Investors applaud resilient economy while newsrooms refuse to report it

As Alan Austin reports, encouraging information about work and wealth has been met with a variety of comments.

More than 76,000 Australian families now feel greatly relieved and much more optimistic about their future. According to last week’s data, this number of workers found jobs in June Bureau of Statistics report.

These figures support the claim that the Australian economy is the strongest since records began. employment The population remained above 63.5% for a record 51 months. The unemployment rate, at 4.43 percent, remained below 4.5 percent for an impressive 55 months. While the job participation rate remains well below the January record at 67.01%, underemployment of 6.51% extends the historical streak below 7% to 55 months.

This brings total jobs Albanian Government added to 1.33 million and continues Treasurer Jim Chalmersduel with Paul Keating Deciding on Australia’s top job creator.

Most jobs created by PMs

Albanese’s team had created an average of 326,800 jobs each year by the end of June; this was by far the highest figure since records began in 1978. turnbull During this period, 272,500 people were employed annually. Followed later morrison, Howard, RuddKeating, gillard, hawke, Abbott And fraser.

Frankly, we cannot validly compare raw numbers over time, as today’s workforce is one and a half times as large as John Howard’s labor pool and twice as large as Bob Hawke’s.

Adjusting for workforce size, we find that the Hawke Government, with Paul Keating as Treasurer, increased jobs by an average of 2.49% each year. He was followed by Albanese with 2.42%, Howard with 2.33%, Turnbull with 2.31%, Keating with 2.13%, Morrison with 1.92%, Rudd with 1.58%, Gillard with 1.45%, Abbott with 1.35% and Fraser with 0.85%.

Global comparisons

We have not yet seen June figures for all 38 facilities developed. OECD economies, but Australia is clearly among the top ten. This is due to him being outside the top 20 for most of the dismal Morrison years.

Among OECD members reportedCanada, Germany, Luxembourg, Austria and Lithuania are all above 6%. Sweden is 9.9% and Finland is 10%. Could be Finns HappyOf course, this rate is lower than 12.7% in May.

Equality increases with wealth

this month Global Wealth Report from swiss bank UBS It reveals that the wealth of the average Australian adult has risen to US$616,306 (AU$882,500), ranking it fifth in the world behind Switzerland, the US, Luxembourg and Hong Kong.

The number of millionaires with a net worth of more than US$1 million (AU$1.43 million) increased by 25,100 to 1,634,000. Australia currently ranks seventh globally in millionaires rankings.

Broad wealth, which shows the distribution of wealth across the population, is increasing; 70% of adults have more than US$100,000 (AU$143,266) on hand. This is second only to Luxembourg.

of Australia Gini coefficient It ranks 29th in UBS’s list of 32 rich countries with a value of 0.53. This measures equality on a scale from zero to one; zero is perfect equality and one is perfect inequality. So for egalitarians, the lower the better.

The only countries with lower scores than Australia were Qatar, Belgium and Slovakia.

Australia’s score on UBS last year report Ranked 27th out of 32 with 0.55, the tie is advancing. Australia has now moved ahead of Luxembourg and Japan.

Newsroom responses are negative as always

Unfortunately, most newsrooms continue to turn excellent data on wealth and employment into doom and gloom and despair:

To be fair, some newsrooms have played the jobs numbers squarely off the bat; messenger of the sun, ABC News, news.com.au And FX StreetThis is a refreshing change.

Newsroom abandonments

This column got a little excited when it saw ABC’s economic correspondent two weeks ago Alan Kohler Put aside your long-standing pessimism and announce It is certain that Australia is not heading for a recession. The economy is so strong it needs to be eased, he said.

He was the first mainstream journalist to confirm this.A.‘s reporting for the last two years. Our joy quotient increased even more last Thursday. analysis by economist Adam Triggs costume Canberra Times and affiliated magazines. Triggs suggested that despite constant talk of crisis, the Australian economy was not “collapsed” but was among the most resilient economies in the world. TRUE.

The article reported that multiple recent real-world stress tests have shown that the economy weathers serious shocks with little damage.

Corporate statements

While it may take months or even years for newsrooms to catch up, the business investment community is certainly on guard.

Morning Star DBRS Last week Australia’s long-term and short-term foreign and local currency issuer ratings were confirmed at AAA. The report was praised ‘The country’s key core strengths, including its diversified and highly productive economy, robust macroeconomic policy frameworks and highly effective governance institutions’.

market analyst IG International Tony Çınar Approved June employment data ‘Consistent with the RBA’s view that labor market conditions remain resilient.’ He called employment growth a ‘sign of broader economic resilience’.

monthly report London-based global asset management company for July Janus Henderson Investors He said that artificial intelligence-focused investments will increase ‘Increase domestic demand and maintain overall positive growth momentum’.

A Commonwealth Bank report He described the Australian economy as follows: ‘solidly positioned with triple-A-rated financials, well positioned to attract global capital’.

The following was stated in the May budget: ‘adding mild stimulus keeps demand strong and maintains upside risks to RBA rate hikes… unemployment is low and the budget shows a credible path to a return to surplus’.

But what Australia urgently needs is a reliable pathway to newsrooms reporting on the economy without the excess of pessimism, distortion and distortion.

Alan Austin is an Independent Australian columnist and freelance journalist. You can follow him on Twitter @alanaustin001 and Bluesky @alanaustin.bsky.social.

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