Australian Economy

By Leith van Onselen The notion that ‘skilled’ migration is required to overcome skills shortages is turning into another horrible rort, this time for accountants.

Running this blog and its forbears since 2009 has led to some deep insights into the Australian political economy.

From The Business last night: One small correction.

Changing the goal posts is what the housing obsessed Australia does best.

By Leith van Onselen Following today’s Fair Work Commission (FWC) decision to lift the minimum wage by 3.3%, employer groups are having a good old-fashioned sook.

Via AFR: A doubling in short-term gas prices on the east coast is taking a huge toll on demand from industrial users as they get priced out of the market and switch to other fuels or cut back use, according to an industry expert.

By Leith van Onselen The Guardian’s Greg Jericho has penned a well-argued piece today debunking Australia’s pending growth record, which will supposedly see Australia overtake the Netherlands’ record run without experiencing a technical recession: On Wednesday, the March GDP figures will mark 103 quarters without Australia’s GDP falling in two consecutive quarters.

Lot’s of GDP downgrades flowing through. Westpac as good as any: Net exports Net exports subtracted a sizeable 0.7ppts from Q1 GDP, a larger than expected drag (mkt median -0.4ppts & Westpac -0.3ppts) Export volumes disappointed, -1.6% vs f/c flat Weather disruptions have had a more material impact than previously thought.

Via ABC: The chairman of Indian mining giant Adani gives the final investment approval for its multi-billion dollar Carmichael mine in central Queensland’s Galilee Basin.

Via the AFR: The Fair Work Commission has increased the minimum wage by 3.3 per cent, lifting weekly rates by $22.20 from July 1.

By Leith van Onselen Since the 7-Eleven migrant worker scandal broke in 2015, there has been a regular flow of stories emerging about the systemic abuse of Australia’s various migrant worker programs.

By Leith van Onselen Following the Fair Work Commission’s (FWC) recent decision, public holiday and Sunday penalty rates in sectors such as retailing and hospitality will be reduced over several years.

Immigration is killing the Australian working classes as wages are eviscerated (from Leith’s must read piece today):   No doubt Australian wage growth would be slowing whatever policy settings were in place today.

By Leith van Onselen Paul Kerin, an adjunct professor at Adelaide University’s School of Economics, has penned a ridiculous article in The Australian arguing that “immigration is the golden goose our economy needs”.

Cross-posted from The Conversation: Eight years into the Australian government’s National Broadband Network (NBN) project, the nation has an average internet speed – 50th in the global rankings – that lags well behind many advanced economy countries.

ANZ job ads came in in May at 0.4% with a rolling annual total at 6.7%: As you can see, versus previous cycles this remains luke warm at best.

So much for rising inflation!