Australian consumer confidence has surged despite the negative economic impact of Victoria’s fourth lockdown and the emergence of a new COVID-19 cluster in Sydney. According to ANZ-Roy Morgan’s consumer confidence index, it has risen 1.3 percent this week to 112.4 points, which is above the weekly average score and 14.9 points higher than the same week…
Consumer Confidence Increased on the Back of Low Unemployment
June 21, 2021
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Australia Increases Minimum Wage to $20.33 Per Hour
June 16, 2021
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Industry groups have criticised Australia’s minimum wage has increased to $20.33 (US$15.45) per hour, saying it was hard to fathom the move given there were still businesses struggling from the COVID recession. The Fair Work Commission announced the 2.5 percent increase, which equals 49 cents per hour or $18.80 per week—to the minimum wage on Wednesday….
Australian Housing Values Rise to Record Levels as Affordability Crisis Worsens
June 16, 2021
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The value of Australian houses rose by $450 million in the March quarter, the highest rise on record, bringing renewed calls for action to address the growing housing affordability crisis. According to the latest figures by the Australian Bureau of Statistics (ABS), Australian residential dwellings surpassed $8 trillion for the first time. New South Wales…
What Comes After Australia’s V-Shaped Economic Recovery?
Commentary The flow of economic data has so far made June a good news month for Australia, notwithstanding the abrupt resumption of COVID-19 restrictions had on economic activity in our second-largest state. National accounts—which provide the most comprehensive reading of the economic pulse—reported that the first quarter of 2021 was the third straight quarter of…
New Home Loans Reach Record $31bn on the Back of Owner-Occupier Loans
June 4, 2021
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Home loan commitments have risen to another new high in April, and financial regulators are pleased that it has not led to easing lending standards. New figures from the Australian Bureau of Statistics show that new housing loans have risen 3.7 percent to a record high of $31 billion (US$23.8 billion), driven by owner-occupier loans….
‘Unique Nature’ of Pandemic Economic Downturn Behind the Strength of Australia’s Recovery: RBA
June 2, 2021
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The Reserve Bank of Australia hs said the recovery from the current economic downturn will be significantly different to the recovery from past economic shocks such as the Global Financial Crisis and the Great Depression. RBA Head of Economic Analysis Brad Jones said in a keynote address at the Minerals Week Australia-Asia Investment Outlook that…
Cash Rate Likely to Remain Unchanged: Reserve Bank
May 31, 2021
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While Australia’s housing market boomed without constraint over the last few months, partly due to record low-interest rates, the cash rate is unlikely to change in Tuesday’s monthly monetary board meeting. The Reserve Bank of Australia’s (RBA) statistics for lending and credit show overall mortgages rose by 0.5 percent in April and 4.4 percent over…
Home Building Surges, Leading Economic Recovery
Residential construction work has resurged on the back of low-interest rates and government incentives, leading the economic recovery and setting a solid foundation for upcoming economic figures. The Australian Bureau of Statistics revealed in preliminary data that the total value of residential construction work rose by 5.1 percent in the March quarter— the equivalent of…
Australian Exports Records Historic High Despite Beijing’s Economic Coercion
May 26, 2021
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Australian exports reached a historic high of $36 billion (US$28 billion) in April on the back of skyrocketing iron ore prices. Preliminary monthly trade data from the Australian Bureau of Statistics (ABS) also reveals that Australia’s trade goods surplus rose to $10.1 billion (US$7.9 billion), the third-highest on record. “Exports remained steady, increasing $12.6 million…
Population Growth Is ‘Biggest Constraint’ to Economic Recovery: Property Industry
Australia’s stagnant population growth is the biggest bottleneck on long-term economic recovery, the property industry says. “The Government has overseen a remarkable economic rebound, but the budget papers reveal that population growth will quickly become an anchor for our economy,” Property Council of Australia chief executive Ken Morrison said. Population growth is at around 0.1…
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