Oh, and we have some awesome blog news this morning! You can now filter the blog to read only the key events, just in case you want to quickly get across all the biggest stories of the day.
Unvaccinated people should be able to ” go get a cup of coffee in Brisbane”, the prime minister says
Your Thursday morning stats wrap
Not a lot on the stats front in Australia this morning, although extended labour force figures from the Australian Bureau of Statistics might shed some handy insights into where the pinch points are in the economy. That’s also where wage bargaining might be of interest too.
Greg Jericho dived (never dove) deep into yesterday’s release of the wage price index here.
Key observations include the fact that, yes, wages are on the rise but they aren’t keeping up with the CPI, and so in real terms are going backwards. The pay freeze for public sector employees is one of the drags, and that will come to an end as wage claims start to build.
If the AFR’s story today about Scott Morrison resisting pressure to open up the economy for a surge in migration is correct, competition from overseas workers will be some way off. Mind you, it would presumably take some time for people to arrive, set up new lives and find work in any significant numbers.
And Covid restrictions on people arriving and leaving over the past couple of years will probably have put off more than a few potential migrants.
On the markets, Australian shares are poised to open flat, to the dismay of speculators, with the main overseas stock indices down a bit.
The main overnight news including more jumps in inflation, especially in the UK. There the CPI came in at 4.2% versus October last year, or higher than economists expected, and twice the Bank of England’s 2% target. Core inflation, which strips out volatile items was the highest in a decade at 3.4%.
The ANZ wrote in a briefing note:
The strength in price rises, combined with the strong post-furlough labour market data earlier in the week, would seem to open the runway for the BoE to hike rates. Although, given the surprise non-hike earlier in November, markets may be reluctant to price-in a December move with absolute certainty.
(Note to self: avoid “hike” when discussing rates, unless it’s something about mountains.)
The NSW government will move to ban dark roofs as part of its push to deliver more sustainable housing and reach its target of net zero emissions by 2050.
Speaking to the Committee for Sydney, planning minister Rob Stokes foreshadowed the policy switch to ensure all new housing has light-coloured roofing.
He said University of NSW research commissioned by the federal government found Sydney’s ambient temperatures could be reduced by up to 2.4C if dark roofing was ditched across the city. A light-coloured roof could reduce temperatures inside the home by up to 10C during a heatwave.
Stokes told the Committee for Sydney on Wednesday:
This would have an enormous impact on the urban heat island effect in our city, and I will be asking the Department of Planning to implement this as part of our Net Zero Cities approach.
You can read the full report from Anne Davies and Elias Visontay below: