Australian Economy

By Leith van Onselen Creative destruction – the process whereby something new kills something older – is nothing new.

Cross-posted from The Conversation A decade of strong mining revenue growth has seen workers disproportionately located in the “mining states” of Queensland and Western Australia.

By Leith van Onselen In a blow for Australian consumers, and a win for Foxtel, the launch of online television streaming services by Netflix has been postponed to at least the second half of 2015, with the company instead focusing its attention on expanding into Europe.

The TD Securities/Melbourne Institute Inflation Gauge for June is out and is zero month on month versus 0.3% prior.

From the AFR today comes old news: A growing number junior mining explorers have stopped exploring altogether, as falling commodity prices and difficult funding conditions hit the small end of Australia’s mining sector.

By Leith van Onselen The Victorian Government has announced worthwhile reforms to Victoria’s taxi industry, breaking down some of the licencing barriers and networking requirements that have stifled competition in the industry.

I’m in danger of blowing a gasket today.

Finance Minister Mathias Cormann appeared at the ABC this morning to reiterate his objections to a CBA Royal Commission and again referred any investigation to David Murray who is heading the current financial inquiry, even though Mr Murray’s tenure at the CBA is relevant to any investigation.

By Leith van Onselen The Productivity Commission (PC) has issued a warning about potential deleterious costs for competition and business stemming from Australia’s so-call “free trade agreements” (FTAs).

No carbon tax to pay and as of any minute no mining tax either: The Abbott government is preparing to put the mining tax on the scrap heap as its repeal bill passed the lower house for a second time.

The WA Chamber of Commerce has released it quarterly  survey of members today and it shows sentiment rolling steadily downhill: Business confidence in the WA economy has softened further according to the latest Westpac – CCI Survey of Business Expectations.

From the newly released book of Mammon comes Australia’s top ten most wealthy totaling $73 billion: 1.

Cross-posted from The Conversation.

By Leith van Onselen At a time when Australian businesses are struggling to remain internationally competitive, it makes absolutely no sense to drive-up their input costs.

From Westpac: Total employment in May surprised by contracting 4.8k.

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released job vacancies data for the May quarter, which continued to recover: ◾Total job vacancies in May 2014 were 146,100, an increase of 2.1% from February 2014.

By Leith van Onselen The Guardian’s Paul Farrell has written a stinging attack of the Government’s proposed reforms of the Freedom of Information (FOI) laws, which could radically restrict the public’s access to government information and stifle transparency of government: Our right to know is under attack.

By Leith van Onselen Paul  D Egan and Philip Soos have published an epic 800-page report entitled Bubble Economics: Australian Land Speculation 1830-2013, which provides a comprehensive examination of the Australian land/housing market, drawing on over 150 years of available data.

By Leith van Onselen The federal Department of Employment has questioned the efficacy of Australia’s 457 temporary worker visa system, arguing that it has created a continued reliance on foreign workers rather than developing required skills onshore.

Cross-posted from Martin North’s DFA blog: The Australian Bureau of Statistics today released some important data on how many people are being cared for informally in the community.

Fuck off you green-lefty scum, it’s over.