Australian Economy

She’s rockin’ today at the HIA, not: The first half of 2018 has seen a downward trend in new house sales.

Via New Daily: New laws that would require big businesses to report on their efforts to combat modern slavery are a positive step forward but don’t go far enough to effect change, advocates say.

Via the AFR: An open-ended number of visas will be issued through the Global Talent Scheme for technology, science and engineering businesses, and other companies that generate at least $4 million a year in revenue, or are listed on the share market.

It’s a seductive thought for immigration extremists like Greg Jericho: In the September quarter of 2012, the volume of engineering construction work done reached a record level of $36.5bn.

Oh what fun, via The Guardian: China’s social credit system, a big-data system for monitoring and shaping business and citizens’ behaviour, is reaching beyond China’s borders to impact foreign companies, according to new research.

Via the AFR: Commercial property returns across offices, malls and warehouses will halve over the next five years as weaknesses in leasing markets are “exposed” and rising bond and interest rates push down property yields and values, a new report says.

Migration Council panic!

It’s become a laugh a minute now.

Via Domainfax Sydney: In parts of Sydney’s notorious Parramatta Road, congestion for westbound motorists now stretches from 7am to 6pm.

Via Jess Irvine: …a new Reserve Bank paper has lifted the lid on what it’s like for young people entering the workforce today.

Via The Conversation: Sydney’s so-called “latte line” divides the city in two by jobs.

No greater fool apparently: Failed toy retailer Toys R Us will kick off it’s closing down sale this morning, stripping prices down by as much as 30 per cent in a fire sale that will send shockwaves through the nation’s $3.7 billion toy and games industry as it is forced to digest the liquidation.

By Leith van Onselen The ABS has released its Australian Demographic Statistics for the December quarter of 2017, which revealed that Australia’s population continues to grow rapidly led by turbo charged net overseas migration (NOM), mostly into Sydney and Melbourne.

Via Peter Martin today: As recently as 2012, just six years ago, wages were growing like they usually had, at a touch under 4 per cent per year.

More evidence that the labour is softening at a good clip.

From Westpac: • The six month annualised growth rate in the Westpac–Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, dropped from +0.83% in April to +0.11% in May.

Via the ABC: Foreign workers can be brought into Australia on the new 457-style visa as long as employers tried to hire Aussies first … on LinkedIn.

Via the AFR: Telstra will split out its infrastructure assets into a new wholly-owned business for the potential to demerge the new division or bring in strategic investors.

By Leith van Onselen The Australian Bureau of Statistics yesterday released its overseas short-term arrivals and departures figures for April, which continued to show a trend rise in the number of inbound visitors, with Chinese arrivals continuing to boom.

Via the AFR: For Australian entrepreneur Andrea Myles, Prime Minister Malcolm Turnbull dropped what she refers to as his “Mandarin bomb” at exactly the wrong time.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released visitor arrivals and departures data for the month of April, which again posted turbo-charged net annual permanent and long-term arrivals.