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MacroBusiness Access Subscriber Only Content at 10:00 am on July 16, 2021 | 3 comments Yesterday’s employment report from the Australian Bureau of Statistics (ABS) revealed that Australia’s youth – defined as those aged 16 to 24 – continue to benefit immensely from the closure of Australia’s international border to immigration. While overall youth employment is still yet to return to its pre-COVID level, with total jobs still down 6,900 from their pre-COVID peak and full-time jobs down 18,200: Strong recovery. Lowest since January 2009. Youth participation booming. Also down but more work to do. The reason why the unemployment rate has fallen despite annual job losses and rising participation is because the youth population fell by 124,600 (3.9%) in the 15 months since COVID hit in March 2020 due to the loss of temporary migrants. ....
3 Min Read SYDNEY, July 14 (Reuters) - The New Zealand dollar jumped on Wednesday when the country’s central bank struck a surprisingly hawkish note by halting its bond buying stimulus programme, spurring speculation it might raise interest rates before the year is out. The kiwi climbed 1% to $0.7017 after the Reserve Bank of New Zealand ended its monetary policy meeting by saying the strength of the economy meant the current level of stimulus could be reduced. As a result, it decided to cease buying bonds by July 23, well ahead of what most analysts had assumed. Market reaction was swift, with yields on two-year bonds surging 9 basis points to its high for this year at 1.668%. Investors had already been wagering a hike could come as early as November given strength in consumer demand, house prices and inflation. ....
Swati Pandey 5 minute read Police patrol a quiet Central Station in the city centre as the City of Sydney and three adjacent local government areas begin a week-long lockdown to curb an outbreak of the coronavirus disease (COVID-19) in Sydney, Australia, June 26, 2021. REUTERS/Loren Elliott SYDNEY, July 14 (Reuters) - A coronavirus lockdown in Sydney, Australia s most populous city, threatens to shrink the country s economy in the third quarter, with a slow vaccine rollout adding to the headwinds. A drop in gross domestic product (GDP) from the previous quarter would represent the country s first economic contraction since June 2020, when a nationwide coronavirus lockdown forced businesses to down shutters. ....
MacroBusiness Access Subscriber Only Content Greg Jericho, doyen of the fake left, has today joined the immigration debate with gusto: It is regrettably far too easy in Australia to blame migrants. From societal to educational to economic woes – migrants are the easy target. Last week the head of the Reserve Bank suggested migration could have caused lower wages growth. It was an unfortunate statement that goes against evidence and ignores the many other factors at play. Blaming migrants for our economic woes is not new. Neither is conflating criticism of a broken migration system with “migrants” when the two are very clearly different things. Not one of the debaters and analysts engaged on this issue has “blamed migrants”, least of all the RBA. Nor has anyone ever suggested that a broken visa system is the only factor suppressing wages. For instance, amid the tsunami of output from the RBA that has endeavoured to understand an unprecedented decad ....