Australian Economy

By Leith van Onselen The ANZ-Roy Morgan Research (RMR) consumer confidence index has been released for the week ended 4 May, which registered another big fall, tanking 4.7 points (-4.2%) to 106.3 points – the lowest level in five years and well below its long-term average (113.0).

From NAB comes its online retail sales index for March, which showed a small rebound from February’s slowdown: In the year to March 2014, Australians spent $15.2 billion on online retail.

The D&B Business Expectations index is strong again, but that’s the problem, such results usually mark turning points down, not up.

By Leith van Onselen The Abbott Government looks set to bow to media industry pressure and implement laws to curb copyright infringement.

Westpac has produced a more detailed take on today’s TD Securities monthly inflation number: The Gauge rose 0.4% in Apr following a 0.2% rise in Mar and Feb and a 0.1% rise in Jan.

The run of better employment data continues today with ANZ job ads for April out and showing a solid 2.2% rise for the month and 1.5% year on year.

TD Securities monthly inflation data is out and has jumped to 0.4% from 0.2% last month.

Steve Keen has joined the Modern Monetary Theorists today in asking whether or not we need a surplus at Business Spectator: …the correct analogy for the government is not that it is like a business (or like a household), but that it is like a bank.

The second the AIG PMIs is out this morning and is another fizzer: The sales sub-index in the Australian PSI® fell sharply again in April, dropping by 5.1 points to 44.6 points, the lowest reading since August 2013 and slightly below its 12-month average.

Cross-posted from The Conversation.

It is one of those unfortunate elements of Australiana that our subaltern mindset leads us to adopt the habits of our great and powerful friends.

By Leith van Onselen I wrote yesterday how the New South Wales Government had seemingly capitulated to the taxi cartel and banned ridesharing applications that could significantly undercut traditional taxi fares and provide consumers with greater transport options.

The MSM is a little excited about this today.

Not that anyone cares, but the local manufacturing PMI is out and has tanked into deep recession again: The latest Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) fell sharply in April, dropping by 3.1 points to 44.8 points (seasonally adjusted).

By Leith van Onselen I wrote last week how Uber was taking the fight to Australia’s taxi cartel by expanding its offering in Australia, offering a ridesharing option that would significantly undercut traditional taxi fares and provide consumers with greater transport options.

The Committee for Economic Development of Australia (CEDA) has released a new report today on how to fix Australian manufacturing.

I’m not one to jump on the band wagon of the confidence fairy champions.

Cross-posted from Martin North’s DFA Blog.

Cross-posted from The Conversation The Coalition government is currently rehearsing a well-honed rhetoric on “everyone having to do the heavy lifting” to justify Treasurer Joe Hockey’s slash and burn budget on social services and pension entitlements.

By Ken Henry, cross-posted from The Conversation I believe there is a special case for taking an interest in youth unemployment.

From Morgan Stanley today: A new wave of tourism: Since 2005, Chinese short-term visitors to Australia have more than doubled, with China now the second largest inbound market (732K p.a.) by arrivals (after NZ).