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Economy news

Want to know what’s happening with the Australian economy? We’ve got it covered.

We guarantee the most up-to-date new stories about the economic climate, issues and so on, which are written by local and international reporters exclusively for you.

Record Export Growth

24 July 2020 In: Economy, General

The total value of exports and imports of goods both increased in June 2020 following declines in May and April 2020, according to the Australian Bureau of Statistics. The value of exports increased by $2.35 billion or 8 per cent driven by strong exports of iron ore. From May to June 2020, exports of iron ore (lumps and fines) increased by $757 million or 8 per cent to $9.92 billion, the highest export value on…

Australia Retail Sales Rise

22 July 2020 In: Economy, General

Australia retail turnover rose 2.4 per cent in June 2020 according to the Australian Bureau of Statistics. Turnover rose 8.2 per cent compared to June 2019. Rises in June 2020 were led by cafes, restaurants and takeaway food services and clothing, footwear and personal accessory retailing. While some restrictions on trade remained in June, many businesses in these industries saw a full month of trade, having been closed for the first week of May 2020….

Australia Movie Industry Gets $400m Boost

18 July 2020 In: Jobs, Economy, Entertainment, General

Australia movie industry has received a $400 cash boost thanks to a new scheme that aims to attract Hollywood producers to make moves down under. The federal government has announced a new $400 million cash grants scheme to lure overseas film and television productions to Australia. Hollywood producers Jerry Bruckheimer and Ron Howard have already expressed an interest Prime Minister Scott Morrison said. The cash incentive is aimed at protecting more than 8,000 jobs in…

Jobs in Australia Increase

17 July 2020 In: Jobs, Economy, General

Jobs in Australia: Employment increased by 210,800 people between May and June according to the Australian Bureau of Statistics. “The easing of COVID-19 restrictions in June saw an extra 280,000 people in the labour force, with more people in employment, and more actively looking and available for work,” said Bjorn Jarvis, head of labour statistics at the ABS The 210,800 rise in employment was underpinned by a large increase in part-time employment (249,000 people) and…

Jobs in Australia Recover

16 July 2020 In: Jobs, Economy, General

Jobs in Australia have seen a boost with a high proportion of lost jobs being regained. “By the end of June, around 35 per cent of payroll jobs initially lost had been regained,” said Bjorn Jarvis, head of labour statistics at the ABS Since the low in mid-April, total payroll jobs have increased by 3.3 per cent. Payroll jobs worked by females recovered through June (recording a 0.8 per cent increase compared to a 0.1…

Australia Boosts Support

08 July 2020 In: Jobs, Finance, Economy, General

Australia government will set out a new business and worker income support program on July 23. The federal government is considering pulling forward billions of dollars worth of tax cuts to kick-start the economy. Businesses are to receive another phase of financial support, beyond September when JobKeeper is due to expire. Banks will allow people who paused their mortgage payments as an emergency measure to extend their loan deferral by up to four months if…

Australia Economy to Grow

07 July 2020 In: Economy, General

The Australia economy is forecast to grow by 5.3 per cent in 2021-22 and then 4 per cent the following year. After big falls in 2020 private consumption, housing construction and private investment are also expected to lift. Government spending will hold up the economy in the meantime, with it to grow 6.5 per cent this year after a surge of 6 per cent in 2019-20. That’s according to a new report from Deloitte Access…

Australia Jobs Bounce Back

06 July 2020 In: Jobs, Western Australia, Economy, General

Australia Jobs market has seen a bounce-back in the past four weeks. That’s according to the Australian Bureau of Statistics that reports total payroll jobs increased 1.0 per cent between mid-May and mid-June. Head of Labour Statistics at the ABS, Bjorn Jarvis, said: “This continued the gradual recovery in payroll jobs since mid-April. “The recovery in payroll jobs between mid-April and mid-June represents around 30 per cent of the jobs initially lost,” Mr Jarvis said….

Retail Sales Rise 16.9%

03 July 2020 In: Economy, General

Australia retail turnover rose 16.9 per cent in May 2020 according to the Australian Bureau of Statistics Retail Trade figures. “The gradual easing of social distancing regulations, and the re-opening of physical stores, bolstered retail trade in May,” said Ben James, Director of Quarterly Economy Wide Surveys. “Retailers across a range of industries reported high numbers of consumers returning to stores across Australia, with some retailers noting levels similar to those seen in December.” There…

COVID-19 Positive Signs

30 June 2020 In: Economy, Family, General

COVID-19: Australians are poised to start spending again as lockdown restrictions ease, according to the Australian Bureau of Statistics. A majority or people polled in a national survey expected to increase their spending on recreational activities (74 per cent), eating out (74 per cent), private transport (73 per cent), personal care (70 per cent), childcare (66 per cent) and public transport (55 per cent). The ABS’s survey was conducted mid-June and asked about domestic and…

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