Australian Economy

From ANZ, job ads up 4% in January and 7.1% for the year.

Oh yeh: The man brought to Australia by Prime Minister Malcolm Turnbull to digitally transform government services has blamed a public sector hostile to change and short on tech competence for IT disasters at the Australian Taxation Office and the Australian Bureau of Statistics.

By Leith van Onselen The Coalition-aligned Menzies Research Centre has urged the Turnbull Government to push-back on rising protectionism and redouble its efforts to bring about so-called ‘free trade’.

It’s a property boom with fewer and fewer winners.

From Digital Trends and Zero Hedge: Tired of your barista misspelling your name on your morning cup of joe?

From Macquarie:  Global manufacturing PMIs began 2017 at their highest level since 2011, data released today shows.

From AIG: The Australian Industry Group Australian Performance of Services Index (Australian PSI® ) continued to expand in January but at a slower pace than in December, with the index dropping 3.2 points to 54.5 points (results above 50 points indicate expansion, with higher numbers indicating a stronger rate of expansion).

There is no statute of limitations on bad ideas, via the ABC: Resources Minister Matt Canavan has opened the $5 billion Northern Australia Infrastructure Fund to fund new so-called clean-coal power stations.

Via the AFR: Malcolm Turnbull is prepared to discuss establishing a domestic gas reserve as part of his new energy security push but his plans for clean coal power stations have suffered a blow with the industry saying there was no appetite to invest in such plants.

Some more on today’s not unexpected trade revenue explosion via Domainfax: Tapas Strickland, NAB: The surplus reflects a positive story of higher commodity prices and rising export volumes, which should support economic activity in 2017.

Westpac calculates the following: Export earnings rose by around 12% in Q4, of which about 10% is due to higher prices and around 2% from increased volumes.

From Do-nothing Malcolm’s yesterday’s press club address: Energy bills are also making up an increasing proportion of household budgets.

By Leith van Onselen Hot on the heels of Toyota Australia’s and Holden’s announced shut down date in October this year, at least two automotive component makers are also set to announce their closure, thereby adding to the manufacturing job losses.

By Leith van Onselen The Australian Bureau of Statistics (ABS) today released its cost of living indices for the December quarter, which revealed a rise in the cost of living across cohorts, although pressures remain subdued overall (see below table).

From Domainfax: Soaring electricity prices under Labor’s green energy agenda, a new attempt to legislate “job-creating” company tax cuts, and new savings to fund more affordable childcare are shaping as key government battlelines in the political contest this year as Malcolm Turnbull prepares to outline his strategy on Wednesday.

From AIG:  The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI® ) has expanded for a fourth consecutive month, with a reading of 51.2 points in January, albeit down by 4.2 points since December (results above 50 indicate expansion and the distance from 50 points indicates the strength of expansion).

By Leith van Onselen In what will be almost a year to the day after the last vehicle rolled-off Ford’s Broadmeadows assembly plant, Australia’s automotive assembly industry will shutter for good this October, ending nearly 70 years of local production.

Just take Peter Hartcher’s advice: Donald Trump has created a mess with his  immigration hit list.

From NAB: The December NAB Monthly Business Survey indicated a reprieve from the steady moderation in business conditions seen late last year.

From Credit Suisse today: Our global strategists have written at length about a potential shortage of USDs outside of the US economy (please see their recent article “Global Money Notes #8: From Exorbitant Privilege to Existential Trilemma, dated 18 November 2016).

By Leith van Onselen Let’s recall Bill Shorten’s comments in November whereby he claimed that temporary foreign workers are ‘taking the jobs’ of Australians and must be pared-back.