Yesterday’s ABS labour force release for June revealed a deteriorating Australian youth labour market – i.e. those aged 15 to 24 years old – with both full-time and total jobs growth falling and unemployment and underemployment rising. The trend headline unemployment rate rose to 12.0%: Total employment growth for those aged 15-24 years has dived:
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Global Macro / Markets / Investing: As Amazon Faces Grilling in Congress, EU Launches Antitrust Probe of Online Behemoth – Common Dreams Amazon amends seller terms worldwide after German antitrust action – TechCrunch The Only Way Is Down for Central Bankers Already at Peak Rates – Bloomberg A Brief History of Doom: 200 Years of
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Stocks in Asia are again under pressure following the poor lead from Wall Street, but also from a slump in trade figures in Japan, sending Japanese stocks falling as Yen gained against USD. The Aussie dollar has lifted inexorably after a poor unemployment print, dragging the Kiwi along for the ride. The Shanghai Composite gapped
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The cost of healthcare is under scrutiny in the wake of revelations that a growing number of Australians are seeking early access to their superannuation to pay medical expenses. The Association of Superannuation Funds of Australia raised concerns about this trend in February, warning that it demonstrates the need for government funding to the healthcare
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Australia’s apartment crisis continues to mushroom, with engineers warning the removal of dangerous flammable cladding will expose other building faults and will require at least $3 billion to fix. From The ABC: The State Government has earmarked a budget of $600 million to fix the 500 most dangerous buildings over a five-year period. Each building
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New Social Services Minister, Anne Ruston, has sparked outrage from Labor after she claimed on radio that the Aged Pension was “welfare” for people who can’t look after themselves. From The New Daily: “Pensioners do it tough. They deserve our respect, they get a pension as payback for what they have done in contributing to
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Last weekend, CoreLogic released its preliminary auction clearance rates, which revealed the following results: Today, CoreLogic has released its final auction results, which reported a 3.6% decline in the final national auction clearance rate to 65.4% – well above the same weekend last year (52.0%) and above last week’s 64.0%: As you can see, Sydney’s final auction
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As summarised earlier, the Australian Bureau of Statistics (ABS) today released its labour force report for May, which registered a weak 500 increase in total employment and a flat headline unemployment rate (still 5.2%), driven by a 0.05% fall in labour force participation. However, the underemployment rate fell by 0.4%. In trend terms, the unemployment
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From University of Sydney adjunct professor Adrian Blundell-Wignall: Years of rapid debt accumulation have left China facing a “major financial danger”, which in turn poses an economic threat to Australia’s future prosperity, University of Sydney adjunct professor Adrian Blundell-Wignall warns. …”Just because we dig holes in the ground and we build houses, we think we are a
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The SMH has run an article bleating about the “extraordinary collapse in home ownership in Sydney and Melbourne”: The number of people owning their home outright has collapsed by a third as house prices have soared four-fold over the past two decades, leaving a growing number of older Australians shackled to mortgages as they head
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