Category: australia
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Australian Producer Price Indexes Show 0.5% Increase in Final Demand for June 2023
n the latest release of the Producer Price Indexes (PPIs) for Australia, the data for June 2023 reveals a significant 0.5% rise in final demand (excluding exports). The PPIs provide crucial insights into the price changes of various products, including goods and services, as they leave the production process or enter it. These price changes…
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Export Prices Drop in Australia Amid Falling Global Energy Demand
The Australian Bureau of Statistics (ABS) reports an 8.5 percent drop in the Export Price Index for the June quarter of 2023, reflecting an 11.2 percent annual decline. Weaker global energy demand has been the primary factor behind this significant decrease. The Export Price Index’s 8.5 percent decrease marks the largest quarterly decline since the…
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Australian Export Prices Plummet as Demand Drops for Key Commodities, Import Prices Show Modest Decline Amid Global Economic Uncertainty
In the latest release of the International Trade Price Indexes for Australia, data for the reference period of June 2023 shows significant changes in export and import prices. The Export Price Index recorded a notable fall of 8.5% during the quarter and a substantial 11.2% decline through the year. This drop in export prices can…
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Consumer Price Index (CPI) Records Rise in Australia’s Household Inflation
Australia’s Consumer Price Index (CPI) has shown a rise of 0.8% in the June quarter of 2023, indicating a moderate increase in household inflation. Over the twelve months leading to the June 2023 quarter, the CPI has surged by 6.0%. The most significant price increases were observed in various categories of household expenditure, including: Inflation…
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Excess Deaths Decline, but COVID-19 Continues to Impact Mortality in Australia
The Australian Bureau of Statistics (ABS) has released new analysis indicating that excess mortality in the first quarter of 2023 is lower compared to the same period in 2022. However, despite the decline in excess deaths, COVID-19 continues to be a significant contributor to increased mortality in the country. According to the ABS head of…
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Australia’s Unemployment Rate Stabilizes at 3.5% in June
The Australian Bureau of Statistics (ABS) released data showing that the country’s unemployment rate remained steady at 3.5% in June (seasonally adjusted), consistent with the figure reported in May. Bjorn Jarvis, the head of labour statistics at ABS, highlighted that despite the economic challenges posed by the pandemic, employment rose by approximately 33,000 individuals, leading…
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Estimates of Australia’s Labour Force for June 2023
The latest release of Australia’s Labour Force Survey, covering the reference period of June 2023, reveals key statistics on employment, unemployment, underemployment, participation, and hours worked. In trend terms, the unemployment rate remained steady at 3.5%, while the participation rate also remained unchanged at 66.8%. The total number of employed people increased to 14,045,800, and…
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Reserve Bank of Australia Appoints Michele Bullock as Governor, Ensuring Strong Leadership in Challenging Times
Michele Bullock has been appointed as the new Governor of the Reserve Bank of Australia by Treasurer Jim Chalmers. Bullock, who will assume the role on September 18, 2023, has been praised by current Governor Philip Lowe for the appointment. As Governor, Bullock will oversee the Reserve Bank’s operations, including chairing key boards and managing…
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Australia’s International Trade Surges in 2022, Driven by Increased Exports and Imports
Australia has experienced significant growth in international trade in the 2022 calendar year, with both exports and imports reaching new heights. According to the latest data released by the Australian government, the country’s balance on goods and services recorded a surplus of $155,730 million in 2022. Total goods and services exports surged by 29% to…
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Australia’s Population Witnesses 1.9% Growth Driven by Overseas Migration
Australia’s population experienced a notable growth of 1.9% in 2022, reaching a total of 26.3 million people, as revealed by the latest data from the Australian Bureau of Statistics (ABS). Beidar Cho, the Head of Demography at ABS, announced the figures, stating, “We have recorded an increase of 496,800 individuals over the past year, resulting…
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Australia’s Labour Force Shows Stable Employment and Increased Underemployment in May 2023
In the latest release of Australia’s Labour Force Survey, the headline estimates for employment, unemployment, underemployment, participation, and hours worked in May 2023 have been announced. The data, released by the Australian Bureau of Statistics (ABS) on 15th June 2023, provides insights into the current state of the country’s labor market. According to the trend…
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Unemployment Rate in Australia Falls to 3.6% as Employment Rises, Reaching Record High of 14 Million
According to the Australian Bureau of Statistics (ABS), the unemployment rate in Australia dropped by 0.1 percentage points to 3.6% in May. The decrease was attributed to an increase of around 76,000 employed individuals and a decrease of 17,000 unemployed individuals. The strong growth in employment followed a minor decrease in April during the Easter…
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Australia’s Tourism Industry Shows Job Growth in March 2023
The latest release of the Tourism Satellite Accounts by the Australian government reveals positive developments in the country’s tourism labor market. The data, based on experimental estimates, provides insights into the impact of COVID-19 on tourism activity during the first quarter of 2023. According to the report, in March 2023, there were a total of…
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International Travel to and from Australia Soars in March 2023
According to the latest release of Overseas Arrivals and Departures data by the Australian Bureau of Statistics, international travel to and from Australia experienced significant growth in March 2023. Short-term visitor arrivals saw an annual increase of 443,080 trips, while short-term resident returns increased by 489,390 trips annually. Total arrivals and departures increased by 969,950…
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Australian Business Turnover Increases in Majority of Industries in March 2023
The latest release of the Monthly Business Turnover Indicator, an experimental indicator of business turnover derived from monthly Business Activity Statements, showed that in seasonally adjusted terms, business turnover increased in 11 out of the 13 published industries in March 2023. The largest rise was in Arts and recreation services, which saw an increase of…
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Reserve Bank of Australia official discusses forecasting principles and highlights from recent forecasts
Marion Kohler, Head of Economic Analysis Department, spoke about forecasting and how it is used in central bank decision-making. She highlighted that forecasts are an indicative tool for decision-making rather than pure predictions of the future. There are a number of uncertainties and risks surrounding forecasts which policymakers and the public need to consider. Kohler…
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Australian Producer Price Indexes Show 1% Increase in Final Demand, Driven by Electricity and Construction Costs
The Producer Price Indexes (PPIs) in Australia for March 2023 have been released, indicating a 1.0% rise in Final demand (excluding exports) this quarter and a 5.2% rise over the past year. The data contains a range of PPIs in the Australian economy, including mining, manufacturing, construction, and services industries. The increase in Final demand…
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Regional vs Capital City Rents: A Tale of Diverging Trends in Australia Amidst the Pandemic
The new dataset covering both regional areas and capital cities provides valuable insights into rent inflation geographically since 2018. The COVID-19 pandemic had a significant impact on the rental market, with demand for rental properties in inner-city areas declining due to international students returning home, international migration slowing, and some young adults moving back in…
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Australian Rental Market Tightens and Becomes More Expensive: New Data Reveals Insights and Trends
Based on the new large administrative dataset of rental properties used to measure Rents in the Consumer Price Index (CPI), the article reveals several trends and insights into the private Australian rental market: Overall, the trends suggest that the Australian rental market has tightened and become more expensive, with rent increases becoming more common and…
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Australian employment continues to rise in March 2023, with unemployment rate stable at 3.5%
The Australian Bureau of Statistics has released key labor force statistics for March 2023. The trend unemployment rate remained at 3.5%, while the participation rate increased to 66.8%, and employment increased to 13,883,100. However, the underemployment rate increased to 6.1%, and monthly hours worked increased to 1,910 million. In seasonally adjusted terms, employment increased to…