Every week I post a chart on my LinkedIn on the key Australian economic data from the week. This repository contains the R code used to reproduce my charts. You can also view my Twitter: @AndyBridger
The Gold Coast.
At June 30 2021 there were 2,402,254 actively trading businesses in Australia which is an increase of 3.8% (or 87,806 businesses) from last financial year.
#chartoftheweek on the gender pay gap. #equalpayday is coming up on 31 August 2021. Join Australian Industry Group (Ai Group)’s Chief Economist, Julie Toth, and Workplace Law Expert, Nicola Street, for this free webinar on Wednesday 25 August to find out what factors contribute to the gender pay gap and what government and business can do about it at. Register here: https://lnkd.in/gXZh7idg
The world container index increased to $9,421 per 40ft container in the week to 12 August 2021, up 358% from the same week in 2020 and up from $1,500 in March 2020.
New data from the OECD comparing minimum wages across the globe. Australia has the highest #MinimumWage in the world for the second year in a row. For the original viz see here and for my quick explainer on the data and the Australian minimum wage see here
Version made with R
Original - see flourish for fluid version
Export prices have increased +170% this century while import prices have increased only 7%. Higher export prices help to support government budgets and national aggregate income.
The #olympics have started but this remains the most important race of all #ausbiz #vaccines
Victorian hours worked declined 8.4% in June due to the 2-week lockdown in the state. The impact of lockdowns is more visible in ‘hours worked’ rather than ‘employment’ because many workers’ hours are reduced (including to zero) but keep their jobs. Longer lockdowns and the absence of government support increase the probability of job losses. This data pre-dates the recent restrictions in Greater Sydney and Victoria, which will be the first time in 2021 that Australia’s two largest cities - accounting for more than half of the Australian economy - have been locked down at the same time.
Job mobility in Australia hit a record low during the pandemic but has been declining for decades. This long-term decline reflects demographic changes (older workers change jobs less frequently) and possibly structural changes. However, compared to the past, when people do change jobs they are more likely to move into different industries and/or change occupational groups.
The Australian Industry Group (Ai Group) Performance of #manufacturing Index grew at a record pace in June. The index is one of Australia’s longest-running business surveys dating back to 1992.
Detailed employment data was released from the ABS this week.
Top 3 employing industries for females: 1. healthcare 2. education 3. retail
Top 3 employing industries for males: 1. construction 2. professional services 3. manufacturing
Net interstate migration to Queensland has increased substantially during COVID-19 while Victoria experienced its largest decline to other states since the 1990s recession (which, like COVID-19 lockdowns, hit Victoria particularly hard). NSW always loses people to other states (mainly Queensland) but usually has large overseas migration flows which increase its population.
There are more jobs on offer in #regionalaustralia than ever before. There were a record-high 57,500 online vacancies in April which is 65% higher than the pre-COVID-19 average.
Domestic demand is higher than pre-pandemic levels in every state & territory except for #victoria. The current lockdown is likely to push the Victorian recovery further behind the other states.
Business profit, sales and wages data out today from the ABS. Corporate profits down 0.3% in Q1 2021 but mining profits hit another record high due to iron ore exports.
The long-term unemployment rate increased in April - despite the headline rate falling - as those who lost their jobs at the start of the pandemic (April 2020) were added. One-third of all unemployed people in Australia are now long-term unemployed.
The youth unemployment rate fell to its lowest level since the GFC in April.
#budget2021 forecasts rising debt but a stable debt burden. Why? Historically low interest rates.
The Australian Industry Group (Ai Group) Performance of #Manufacturing Index surged in April, indicating a seventh consecutive month of recovery after the severe disruptions of 2020.
Retail sales remain well above the pre-COVID-19 trend. Sales growth was strongest in Victoria and Western Australia in March, after short COVID-19 lockdowns in each state dented local retail sales in February 2021.
Retail and hospitality account for 37% of casual employees.
Australian Industry Group (Ai Group) performance indicators released this week show a faster & stronger recovery so far from #covid19 compared to the #GFC. The services sectors were relatively better off during the GFC compared to #construction and #manufacturing, but services industries have been hit harder by COVID-19.
The Australian Easter Bunny has been getting busier delivering chocolate to overseas markets. New Zealand accounts for almost half of #aussie chocolate exports but Chinese, American and ASEAN exports have grown substantially in the last decade.
JobKeeper ends on Sunday. At its peak, 3.6 million workers were supported by JobKeeper.
I suspect these two lines will overlap in the coming months as more people return to the office. Worth also remembering over half of the workforce never worked from home (e.g., healthcare, factories, transport, and construction)
Australian employment is now above pre-crisis levels.
Updated #dataviz comparing the job losses in Australia from #COVID19 to other #recessions.
The #OECD says the world economy could make up for lost time with faster deployment of #vaccines.
As Rhianna once said “Cheers to the freakin’ weekend” - the number of #aussie beer manufacturers has tripled since 2013.
Spirit manufacturing
