Coca-Cola Amatil has this week closed a pay deal that will see wages frozen for current Victorian warehouse employees and new employees will be paid 38 percent less for carrying out the same job. A spokesperson for Coke said the deal will bring wages closer to market rates and restore …
Grave fears are mounting for the future stability of the Australian economy as new data released today shows the Reserve Bank of Australia’s housing bubble is surging at records not seen since 2003. The RP Data statistics confirms reports of investor led irrational exuberance in the Sydney and Melbourne markets. …
Roy Morgan unemployment figures released yesterday show an estimated 1.561 million Australians are now unemployed. This represents 12.3 per cent of the workforce and is now the highest figure since February 1994, some 20 years ago. An additional 1.08 million Australians are classified as underemployed, working part time while looking …
As widely expected, the Reserve Bank of Australia has left the official cash rate at an “accommodative” 2.5 per cent citing “on present indications, the most prudent course is likely to be a period of stability in interest rates.” This now has many calling a bottom to the interest rate …
ABS data released today show house prices in Australia has fully recovered, surpassing record highs last achieved in June 2010. The weighted average of the eight capital cites recorded a 2.4 per cent increase to the June 2013 quarter and a healthy 5.1 per cent change for the year to …
Generation Y, Kev wants you on board. During Kevin Rudd’s comeback leadership victory speech he had a message for our young generation: Before I conclude, let me say a word or two to young Australians. It’s clear that many of you, in fact too many of you have looked at …
A private survey on unemployment from Roy Morgan estimates 10.9 per cent of the Australian workforce was unemployed in January 2013, up 1.3% over the past month and now sitting at the highest rate since January 2002. In other news, Retail trade figures released by the RBA show Christmas trading …
As expected, the official unemployment figures released by the Australian Bureau of Statistics (ABS) today showed a sharp rise in unemployment. According to the ABS, unemployment now sits at 5.4 per cent – a two and a half year high. The key driver to the increase in the unemployment rate …
One of the take home messages from yesterday’s 25 basis point drop is the Reserve Bank’s worry unemployment is starting to rise. On Monday, Roy Morgan research released the results of its latest unemployment and under-employed survey, showing unemployment in Australia is now at 10 per cent, and quite a …
ANZ plans to slash 1000 jobs. Qantas announces 500 jobs to go. Billibong will shed 80 local jobs. Air Australia enters administration with 300 staff stood down. Jobs are going left, right and center. Above is a subset of higher profile jobs losses announced just this week. Yet, despite all …
Australian Bureau of Statistics figures released today show Australia lost 29,300 jobs in December. For the year, there was close to no new jobs created making job growth last year the worst since 1992. Unfortunately this year is not expected be any better. Excessively high levels of household debt and …
Property experts make the argument that house prices can’t fall in Australia as we have very low unemployment. But it begs the question if a fall in house prices leads or lags a fall in employment? The Unconventional Economist set out to answer this question last month and found that …
In a report released by Access Economics today, it expects retail sales to grow by only 1.3 percent this financial year, sounding the worst period for retail spending in two decades. But, on a positive note, it expects a rebound next year. David Rumbensm, a partner with Deloitte Access Economics …
Two years ago we ran an comprehensive story on what we believed would be the effects from propping up the housing market with the First Home Owners Boost. Titled Time to pick and choose: Housing or Jobs we suggested that propping up and keeping house prices artificially high would eventually …
You could be mistaken for thinking we didn’t each have a part to play in the Global Financial Crisis. It wasn’t that long ago Kevin Rudd was saying “As Prime Minister I will not sit idly by and watch Australian households suffer the worst effects of a global crisis we …
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