MacroBusiness
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at 10:40 am on May 5, 2021 | 16 comments
The Australian has released a stunning series of reports (here and here) on Victoria’s latest hotel quarantine failure, which seeded the state’s third hard lockdown in February and resulted in international arrivals being banned for two months.
The allegations are based on a secret Victorian Government report leaked to the paper, entitled
Hotel Quarantine Outbreak Retrospective CQV Infection Prevention & Control March 2021, which reveals that the third lockdown was not caused by a man using a nebuliser, but rather the virus was released into a corridor during the lengthy swabbing of a woman in an open doorway.
MacroBusiness
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at 11:20 am on May 5, 2021 | 26 comments
The Guardian’s economics poster boy, Greg Jericho, has written another article chock full of shiny charts attacking the federal government’s inability to drive unemployment down and wage growth up.
Jericho’s key points are as follows:
“We’ve had years of absurd budget projections about wages growth that never came true” because the Treasury’s assumed natural rate of unemployment (5%) was far too high.
The Australian economy is suffering chronic labour underutilisation.
Australia needs to get unemployment below 4% to drive wage growth.
In the decade since the GFC Australia suffered from low per capita growth and stagnating real wages.
MacroBusiness
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at 12:40 pm on May 4, 2021 | 5 comments
David Plank, economist at ANZ Bank, tips that the RBA will issue a revised forecast for the unemployment rate to fall to 4.5% – the so-called ‘full employment’ level – by June 2023.
This follows CBA’s view that the RBA would forecast unemployment to drop to 4.75% by mid-2023:
The RBA is tipped to revise down its unemployment forecast below 5%.
Both forecasts would be in the ballpark of Treasury’s recent claim that Australia’s unemployment rate needs to fall to between 4.5% to 5% in order to drive a meaningful lift in wages and inflation.
MacroBusiness
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at 11:00 am on April 20, 2021 | 8 comments
The New South Wales Government last year announced gutsy reforms to the state’s tax system, which will offer owner-occupiers an alternative to paying stamp duty via a fixed $500 up-front fee plus an annual 0.3% tax on the property’s unimproved land value.
Under the proposed reforms, the average buyer of a Sydney house would be given the choice to either pay a $51,000 lump sum (the current stamp duty requirement) or about $2,000 per year.
But once the property is subject to the annual tax, all future owners of that property would also be required to continue paying it.
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