Have come to expect nothing less from them.
Note the final point on 2011 Census population figures to be released soon by the ABS - will be very interesting reading, particularly for property investors, I expect (I was on a roadside campground in the Northern Territory so will be recorded on the 2011 Census as an itinerant!).
- Despite ongoing pessimism surrounding the state of the economy, Australian economic data has been healthy of late. The latest National Accounts data showed an impressive 1.3% GDP growth in the March quarter, and total growth of 4.3% over the year
- In addition, and despite the reporting of some high profile job shedding, the number of people with jobs in Australia has started to rise again
- Employment grew by 1.0% in the year to May, with 111,000 new jobs created. That rate of growth is still well below longer term trends, but it has been enough to keep the unemployment rate steady at around 5%. Most of that jobs growth has also been a 2012 story. Over the past six months, the Australian economy has put on 87,000 new jobs, almost all of which are full time
- Over the past year mining is clearly the standout, with mining employment up 26.8%, easily the fastest rate of growth in any industry, adding 58,000 new jobs
- [patchiness] is evident in employment too. Construction, transport and warehousing, retail, and manufacturing have all been big losers, with cumulative job losses of 136,000 jobs over the same period
- There are also...different stories across the States. Western Australia has recorded the strongest employment growth over the past year, up 4.0%. Some 27,000 new mining jobs account for over half of the State's employment growth. Above trend growth was supported by the health and social assistance, professional services and manufacturing industries
- Overall, while high profile corporate cutbacks are still in the headlines, recent labour force data has shown that a modest jobs recovery has commenced.
- Spanish banks received a €100 billion bank bailout this week, while Spanish bond yields passed 7% for the first time and Moody's cut their sovereign debt rating to Baa3. That puts them only one cut above junk, and on negative watch.
The week ahead
- The Greek election was held on the weekend, with a victory being claimed for New Democracy and thus for Greece remaining within the Eurozone. What remains to be seen is how hard the new government pushes for a relaxation of their bailout terms – and what that does for the bailout's credibility
- Early responses in global markets have been positive, and the Australian dollar is up in Monday morning trade
- Domestically, the ABS will be releasing the first waves of data from the 2011 Census. Importantly, that provides important detail on population numbers and characteristics