Business
Queensland and Western Australia showed the strongest economic momentum despite sitting at or near the bottom of most of the major indices in CommSec’s State of the States report.
Politics
The Australian economy is set to take a whack from the impact of half of the population being in lockdown, but Treasurer Josh Frydenberg is confident it won’t result in a second recession in as many years.
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The sharp drop in the unemployment rate has given Australians an injection of renewed optimism, overcoming the cloud of uncertainty generated by Victoria’s most recent COVID-19 lockdown.
Employment is booming and workers are hard to find but many employers are refusing to use wage increases as an incentive, Reserve Bank governor Philip Lowe said.
Bank of Queensland is likely to reduce regulatory provisioning by about $75 million on the basis of an improved economic outlook.
ANZ has tipped even stronger economic growth, an increase in wages and full employment, but the downside will be an increase in interest rates earlier than expected.
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