Australian Economy

The reason we give Greg Jericho such a hard time is that it is obvious that he knows the truth about Australia’s rampaging class war.

Not the stupid recession that the pet shop galahs love so much.

S&P deluded: Key takeaways − A weakening in government support remains a possibility, but we see a recent regulatory proposal on increasing banks’ loss-absorbing capacity as an indication that support is likely to remain high.

From Westpac’s Bill Evans: This result will come as a disappointment to the Reserve Bank.

By Leith van Onselen The Australian Bureau of Statistics (ABS) today released the national accounts for the September quarter, which registered soft 0.3% growth in real GDP over the quarter and a 2.8% rise over the year.

The ABS is out with Q3 GDP and the news is weakness: Consumption weak at 0.3% the key.

By Leith van Onselen Former Fair Work Ombudsman (FWO), Natalie James, has admitted that wages theft is rife across the Australian economy, especially in migrant-heavy sectors.

Via AIG: Business-oriented services sectors: The Australian PSI® indicated expansion in only two of the five business-oriented sectors in November (trend).

It’s very, very simple.

More GDP inputs, this time better: net exports to add 0.4% public consumption and investment to add 0.3% So, at this stage it looks like: private investment weak (probably negative); public investment 0.3%; household consumption (perhaps weak based on retail volumes and imports); net exports 0.4%, and inventories -0.3%.

By Leith van Onselen Stephen Koukoulas (aka ‘The Kouk’) is one of the few mainstream economists in Australia with enough integrity to admit that Australia’s immigration program is overcooked.

Doesn’t make a whole lot of sense does it?

Via ANZ:  On a seasonally adjusted basis, ANZ Australian Job Advertisements fell 0.3% in November reversing the prior month’s gain. On an annual basis, growth slowed to 2.3% in November (vs 3.7% in October).