Australian Economy

By Leith van Onselen As summarised earlier, the Australian Bureau of Statistics (ABS) today released labour force data for the month of May, which registered no change in the headline unemployment rate (still at 5.8%), beating analyst’s expectations of a 0.1% rise in the unemployment rate to 5.9%.

by Chris Becker Well the May print is in for unemployment from the ABS.

Cross-posted from The Conversation: Last week Australia’s Fair Work Commission increased the national minimum wage to A$16.87 an hour from 1 July, 2014.

By Leith van Onselen Westpac has today released its consumer unemployment expectations report for June, which registered a 1.1% fall – the third consecutive monthly decline.

By Leith van Onselen When consumer sentiment tanked after the Federal Budget, I along with many other analysts believed that the impact would be largely temporary and would swiftly recover most of the lost ground once the “sticker shock” from the Budget wore off.

By Leith van Onselen The Westpac-Melbourne Institute has released its Consumer Sentiment Index for June, which rose marginally from the three-year low reach in May after the Federal Budget.

by Chris Becker Is this the start of a consumer confidence campaign or just a general whinge?

By Leith van Onselen ANZ has released its job ads survey for May, which revealed a sharp 5.6% decline in the number of job advertisements – the first fall in five months.

By Leith van Onselen NAB has today released its Business Confidence and Business Conditions survey for May, which revealed that confidence weathered the post-Budget storm well, recording a flat reading over the month, although conditions worsened, reflecting weakening sales: Business confidence was unchanged in the month, at around long run average levels.

by Chris Becker Ebullient news today from the Port Hedland Port Authority with a new record-breaking  36 million tonnes of iron ore shipped during May! Huzzah! Pump that iron ore! Volumes to the moon! A great majority went to China (30 million tonnes), then Korea, Japan and Taiwan.

by Chris Becker Stressed retailers are falling back on weather excuses for poor performance, but the underlying meme is an “austere” Budget handed down last month: From WSJ: Australian clothing retailer Pacific Brands Ltd.

By Leith van Onselen Per Capita has released its 2014 Tax Survey, which revealed “a marked turnaround in Australians’ attitudes to public spending and tax over the last 18 months”.

This week the Fair Work Commission jacked the minimum wage 3% from$622.20 a week to $640.90 a week and that triggered a wave of hand-wringing among the loon pond, egged on by Treasurer Joe Hockey about competitiveness and lost jobs.

The AIG PCI is out and: Despite a ninth consecutive month of expansion in house building, the national construction industry has continued to decline. The seasonally adjusted Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) registered 46.7 points in May (readings below 50 points indicate contraction).

By Leith van Onselen Australia, it seems, is a speculators paradise.

By Leith van Onselen The Australian Bureau of Statistics (ABS) today released data on industrial disputes across Australia, which revealed that only 9,700 working days were lost due to industrial disputes in the March quarter of 2014 – the lowest quarterly reading since June quarter 2007.