In short: ANZ is warning the labour market is poised to deteriorate sharply. Recruiters are reporting hundreds of applications for individual roles. What’s next? The RBA will have to sort through the evidence on unemployment before its next meeting in August. While the jobless rate has been slowly creeping higher, alarm bells are ringing about...
Tag: Economy
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While all eyes are on Washington, Beijing is quietly heading into economic oblivion
As the world looks on entranced at the drama playing out in Washington, an equally significant but far less visible event has been unfolding in our very own time zone. In Beijing, the all-important Third Plenum, a summit that takes place just twice a decade, has just concluded. And what a contrast. While Americans have...
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Global IT outage causes chaos, disrupting airlines, banks, media, telecoms
Australia’s National Cyber Security Coordinator says ‘no information to suggest it is a cyber security incident’. A massive technology outage has disrupted businesses and institutions in multiple countries, throwing airlines, government services, banks, supermarkets, telecoms and media outlets into chaos. The cause of the outage was not immediately clear, but it came hours after Microsoft...
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Unemployment edges up despite more than 50,000 extra jobs amid rapid population growth
Australia’s unemployment rate has continued to edge higher, despite the creation of about 50,000, mostly full-time, jobs. Bureau of Statistics figures put the unemployment rate at 4.1 per cent in June, up slightly from 4 per cent the previous month. The bureau’s head of labour statistics, Bjorn Jarvis, said a slight increase in the proportion...
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Australia’s economic mobility among best in world – ABC listen
Sally Sara: The Productivity Commission has found that around two-thirds of Australians aged in their mid-40s earn more than their parents did at a similar age. While younger workers are being left behind for the first time in decades and some women aged over 55 are also falling into poverty, Australia’s rates of economic mobility...
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Fancy travelling overseas? Here’s why now could be a cheaper time to do it
For a relatively small, open economy, Australia’s currency is heavily traded. In fact, it’s on the podium for one of the world’s most traded. So it’s known to be pushed and pulled on global currency markets on a daily basis. Curiously though, the Australian dollar has hovered around 66 US cents or above for well...
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‘Nasty’ inflation numbers could deliver a rate rise despite retail discounting frenzy
Australia’s struggling retail sector has been given a glimmer of hope, with rolling sales encouraging shoppers to spend — but economists warn that it may come with the price of another interest rate hike by the Reserve Bank. The recent jump in retail spending, boosted by clothing and footwear retailers offering big discounts and earlier-than-usual...
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Chinese horoscopes: how’s your luck in July 2024, Metal Goat month?
The sixth month of the Chinese calendar is represented by the Metal Goat. The Goat corresponds to the hours of the day between 1 to 3pm. The Goat relates to family, teamwork and sensitivity. This month is all about courage! In traditional Chinese culture, the Goat sign is lucky, warm-hearted, gentle, tender, well-mannered and creative....
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Foreign demand for Aussie property running hot, but it’s just a fraction of Australia’s lucrative real estate market
In short: Foreign buyers purchased more Australian real estate this past financial year, compared to 2021-2022, according to ATO data. The data also shows foreign buyers made 5,360 residential real estate purchases in Australia over the past financial year, spending $4.9 billion. What’s next? Real estate professionals expect demand from foreign buyers to remain strong....
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A black swan event would wipe out Australian superannuation and the economy with it
Australia is close to recession. Gross domestic product (GDP) for the March quarter grew at 0.1 per cent. Surprising strength in the household sector and increased government spending hauled the economy over the first quarter finishing line. Being on the edge of a recession is concerning because extended periods of economic contraction are nothing short...
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How lucky? Your Chinese horoscopes for the Metal Horse month of June 2024
Energy of the horse: movement, leadership, charm, sensitivity The horse corresponds to the hours: 11am-1pm The fifth month of the Chinese calendar of the geng wu is represented by the Metal Horse. This month is all about movement and action. Do as you wish to attain success! Be proactive rather than reactive. The horse represents...
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Live: Australian shares to follow Wall Street gains, Nvidia joins $3 trillion club
On July 1, stage 3 tax cuts come into effect and the Super Guarantee increases by 0.5 per cent, which makes it a good time to get to know your Super to make sure it’s working for you, says Peter Treseder from AustralianSuper. “Super can be ‘set and forget’, but it can be better if...
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