Australia is officially in recession with the biggest ever contraction in GDP, despite a huge rise in government spending. But profits are doing nicely.
The economy was struggling even before Melbourne had to shut down again and the pain has extended across most sectors.
The ABS has revealed 2.7 million Australians have had their jobs affected by the pandemic, with 900,000 losing their jobs completely and 1.8 million losing hours or being stood down. Meanwhile, in the US, the economic debate is increasingly centred around the need for more stimulus.
Australia's economic growth rate declined in the September quarter, with only government spending and good fortune on iron ore prices propping us up.
The labour market is finally starting to catch up with the slowing growth of the broader economy. How can we speed it up again?
You say seasonally adjusted, I say trend — which jobs data is right? The RBA has decided neither of them show the falling unemployment it needs to forestall a rate cut.
Poor wages growth is continuing for most Australian workers but very low inflation means real wages are up, even if they don't feel like it.
Another quarter, and more bad news for Australia's private sector workers with wage stagnation continuing.
In terms of household wealth, we only have the sharemarket going for us at the moment. Wages and property are undermining the "wealth effect".