Australian Economy

Into contraction we go: More: Construction sectors: Engineering construction (55.0 points seasonally adjusted and 58.8 points trend) was the strongest sector of the construction industry in October due to a solid pipeline of public-sector investment in large-scale infrastructure projects.

No surprises.

By Leith van Onselen The Age’s Catherine Ford penned a drivelling article over the weekend lamenting the “rogue virus” of sprawling cookie-cutter housing developments proliferating across Melbourne: The views from the train are now choked with the usual bleak and dystopian housing developments, and I found myself spilling tears.

As promised, the mortgage discounts are getting the chop, from News: NAB is finally increasing its interest rates — but only for new borrowers.

Via FCAI: Overall national sales of Sport Utility Vehicles (SUVs) continued to climb in October, despite the overall vehicle market in Australia declining over the month, according to the latest data released today by the motor industry’s statistical service, VFACTS.

By Leith van Onselen In 2016, the Fair Work Ombudsman undertook an inquiry into Australia’s backpacker visa scheme, which noted that “many backpackers are being subjected to underpayment or non-payment, unlawful deductions, sexual harassment, unsafe working conditions and other forms of exploitation”.

There is no doubt about it, the Aussie jobs market is past its best and when it turns like this it tends to keep rolling:    On a seasonally adjusted basis, ANZ Australian Job Advertisements increased 0.2% in October following a fall of 0.7% in the prior month.

Ruh roh: By sector: Business-oriented services sectors: The Australian PSI® indicated expansion in two of the five business-oriented sectors in October (trend).

By Leith van Onselen Economist Brian Haratsis predicts that around 30 million vehicles will be on Australian roads by 2030, compared to 19 million currently, comprising a combination of traditional and driverless cars.

Via HIA: Skills Shortages Ease with Building Conditions “The HIA Trades Availability Index indicates that demand for construction trades eased during the September 2018 quarter, but they remain in short supply,” said Geordan Murray, Acting Principal Economist.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released retail sales figures for the month of September and the September quarter.

By Leith van Onselen NSW Treasurer, Dominic Perrottet, has ripped apart the mass immigration ‘Big Australia’ policy, arguing that it “isn’t a sustainable economic strategy” and is crush-loading Sydney.

By Leith van Onselen After indicating that it would lift Australia’s appallingly low unemployment benefits, Labor has flagged that it would scrap the Coalition’s $65 million a year Work-for-the-Dole program if elected.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released export and import prices for the September quarter, which portends a lift in Australia’s terms-of-trade when the national accounts are released in early December.

By Leith van Onselen The rorting of Australia’s immigration system seems never-ending.

By Leith van Onselen After the NSW Government last month admitted that the migrant intake is “out of control” and demanded it be cut in half, NSW Premier Gladys Berejiklian has tasked a three-member panel with convincing the federal government to help lower the rate of immigration into the state.

By Leith van Onselen The ABC has published an interesting report on the rising failure rate among smaller retailers: Data and analytics provider illion revealed 54,992 businesses went bust in Australia last financial year.

Population propagandist, The Guardian, has a special today on the people deluge that has drowned the outer Melbourne suburb of Cranbourne: Traffic jams start early in Cranbourne.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released the Consumer Price Index (CPI) data for the September quarter 0f 2018, which registered both soft headline and underlying inflation.

The ABS is out with September QTR CPI and the news is cold: Analytical series even weaker than headline.