another one biting the dust.