Australian Economy

Cross-posted from The Conversation Australia’s migration policy has shifted significantly in the past 20 years, leaving a system subject to widespread rorting and controversy.

From NAB today comes the business survey, which is powering on headline numbers: Business confidence again surprised on the upside, supported by better business conditions (largely reflecting sales and profits) and a surge in retailer confidence. Firms still unfazed about the Budget (for now).

From the RBA today: We examine how the structure of Australian production and trade has been affected by the expansion of global production networks.

By Leith van Onselen The ANZ-Roy Morgan Research (RMR) consumer confidence index has fallen for a second consecutive week after hitting the highest level since late-January.

By Leith van Onselen The Government’s plan to make job seekers aged under 30 wait six months before receiving Youth Allowance or Newstart has taken another hit, with Family First Senator, Bob Day, declaring war on the Budget measure.

Press reactions to last week’s “shocking” unemployment number continue today and, as usual, are far behind the curve.

From Westpac’s chief economist, Bill Evans, comes analysis of today’s Statement of Monetary Policy from the RBA: We were surprised to see that the Reserve Bank lowered its growth forecast for both 2014 and 2015 from 2.75% and 3.25% respectively to 2.5% and 3%.

By Leith van Onselen The Australian Bureau of Statistics (ABS) yesterday released visitor arrivals and departures data for the month of June, which registered another significant fall in net long-term and permanent migration into Australia.

By Leith van Onselen June was a bad month for Australia’s tourism industry, with the release yesterday of the overseas short-term arrivals and departures figures showing a solid fall in the number of inbound tourists and an increase in out-bound tourists.

By Leith van Onselen Following Fairfax Media’s explosive revelations about widespread fraud and rorting of Australia’s skilled migration program, Immigration Minister, Scott Morrison, has demanded that his department provide him with an urgent report.

By Leith van Onselen As summarised earlier by Houses & Holes, the Australian Bureau of Statistics (ABS) today released labour force data for the month of July, which registered a sharp increase in the headline unemployment rate to 6.4% from an upwardly revised 6.0% in June – the highest unemployment rate for 12 years.

The Australian Bureau of Statistics has released its Labour Force survey for July and the result is a shocker: Employment decreased 300 to 11,576,600.

From Moody’s today: The demographic dividend that drove economic growth in the past will turn into a demographic tax that will ultimately slow this growth for most countries worldwide.

By Leith van Onselen Australian Competition and Consumer Commission (ACCC) head, Rod Sims, has today called on Australia’s governments to unlock productivity in our road networks and implement “congestion charges” during peak traffic periods.

The third in the AIG’s PMI series is out today and construction has made it two months in row of expansion: The national construction industry continued to grow in July, with the Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) increasing by 0.8 points to 52.6 points (seasonally adjusted).

By Leith van Onselen The AFR has today revealed widespread fraud and rorting of Australia’s skilled migration program.

From the Property Council‘s bi-annual office report: The Sydney and Melbourne office markets continue to perform strongly despite national office market vacancy rates rising over the past six months, according to the Property Council of Australia’s latestOffice Market Report.

By Leith van Onselen The Abbott Government’s plan to require telecommunications companies to store detailed information about the calls and internet use of its customers for two years has been slammed by the commentariat.