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Tuesday

02.06.2020

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.

House Prices to Fall

14 May 2020 In: Property, Finance, Economy, General

Australia house prices could fall by up to 30 per cent if coronavirus restrictions are extended for another six months. Property prices are set to fall by 10 per cent as a result of the recent economic lockdown but decline in values will be greater if the restrictions continue. If a second wave of the virus occurs and restrictions are prolonged, property analysts predict a “major fall” in housing prices. Price of houses and apartments…

Fall in Overseas Visitors

12 May 2020 In: Travel, Economy, General

Australia has recorded its largest ever drop in overseas visitors with arrivals falling 60 per cent in March 2020 compared to a year earlier. There was also a record fall in the number of Australian residents returning from short-term trips overseas, down 29 per cent to 538,400. These large decreases reflect the travel restriction progressively put in place by the Australian Government from the beginning of February due to the outbreak of COVID-19. “In March…

Australia Trade Surplus

12 May 2020 In: Jobs, Economy, General

Australia recorded a surplus of trade in goods and services in March despite the COVID-19 emergency. The balance on goods and services was a surplus of $10,602m in March 2020, an increase of $6,737m on the surplus in February 2020. Credits (exports of goods and services): Goods and services credits rose $5,558m (15%) to $42,417m. Non-rural goods rose $3,540m (15%), non-monetary gold rose $2,474m, rural goods rose $271m (7%) and net exports of goods under merchanting…

Australia Gets Moving Again

11 May 2020 In: Health, Economy, General

Australia is slowly starting to get moving again after its nationwide coronavirus lockdown. Different rules apply in the various states but restrictions are mostly starting to be lifted during the coming week. Restrictions will begin to ease on Friday in NSW, Wednesday in Victoria and Tuesday in South Australia. In New Zealand, restaurants, cinemas and shopping malls will start to reopen on Thursday. In South Australia caravan parks, hotels, motels and Airbnb services reopened today….

Property Prices Rise

11 May 2020 In: Property, Economy, General

Property Prices in Australia rose slightly in March despite the COVID-19 lockdown. The value of total building approved rose 1.3 per cent in March, in trend terms, and has now risen for the last four months. The value of residential building rose 0.5 per cent, while non-residential building increased 2.3 per cent The latest financial news from the A.B.S follows news that the Aussie stock market is making a full recovery after plunging 40 per…

COVID-19 Lockdown Eased

09 May 2020 In: Health, Economy, General

COVID-19 Lockdown across Australia is being lifted with Prime Minister Scott Morrison announcing a three-step plan to reopen the country. Under the first stage five people can visit a home, 10 be together in a business or public place, 30 mourners attend a funeral and 10 guests celebrate a wedding. Restaurants and cafes will reopen to (socially distant) dine-in business, libraries and playgrounds can entertain children and people can travel where they like within their…

Mortgage Lending ‘Steady’

08 May 2020 In: Property, Finance, Economy, General

Mortgage Lending for new housing rose slightly in March despite the coronavirus emergency. The value of new Mortgage Lending commitments for housing rose 0.2 per cent in March, seasonally adjusted, according to the latest Australian Bureau of Statistics figures. The value of new loan commitments for owner-occupier housing rose 1.2 per cent, while investor housing fell 2.5 per cent. ABS Chief Economist, Bruce Hockman, said: “New loan commitments for housing were steady in March despite…

Australia Living Costs

07 May 2020 In: Finance, Economy, Family, General

Australia Living Costs rose 8.5% in March 2020, following a rise of 0.6% in February and a fall of 0.4% in January 2020. The following industries rose in seasonally adjusted terms in March 2020: Food retailing (24.1%), Other retailing (16.6%), and Household goods retailing (9.1%). Cafes, restaurants and takeaway food services (-22.9%), Clothing, footwear and personal accessory retailing (-22.6%), and Department stores (-8.9%) fell in seasonally adjusted terms in March 2020. The following states and…

Coronavirus Job Losses

07 May 2020 In: Jobs, Economy, General

Coronavirus Job Losses have been most severe in the Accommodation and food services industries. Latest ABS figures show a drop of around one in three paid jobs in the industry from mid-March to mid-April, according to new data released by the Australian Bureau of Statistics. The Weekly Payroll Jobs and Wages in Australia estimates also showed that between 14 March and 18 April (the five weeks after Australia recorded its 100th confirmed COVID-19 case) total…

COVID-19 Costs $4bn a Week

05 May 2020 In: Health, Economy, General

COVID-19 emergency is costing Australia $4bn a week as lockdown restrictions and welfare payments hit government finances hard. One million Australians are currently receiving the JobSeeker welfare payment; five million are receiving $1500-a-fortnight JobKeeper payments, and once million are accessing their pension accounts. Ongoing restrictions are costing the nation about $4 billion a week, pushing the government to relax lockdown rules and restart the economy when the cabinet meets this week. Chief Health Officer Brendan…

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