Australian consumer confidence plunged to its lowest January reading since 1992 and the overall lowest since October 2020, according to the ANZ-Roy Morgan consumer confidence index. January typically posts positive consumer confidence results, but it has plummeted 8.1 points to 97.9 during the second week of the month following the emergence of Omicron. Additionally, all states fell…
Australian Consumer Confidence for January Hits 30-year Low
January 19, 2022
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ANZAustraliaAustralian economyBusiness & EconomyCCP Virusconsumer confidenceeconomyMelbourne InstituteRoy MorganwestpacWorld
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Self-Driving Trucks and Small Grocers Can Protect Food Supply Chain From Future Shocks: Experts
January 17, 2022
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AustraliaAustralian economyaustralian labour marketAustralian supply chainCCP VirusmigrantsOmicronWorld
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Experts are saying that the food supply chain issues were caused by a “perfect storm” of labour issues after COVID-19 restrictions prevented many people from entering the country while at the same time causing an exodus of migrants. Andrew Timming, a professor of human resource management at RMIT University, told The Epoch Times that Australian…
Australian Health and Economic Outcomes Will Not Be in ‘Lock Step’ From Omicron: Economist
January 16, 2022
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AustraliaAustralian economyBusiness & EconomyBusinesses in COVID-19CCP VirusGreg Huntjosh frydenbergOmicronWorld
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Despite the rapid rate of the Omicron spread, the Australian economy will not suffer as hard compared to the period of Delta lockdowns, an economist said. Deloitte Access Economics partner Chris Richardson said for the first time since the COVID-19 pandemic started, it looked like health and economic outcomes “won’t be in exact lock-step with…
Australia Starts Off Year With Dampened Consumer Confidence
January 11, 2022
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Australia’s consumer confidence has taken a small hit across the country following the rapid spread of the Omicron variant of COVID-19. The weekly ANZ Roy Morgan consumer confidence rating dropped by 2.4 points for the first week of the year, a week that usually sees a rise. Consumer confidence fell particularly hard in South Australia…
High Skilled Professional Aussies Search for Higher Paying Jobs: Reserve Bank
High-skilled professionals in Australia are leaving their jobs in search of higher wages, driving up wage pressures in the private sector. According to the Reserve Bank of Australia (RBA), the professional and business service sectors had a particularly sharp increase in board mobility. “Part of this increase reflected workers catching up on planned job changes that…
More Small Businesses Felt ‘Significantly Impacted’ by COVID-19 Restrictions This Year
Many small businesses in Australia and New Zealand felt that this year had been more disruptive than the last, according to a new report. Financial advisor Findex surveyed over 500 businesses and found that one-third had been “significantly impacted” by COVID-19 restrictions this year, up from one-quarter in 2020. Business confidence for the year ahead…
Australian Economy Contracted 1.9 Percent During Lockdown Period
December 2, 2021
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The Australian economy contracted by 1.9 percent in the September quarter (Q3), when state lockdowns against the Delta variant of COVID-19 occurred, but it was less than the 2.5 to 3 percent drop that economists were fearing. The Australian Bureau of Statistics (ABS) revealed in the latest National Accounts that despite the quarterly drop, Australia’s…
Holden’s 73rd Anniversary: Reflections on Australian Manufacturing
Commentary The post-World War II era was a golden age for Australia. Australians were united around their shared values, including democracy, egalitarianism, free speech, and the fair go—along with widespread economic growth and prosperity. This period gave birth to what cannot be called the Australian “dream” because it was so widely attained: owning a home…
Australian Reserve Bank Warns of ‘Sharp Correction’ in Financial Markets
November 23, 2021
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Asia & PacificAustraliaAustralian economyBusiness & Economyfinancial marketsinflationReserve Bank of Australiasecurity marketWorld
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The current historically low-interest rate has increased the risk of a looming “sharp correction,” the Reserve Bank of Australia (RBA) warned. In her keynote address, Marion Kohler, the head of the domestic markets department at the RBA, told the Australian Securitisation Forum that the central bank was keeping an eye on security markets. “One area…
Australian House Prices to Fall 10 Percent in 2023 After Interest Rate Rise: Commonwealth Bank
November 21, 2021
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AustraliaAustralian economyAustralian Home Loan Marketaustralian housing marketAustralian Prudential Regulation Authoritycommonwealth bankReserve Bank of AustraliaWorld
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The Commonwealth Bank of Australia (CBA) expects house prices to fall by around 10 percent in 2023 after the official interest rate lifts. Gareth Aird, the head of Australian economics at CBA said a further tightening of macro-prudential policy looks unlikely, and the housing market will see moderate growth over the first half of 2022….
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