Australian wages accelerated at the fastest pace in over 14 years in the three months through September and reached the Reserve Bank’s forecast peak, while still remaining well below the inflation rate. So in real terms average Australian wages continue to go backwards, against inflation at 5.4%. And productivity improvements are nowhere to be seen, as migration continues at a record pace and unit labour costs rise.
The ABS says the Wage Price Index rose 4% in the third quarter from a year earlier, above economists’ expectations of 3.9% and matching the RBA’s forecast for year’s end, On a quarterly basis, wages grew 1.3%, the highest in the 26-year history of the index.
Annually, seasonally adjusted private sector wages growth was higher than the public sector (4.2% compared to 3.5%). This was the highest annual growth for the private sector since December quarter 2008 and for the public sector since June 2011.
One of the reasons that economists expect Australia will avoid the sort of wage-price spiral that has erupted in some other developed countries is surging immigration that is boosting labor supply and likely reducing the bargaining power of employees.
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The latest in our weekly series, as we look at the news, numbers and trends. The fix was in in 2019, as migration underpins the markets. But are the trends in Melbourne and Sydney diverging?
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We look at the latest analysis of housing affordability, based on a range of data, and conclude that it has rarely been worse. In addition, some players are being highly selective in the way they present the data, understating the true picture for many households. We wonder why?
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Optus’ network failures have again highlighted the risks to the community when technology breaks. There were structural reasons why the failures happened, but the fallout was significant.
This brings the need to ensure access to cash is enshrined in law in Australia into sharp contrast again. This has already happened in a number of other countries.
The Change.org petition https://www.change.org/p/an-australian-cash-and-banking-guarantee has more than 130,000 signatures, and I encourage my followers to sign up.
We cannot be held hostage to a digital future which is intrinsically unreliable.
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Digital Finance Analytics (DFA) Blog
Cash Remains King In An Outage (So Let’s Protect It!)
The latest from Edwin as we look at the trends and numbers for this week. The construction questions surrounding high-rise continues, as the listings in Melbourne rise. Now we come to the upcoming Christmas and New Year break – how will this impact the numbers?
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Contrary to the MSM reporting, home prices are falling fast in some locations. Of course there is lots of spin about relating to this, but are we highlighted in our shows last year, falls were, and are occurring. Once again need to go granular.
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I caught up with Queensland Senator Rennick, and discussed a range of important issues including the accountability and independence of the RBA, regional banking and the digital divide, the digital content bill, and finally, and importantly the role and effectiveness of democracy.
Gerard Rennick is an Australian politician who has been a Senator for Queensland since July 2019. He is a member of the Liberal National Party of Queensland and sits with the Liberal Party in federal parliament.
On 8 July 2023 at the LNP Annual Convention in Brisbane, Rennick lost preselection for the third position on the LNP’s senate ticket for the next federal election, after being narrowly defeated by Stuart Fraser, the party’s treasurer
This is an edited version of a live discussion with Research Director from The Australian Citizens Party, Robbie Barwick as we look at the contemporary issues surrounding the battle to keep cash in the economy, branch closures, the current financial settings, and the broader political and economic background.
The imperative for change has rarely been stronger, and we literally stand on the brink….
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More from our property insider Edwin Almeida, as we discuss the migration question, granny flats, risks from above 4 story high-rise, and the rental crisis. Plus we look at the latest from the WeeChat universe.
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