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Friday

14.08.2020

Economy news

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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…

Household wealth report

29 June 2020 In: Finance, Economy, Family, General

Household wealth in Australia: Household liabilities grew $18.7b (0.8%), following moderate growth in the previous quarter. Total household liabilities were $2,510b, 92% of which are long term loans. The 0.9% growth in long term loans this quarter was due to rises in owner occupier (0.9%) and unincorporated business loans (1.0%), partly offset by falls in investor housing loans (-0.3%). Short term loan borrowings by households decreased 7.2% this quarter, the largest fall in the history of…

Credit at Record High

29 June 2020 In: Finance, Economy, General

Credit at Record High: Loan borrowings ($43.7b) by other private non-financial corporations (private trading corporations) were the highest on record in March quarter 2020. Net maturities of corporate bonds ($8.7b), predominantly with the rest of the world, were the highest since March quarter 2017, as companies let existing bonds mature this quarter and issued less due to low investor demand and widening spreads in yields. Equity raising ($5.9b) was the second lowest since December quarter 2012,…

Household wealth falls

28 June 2020 In: Finance, Economy, Family, General

Household wealth decreased 2.3 per cent (down $9,982) to $428,585 per person, the largest decrease since the September quarter 2011, according to the Australian Bureau of Statistics. A fall in superannuation balances (8.2 per cent) and directly held equity holdings (5.3 per cent) contributed to reversing the household wealth gain in the December 2019 quarter. These falls were partly offset by a real (inflation adjusted) holding gain on land and dwellings of 1.9 per cent….

Jobs in Australia 2020

27 June 2020 In: Jobs, Economy, General

Jobs in Australia have been heavily impacted by the COVID-19 emergency with the number of vacancies falling to an all-time low. The number of job vacancies in Australia decreased by 43 per cent over the May 2020 quarter, the largest fall on record, according to new figures from the Australian Bureau of Statistics. Bjorn Jarvis, head of labour statistics at the ABS, said: “this was the largest quarterly fall in job vacancies over the 40…

COVID-19 Hits Jobs

27 June 2020 In: Jobs, Economy, General

COVID-19 pandemic has resulted in a much steeper decrease in job vacancies than previous downturns. Based on other leading indicators such as job advertisements series, the downturn is also much steeper than what is expected would have been measured by the series during the Global Financial crisis. Job vacancies decreased by 43.2%, or by 98,200 vacancies in the three months to May 2020. The largest single quarter decline in the 1980s recession was 18.6% (in…

Cash for Australia Arts

26 June 2020 In: Economy, General

Cash for Australia Arts: The Australia government has announced a new $250 million rescue package of grants and loans for the country’s devastated arts sector. From July 1, major stadiums will be able to hold up to 10,000 people From July 1, most businesses in NSW (except nightclubs) can reopen as long as they adhere to social distancing rules. Indoor venues will be allowed to operate without capacity limits, providing they abide by the one person…

Innovation key to success

26 June 2020 In: Technology, Economy, General

Innovation is the key to success in Australian business where up to 60% of companies seek new ways of doing things. 44% of Australian businesses were innovation-active. Wholesale trade (61%) and Manufacturing (59%) industries had the highest proportion of innovation-active businesses. 37% of Australian businesses introduced an innovation, with 17% of businesses introducing a goods and/or service innovation and 32% of businesses introducing a process innovation Wholesale trade (44%), Information media and telecommunications and Manufacturing…

COVID-19: firms seek advice

24 June 2020 In: Health, Economy, General

COVID-19 in Australia: Three in five (60%) Australian businesses sought external advice in response to COVID-19 ABS Head of Industry Statistics, John Shepherd, said “This external advice was most likely to be obtained from organisations including banks, lawyers or accountants (81 per cent) and also federal government agencies (64 per cent).” Businesses were most likely to seek advice about government support measures (86 per cent) and regulation and compliance (75 per cent). Mr Shepherd said:…

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