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MacroBusiness Access Subscriber Only Content at 2:45 pm on July 12, 2021 | 9 comments ABC’s business editor, Ian Verrender, has recently done a superb job debunking the business lobby and Coalition’s incessant claim that Australia is experiencing chronic skills shortages, thereby necessitating the large-scale importation of foreign workers (see here). Today Verrender has repeated the dose, questioning why purported skills shortages have persisted across the economy despite decades of mass immigration: A quick flick through the Skilled Occupation List for workers from abroad shows everythi...

The Straits Times Australian PM backs gas projects despite calls to support clean energy Last month, Mr Scott Morrison announced a $AUS600 million (S$614 million) project to build a new gas-fired power station north of Sydney.PHOTO: EPA-EFE https://str.sg/3ZTE They can read the article in full after signing up for a free account. Share link: Or share via: Sign up or log in to read this article in full Sign up All done! This article is now fully available for you Read now Get unlimited access to all stories at $0.99/month for the first 3 months. Get unlimited access to all stories at $0.99/mon...

Technology by Ben Graham 24th May 2021 10:26 AM After seven days that saw investors lose millions in a crash that wiped more than 50 per cent from bitcoin's all-time high, the future of cryptocurrencies suddenly looks a lot less certain than it did this time last week. After soaring to over $65,000 per bitcoin in April, the world's biggest and most well-known digital currency dropped to just under $30,000 before making a small recovery. The slight uptick at the end of the week is fuelling optimism among many investors who are h...

MacroBusiness Access Subscriber Only Content at 10:00 am on May 21, 2021 | 2 comments The loss of 500,000 temporary migrants and the closure of Australia’s international border to foreign workers has done a wonderful thing for Australia’s labour market – it has pushed the underemployment rate to its lowest level since May 2014, as revealed in yesterday’s April labour market release from the Australian Bureau of Statistics (ABS): Underemployment lowest in 7 years. Historically, Australia’s underemployment rate has shown a strong correlation with wage growth – certainly much stronge...

Australia on track to become pin-up boy of MMT failure at 9:00 am on May 11, 2021 | 31 comments An interesting piece today from John Kehoe at the AFR on how the RBA seized control of fiscal policy: A month ago, Treasurer Frydenberg was on track to deliver an austerity budget. But for months, the RBA and Treasury had been trying to turn him around. Historically low unemployment was their goal. Frydenberg shifted his fiscal trigger from below 6% unemployment to below 5%. I put it to you that this great pivot has absolutely nothing to do with the RBA or Treasury. The Morrison Government has neve...