Australian Economy

The Q4 Australian Bureau of Statistics (ABS) national accounts, released earlier this month, showed that the economy edged out of per capita recession after recording 0.1% growth over the quarter.

Geoff Russ from Canada’s National Post penned a cautionary tale on how out-of-control immigration has degraded Canada’s economy and living standards.

The “Stats Guy” Simon Kuestenmacher, is a renowned immigration lobbyist.

Tuesday’s federal budget revealed that the cost of the National Disability Insurance Scheme (NDIS) will reach $50.8 billion next financial year, surpassing the $51 billion allocated to the defence budget.

I reported this week on how the nation’s residential housing stock reached a record $11,032.2 billion at the end of 2024, with the average dwelling valued at $976,800.

CBA head of Australian economics, Gareth Aird, has explained why he believes the Reserve Bank of Australia (RBA) will cut the official cash rate at its May monetary meeting.

Greenpeace, the Australian Conservation Foundation (ACF), and WWF Australia are among several environmental groups that will actively target Labor in the run-up to the federal election.

Earlier this month, Roy Morgan released its shadow labour market report, which reported a significant increase in unemployment to 11.5% in February, with underutilisation (i.e., unemployment plus underemployment) surging to 21.7%.

Data released this month by the Australian Bureau of Statistics (ABS) showed that the total value of Australia’s dwelling stock hit a record high of $11,032.2 billion at the end of 2024, with the average dwelling valued at $976,800.

The fish rots from the head, they say, and Michael Stutchbury’s destruction of the AFR is great case in point.

Wednesday’s monthly CPI indicator from the Australian Bureau of Statistics (ABS) printed significantly below expectations. The headline CPI was only 2.4%, below market expectations of 2.5% and below the midpoint of the Reserve Bank of Australia’s (RBA) 2-3% target band.

CBA’s excellent economics team has provided a comprehensive analysis of the federal budget.

The Grattan Institute has published a fact sheet on earnings across Australia: According to Grattan, “the typical full-time Australian worker actually earns $90,416, and the typical Australian worker (including part-time workers) earns just $67,786”.

Last week, the lies and propaganda promoting the unprecedented increase in international students peaked.

The Reserve Bank of Australia (RBA) has been notoriously poor at forecasting Australian wage growth. For the past 15 years, the RBA’s Statement of Monetary Policy (SoMP) has consistently forecast higher wage growth than realised.

Former Treasury Secretary Dr Martin Parkinson, who led the federal government’s 2023 Migration Review, admitted that Australia’s mass immigration policy has failed to provide the nation with the skills it needs and has contributed to poor productivity growth.

The great coal crash continues.

In late 2023, newly appointed Victorian Premier Jacinta Allan ignored expert advice and signed the tunnelling contract to build the first stage of the $200 billion Suburban Rail Loop (SRL).

Slightly better and going nowhere fast. Flash Australia PMI Composite Output Index(1): 51.3 (Feb: 50.6). 7-month high. Flash Australia Services PMI Business Activity Index(2): 51.2 (Feb: 50.8). 2-month high. Flash Australia Manufacturing Output Index(3): 51.9 (Feb: 49.7). 29-month high. Flash Australia Manufacturing PMI(4): 52.6 (Feb: 50.4).

Harry Ottley, economist at CBA, published a terrific set of charts showing the explosion in non-market jobs, where there is often a lack of market prices and wages are heavily subsidised by the government, and the implications for Australia’s labour productivity.

Rising food prices are a constant concern for households in Australia and other parts of the world.

CreditorWatch warned that almost one out of every six (16.2%) hospitality firms is at risk of failing due to high interest rates, rising rents, cost-of-living pressures, and the pandemic hangover. CreditorWatch forecast that roughly one in eleven (8.9%) food and beverage enterprises would close in 2025.

The Victorian government’s financial troubles are widely documented. In 2023-24, the state had the nation’s highest per capita net debt and the lowest credit rating (AA).

Thursday’s labour market release from the Australian Bureau of Statistics (ABS) was superficially good, with the headline unemployment rate remaining at a low 4.1% in February (4.05% in unrounded terms). This meant that Australia’s headline unemployment rate remained slightly below the Reserve Bank of Australia’s (RBA) projections.

China (31.5% of total), the United States (13.0% of total) and India (8.1% of total) are the world’s three largest carbon emitters. In 2023, these three nations accounted for more than half (52.6%) of the world’s carbon emissions.