Pete Wargent blogspot
Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.
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"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.
"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.
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Saturday, 27 February 2016
End of mining boom clonks weekly earnings
The ABS released its Average Weekly Earnings figures for the period ended November 2015 this week, and the impact of the end of the mining construction boom was visible throughout the data.
On the plus side mining construction won't continue to fall forever, as I looked at earlier in the week.
However, this won't be much consolation for those regions which have been impacted most severely.
Average weekly full time earnings for all workers rose by +1.7 per cent over the year, and average earnings for all workers by +1.5 per cent.
Growth in male earnings was particularly weak over the year to November 2015, reflecting the mining malaise.
On other hand, average weekly earnings for femaled increased much more strongly, up by +2.9 per cent.
It is difficult to read too much into these figures, since they can be skewed by changes in composition of the workforce.
With a smattering of luck, they might imply that the non-mining economy is tracking a fair way better than the mining economy.
Certainly the state level figures suggest this, with full-time earnings softening in Western Australia and Queensland, two of the states most impacted by the mining slowdown.
Overall a soft set of numbers, with average earnings rising only steadily, although some way ahead of the cost of living increase for employee households, which increased by only +1.1 per cent in calendar year 2015.