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Today saw the release of the GDP data for the third quarter. After some weak data from net exports the markets had been expecting a figure around a 0.1/0.2% decline. The result came in worse than expected at -0.5% q/q for an annual increase over the year of +2.5% or a …read more
ABS released their monthly unadjusted regional building approvals data for October this morning and we have updated our own Conus Trend series. Given the declines at a state level it is little surprise to see Trend approvals in our region also falling. At the SA4 level we see Cairns Trend …read more
Tourism continues to be a bright star in the economic firmament of Queensland, and TNQ in particular. International visitors to the state were up 13.1% for the year to Sept 2016; better than the national average of 11.5%. Even better, the growth into the Tropical North Queensland region was higher …read more
Our own Conus Trend series for Cairns SA4, based on the original ABS regional data, showed a reduction in Trend unemployment in October to 7.3%. The Dept of Social Security payment recipients data released on Weds appears somewhat less positive. Although recipient numbers fell the Conus Trend series showed a …read more
October Building Approvals from the ABS today shows a 12.6% drop m/m (-24.9% yr/yr) seasonally adjusted. The decline is being driven largely by units (-23.5% m/m and -41.8% yr/yr) while house approvals fall relatively more gradually (-2.5% m/m and -4.5% yr/yr). It would certainly suggest that the peak in unit …read more
The release today by the ABS of their original, unadjusted regional labour force data allows us to update our own Conus Trend series. What we see is (again) confirmation of the improving story in Cairns but, unfortunately, a reversal of the brighter picture for Townsville that we noted (and questioned!) …read more
A few weeks ago we discussed the Queensland Treasury quarterly estimates of Gross State Product (GSP) and noted that they reflected a strong 3.3% growth for the 2015/16 year (see here). Yesterday saw the ABS release their own (annual) estimates for 2015/16 and these showed Queensland with just a 2.0% …read more
Kier Shorey from ABC Far North spoke to Pete this morning about yesterday’s labour force data for Queensland (you can read yesterday’s commentary below). Later in the morning Kier also spoke to QLD Treasurer Curtis Pitt and I was struck by Pitt’s contention that the Participation Rate “goes up and …read more
Today’s ABS Labour Force data for October is, on the face of it, reasonable. However, when we dig deeper we see a significantly weaker picture. The headline (seasonally adjusted) unemployment rate in Australia remained stable at 5.6% (mkt expected 5.7%) and we saw an additional 9,800 jobs added. However, we …read more
Data released by the ABS today for the Sept 2016 quarter shows wages growth across the economy in Australia was +2.0% for the year. Private sector growth stood at +1.9% while the Public sector did better at 2.3%. (all figures relate to ABS original series to allow for comparison to …read more
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series