Economy – Page 27 – rnzngin Fifth Estate

August 7, 2023

ANZ-Indeed Job Ads: small rise

Source: ANZ statements

ANZ Economist Madeline Dunk said: “ANZ-Indeed Australian Job Ads rose a touch in July. But the series has fallen 2.1% over the past three months, suggesting the July lift is likely to be a blip.

“There are other signs labour market momentum is starting to slow as the RBA’s 400bp of hikes flow through to economic activity. NAB’s Business Survey shows the proportion of businesses reporting labour as a constraint on output has fallen from a peak of 91% to 83% in Q2.Other leading indicators such as forward orders and consumer employment expectations are also coming off. Alongside the downward trend in Job Ads, this suggests we’ll see a gradual cooling of the labour market from its very strong starting position.”

Indeed Senior Economist Callam Pickering said: “In July, ongoing declines in New South Wales and Victoria were offset by gains in the other states and territories. That has been a common occurrence throughout 2023. Since the beginning of the year, Job Ads are down in three-quarters of sectors Indeed analysed, led by food preparation, personal care and cleaning & sanitation. Some occupations, most notably those in the healthcare sector, have strengthened this year, defying the national trend.

“Recruitment overall remains quite challenging but high population, combined with the ongoing decline in Job Ads, is slowly addressing skill shortages.”

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August 4, 2023

ACCC decision regarding the acquisition of Suncorp Bank

Source: ANZ statements

ANZ today acknowledged the decision by the Australian Competition and Consumer Commission (ACCC) not to grant authorisation for ANZ’s proposed acquisition of Suncorp Bank.[1]

ANZ Chief Executive Officer Shayne Elliott said: “We are naturally disappointed and disagree with the ACCC’s decision. We are closely reviewing the determination and will seek an independent decision through the avenues of review available to us.

“We believe the acquisition will improve competition, which will benefit Australian consumers, particularly in Queensland. All of the relevant markets are intensely competitive and will continue to be intensely competitive after the acquisition.

“Indeed, the acquisition will create a combined bank which is better equipped to respond to competitive pressures, and deliver significant public benefits, particularly in Queensland,” Mr Elliott said.

Under Australian competition law, a decision by the ACCC to not grant authorisation can be reviewed by the independent Australian Competition Tribunal.

In addition to authorisation under Australia’s competition laws, the acquisition remains subject to additional conditions including approval from the Federal Treasurer and Queensland legislative amendments.

While the acquisition remains subject to these conditions, ANZ continues its preparations for the integration of Suncorp Bank into ANZ.

Approved for distribution by ANZ’s Continuous Disclosure Committee

August 1, 2023

Consumer confidence picks up

Source: ANZ statements

Consumer confidence increased by 3.2 points. Among the mainland states, confidence rose in New South Wales, Victoria, and South Australia, while it fell in Queensland and Western Australia.

‘Weekly inflation expectations’ increased 0.1 percentage points to 5.5 per cent. Its four-week moving average fell from 5.6 per cent to 5.5 per cent.

‘Current financial conditions’ rose slightly by 0.3 points. ‘Future financial conditions’ jumped 5.7 points rising to its highest since early April.

‘Current economic conditions’ were up 2.4 points. ‘Future economic conditions’ rose 1.7 points offsetting the 1.6 points fall the week before. ‘Time to buy a major household item’ surged 5.5 points.

July 20, 2018