Tucked away deep in Budget Paper 3 were the below, Yesterday's MSM budget discussion was shockingly, Global Macro / Markets / Investing:
Here's what could be behind it, How Eddie Van Halen ended up on one of the biggest songs of all time, Scotland and Belgium shut pubs and restaurants as coronavirus infections soar, National Gallery of Victoria announces a massive, free post-lockdown exhibition of art and design. “With the low levels of stock we had in recent months, coupled with the record-low interest rates and the strong buyer demand, it has helped lift house prices,” he said. The ratio of tax paid as a share of gross income was 11.8 per cent in mid-2010, but it climbed to 15 per cent by the end of 2019. The young have also wiped out their meagre superannuation balances with little scope to rebuild them quickly. Australian households had already endured nine years without any growth in real household disposable incomes: Now the situation is going to get even worse. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs. Take the December quarter in 2018; trade union officials had predicted a 2 per cent inflation rate and market economists had pegged 2.2 per cent. Positive: Indicates stronger house price growth than wage growth, Negative: Indicates wage growth exceeds house price growth. Surprisingly, sentiment is now worse in New South Wales than it is in Victoria. Wages are growing at their slowest pace in 22 years as the coronavirus impact on the labour market spreads to pay rates. Weak wages growth had caused weak consumption, which had contributed to weak inflation growth, which saw inflation expectations falling. But they're not the ones who need it — given they're already in the highest income group in the country. Donald Trump is being given a drug only reserved for use in severe coronavirus cases. Policymakers, big business leaders and small business owners who lived through the last recession warn that downturns have a nasty habit of lingering.
“We’ve seen a different dynamic unravel across our housing market, particularly when COVID-19 hit, which saw many of our house prices record negative growth,” said Domain senior research analyst Dr Nicola Powell. Weak wages growth has become a national problem. Divisions between the suburbs are nothing new. “That’s the flipside of the circumstances – if you still have a job and can demonstrate a reliable income stream, banks will like you,” Mr Anthony said. Trends in wages decreased by -100.0 percent in Q2 2020. Canberra house prices increased by 4.1 per cent in the three months to June, compared to the June quarter 2019, with wages increasing slightly by 0.2 per cent, meaning houses outpaced wage growth by 3.9 percentage points.
This is the experimental COVID-19 treatment doctors gave Donald Trump. Melbourne house prices were 6.9 per cent higher in June than a year ago, but Victorian workers’ wages only grew 1.8 per cent, meaning housing again outpaced income by 5.1 percentage points.
Recent data from the Real Estate Institute of Australia’s latest Housing Affordability Report also showed the capital as the only city to see a decline in both housing and rental affordability.
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