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A story in the Cairns Post today discusses a “mega-familiarisation” for backpacker tour agents in Cairns. The backpacker market is obviously an important sector for the region so this is good to see happening. However, for reasons that escape us, the Post has decided to demonstrate the importance of the …read more
Data released overnight shows that the US labour market continued to improve in October. A total of 214,000 new jobs were added to the non-farm payrolls and, in a separate survey, the unemployment rate fell to 5.8% (from 5.9%). Although the jobs number was somewhat lower than the market had …read more
The Statement on Monetary Policy from the RBA today has changed very little from the previous release in August. A somewhat lower A$ has led to some minor upward revisions to inflation expectations (previously mid-2015 core inflation was forecast at 1.75 – 2.75%, now that’s 2-3%. All forecasts from then …read more
ABS Short Term Arrivals and Departures for Sept show arrivals increased by 5.7% from a year ago (the total for the past 12 months are up 8.1% from the same period a year ago). Chinese arrivals have continued to grow strongly and are up 13.4% from a year ago (and …read more
Today’s release of the October labour force data comes after the revisions foreshadowed by the ABS earlier this week (see here) and sees the seasonally adjusted unemployment rate steady at 6.2% (after Sept was revised up from 6.1%). Employment grew by 24,100 which almost exactly cancelled out the 23,700 decline …read more
Labour Force data in the previous few months has been a confusing subject (see our posts here and here). Seasonally adjusted data from the ABS had become so volatile that last month the ABS scrapped seasonal adjustment altogether for the past few months and announced a review into what had …read more
Today’s release of Retail Trade figures for Sept and the third quarter surprised on the upside due to strong growth in the electrical goods sector (being pegged to the release of the iPhone 6). Seasonally adjusted data showed retail trade rose 1.2% on the month and was up 1.0% for …read more
Although we have been, and continue to be, rather sceptical about the Master Builders Survey of Industry Conditions (largely because the forecast changes always seem either wildly optimistic, or horribly pessimistic) their most recent report for the Sept quarter (available for download here) shows actual business performance conditions (as opposed …read more
The upswing that we’ve been seeing in Building Approvals appears to be coming to a rather abrupt end. The data for Sept shows nationwide approvals fell by 11.0% for the month and by 13.4% for the year. However, these seasonally adjusted figures are often very “lumpy” because of the impact …read more
Data released overnight in the US showed GDP growth at an annualised 3.5% in the September quarter (this compares with +4.6% ann in Q2 and -2.1% ann in Q1). Over the course of the past 12 months the US economy has expanded a real 2.3%. The result was somewhat stronger …read more
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