Australian Bureau of Statistics (ABS) figures revealed that retail sales volume fell a record 4.4 percent in the September quarter, after Australia’s two biggest state economies went into lockdown. “The Delta outbreak from late June led to protracted lockdowns in many mainland jurisdictions, with the restrictions causing many retailers to close their physical stores throughout…
Unprecedented Spending Leads Australia out of Recession: Treasurer
The Australian Treasurer Josh Frydenberg said an unprecedented level of spending enabled the country to endure a COVID-19 recession. The latest figures from the Australian Bureau of Statistics (ABS) revealed that monthly retail sales rose for the first time in September since the onset of Delta restrictions in May. “We’ve certainly had to spend in…
Inflation in Australia up 3 Percent on the Back of Fuel and Housing Price Rises
October 27, 2021
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The Australian Bureau of Statistics (ABS) revealed that the consumer price index (CPI) rose 0.8 percent in the September quarter, in line with economists’ expectations, and 3 percent annually. The quarterly increase was driven by the rising fuel costs (7.1 percent) and housing construction (3.3 percent). “Construction input costs such as timber increased due to…
Consumer Confidence Increased on the Back of Low Unemployment
June 21, 2021
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Australian consumer confidence has surged despite the negative economic impact of Victoria’s fourth lockdown and the emergence of a new COVID-19 cluster in Sydney. According to ANZ-Roy Morgan’s consumer confidence index, it has risen 1.3 percent this week to 112.4 points, which is above the weekly average score and 14.9 points higher than the same week…
New Home Loans Reach Record $31bn on the Back of Owner-Occupier Loans
June 4, 2021
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Home loan commitments have risen to another new high in April, and financial regulators are pleased that it has not led to easing lending standards. New figures from the Australian Bureau of Statistics show that new housing loans have risen 3.7 percent to a record high of $31 billion (US$23.8 billion), driven by owner-occupier loans….
‘Unique Nature’ of Pandemic Economic Downturn Behind the Strength of Australia’s Recovery: RBA
June 2, 2021
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The Reserve Bank of Australia hs said the recovery from the current economic downturn will be significantly different to the recovery from past economic shocks such as the Global Financial Crisis and the Great Depression. RBA Head of Economic Analysis Brad Jones said in a keynote address at the Minerals Week Australia-Asia Investment Outlook that…
Home Building Surges, Leading Economic Recovery
Residential construction work has resurged on the back of low-interest rates and government incentives, leading the economic recovery and setting a solid foundation for upcoming economic figures. The Australian Bureau of Statistics revealed in preliminary data that the total value of residential construction work rose by 5.1 percent in the March quarter— the equivalent of…
Australian Exports Records Historic High Despite Beijing’s Economic Coercion
May 26, 2021
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Australian exports reached a historic high of $36 billion (US$28 billion) in April on the back of skyrocketing iron ore prices. Preliminary monthly trade data from the Australian Bureau of Statistics (ABS) also reveals that Australia’s trade goods surplus rose to $10.1 billion (US$7.9 billion), the third-highest on record. “Exports remained steady, increasing $12.6 million…
38,000 Jobs Available to Help With the 2021 Australian Census
The Australian Bureau of Statistics (ABS) has announced it will be seeking 38,000 short-term roles, including 20,000 field officers, to help deliver the 2021 Census of Australia, which will start on August 10. The ABS is looking for people who are familiar with their local communities, those who can speak a language other than English, as well…
Jobless Rate Called an ‘Economic Miracle’ as Australian Unemployment Falls to 5.5 Percent
The Australian unemployment rate has fallen for the sixth consecutive month, down to 5.5 percent between March and April, after the JobKeeper wage subsidy ended. The Australian Bureau of Statistics (ABS) figures show that the jobless rate is now just 0.2 percent above the unemployment figures from start of the pandemic and 2 percent lower…
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