COVID-19 has forced 70% of Australian businesses to change how they operate and 72% have suffered revenue declines, according to a new ABS survey: By employment size, 71% of small businesses (i.e. 0-19 persons employed) reported that revenue had decreased as a result of COVID-19 compared with 78% of medium businesses (i.e. 20-199 persons employed)
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Awful to watch. At the AFR comes Joel Fitzgibbon on his long march: Indeed, China is the customer for 36 per cent of Australia’s exports – more than $120 billion worth each year. Their demand for our food and mining products creates hundreds of thousands of Australian jobs. So too does the money invested here
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The Grattan Institute has analysed job losses at the electorate level, which reveals that regional areas have been much harder hit than inner-city areas: Unsurprisingly, electorates with large tourism industries and a high share of hospitality workers have been hit especially hard… Workers living in rural and regional electorates have been hit much harder than
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Last week, we witnessed two of Australia’s main housing groups – the Property Council of Australia (PCA) and Master Builders Australia (MBA) – call for massive subsidies to stimulate new home construction. Then, Prime Minister Scott Morrison flagged massive housing stimulus. Now, Housing Industry Association (HIA) president Simon Norris says many prospective house buyers are holding
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Over the past few months we have looked several times at debt crises and how they are likely to be resolved. We had Dr Hail on to talk about MMT, we featured Ray Dalio’s solutions to debt crises and this week we hear the third option: Austrian economics. Jonathan Rochford will take to the podcast
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The Australian Bureau of Statistics (ABS) today released data on capital expenditures (capex) for the March quarter, which registered a 1.6% seasonally adjusted fall in capex volumes over the quarter and a 6.1% decrease over the year (see below table). However, the 1.6% quarterly decline beat market expectations of a 2.6% decline. The first chart
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The Australian dollar is struggling a little this morning: However, it is interesting to note that the AUD has begun to labour a little versus stocks: One wonders if the falling CNY isn’t a carpet that is slowly being pulled from under its feet. It remains at a historic breakdown point: Bonds are still bid:
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Via Morgan Stanley: Retail Squeezing Institutions – but Retail Demand May be Slowing Another short squeeze, a new worst day for Growth vs Value (MSZZGRVL) after just setting that record a week ago, the 16th worst day for Momentum (MSZZMOMO), etc. and investors are asking “who’s buying (and does it continue)” and “does the rotation have
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The Centre for Independent Studies (CIS) has forecast that the combined debt of the state and federal governments will top $1.2 trillion by 2022. This equates to about 60% of GDP. The CIS also warns that much of the states’ revenue is at risk of a major decline in coming months due to the impact
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From Seek: Key insights (weeks 20 & 21 compared to April 2020): New job ads posted on SEEK during the fortnight ended 24 May are up 39.7% compared to April 2020. This is a further uplift from 26.8% In the previous two weeks. The biggest contributors to job ad growth are Trades & Services, Hospitality
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