Australian Economy

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released retail sales figures for the month of March, which registered flat (0%) seasonally-adjusted growth over the month, but with annual sales growth rising to 3.1%: In trend terms, annual retail sales growth remained flat at 2.6%.

By Leith van Onselen Dr Katharine Betts from The Australian Population Research Institute (TAPRI) has published a new report entitled “Immigration and public opinion in Australia: how public concerns about high migration are suppressed”, which explains why policies supporting mass immigration and a ‘Big Australia’ persist against the wishes of Australian voters.

Via Domainfax: Many Red Rooster, Oporto and Chicken Treats store owners claim they are being pushed to the verge of bankruptcy as high costs and operating restrictions are forced on them by the company which controls the chains.

Baptists and bootleggers all off the cliff together, via The Australian: Big business has joined forces with the ACTU in an unprecedented compact to back a Big Australia, calling on the federal government to maintain current levels of permanent migration amid calls for the rate to be cut.

Via Domainfax: Global fashion retailer Esprit is pulling out of Australia and New Zealand and will close more than 60 outlets in the region, leaving 350 employees without jobs.

By Leith van Onselen After the ABS releases its monthly labour market report, MB writes a post on the plight of young Australians, whose job prospects have deteriorated since the Global Financial Crisis (GFC).

From the AIG: The Australian Industry Group Australian Performance of Services Index (Australian PSI® ) fell by 1.7 points to 55.2 points in April 2018 (seasonally adjusted), signaling a slight deceleration from March.

By Leith van Onselen Over the past year or so, we have witnessed a growing backlash against Sydney’s break-neck population growth and the deleterious impact it is having on infrastructure, housing and liveability.

Dastayariagate is the gift that keeps giving: China’s Foreign Ministry issued the travel advice on a social media account ahead of the current long weekend in China, which is a popular time for families to travel overseas.

Readers will know that for some time MB has put forward the proposition that the much touted infrastructure mini-boom is a short term phenomenon owing to this kind of investment only adding to growth while the amount being spent is increasing.

By Leith van Onselen Ecologists have today warned that Melbourne’s water supply is at risk due to the “collapse” of state forests caused by logging.

Via AIG: ▪ The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI® ) fell 4.8 points to 58.3 points in April, indicating a slower – but still buoyant – rate of expansion in April, after reaching a record high in March (seasonally adjusted).

For a long time I have observed a plain historical truth.

By Leith van Onselen From The Australian’s Weekend Inquirer came the below triumphant article on how Melbourne’s population will soon overtake Sydney’s: While almost no one has been looking, Melbourne has been attracting people, business, technology and talent, and stealing a march on Sydney.

From David Uren today: A research study by Commonwealth chief economist Michael Blythe, which draws on surveys of the bank’s customers, backs the Reserve Bank’s view that elevated housing debt is not an imminent threat to financial stability, with the largest debts held by those best able to afford them.

By now if you’re reading you ought to understand that the Australian economy operates on symbiotic halves.