【1】
Despite the addition of 50,000 new jobs, mostly full-time, and the increase in the proportion of people aged 15 or over who are working or looking for work,
However, the latest release from the Australian Bureau of Statistics showed that the unemployment rate still rose to 4.1% in June, slightly higher than the 4% in May. The labor force participation rate in June was just 0.1% lower than the all-time high of 67% in November 2023.
The proportion of employed population grew to 64.2%, which is also very close to the all-time high of 66.4% in November 2023.
More Australians are being forced to come out to work, or increase their workload, in order to increase their income.
【2】
Westpac Bank and the Melbourne Institute said the data showed that economic growth would remain weak in the second half of 2024 and early 2025.
and CreditorWatch, which was released yesterday, Australians continue to be short of idle funds, the number of business failures is still rising, and the value of invoices held by companies has fallen to an all-time low.
The outlook for the restaurant sector is particularly bleak, with one in 11 F&B businesses expected to fail in the next 12 months.
This is higher than the one-year elimination rate for arts and entertainment services and the 5.5 per cent for transportation, postal and warehousing. The average for all sectors is 5.1%. "The decline in the value of orders and the increase in non-payment are major concerns".
Small businesses are more susceptible to adverse economic conditions than large ones.
In addition, Alliance Climate Control announced that 3 out of 5 Australians now live in homes with a room temperature below 18 degrees Celsius, which the WHO considers "unsafe".
"It's not surprising that 7 in 10 Australians are turning on the heating less or not at all in order to control their expenses."
【3】
According to the latest data from the Institute of Public Affairs, Australia now receives an average of one new migrant every minute. Since the beginning of this year, there has been an increase of 1,607 per day.
Net permanent and other long-term arrivals totalled 242,700 from January to May, the highest on record for the same period on record. That was an increase of 25,940 in May, but it was also the second-highest on record. The total number of people in the last fiscal year may still be around 445,500, down from the previous fiscal year's record of 528,000, but well above the government's target of 395,000.
Since March 2023, Australia's per capita GDP has declined for five consecutive quarters. Real growth over the past eight years has been lower than the long-term trend since 1990.
The numbers have risen quite a bit, but Australians' real wages and purchasing power are now lower than they were before the pandemic.
The International Monetary Fund recently lowered its forecast for Australia's economic growth to 1.4% in 2024 and 2% in 2025.
Australia will release Q2 inflation data later this month, and if it remains stubborn, the Reserve Bank could raise interest rates again on 6 August.
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