Australian Economy

The AIG construction PMI is out and growth slowed again in October to 53.2, still solidly expansionary but well off the boom highs above 60 points: ▪ The national construction industry expanded for a ninth consecutive month in October with a slight easing in growth momentum from September.

Cross-posted from The Conversation: The federal government will be forcing banks to hand over half their credit data ready for reporting by mid-2018 (with the remainder available in 2019).

Via ANZ: KEY POINTS  ANZ Job Advertisements rose 1.4% m/m in October, more than reversing the 0.7% decline previously.

Melbourne Institute monthly inflation for October is in at 0.3% and 2.5% year on year: Trimmed mean was 0.2% and 2.7%.

Herald Sun reported recently: FOR A CITY that has embraced deconstructed avocado smash, food trucks for dogs and every other wanky inner-city trend, Melbourne sure is narrow-minded when it comes to oBikes.

By Leith van Onselen The Turnbull Government has attempted to use questionable modelling on the benefits of ‘free trade’ to drive a new Trans-Pacific Partnership (TPP) agreement.

By Leith van Onselen The growing backlash over Sydney’s rapid immigration-driven population growth is now shaping up as the key issue that will decide the next state election.

By Leith van Onselen Friday’s retail sales figures should detract from Australia’s September quarter GDP when the national accounts are released early next month.

Via AIG: • The Australian Industry Group Australian Performance of Services Index (Australian PSI®) fell 0.7 points to 51.4 in October (seasonally adjusted), marking a marginal slowing in growth from September.

Treasury Secretary John Fraser went to a lot of trouble last night explain why Australia has seen so little non-mining business investment in recent years.

By Leith van Onselen The Australian Council of Trade Unions (ACTU) will push for the minimum wage to be replaced by a “living wage”, which would be set at 60% of the median wage, in line with UK wage targets.

Via the ABC: Australians are being urged to boycott some of their favourite ice creams after a breakdown in negotiations between Streets workers and the company’s owner Unilever.

Finally some better news on the booming trade in Australian coolies, via the AFR: The Fair Work Commission has axed Domino’s Pizza’s long expired agreements that paid thousands of workers significantly below minimum rates, leaving the franchise facing tens of million of dollars in higher labour costs.

By Leith van Onselen A new month has arrived and with it there’s a new report on Australia’s illegal migrant slave labour trade.

From the AIG:   ▪ The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI® ) fell 3.1 points to 51.1 points in October (seasonally adjusted), indicating slower growth after a run of stronger monthly expansions over the previous six months.

Via AFR: Myer chief executive Richard Umbers has slashed sales growth and return targets under his New Myer strategy after admitting that the retail environment was changing faster than expected.

By Leith van Onselen 7 News ran an excellent segment (above) on the growing backlash over Sydney’s rapid population growth. The segment touches on some of the major issues, including over-development (e.g. the proliferation of high-rise apartments), and pins the blame squarely on the federal government’s 200,000 strong mass immigration program.