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Articles from MacroBusiness

Macro Afternoon

July 7, 2020 - 16:30 -- Admin

Sentiment swung back to hesitation this afternoon here in Asia with most bourses reversing course from its sharp rise to the start of the trading week, led by dual breakouts of coronavirus – both Tokyo and Victoria. The euphoria over the surge in Chinese shares is wearing off with US and Euro futures looking down

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“Unsustainably high” COVID-19 infections shut Melbourne

July 7, 2020 - 15:32 -- Admin

Manchurian Dan Andrews has just given a press conference where he has re-introduced a stage 3 “stay at home” order to lock down Melbourne for six weeks from midnight Wednesday. School holidays have been extended for a week. Then senior school students will be permitted to go back to school, as will special school students.

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RBA holds for July

July 7, 2020 - 14:30 -- Admin

by Chris Becker At its latest meeting the Reserve Bank has held its cash rate at the record 0.25% low. More to come… Reserve Bank Board Meeting – Monetary Policy Decision

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Hidden unemployment surges as Aussies give up looking for work

July 7, 2020 - 14:00 -- Admin

New research from the Australian National University (ANU) reveals a 50% increase in the number of people who are unemployed but not actively looking for work, from 5% in February to 7.6% in May. The ANU report was based on a survey by the Centre for Social Research and Methods, and report co-author Nicholas Biddle

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Jacinda Adern opens door to Trans-Tasman travel bubble

July 7, 2020 - 13:40 -- Admin

New Zealand Prime Minister, Jacinda Adern, has opened the door for a trans-Tasman travel ‘bubble’ between Australia (ex-Victoria) and New Zealand by September: New Zealand Prime Minister Jacinda Ardern has reiterated that the billion-dollar tourism trade trans-Tasman bubble could go ahead in September with “safe” Australian states such as Queensland… Travel industry veteran and co-chair

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Hospitality industry cries “skills shortage”

July 7, 2020 - 13:20 -- Admin

Despite record unemployment, bosses in the hospitality industry claims they are struggling to fill vacant positions, often having no applicants for advertised jobs. According to the above interview, the hospitality industry is highly reliant on temporary migrant labour and as many of 200,000 of these workers have left Australia due to COVID-19. This has left

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Lockdowns loom as Victoria’s COVID-19 infections explode

July 7, 2020 - 13:06 -- Admin

Victoria has posted a record 191 new cases of COVID-19, a big increase on yesterday’s record daily increase of 127. As shown in the next chart, new infections have blown past March’s peak and are growing exponentially: The situation is actually much worse, given March’s cases were imported whereas today’s cases are primarily from community

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ASX falters and Chinese stocks continue to climb

July 7, 2020 - 12:40 -- Admin

by Chris Becker Leading into the afternoon session, Aussie stocks are going nowhere, unable to move higher despite another big surge in mainland Chinese issues and the lift from Wall Street overnight, as traders remain cautious going into today’s RBA meeting (2.30pm AEST): The Shanghai Composite has gapped nearly 2% higher at the open almost

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Australia’s services economy dies

July 7, 2020 - 12:20 -- Admin

The Australian Industry Group (AIG) today released its Performance of Services Index (PSI), which shows that Australia’s services sector is dead as a dodo: According to AIG, the PSI fell “0.1 points to 31.5 points in June 2020 (seasonally adjusted), indicating another serious contraction in activity in June and at a similar pace to May.

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Abul Rizvi: Australia won’t meet immigration forecasts for a decade

July 7, 2020 - 12:00 -- Admin

Abul Rizvi – former Deputy Secretary of the Department of Immigration and one of the architects of Australia’s faux ‘skilled’ migration program – has again warned that Australia won’t meet its lofty net migration targets for a decade: Even before the coronavirus hit, net migration was lower than government forecasts. In the 2019 budget, the

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