The impact of the Omicron COVID-19 variant might hinder the prospect of Australians spending big in 2022 as not so positive signs have already appeared in the country’s economic landscape. The Commonwealth Bank of Australia (CBA) reported that it’s household spending intentions index that combines an analysis of CBA payments data, loan applications and publicly…
Australia Will Have Strong Economic Rebound Despite Omicron Cases Surge: Treasurer
January 5, 2022
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A surge in Omicron cases across the country will not hinder Australia’s economic recovery following last year’s COVID-19 restrictions, Australia’s federal treasurer said. It comes as new data released by the Australian Taxation Office revealed around half a million jobs had been created across the nation since September. Josh Frydenberg said Australia had experienced a…
Community Organisation Calls For More Support for Disadvantaged Job Hunters
Anglicare Australia has called for more support for job seekers with barriers to return to work while criticising the federal government’s JobSeeker program as a “failing” system. According to Anglicare, there are around 27 job seekers applying for the same entry-level job and people without qualifications or work experience are spending an average of five…
One in Three Sydneysiders Lost Work Hours and Jobs During Lockdowns
One in three people in Sydney have lost employment hours or their job completely during the extended COVID-19 lockdown, a survey has found. A poll of 1002 Greater Sydney residents conducted by online financial broker Savvy in August found that 12 percent of respondents lost their job, and 22 percent were working reduced hours. Financial…
Australian’s Unemployment Rate Dropped to Decade Low, But Challenges Ahead With Lockdowns
The prolonged lockdown in Sydney, together with the fifth lockdown in Melbourne, has cast a shadow over the resilience of Australia’s economic recovery despite the Australian unemployment rate dropping to 4.9 percent in June, its lowest level since Dec 2010. According to ABS data released on July 15, the decline in the rate from 5.1…
Consumer Confidence Increased on the Back of Low Unemployment
June 21, 2021
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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…
Australia’s Economy Has Exceeded Expectations: RBA
May 7, 2021
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The Reserve Bank of Australia (RBA) has published its quarterly monetary policy statement revealing that Australia has fared much better in the economic downturn caused by the CCP virus pandemic. “The economy has exceeded all of the upside scenarios that we had described,” RBA Deputy Governor Guy Debelle said on May 6, a day before…
Employment in Australia Now Exceeds Pre-COVID Levels
Reserve Bank of Australia (RBA) has forecasted that Australia will reach full employment in two years following better than expected unemployment figures and 12-year high levels of job ads. In today’s board meeting, the RBA upgraded its economic forecast while keeping the cash rate at near zero percent—which will remain at current levels until “2024 at…
Unemployment Rate Needs to Start With a Four: Treasurer
April 28, 2021
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The Australian government will not be making a sharp pivot towards austerity despite the strengthening economy because the nation is “not out of the pandemic yet,” says the Treasurer. Treasurer Josh Frydenberg used the pre-budget speech on Thursday to reveal the shift in budget policy to focus on job creation and reducing the unemployment rate…
Further Drop in Unemployment Rate Expected
Economists expect the latest job figures will show a further easing in the unemployment rate and another solid rise in the number of people employed, reflecting Victoria’s recovery from a prolonged COVID-19 lockdown. The December labour force report is released by the Australian Bureau of Statistics on January 14. The median forecast is for a…
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