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…
Australia’s Economy Has Exceeded Expectations: RBA
May 7, 2021
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Australian Job Market Boom Brings Profits Increase For Advertiser Seek
Online employment directory Seek has raised its profit forecast as businesses across Australia, and New Zealand, are hiring more workers than expected. On Tuesday (pdf), Seek revised the forecast for its 2021 financial year net profit from $100 million to $140 million and its net income from $460 million to $480 million. Seek reportedly had…
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…
Tasmania Rated as Australia’s Number One State Economy: CommSec
April 27, 2021
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According to a report, Tasmania has been rated as the best-performing state economy for the fifth quarter in a row, with the Australian Capital Territory (ACT) maintaining the second spot. CommSec’s State of States report (pdf) measures and analyses the economic performances for each state and territory over every quarter against the 10-year average, or “normal”…
Tasmania Rated Australia’s Number One State Economy: CommSec
April 27, 2021
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AustraliaAustralian economyAustralian state economyCommonwealth Bank of AustraliaCommSecInternationalWorld
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According to a report, Tasmania has been rated as the best-performing state economy for the fifth quarter in a row, with the Australian Capital Territory (ACT) maintaining the second spot. CommSec’s State of States report (pdf) measures and analyses the economic performances for each state and territory over every quarter against the 10-year average, or “normal”…
Australian Retail Spending Lifts on Buoyant Consumer Confidence
April 20, 2021
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Australia’s economy is well on the road to recovery, as new economic data on retail spending shows strong levels of consumer confidence. Preliminary retail trade figures for March released by the Australian Bureau of Statistics surpassed economists’ expectation of 1 percent growth, revealing a 1.4 percent increase in retail sales. The rise was lead by…
HomeBuilder Construction Deadline Extended by 12 Months
April 20, 2021
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Existing applicants for HomeBuilder are being given an extra 12 months to commence construction as new home building has reached its highest levels in 21 years. On April 17, Treasurer Josh Frydenberg and Housing Minister Michael Sukkar announced an extension of the construction commencement requirement for the HomeBuilder scheme from six to 18 months, meaning…
Australian Resource Exports to Hit Record $296 Billion
Australian resource and energy exports are expected to hit a record $296 billion in 2020-21, despite the global economic downturn. The latest Resources and Energy Quarterly reveals the bumper result was due to a rebound in demand from China and an increase in commodity prices due to restricted supply caused by production slowdowns in other…
$12 Billion in Tax Cuts to Drive Australian Economy
March 16, 2021
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Working Australians are expected to see $12 billion worth of tax cuts go into their pockets in the next six months as the federal government moves on from JobKeeper to other economic support policies. Treasurer Josh Frydenberg said the data shows around 8.8 million Australians had already benefitted from $9 billion in tax cuts from…
Wages Need to Grow Before Interest Rate Rises: RBA Governor
March 10, 2021
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Wages growth needs to be sustainably above three percent before the Reserve Bank of Australia (RBA) considers raising official interest rates, says RBA governor Philip Lowe. In his speech to The Australian Financial Review’s (AFR) business summit, the governor disagreed with market expectation for a cash rate increase late next year and then again in…
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