Australian Economy

By Leith van Onselen When the Coalition was first elected in late-2013, Employment Minister, Eric Abetz, trumpeted that the Government would deliver a “powerhouse economy” that will produce one million jobs over five years and two million jobs over 10 years.

By Leith van Onselen Yesterday’s labour force data for Octoberr, released by the ABS, once again highlighted how male workers have borne the brunt of Australia’s labour market adjustment towards services.

By Leith van Onselen Yesterday’s ABS labour force release for October revealed a further deterioration in labour market outcomes despite a slight improvement in the headline unemployment rate to 12.75% from 12.82% in September (see next chart).

Because it appears to be coming for the simplest of reasons: jobs.

By Leith van Onselen As summarised earlier, the Australian Bureau of Statistics (ABS) has today released its labour force report for October, which registered a 9,800 rise in total employment but a stable headline unemployment rate 0f 5.6%.

The ABS has released its Labour Force survey for October and the news is more of the same: Employment increased 9,800 to 11,938,900.

By Leith van Onselen Judith Sloan – the Commissioner in charge of the Productivity Commission’s 2006 review into the Economic Impacts of Migration and Population Growth – has entered the immigration debate yet again calling for a shake-up of the 457 visa system.

By Leith van Onselen Australia’s trade minister, Steve Ciobo, has penned a Panglossian piece in The AFR today spruiking the great riches that have come from Australia’s free trade agreements (FTAs): Free trade should be embraced, not feared.

By Leith van Onselen Dr Joanna Howe, a senior lecturer in law at the University of Adelaide, give an excellent interview yesterday on ABC News 24 highlighting the many flaws in Australia’s 457 vias system.

By Leith van Onselen For those that are interested, I will be giving a presentation on the Economic Impacts of Immigration following the Sustainable Australia 2016 AGM this Saturday in Richmond, Melbourne, which is open to the public.

By Leith van Onselen With pressure mounting on Malcolm Turnbull over 457 visas, the Coalition has thrown up a fig leaf.

Fascinating from Macquarie:  We have updated our economic, currency and interest rate outlook for Australia following the US election  as part of our November Global Macro Outlook.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has just released its Wage Price Index for the September quarter of 2016, which revealed a continuation of weak wages growth across the economy, with annual wages growth plunging the lowest rate in the series’ 19 year history (see below charts).

From Morgan Stanley: We are positioned for a weak 2016 Christmas trading period with SUL our only non-food retail OW.

By Leith van Onselen Sources within the Coalition have suggested that it was considering changes to the 457 visa system for temporary foreign workers before Opposition Leader Bill Shorten outlined plans for a crackdown.

By Leith van Onselen Last night I re-watched prominent Australian entrepreneur, Dick Smith’s, speech (above) to the National Press Club in August 2014, which is more relevant than ever given the growing backlash over Australia’s world-beating immigration program.

By Leith van Onselen Does nothing, explains nothing, understands nothing, soon to be nothing Malcolm Turnbull gave a waffling sermon last night on his Government’s plan for “Jobs and growth”.

By Leith van Onselen The latest Roy Morgan Research (RMR) unemployment estimate for October registered a 0.7% rise in unemployment to 9.2%, with the unemployment rate also 0.4% higher than a year ago.

By Leith van Onselen UBS is the latest to call for Australia to scrap large denomination bank notes, citing that it would help eliminate the black economy.

By Leith van Onselen Late last month, Judith Sloan – the Commissioner in charge of the Productivity Commission’s 2006 review into the Economic Impacts of Migration and Population Growth – penned a great article calling on the Government to reduce Australia’s permanent migrant intake by around 100,000.