Australian Economy

By Leith van Onselen Earlier this year, The Economist and The Atlantic published reports arguing that increasing automation, computerisation and artificial intelligence could place at risk half of current jobs in the United States within a decade or two.

By Leith van Onselen As H&H mentioned earlier today, Prime Minister Tony Abbott gave an address to the 2014 Economic and Social Outlook Conference Dinner last night.

From Barclays courtesy of the SMH blog today: “While income growth is slowing in China, we see the potential for looser Chinese domestic and overseas regulations to actually spur a near-term acceleration in travel.

By Leith van Onselen Roy Morgan Research (RMR) last night released its unemployment estimate for the month of June, which registered a large rise in the unemployment rate to 10.6% from 9.7% in May (see next chart).

Find below an interview with ASIC chief Greg Medcraft from the Centre for International Financial and Regulation.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has just released retail sales figures for the month of May, which registered a 0.5% seasonally-adjusted fall in sales over the month, missing economist’s expectations of a flat result.

By Leith van Onselen The Australian Industry Group’s (AIG) Performance of Services Index (PSI) for June has been released, and the news is disheartening.

From RBS today: Asia is most vulnerable to an oil price spike Geopolitical tensions and continued supply outages in the  Middle East prompted a spike in Brent oil to  USD115.71/bbl in June, a nine-month high. Half of the  world’s oil is consumed in Asia (including Australasia).

By Ross Elliott, author of The Pulse Australian cities have some of the highest carparking costs in the world.

Cross-posted from The Conversation Every year the Productivity Commission (PC) produces an annual report card on Australian government assistance to industry.

By Leith van Onselen The ABS this morning released engineering construction data for the March quarter of 2014, which revealed a 2.0% seasonally adjusted fall in the value of work done over the quarter, and a reduction in the construction pipeline.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released trade data for the month of May, with Australia recording a seasonally-adjusted trade deficit of $1,911 million.

I’m really quite curious about what is happening in Australia’s supposedly tearaway growth sector, online retail.

By Leith van Onselen The Australian has published an article today on an upcoming draft report by the Productivity Commission (PC), which evaluates Australia’s childcare arrangements.

ANZ is making waves today with its latest major mining report.

By Leith van Onselen Australia’s banking sector continues on its mad rush to squeeze the last drop of juice from the mortgage lemon, with Australia’s only home grown investment bank  – Macquarie – pursuing mortgages with vigor and seemingly moving away from its role as the broker of high risk, high return business investment.

The Dun and Bradstreet business expectations survey is out today and it is weathering the storm in consumer confidence with profit expectations still high: Sales too: Capex and employment strengthening: And selling prices are still high if easing: Business credit is back in vogue: Encouraging stuff.

By Leith van Onselen Opposition to the Abbott Government’s asset privatisation agenda, which will see the federal government provide financial incentives to states that sell-off their assets, appears to be growing, with coal mining group, Glencore Xstrata, slamming the recent sale of state-owned ports, arguing that they have driven-up freight costs for users.