Original article by
SBS News – Page: Online : 18-Sep-20
Industries that are disproportionately staffed by women have been the hardest hit by the coronavirus-driven recession, including retail and hospitality. Women have also have had to deal with most of the burden of remote learning and caring for family. Women who were made redundant are finding that a lack of flexible employment is forcing them to choose between returning to work and caring for their family. Adam Gregory, LinkedIn’s senior director for Australia and New Zealand, says the longer that women have to make this "impossible choice", the harder they will have to work in order to get back into the workforce.
Original article by John Kehoe
The Australian Financial Review – Page: 9 : 24-Jun-20
Research from the Reserve Bank of Australia has found that most households had sufficient wealth at the onset of the coronavirus-induced recession to ride out a temporary fall in income. However, only about half of younger Australians had enough liquid assets such as savings to pay their expenses for three months. A similar percentage of workers in sectors that were hardest hit by coronavirus lockdown measures had limited capacity to meet their expenses at the start of the recession. The RBA research is based of the findings of the Household and Labour Dynamics in Australia survey in 2018.
RESERVE BANK OF AUSTRALIA
Original article by Patrick Commins,Geoff Chambers
The Australian – Page: 1 & 4 : 4-Jun-20
Treasurer Josh Frydenberg has confirmed that the Australian economy is in recession for the first time in 29 years. GDP data shows that the economy contracted by 0.3 per cent in the March quarter, while economic growth slowed from 2.2 per cent to 1.4 per cent in the year to March. Frydenberg has also warned that the economic contraction in the June quarter will be much worse; economists expect GDP growth to fall by 6-9 per cent as the full impact of the coronavirus lockdown restrictions took effect. Meanwhile, the federal government has delayed its mini-budget until 23 July, which will allow it to assess how the economy fares after lockdown restrictions are fully lifted.
AUSTRALIA. DEPT OF THE TREASURY
Original article by Samantha Maiden
News.com.au – Page: Online : 4-Jun-20
The national accounts data shows that Australia’s household saving rate rose slightly to 5.5 per cent in the March quarter, its highest level since the September 2016 quarter. Callam Pickering, the chief economist at Indeed, says data indicating that people are earning less and saving more is often the cause of a recession. He adds that encouraging households and businesses to return to pre-coronavirus spending levels will be a major challenge as lockdown restrictions are lifted. The official data also show that total consumption fell by 1.1 per cent in the three months to March, which is the biggest quarterly decline in more than three decades.
INDEED INCORPORATED,AUSTRALIA. DEPT OF THE TREASURY
Original article by Roy Morgan
Market Research Update – Page: Online : 18-Mar-20
A majority of 56% of Australian businesses say Australia is in its first ‘recession’ in nearly three decades, according to a special Roy Morgan Snap SMS Survey of 621 Australian businesses. Analysing by States shows over two-thirds (68%) of Queensland businesses say Australia is now in a ‘recession’ – higher than any other State. A majority of businesses in New South Wales (56%) and a slight majority in Victoria (51%) also agree that Australia is now in a ‘recession’. Although a small sample, Tasmanian businesses are more likely than those in any of the three larger States to say Australia is in a ‘recession’. In contrast a slim majority of businesses in both Western Australia (53%) and South Australia (52%) say Australia is ‘not’ in a ‘recession’.
ROY MORGAN LIMITED
Original article by Adam Creighton
The Australian – Page: Online : 18-Mar-20
Businesses across the nation have declared the economy in recession for the first time in almost 30 years, as the death toll from the deadly coronavirus reaches five and infections soar above 450. Almost 60 per cent of more than 600 Australian businesses surveyed by Roy Morgan said the economy was in "recession" already, including almost 70 per cent in Queensland – more than any other state – whose tourism sector is expected to be hit especially hard by the collapse of international travel. "Some industries have been hit harder than others but majorities of businesses in most industries agree Australia is in a ‘recession’ including Manufacturing, Construction, Wholesale trade, Accommodation & Food services and Education & Training," said Roy Morgan chief executive Michelle Levine. "Although it’s obvious Australia is already in a ‘recession’ there are only a few things that can save Australia from experiencing a full-blown ‘depression’ which is recognised as a fall in GDP of at least 10 per cent," she added. The last recession in Australia in the early 1990s saw the jobless rate surge from 6.6 per cent to 9.5 per cent in the 12 months to 1991.
ROY MORGAN LIMITED
Original article by John Hewson
The Sydney Morning Herald – Page: 18 : 23-Dec-16
The Australian Government’s Mid-Year Economic and Fiscal Outlook, issued on 20 December 2016, is based on assumptions of dubious validity. Australia’s GDP declined 0.5 per cent in the September 2016 quarter and yet the Government forecasts consistent economic growth over the next five years. Contrary to optimistic forecasts of the Government, Australia may soon experience a recession.
AUSTRALIAN NATIONAL UNIVERSITY
Original article by Vanessa Desloires
The Australian Financial Review – Page: 35 : 18-Feb-16
The Chinese economy expanded by just 6.9 per cent in 2015, and Oxford Economics forecasts a gradual slowing of economic growth over the next five years. However, Sian Fenner of Oxford Economics warns that Australia could face a recession in 2016 if the Chinese economy experiences a "hard landing". Fenner adds that in the event of a recession the Reserve Bank could reduce the cash rate to just 0.25 per cent, which would limit the extent of the economic downturn.
OXFORD ECONOMICS LIMITED, RESERVE BANK OF AUSTRALIA, AVIVA PLC, PEOPLE’S BANK OF CHINA, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX
Original article by Sally Rose
The Australian Financial Review – Page: 29 : 14-Apr-15
David Blitzer of Standard & Poor’s has warned that the sharemarket rallies in the US and Australia are not sustainable. He notes that technology stocks are most at risk of experiencing a correction. Blitzer adds that many Australian fund managers and stockbrokers have never had to cope with a recession and its potential effects on financial markets. He says this could present as big a risk to the domestic sharemarket as an increase in the cash rate
STANDARD AND POOR’S CORPORATION, NASDAQ COMPOSITE INDEX, UNITED STATES. FEDERAL RESERVE BOARD
Original article by David Uren
The Australian – Page: 2 : 27-Oct-14
Deloitte Access Economics has released a new report on the potential impact on Australia of a more rapid slowing of GDP growth in China. The latter accounts for 38% of Australian exports, and if its growth rate falls to under 4% per annum Australia is likely to experience a recession. The forecasting firm warns that the Federal Government must do more to rein in the Budget deficit in light of this scenario. However Deloitte still maintains that the most likely outcome is growth in China of 7% or more, and a fall in Australia’s terms of trade of 9.2% for 2014-15 before less dramatic declines of between 1% and 2% a year in the period to 2018-19
DELOITTE ACCESS ECONOMICS PTY LTD