Australian Economy

By Leith van Onselen Infrastructure Victoria CEO, Michel Masson, on Friday called on the state to take its time when deciding large infrastructure projects, while also arguing that it is often better to improve existing assets than to build expensive new ones.

By Leith van Onselen CommSec has released its latest State of the States report, which again ranks New South Wales and Victoria on top due largely to a combination of strong population growth, housing, and debt-fueled consumption: How are Australia’s states and territories performing?

By Leith van Onselen Melbourne Institute of Applied Economic and Social Research deputy director, Roger Wilkins, has today labelled “patently false” the claim by Labor leader Bill Shorten that inequality in Australia is rising.

By Leith van Onselen Yesterday, senior public servant, David Gruen, unbelievably blamed the rise in male joblessness on video games.

Via UBS: Overall, employment remains very strong & clearly improved in recent months, with 2% y/y the best in over 2 years, ~consistent with positive lead indicators.

By Leith van Onselen Yesterday’s ABS labour force release for June revealed some better news for those aged 15 to 24 years old that are looking for a job.

By Leith van Onselen As summarised earlier, the Australian Bureau of Statistics (ABS) today released its labour force report for June, which registered a solid 14,000 increase in total employment and no change to the headline unemployment rate (still 5.6% after last month’s figure was revised upwards).

Via The Australian today: Craig Kelly has doubled down on his comments suggesting renewable energy will cause deaths this winter, saying dozens more people could die if power prices aren’t brought down.

The ABS has released Labour Force for June Employment increased 14,000 to 12,166,900.

Myer warning: Looks like all dem sales pulled forward demand then…crash: Other retailers holding up for no apparent reason.

Brokers have their say.

By Leith van Onselen Australian entrepreneur, Dick Smith, last night appeared on Mark Latham’s Outsiders, whereby he once again challenged Australia’s tri-partisan mass immigration ‘Big Australia’ policy (interview from 10.50): Dick Smith: “I think they [policy makers] are crazy.

It appears Treasury is the process of slaying another gormless Treasurer, via The Australian: Scott Morrison will today launch a strident defence of the government’s fiscal strategy, warning that an earlier than planned return­ to budget surplus risks dampening an economy that is gathering momentum for the first time in ­almost a decade.

By Leith van Onselen One of the most common arguments used to support mass immigration and a “Big Australia” is the claim that it keeps the population young and productive, and without constant immigration, the population would grow old and the economy would stagnate.

It looks like our Fake Left is intent on re-regulating the the labour market while flooding it with cheap foreigners.

By Martin North, cross-posted from the Digital Finance Analytics Blog: WA experienced a 20% rise, in personal insolvencies in 2016-17, according to data released today by The Australian Financial Security Authority.

Via Westpac: • The six month annualised growth rate in the WestpacMelbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell sharply from 0.51% in May to –0.76% in June.

By Gareth Aird, senior economist at CBA: Key Points: A solid gap has opened up between business and consumer sentiment.

Another stellar effort from LVO yesterday at News.com: IT’S the debate we were never allowed to have.

By Leith van Onselen I have noted previously that one of the key reasons why Australia’s high population growth (immigration) is lowering the living standards of existing residents is because of the strain that it places on infrastructure, which inevitably leads to more congestion on roads, public transport, as well as more expensive housing.

By Martin North, cross-posted from the Digital Finance Analytics Blog: We know that household debt has never been higher in Australia, but I do not think the true impact of this, especially in a rising interest, low income growth environment is truly understood.