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28.09.2020

Economy news

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

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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:…

Australia Exports Rise

23 June 2020 In: Economy, General

Australia Exports of mining product increased in May 2020 but general exports declined. Despite the overall value of exports falling, exports of iron ore remained strong in May 2020 Exports of iron ore account for around a quarter of the value of all Australian exports and the ongoing strength in this commodity continues to prop up Australian exports. Exports of metalliferous ores increased to $11,234m, up $242m (2%) as a result of global supply disruptions…

Anxious investors avoid loss

23 June 2020 In: Finance, Economy, General

Anxious investors are less likely to experience extreme losses and go bankrupt, according to new research by emlyon business school. The study, found that in times of uncertainty, a certain level of anxiety when investing could actually protect us from extreme events – such as dramatic losses caused by a global pandemic. This is because investors who were more emotional offered lower bids and were less likely to suffer extreme losses and bankruptcy than their…

Australia Retail Sales Rise

22 June 2020 In: Economy, General

Australia retail turnover rose 16.3 per cent in May 2020, the biggest such increase in almost 40 years. It is the largest seasonally adjusted rise ever published in the 38 years of the ABS Retail Trade survey, following the largest ever fall of 17.7 per cent in April 2020. Turnover rose 5.3 per cent when compared to May 2019. These figures show rises in every industry. In percentage terms, the rises are particularly strong in…

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