By Leith van Onselen The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of December. At the national level, the number of dwelling approvals fell by a seasonally adjusted 8.4% to 13,995. The overall fall in approvals was driven by the volatile unit & apartment segment (-18.8%), whereas the detached
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Another lunatic RBA data point as ANZ job ads roll over -1.7% in January and December is revised down to -0.7% with job ads now falling -3.7% year on year: Goodbye Aussie economy.
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By Leith van Onselen At the end of 2018, the Morrison Government failed to strike a deal with the Senate cross-bench to pass a bill that would have seen fees for low-balance superannuation accounts capped at 3% and exempted fund members under the age of 25 from compulsory life insurance. Consequently, younger workers and those
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Via The Guardian: Australia’s big banks have launched a public mea culpa ahead of the release of the long-anticipated, likely scarifying, findings of the banking royal commission, acknowledging they have failed their customers, and arguing the Hayne report is a chance to reset the sector. With institutions and their shareholders braced for a major shake-up
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Via the Melbourne Institute comes another new year shocker with headline inflation at -0.1% month on month and year on year slumping to 1.5% from 1.9%: Trimmed mean tumbled from 1.8% to 1.4%. Do we need to paint the RBA a picture?
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Via Zero Hedge reporting on Credit Suisse: With the latest China economic data once again underwhelming overnight, it is safe to say that in a world where consensus overwhelmingly expect a global recession to arrive some time in 2020, China – which continues its aggressive shadow deleveraging campaign – remains the biggest potential catalyst for
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By Leith van Onselen Last night, Martin North from Digital Finance Analytics appeared on 60 Minutes where he warned that “Australia has built a generation of properties that could become slums in just 20 years”: Mr North criticised developers and the housing industry for “throwing up” high-rise buildings at such alarmingly fast rates. He warned viewers
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BLD is today’s housing economy domino: Always blame the weather. Building products have been slain as the Botox Boom peaks and drops:
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Ross Gittins is a survivor but that takes a lily liver: Two or three years ago, I was happy to entertain the view still publicly espoused by the Reserve Bank (and still happily hidden behind by Morrison) that the wage problem was simply cyclical…Sorry, that possible explanation gets harder to believe as each quarter passes
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By Leith van Onselen The Australian Chamber of Commerce & Industry (ACCI) has warned that wage exploitation is a systemic problem. The ACCI has used its pre-Budget submission to urge the federal government to provide the Fair Work Ombudsman (FWO) with extra funding to combat wage underpayment, arguing that it needs an additional 50 workplace
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