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24.01.2022 Fell 4.1% month-on-month. This updates the fall of 4.2% published in the Preliminary Retail Trade release. Rose 9.6% compared with December 2019. In volume terms, the seasonally adjusted estimate rose 2.5% in the December quarter 2020.

24.01.2022 Payroll jobs fell by 1.0 per cent over the month to 8 August, according to figures released by the Australian Bureau of Statistics today. Bjorn Jarvis, head of Labour Statistics at the ABS, said: Over the month to 8 August, payroll jobs fell by 2.8 per cent in Victoria. Some of the initial impacts from the Stage 4 restrictions, are shown in the latest weekly data as they came into effect. Around 39 per cent of jobs lost in Victoria by mid-April had been regained by 27 June..., but by early August this had reduced to 12 per cent. (Source: ABS)

24.01.2022 With a population of two million people living along a 150 kilometre stretch of pristine coastline, Perth has one of the largest urban sprawls in the country. On a good day, it would take two hours to drive from one end of the metropolis to the other from Two Rocks in the north to Dawesville in the south. Perth is also experiencing a huge land sale boom unmatched by any other Australian city.... The quick uptake of tens of thousands of dollars in government COVID-19 economic recovery bonuses for new homebuyers and builders mean an estimated 17,000 extra homes will be built in Perth this financial year.

23.01.2022 In seasonally adjusted terms, goods and services credits rose $1,219m (3%) to $36,186m. Non-monetary gold rose $687m (41%) Non-rural goods rose $144m (1%) Rural goods rose $125m (4%) Net exports of goods under merchanting rose $2m (4%)... Services rose $260m (4%). In seasonally adjusted terms, goods and services debits rose $358m (1%) to $27,984m. Consumption goods rose $549m (7%) Intermediate and other merchandise goods rose $429m (5%) Non-monetary gold fell $534m (40%) Capital goods fell $125m (2%) Services rose $40m (1%).

22.01.2022 Work is so important: it helps to solve the problem of scarcity, it helps to boost our standard of living, and it supports our pursuit of non-material things that provide health and meaning, and lets us care for one another. At this moment, with Australia suffering its worst economic calamity since the 1930s, let's hope Dr Lowe has some good news on Tuesday to share about the prospects for our economy and labour market. (ABC)

21.01.2022 The number of payroll jobs nationwide remained steady through July (-0.1 per cent) while Victoria saw a fall, according to figures released by the Australian Bureau of Statistics today. Bjorn Jarvis, head of Labour Statistics at the ABS, said, Payroll jobs remained 4.5 per cent below mid-March, when Australia recorded its 100th confirmed COVID-19 case. Payroll jobs fell by 1.5 per cent in Victoria through July ahead of the introduction of Stage 4 COVID-19 restrictions in th...e state, with total job losses of 6.7 per cent from mid-March. Around 40 per cent of jobs lost in Victoria by mid-April had been regained by 25 June, but by the end of July this had reduced to 24 per cent, Mr Jarvis said. The Accommodation and food services and Arts and recreation services industries were the two most impacted by payroll job losses during the COVID-19 period. These industries saw the largest increases in payroll jobs since mid-April (26.6 per cent and 18.2 per cent), but remained 17.9 per cent and 15.1 per cent lower than mid-March.

19.01.2022 Between the week ending 14 March 2020 and the week ending 30 January 2021: Payroll jobs decreased by 1.9% Total wages decreased by 3.4%

19.01.2022 The seasonally adjusted Wage Price Index (WPI) rose 0.2 per cent in June quarter 2020 and 1.8 per cent through the year, according to figures released today by the Australian Bureau of Statistics (ABS). Head of Price Statistics at the ABS, Andrew Tomadini said: "After a steady period of wage growth over the previous 12 months, wages recorded the lowest annual growth in the 22-year history of the WPI.

15.01.2022 The seasonally adjusted Wage Price Index (WPI) rose 0.1 per cent in September quarter 2020 and slowed to 1.4 per cent through the year, according to figures released today by the Australian Bureau of Statistics (ABS). a significant fall in June (-0.9 per cent), while the Administrative and support services industry recorded a fall (-0.3 per cent).

14.01.2022 Even though they have access to cheap money from the Reserve Bank, there's a limit to how long financial institutions can get by without 10 per cent of their loan customers making payments. COVID-19 is becoming a banking crisis With interest still accruing on the deferred loans, there's also a limit as to how long customers can afford not to make repayments while still being able to afford the loan when the holiday ends.... (Source: ABC)

14.01.2022 Now that restrictions are easing nationally, Ms Duffey said Westpac would start bringing its corporate workers back to the office one day a week.

14.01.2022 Now the crunch is here. COVID-19 presents the biggest economic crisis in 90 years and the biggest global health emergency in a century. So, will the experience of lockdowns and job losses "toughen up" millennials or instead scar many of them permanently in their career and life prospects? At the moment, it's a sledgehammer. Young people are much more heavily represented in the sectors shut and facing the most uncertain future: retail, hospitality, tourism entertainment and the creative industries.

14.01.2022 Members noted that the lowest rate of population growth since the First World War would continue to have a significant bearing on the outlook. The level of GDP was not expected to return to its previous trajectory over the forecast period, largely because population growth would be so much lower than assumed prior to the pandemic.

13.01.2022 The Consumer Price Index (CPI) fell 1.9 per cent in the June 2020 quarter according to the Australian Bureau of Statistics (ABS). Chief Economist for the ABS, Bruce Hockman said: "This was the largest quarterly fall in the 72 year history of the CPI." The June quarter fall was mainly the result of free child care (-95.0 per cent), a significant fall in the price of automotive fuel (-19.3 per cent) and a fall in pre-school and primary education (-16.2 per cent), with free pre-...school being provided in NSW, Victoria and Queensland. Mr Hockman said: "Excluding these three components, the CPI would have risen 0.1 per cent in the June quarter." Some CPI components recorded notable price rises on the back of increased spending: cleaning and maintenance products (+6.2 per cent); other non-durable household products, which includes toilet paper (+4.5 per cent); furniture (+3.8 per cent); major household appliances (+3.0 per cent); and audio, visual and computing equipment (+1.8 per cent).

12.01.2022 Many of Australia's largest corporate employers are keeping most of their staff at home for now. Some city-based small business owners are worried their customer base may never return to pre-COVID-19 levels. A recent study found that most Australian workers now want to work at home two weekdays out of every five.

11.01.2022 Another aspect of the housing market that appears to have two tiers of performance is between property values and rent values. As property values continued to rise through July, rent values have declined half a percent since the onset of the pandemic. This may have to do with better conditions across higher paid jobs, where people are more likely to buy property and have a mortgage. ABS payroll jobs data shows that between the 14th of March and the 11th of July, the volume ...of payroll jobs increased across financial and insurance services (0.7%) and electricity, gas, water and waste services (2.9%). These sectors also have among the highest typical weekly earnings of Australian industry, and are therefore more synonymous with owning a home. (Source: CoreLogic)

10.01.2022 The Australian economy contracted 0.3% in 2019-20, ending 28 consecutive years of economic growth as economic activity was impacted by the COVID-19 pandemic and bushfires. In 2019-20, there were mixed results across states and territories with four states recording contraction and the smaller jurisdictions recording expansion.

09.01.2022 Victorian Treasurer Tim Pallas will deliver a midyear financial update today and will outline the impact the pandemic is having on Victoria's economy. The updated data shows the state's GDP could fall by 5.25 per cent by the end of the year. It also predicts Victoria's unemployment rate will climb from the current rate of 7.5 per cent, to peak at 9 per cent in the September quarter

09.01.2022 In seasonally adjusted terms, in October 2020: The unemployment rate increased 0.1 pts to 7.0% (1.7 pts higher than a year ago) Unemployment increased by 25,500 to 960,900 people (and increased by 238,900 over the year to October 2020) The youth unemployment rate increased 1.0 pts to 15.6% (and increased by 3.1 pts over the year to October 2020)

09.01.2022 The group said about half the 1,076 unoccupied homes in Adelaide's CBD identified in the 2016 Census could have been used to "provide short-, medium- and in some cases long-term accommodation" but it estimated that number had since increased.

08.01.2022 In June, documents from inside Australia's central bank, including many marked "highly restricted", showed Reserve Bank economists considered urging the Federal Government to shut down the real estate industry, "pausing" sales of established homes to avoid perceptions of a coronavirus-inspired housing market crash. "The problem is that this will enter folklore and one day history will show we stopped publication of property prices for a while!" wrote Reserve Bank of Australia secretary Anthony Dickman, calling out a factual inaccuracy in an early report that noted an economist's view as that of the bank. (Source: ABC)

08.01.2022 Total payroll jobs decreased by 1.1 per cent in Australia between mid-June and mid-July according to figures released by the Australian Bureau of Statistics today. In Victoria, payroll jobs decreased by 2.2 per cent between mid-June and mid-July as additional COVID-19 restrictions were progressively introduced, with jobs 7.3 per cent below mid-March in this state. Bjorn Jarvis, head of Labour Statistics at the ABS, said, Nationally, payroll jobs are 5.6 per cent below mid-Ma...rch, when Australia recorded its 100th confirmed COVID-19 case. Payroll job losses in other states and territories since mid-March ranged from a 6.8 per cent decrease in Tasmania to a 3.1 per cent decrease in Western Australia. The latest data shows that around 35 per cent of lost payroll jobs had been regained by mid-July, Mr Jarvis said.

08.01.2022 With weeks until the expiry of a nationwide ban on rental evictions, new research reveals just how difficult it has been for tenants to secure any rental relief from their landlords. (Source: ABC)

07.01.2022 "The number of unemployed people rose by nearly 16,000 between June and July. For the first time there were more than one million people out of work, available to work and actively looking for work", Bjorn Jarvis, head of Labour Statistics at the ABS said.

07.01.2022 We find that overall, the swap should reduce the purchase price for home buyers, increase the sale price for sellers, increase the total number of transactions, and reduce the degree of mismatch in housing. It should also increase the rate of home ownership. Young adults, particularly those who are currently having difficulty saving for a deposit, would be better off.

06.01.2022 The seasonally adjusted estimate for total dwellings approved rose 10.9% in December. Private sector houses rose 15.8%, in seasonally adjusted terms, while private sector dwellings excluding houses rose 2.3%. The seasonally adjusted estimate for the value of non-residential building approved rose 10.1%.

05.01.2022 Late one Friday evening in June 2019, just two months after Mr dos Santos purchased the property for close to $1 million, he and the building's other residents were rushed out in an emergency evacuation after significant cracks appeared in its support system. A year and a half and millions of dollars later, residents are still in temporary accommodation, with the building still not safe to live in, and no closer to knowing just when they will be able to move back in.

05.01.2022 In late August, a new pilot was announced in partnership with South Australia, with plans for up to 300 students to return to the state this month. So far, none have arrived and Education Minister Dan Tehan was unable to give any assurances about when the program will start. "Obviously there was an announcement that South Australia was keen to start on that pilot, but we've also made it very clear in discussions we've had that we've got to sort out those internal border issues and issues regarding returning Australians,

05.01.2022 In an annual speech to the Anika Foundation, Philip Lowe pointed to last week's June jobs numbers as evidence that "we have now turned the corner" economically. "In June, hours worked increased by 4 per cent and the number of employed people rose by 210,000," he said. "Notwithstanding this turnaround, the path ahead is expected to be bumpy and there are some major crosscurrents in the labour market at the moment."... Dr Lowe warned one of those bumps was feedback from many businesses, particularly in construction and professional services, who said they were only able to hold on to their employees because they had an existing pipeline of work.

05.01.2022 The onset of COVID-19 may be creating a two-speed rental market, with inner-city rents declining faster than those in the outer suburbs. CoreLogic data confirms that there is a positive correlation between changes in rent values and distance to the CBD. This means that the closer a region is to the CBD, the more likely it is that rent values have fallen. CoreLogic rent values were analysed across SA3 regions of Brisbane, Sydney and Melbourne. For each region, the median prope...rty distance to the CBD was compared with the change in total rental market values from the end of March (which marked national, stage 2 restrictions) to the end of August. The results are plotted below. Each graph shows the change in rent values for houses and units across the horizontal axis between March and August, and the distance to the CBD along the horizontal axis.

03.01.2022 Total construction The seasonally adjusted estimate for total construction work done fell 0.7% to $50,128.8m in the June quarter. Building work done The seasonally adjusted estimate of total building work done fell 3.9% to $28,416.7m in the June quarter.... Engineering work done The seasonally adjusted estimate for engineering work done rose 3.8% to $21,712.1m in the June quarter.

03.01.2022 Since being made redundant in March, legal assistant Sinead Simpkins has applied for 600 jobs. Key points: More than half the early coronavirus recession job losses were under-30s, but more older workers are now starting to feel the pain Workers under 35 experienced almost zero growth in real wages following the global financial crisis... KPMG's chief economist warns older workers they may be overlooked for more tech-savvy younger hires in the pandemic recovery "It's extremely hard and very damaging to my self-esteem," she said. "I will often just feel very depressed because, although I want to work, it's virtually impossible for me to work simply because the jobs aren't there. "Something like 450,000 of the [800,000 initial] job losses were associated with people under 30," Dr Rynne said. "Now it's moving into the older workforce. (Source: ABC)

01.01.2022 The Bank's mid-March package of support for the Australian economy is working as expected. There is a very high level of liquidity in the Australian financial system and borrowing rates are at historical lows. Authorised deposit-taking institutions are continuing to draw on the Term Funding Facility, with total drawings to date of around $29 billion. Further use of this facility is expected over coming months. (Reserve Bank Of Australia)

01.01.2022 Professor Shaun Bond, from the University of Queensland Business School, said the housing pressure was driven by record interstate migration, the adoption of remote work arrangements and the return of hundreds of thousands of Australian expatriates.