Australian Economy

Via Peter Martin today comes the Australia Institute: “When the rises flow through, retail prices will be the highest ever in real as well as nominal terms,” writes Australian National University specialist Hugh Saddler in a report to be released on Thursday by the Australia Institute.

Cross-posted from Martin North.

Immediately preceding me on The Bolt Report last night, Cory Bernardi was interviewed and called for Australia’s mass immigration program to be halved.

From Bill Evans: • The Westpac Melbourne Institute Index of Consumer Sentiment rose by 0.4% in July from 96.2 in June to 96.6 in July This is the eighth consecutive month where the Index has printed below 100 indicating that pessimists continue to outnumber optimists.

By Gareth Aird, Senior Economist at CBA: Key Points: Strong population growth continues to boost Australia’s aggregate growth rates which paint a more positive picture on the economy than what most households are experiencing.

Via Westpac: • The non-residential construction sector is enjoying better times in 2017.

Via UBS: June business conditions booming at new post-GFC high of +15.1 (after +10.9) NAB’s survey of business conditions surged even further to a booming +15.1 in June-17 (UBS: ‘steady’, mkt: nf, average since 1997 of +5.1), the best since Jan-08, up from an already strong +10.9 in May.

Above is the video of my appearance on The Bolt Report last night discussing the efficacy of Australia’s mass immigration program.

The Liberal Party crisis rolls on today with every man and his dog proffering an opinion.

Via Australia’s last journo standing Adele Ferguson: Australia’s $170 billion franchise sector is on notice after a class action was announced in Canada alleging the owner of Burger King and Tim Hortons misused millions of dollars paid by franchisees into a national advertising fund.

Cross-posted from LFEconomics: An interesting article published in The New Daily by journalist Alan Austin “It’s official. Regular Australians are getting poorer” argues that household income is declining. The measure used is gross disposable household income (GDHI), an aggregate measure of income.

Cross-posted from The Conversation: Neither of Australia’s two main political parties believes population is an issue worth discussion, and neither currently has a policy about it.

From NAB today: The June NAB Monthly Business Survey was again positive for the business sector. Business conditions hit another multiyear high, with most industries performing well. Stronger trading conditions (sales) and profitability drove the improvement, while employment conditions were steady.

From PIMCO’s Robert Mead: After 25 years of steady economic growth, Australia is on the verge of wresting bragging rights from the Netherlands for the longest period on record without a recession.

Via Deutsche: DB’s forecast for Q2-17 headline CPI at 0.6%qoq/2.4%yoy; average of the core measures at 0.5%qoq/1.8%yoy Our forecast for Q2 headline CPI is for a 0.6%qoq outturn, a touch stronger than the 0.5%qoq the headline prints seen in Q4-16 and Q1-17.

By Leith van Onselen Late last year, it was revealed that Australia’s carbon emissions are on the rise and the nation is on track to badly miss the scientifically based targets set by the government’s Climate Change Authority, as well as those under the Paris agreement.

Judith Sloan thinks so: So what can federal Energy and Environment Minister Josh Frydenberg offer by way of electricity price relief?

Energy pariah, South Australia, is, in fact, Australia’s energy leader: Tesla founder Elon Musk’s plan for a giant battery for South Australia is billed as the world’s biggest – but if Lyon Group’s David Green has his way Tesla’s system won’t even be the biggest in SA.

Get a load of this from Australia’s last journalist standing, Adele Ferguson, today: Leaked emails flagging a potential diplomatic incident with the United States and a potential loss of investments if certain legislation proceeded gives a fascinating – and rarely seen – insight into the opaque world of lobbying and advocacy.