Forum

 
  Back to OzPolitic.com   Welcome, Guest. Please Login or Register
  Forum Home Album HelpSearch Recent Rules LoginRegister  
 

Page Index Toggle Pages: 1
Send Topic Print
No Pay Rises In 2020 As Confidence In A Crater (Read 256 times)
whiteknight
Gold Member
*****
Offline


Australian Politics

Posts: 7595
melbourne
Gender: male
No Pay Rises In 2020 As Confidence In A Crater
Jan 20th, 2020 at 2:31pm
 
No pay rises in 2020 as economic confidence in a 'crater'   Sad

January 19, 2020
WA Today

Workers are unlikely to see substantial pay rises in 2020 as unemployment remains stubbornly stuck above 5 per cent and confidence in the economy continues to diminish, challenging the Morrison government as it begins work on the May budget.

The Deloitte Access Economics Business Outlook, released on Monday, forecasts global economic growth is unlikely to get much worse as phase one of a trade deal between the US and China spurs global markets, while Australia gets locked into a slow growth pattern for the forseeable future.

"We don’t expect unemployment to drop or wages to accelerate through 2020: we’ll be comfortably treading water rather than roaring into recovery," said the report's author and former Treasury official, Chris Richardson.   Sad


Workers are unlikely to see pay rises this year, according to Deloitte Access Economics.

The report warns that a third threat has joined the dual demons of drought and housing-related negatives - "cratered confidence among consumers and business".


"People's view of the economy is now sufficiently sad that they are now a risk," said Mr Richardson.

That lack of confidence can turn into a self-fulfilling prophecy as businesses and consumers hold back on spending, pulling back real-world economic growth.




The treasurer is expected to reveal a slowing in wages growth as the mid-year budget review is handed down.

The report found retail has endured its deepest downturn since 1990, construction is shrinking at its fastest rate since 1999, and farmers and finance have had their worst period since the global financial crisis.   Sad

The summer's bushfires have only compounded those fears, putting the size of the first surplus in a decade at risk after the government was forced to spend more than $2 billion on relief payments. The tourism industry has taken a $1 billion hit driven by cancellation rates of up to 60 per cent, according to the Australian Tourism Industry Council.

Finance Minister Mathias Cormann confirmed on Saturday that work had begun on the federal budget, but that it was too early to say what the overall economic impact of the bushfire season would be.

Some of the nominal budget hit is likely to be offset by conservative Treasury estimates in December, which forecast a dive in commodity prices - particularly iron ore - that would have sucked $60 billion out of annual income. So far, despite a rebound from Brazilian iron ore giant Vale competing with Australian exports, those forecasts are yet to eventuate, leaving the government with more room to spend.




Shadow Treasurer Jim Chalmers has urged the government to consider using some of the $5 billion surplus forecast for 2019-20 to stimulate the economy. The government was forced to cut $21 billion from surpluses over the next four years in the mid-year economic update as forecasts deteriorated.

"The economy was already floundering under Scott Morrison and Josh Frydenberg before the fires hit, and now this new report says things won’t get much better this year for Australian workers and families," he said.


"This is the price Australians are are paying for the ineptitude and inaction of a do-nothing government."   Sad

More than a dozen market economists surveyed by Bloomberg on Friday expect the Reserve Bank to keep interest rates on hold when it meets in the first week of February. They have forecast a cut to a new record low of 0.25 per cent forecast for the September quarter.

Treasurer Josh Frydenberg said the report commended the government’s fiscal strategy saying, if needed, “Australia can use fiscal firepower in a way few other nations can''.

“This is a clear message to those trying to talk the economy down. with the economy showing remarkable resilience despite a number of challenges,” he said.

   
Back to top
 
 
IP Logged
 
cods
Gold Member
*****
Offline


Australian Politics

Posts: 88048
Re: No Pay Rises In 2020 As Confidence In A Crater
Reply #1 - Jan 20th, 2020 at 2:46pm
 
so after massive fires where some people have no business and some people have no jobs... your whingeing about pay rises...

whole areas have had their living wiped out from under them.......maybe you didnt notice..... good one crook.

Angry Angry Angry Angry
Back to top
 
 
IP Logged
 
Sir lastnail
Gold Member
*****
Offline


Australian Politics

Posts: 29705
Gender: male
Re: No Pay Rises In 2020 As Confidence In A Crater
Reply #2 - Jan 20th, 2020 at 2:49pm
 
cods wrote on Jan 20th, 2020 at 2:46pm:
so after massive fires where some people have no business and some people have no jobs... your whingeing about pay rises...

whole areas have had their living wiped out from under them.......maybe you didnt notice..... good one crook.

Angry Angry Angry Angry


be interesting to see how many CEO's and pollies still get payrises Wink
Back to top
 

In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
IP Logged
 
whiteknight
Gold Member
*****
Offline


Australian Politics

Posts: 7595
melbourne
Gender: male
Re: No Pay Rises In 2020 As Confidence In A Crater
Reply #3 - Jan 20th, 2020 at 2:49pm
 
"The economy was already floundering under Scott Morrison and Josh Frydenberg before the fires hit, and now this new report says things won’t get much better this year for Australian workers and families," he said."   Sad
Back to top
 
 
IP Logged
 
juliar
Gold Member
*****
Offline


Australian Politics

Posts: 22966
Re: No Pay Rises In 2020 As Confidence In A Crater
Reply #4 - Jan 20th, 2020 at 5:24pm
 
But cunning ScoMo is turning the bush fires into a job creation and Nation Building votes winning MIRACLE!!!

While AnAl flounders from one Labor scandal to the next.
Back to top
 
 
IP Logged
 
Page Index Toggle Pages: 1
Send Topic Print