LISTEN to my update on Josh Frydenberg's recession concession broadcast on The World Today
Wednesday, June 3, 2020
Australia certain to enter a recession as March quarter GDP shrinks on bushfires, pandemic
Official figures show Australia's economy shrank 0.3 per cent in the March quarter, amid bushfires and the early stages of the coronavirus pandemic, making a recession certain with a big fall in activity in the current June quarter.
ABC's Peter Ryan says June quarter GDP due for release in early September will show a severe economic contraction of as much as 8 percent.
ABC's Peter Ryan says June quarter GDP due for release in early September will show a severe economic contraction of as much as 8 percent.
Forget "technical recession" definition - economists say deep contraction is already here
Economists expect Australia's economy slightly contracted in the first three months of 2020 in the prelude to confirmation of a deep recession later this year.
Westpac chief economist Bill Evans says despite the technical definition of two consecutive negative quarters of growth, surging unemployment shows Australia's economy is already in deep distress from lockdown restrictions.
But ABC's Peter Ryan says there is an outside chance that the March quarter could come in marginally positive.
Westpac chief economist Bill Evans says despite the technical definition of two consecutive negative quarters of growth, surging unemployment shows Australia's economy is already in deep distress from lockdown restrictions.
But ABC's Peter Ryan says there is an outside chance that the March quarter could come in marginally positive.
Tuesday, June 2, 2020
Negative interest rates debate steps up as Reserve Bank confronts COVID19 woes. Westpac chief economist Bill Evans wants the negative option at least on the RBA's radar
Could Australia be on the cusp of negative interest rates?
Reserve Bank governor Philip Lowe says the prospect is unlikely, but Westpac chief economist Bill Evans says negative rates would stop investors hoarding money and lower the Australian dollar as the economy faces the end of JobKeeper payments in September.
But Mr Evans tells ABC's Peter Ryan there is a risk that negative rates would further unsettle economic recovery.
Reserve Bank governor Philip Lowe says the prospect is unlikely, but Westpac chief economist Bill Evans says negative rates would stop investors hoarding money and lower the Australian dollar as the economy faces the end of JobKeeper payments in September.
But Mr Evans tells ABC's Peter Ryan there is a risk that negative rates would further unsettle economic recovery.
Monday, June 1, 2020
Living large - emergency super access used for clothing, alcohol, gambling; PWC warns that without tax reform, budget could remain in deficit for 19 years
Concerns are rising that Australian's dipping into their superannuation in the face of an economic shock are living large rather than buying essentials.
Alpha Beta director Andrew Charlton says two third of emergency super funds are being spent on disrcetionary items rather than essentials.
PWC partner Paul Abbey tells ABC's Peter Ryan that without tax reform, the budget could remain in deficit for two decades.
Alpha Beta director Andrew Charlton says two third of emergency super funds are being spent on disrcetionary items rather than essentials.
PWC partner Paul Abbey tells ABC's Peter Ryan that without tax reform, the budget could remain in deficit for two decades.
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