Job mobility in Australia rose to the highest level in a decade, with almost one in ten employed people switching jobs in the 12 months to February, according to the Australian Bureau of Statistics (ABS). ABS head of labour statistics Bjorn Jarvis said job mobility had been trending downwards for decades before reaching a record…
Australia’s Inflation Rate Jumps to 5.1 Percent, Highest Since Introduction of GST
Inflation in Australia has accelerated by 2.1 percent during the first quarter of the year, bringing the annual inflation rate to 5.1 percent. The Australian Bureau of Statistics (ABS) revealed that this was both the highest quarterly and annual consumer price index increase since the introduction of the goods and services tax (GST) in July…
Annual Wages Growth in Australia Reaches 2.3 Percent, Still Below Inflation
The tightening labour market in Australia has put upward pressure on wages, but is still behind the current inflation rate. Australian Bureau of Statistics (ABS) has revealed that wages grew 2.3 percent over the past year after it accelerated to 0.7 percent in the December 2021 quarter. Both public and private sector wages picked up…
New Loans Pick up as Australian House Prices Continue to Grow
February 1, 2022
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New Australian housing mortgage commitments rose 4.4 percent in December to a record high value of $32.8 billion (US$23.3 billion) as house prices in the country continue to climb. The Australian Bureau of Statistics (ABS) revealed that it was driven by a 5.3 percent increase in the value of new owner-occupier loans. The average loan…
Broadly Optimistic Outlook for Investors in 2022: ANZ
Investors can maintain a broadly optimistic outlook for 2022, but in its Market Outlook report, ANZ warns that further double-digit returns in equity, as was seen in 2021, would be unlikely. “Rather, 2022 commences with a mild overweight to risk assets based on cautious optimism and a belief that, despite more moderate returns, equities should…
Australian Inflation Exceeds Expectations, Increases Pressure on Rate Hike
January 24, 2022
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Australia’s annual inflation rate has smashed market expectations, rising 3.5 percent in 2021, according to new data from the Australian Bureau of Statistics (ABS). The underlying inflation rate also jumped to its highest level since 2014, at 2.6 percent, reflecting the broad level of price increases. The annual CPI (consumer price index) inflation jumped on…
Booming Property Market Deters Renters From Having Children in Australia: Study
A new study has suggested that rapid growth of the housing market can influence both outcomes and intentions of families to have more children. The research, led by University of Sydney economists and published in the Journal of Housing Economics, measured people’s intentions for more children against property prices. It found that when the property…
‘Employers Are Looking for You’: PM Encourages Aussies to Go Back to Work
Australian Prime Minister Scott Morrison is encouraging Aussies to “get out there” and “back into this economy” as business recovers and employers look for staff. “There are thousands and thousands and thousands of jobs which employers around the country are now looking to fill as the recovery takes hold,” Morrison told reporters. “I’d encourage Australians…
Inflation in Australia up 3 Percent on the Back of Fuel and Housing Price Rises
October 27, 2021
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The Australian Bureau of Statistics (ABS) revealed that the consumer price index (CPI) rose 0.8 percent in the September quarter, in line with economists’ expectations, and 3 percent annually. The quarterly increase was driven by the rising fuel costs (7.1 percent) and housing construction (3.3 percent). “Construction input costs such as timber increased due to…
Australian House Prices Jump to a New Record High, but Emerging Signs of Market Cooling
Australian residential property prices continued to surge, revealing record levels of growth over the three months to June, according to new figures. The Australian Bureau of Statistics (ABS) revealed on Tuesday that home prices rose 6.7 percent—the strongest quarterly growth figure since ABS began tracking the data in 2003. “The continued growth in property prices…
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