Australian Economy

By Leith van Onselen Employer groups and the Coalition have slammed Labor’s pledge to restore penalty rates for retail and hospitality workers, claiming it will deter small businesses from hiring additional staff, thereby costing jobs.

By Leith van Onselen In the wake of the updated population estimates from the ABS (to reflect the 2016 Census), I have updated the ABS’ aggregate wages & salaries data which was released as part of the March quarter Business Indicators report earlier this month.

Readers will know that I am concerned (convinced!) that the next global shock will bring new levels of pain to the Australian economy.

By Leith van Onselen The ABS has released engineering construction data for the March quarter of 2017, which revealed a 2.8% seasonally adjusted rise in the value of work done over the quarter, but a 12.5% fall over the year, and an ongoing reduction in the construction pipeline.

From Morgan Stanley: The consumer is not relaxed and businesses are struggling to relate. Recent reports from our sector teams add support to our crunch time thesis around the domestic cycle cash flow squeeze. Filling the cracks with materials is something to consider given meaningful PT upside (MS and Consensus).

By Leith van Onselen Following the reslease yesterday of Australia’s Cenus, Bernard Salt – the self proclaimed “unabashed supporter of a bigger Australia” – has penned a triumphant piece hailing the emergence of a ‘Big Australia’ and the so-called enrichment of the major cities.

Via the ABC: Federal Opposition Leader Bill Shorten has vowed to reverse cuts to Sunday penalty rates if Labor wins the next election.

There is nothing more precious in this life than your reputation.

By Leith van Onselen The release yesterday of the ABS population data for the 2016 Calendar year revealed some inconvenient truths for the Victorian economy.

By Leith van Onselen The ABS released its Australian demographic statistics for the December quarter of 2016, which revealed that Australia’s overall population growth rate has accelerated led by unprecedented growth in Victoria, which has once again obliterated records.

He sure ain’t going away: Tony Abbott has delivered a stinging rebuke to the Turnbull Government sharpening his own vision for the country and politics in Australia, promising he is “in no hurry to leave public life because we need strong liberal conservative voices now, more than ever”.

From Bloxo today: Sentiment indicators show a stark gap between businesses and consumers.

By Leith van Onselen The ABS has just released the Census 2016 data, which reveals that Australia’s population ballooned by 1.9 million people (+8.8%) in the five years to 2016, driven by a 1.3 million increase in new migrants.

By Leith van Onselen A fortnight ago, several labour market experts raised concern about the proliferation of unpaid internships, which risked becoming a black market for slave labour.

By Leith van Onselen Remember the below chart showing the immigration-fueled population explosion that is projected to take place across Sydney over the next 20 years, increasing the city’s population by an insane 1.74 million people – the equivalent to adding a Perth to Sydney’s population?

By Leith van Onselen Former federal treasurer, Wayne Swan, is concerned that Australia’s middle-class risks going the way of America’s and claims the Labor Party and the union movement need to better argue the case for improved wages for middle-class workers.

From the Bank of International Settlements (BIS): Excessive indebtedness has been one of the root causes of financial crises and the ensuing deep recessions.

The MSM bank protection racket is in full swing, at the AFR: London-based investors have warned National Australia Bank chief executive Andrew Thorburn that they consider Australia a less stable and less consistent economy for investment after the South Australian budget hit the big four banks and Macquarie with a surprise $370 million tax.

Not before time: CPA Australia’s controversial chief executive Alex Malley has been sacked, effective immediately.

Weeoo, weeoo, weeoo.

Via AFR: The days of Chinese companies bidding up asset prices in Australia appear to be numbered, after the banking regulator in Beijing ordered a review of the sector’s exposure to the most acquisitive private firms.