1. Most Australian governments have provided mid-year budget updates. Combining the federal and state budgets, the total cash budget deficit is expected to widen by ~1.5% of GDP in the current fiscal year.
It probably won’t be that much (due to conservative government forecasts), but this is not the fiscal backdrop one would expect with unemployment at such low levels.
2. New company registrations in Australia have been picking up over the past year or so but remain relatively low compared with the total number of companies
3. According to SQM (and our seasonal adjustment), new listings of homes for sale in Australia have edged lower in recent months. The total stock of homes listed for sale remains very low
4. The Lucky Country stays lucky…
5. …despite the diabolical state of China’s housing construction
6. China’s consumers remained very downbeat despite very low inflation (as distinct to other economies where high inflation and falling real incomes have been blamed for weak consumer confidence)
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