Australian Economy

From Crikey about the Fair Work Act (FWA) and ABS’ release yesterday of data collating the number of strike days lost: The FWA was bad for industrial disputes, we were told, because it would give unions an unprecedented right to interfere with matters that were rightly “management prerogative”.

From The Australian: …The Opposition Leader and Mr Bowen have conceded there were mistakes in the creation of the mining tax, which has raised a fraction of revenue forecast, and undertaken to widely consult the resources sector and improve the implementation of any impost.

By Leith van Onselen The ANZ-Roy Morgan Research (RMR) weekly consumer confidence index was released yesterday evening, which recorded a solid bounce after three consecutive weeks of falls.

Cross-posted from The Conversation The Productivity Commission has slammed the assessment and development processes for Australia’s public infrastructure projects, finding “numerous examples of poor value-for-money” because of bad selection.

From the ABS on today’s Labour Force figures (h/t The Lorax): The incoming rotation group for February 2014 had a higher proportion of employed persons and persons in the labour force (i.e. less persons not in the labour force) than the sample it replaced.

It’s a mad cacophony of hooves and beaks and screeched revenge today!

By Leith van Onselen As summarised earlier, the Australian Bureau of Statistics (ABS) today released labour force data for the month of February, which registered a 0.05% increase in the headline unemployment rate to 6.05% – the highest rate in a decade.

The ABS has released Labour Force figures for February and the news is a complete blowout: Employment increased 47,300 to 11,530,800. Full-time employment increased 80,500 to 8,049,900 and part-time employment decreased 33,300 to 3,480,900. Unemployment increased 9,800 (1.3%) to 742,200.

By Leith van Onselen Martin Conlon, head of Australian equities at Schroders Investment Management Australia, has delivered a stern warning about the debt-based structure of the economy, which has seen excess credit flow into housing at the expense of productive enterprises.

Buck-up!

From the ABC: In the interview with 7.30, Dr Henry did not shy away from criticising the Prime Minister and his Treasurer.

Weeoo, weeoo, weeoo.

More confirmation today that the consumer is not interested in leveraging up to carry the economy through the troubles ahead. Via COMSEC: Figures released from the Reserve Bank show that the average credit card balance fell by $79.10 (2.5 per cent) in January to a 4-year low of $3,146.90.

Cross-posted from Martin North’s DFA Blog.

It’ll be no great surprise to anyone not dug into a bullish bunker but consumer sentiment has sagged again in March.

Fresh from Westpac: There are many business surveys out there and most have questions, in some shape or form, that are applicable to the labour market.

From Giles Parkinson at Crikey today: Clean energy and low-carbon investors are abandoning Australia as the new federal government, and its conservative colleagues at state level, turn their interests and policies away from renewables and long-term carbon abatement incentives.

Fresh from Roy Morgan: Roy Morgan Research’s latest Business Confidence survey in February 2014 fell to 117.3, down from 131.5 in January, and back to below the level in August (119.6) 2013 in the month prior to the federal election.

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

Oh dear.