Shane Wright @swrighteconomy Twitter profile

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Shane Wright

@swrighteconomy

2 years

PM points to NZ as an example of where you wouldn't want to be. A country with a jobless rate of 3.2% and faster wages growth than Australia.

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Shane Wright

@swrighteconomy

2 years

When Qantas cancels your flight then puts you on another that "departed" five hours earlier ... only to track down that it has been itself delayed by 6 hours... It's a Schrodinger's Flight

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Shane Wright

@swrighteconomy

2 years

The PM noted yesterday Albanese is a "Leader of the Opposition who's never delivered a budget". Other leaders of the opposition never to deliver a budget (who went on to be PM): Turnbull, Abbott, Gillard, Rudd, Hawke, Fraser, Gorton, Curtin ...

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Shane Wright

@swrighteconomy

2 years

The WA massacre - these are the swings to Labor across WA. Canning 7.3%, O'Connor 9.3%, Durack 9.9%, Burt 10.1%, Freo 10.4%, Brand 10.5%, Forrest 10.8%, Moore 11.3%, Hasluck 11.8%, Perth 12.7%, Tangney 13.3%, Swan 13.6%, Pearce 15%

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Shane Wright

@swrighteconomy

2 years

Whoops - inflation hits 5.1% annual after a 2.1% in the March quarter. Worst result since 2001...

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Shane Wright

@swrighteconomy

2 years

Just a reminder - NZ's minimum wage increased 6% on April 1 (to $NZ21.20). Jobless rate there now 3.2% and inflation at 6.9%

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Shane Wright

@swrighteconomy

3 years

If the NSW Premier is not holding a daily press conference, then surely there's no reason Parliament can't resume

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Shane Wright

@swrighteconomy

2 years

ABS reports the average mortgage nationally hit a fresh all-time high in March at $600,000. When the Coalition came to office, it was about $354,000.

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Shane Wright

@swrighteconomy

2 years

PM castigates for press pack for focusing on political fallout from a possible rate rise. Two minutes earlier, he told the same pack "how we manage the economy, how we manage the government's finances will impact, potentially, what happens to rates".

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Shane Wright

@swrighteconomy

2 years

Govt new talking point - a person earning $90k now is $50 a week better off than when Coalition came to office. Time to unpick this - assumes a person's wage hasn't grown since 2013, which means in real terms they've gone backwards 16.6% ... (a thread)

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Shane Wright

@swrighteconomy

2 years

At 5.1% CPI, and wages growth at 2.3%, the gap is now 2.8%.

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Shane Wright

@swrighteconomy

2 years

Barnaby Joyce now shouting at Tanya Plibersek on Channel 7 ...

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Shane Wright

@swrighteconomy

3 years

Treasury sec Kennedy says the dept hasn't done modelling about climate change impact for "a number of years"...

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Shane Wright

@swrighteconomy

2 years

Remember David Murray's inquiry into the financial services system .. the one that recommended super's objective - to be for one's retirement?

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Shane Wright

@swrighteconomy

2 years

Meat and seafood prices up 6.2% over past year. Bread up 3%, dairy up 4.1%, fruit and veg 6.8%

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Shane Wright

@swrighteconomy

5 years

For those without a memory ... Rudd's first stimulus package rolled out Dec 8-19 2008. Dec retail jumped 4.1% in the month... Tax cuts/interest cuts in June-July 2019 give us -0.1% in July this year...

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Shane Wright

@swrighteconomy

2 years

Morrison sworn in as a co-treasurer on May 6, 2021. The 2021-22 budget was delivered to the House by Josh Frydenberg just a week later on May 11.

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Shane Wright

@swrighteconomy

2 years

Barnaby Joyce on 7 says govt's super/housing policy won't push up prices because this is only aimed at first homes. The ave first home mortgage has increased almost $100k in Syd/Melb over the past three years - because prices have gone up...

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Shane Wright

@swrighteconomy

2 years

Seven weeks after releasing a budget, with cumulative deficits of $225b, Coalition announcing its election campaign costings with a net improvement of $1b over four years...

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Shane Wright

@swrighteconomy

3 years

PM Morrison says "Australians are the winners" with a $660m car park fund that's delivered just 2 projects since 2019, went 77% to Coalition seats and almost all to Melbourne...

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Shane Wright

@swrighteconomy

2 years

At quarter-by-quarter level, inflation has out-paced wage growth for six consecutive quarters. That's a sad record...

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Shane Wright

@swrighteconomy

2 years

ANZ also goes the full 25 basis points on mortgages - and nothing for those with savings.

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Shane Wright

@swrighteconomy

3 years

Yesterday, the ADF gave press 2 hours with Brereton report and then had the CDF face informed questions. Today, Treasurer has a press conference on retirement incomes without anyone seeing a 600 page report...

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Shane Wright

@swrighteconomy

2 years

He also noted @JEChalmers is a "shadow Treasurer has also never delivered a budget". Others on that list (who became treasurer): Hockey, Swan, Costello, Keating, Lynch, Crean, Chifley, Fadden....

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Shane Wright

@swrighteconomy

2 years

Unemployment at 3.9% accompanied by a fall in the participation rate. Just 4000 jobs created last month.

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Shane Wright

@swrighteconomy

3 years

Compare the pair - Since Feb last year, Vic total employment up 18.5k. NSW down 34.2k. Full-time jobs up 18.3k in Vic. Down 54.9k in NSW. Full time male jobs down 7.1k in Vic. Down 51.1k in NSW. Female full time jobs up 25.3k in Vic. Down 3.8k in NSW.

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Shane Wright

@swrighteconomy

3 years

Irish Times doesn't miss ...

Australia makes world-class mess of its vaccine rollout

Sydney Letter: Poor planning, shortages and ‘common sense’ plunge cities into lockdown

www.irishtimes.com

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Shane Wright

@swrighteconomy

2 years

The AOFM has confirmed that fed govt gross debt now at $863 billion, up $4b over the past week.

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Shane Wright

@swrighteconomy

3 years

Joyce pay goes from $211,500 to $433,575 per annum. Not sure this was the type of "public sector wage increase" the Reserve Bank has been advocating of late.

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Shane Wright

@swrighteconomy

3 years

The mean price of a residential dwelling in Oz is now $835,700, says ABS. A year ago it was $678,500

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Shane Wright

@swrighteconomy

4 years

We get the minutes of the RBA every month ... but not the health discussions around COVID?

Health department refuses to release minutes of key COVID-19 meetings

Katy Gallagher, chair of the Senate's COVID-19 inquiry, says there must be greater transparency about the health advice given to national cabinet.

www.smh.com.au

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Shane Wright

@swrighteconomy

4 years

“If only the Treasurer had coughed up some detail and a plan” says Chalmers in response to Frydenberg speech and coughing fit

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Shane Wright

@swrighteconomy

3 years

@CUhlmann Who knew?

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Shane Wright

@swrighteconomy

4 years

Treasurer tells #insiders that govt will grow the economy to pay down debt. Economy has been growing since GFC but debt has also grown

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Shane Wright

@swrighteconomy

2 years

Govt just sold $300m in debt to be repaid in June 2051 at an interest rate of 3.2119%. Four weeks ago, $300m was sold on the same line - at 2.6294%. That's a 22% lift in cost in a month...

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Shane Wright

@swrighteconomy

2 years

Two months in front of the spreadsheet from hell ... with the brilliant @katinacurtis ... how a creek or a road and a marginal seat dictates billions of dollars worth of grants ...

How $2.8 billion of your money is spent — it grossly favours Coalition seats

Liberal electorates received three times more taxpayer money than Labor-held seats, as a detailed analysis of more than 19,000 grants reveals a highly politicised system rife with uneven spending....

www.theage.com.au

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Shane Wright

@swrighteconomy

2 years

Gross federal govt debt has set a new record $861.5 billion

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Shane Wright

@swrighteconomy

2 years

Federal government gross debt has rolled over a new record today - $866.9 billion.

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Shane Wright

@swrighteconomy

4 years

Just a reminder of Josh Frydenberg's last budget speech (delivered April 2 last year) .. "Tonight I announce that the budget is back in the black and Australia is back on track."

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Shane Wright

@swrighteconomy

4 years

Treasurer @JoshFrydenberg says will be also inspired by Reagan and supply economics. Reagan ran budget deficits thru his two terms

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Shane Wright

@swrighteconomy

5 years

"We've had three good" PMs, says Morrison. Which begs the obvious question - why get rid of two of them?

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Shane Wright

@swrighteconomy

2 years

The debt just keep's getting dearer. Govt sold $1b in debt today, to be repaid May 2032. Interest rate was 2.49%. Three weeks ago, the rate on that debt was 2.29% - an 8.7% increase

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Shane Wright

@swrighteconomy

2 years

The tax cut is worth 12.3%. But inflation since 13-14 has run at 16.6%. So, under this eg, not only has the person not had a pay rise in almost 9 years, inflation has pushed up prices on everything. Syd house price up 74%/Melb up 43% over this period.

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Shane Wright

@swrighteconomy

2 years

The fed govt sold another $1b in debt today at ave interest rate of 1.9536% - to be repaid May 2032. In June the govt sold $1b to be repaid May 2032 at 1.612%. And in Nov 2020 they sold $2b to be repaid May 2032 at 1.0446%. The trend is only one direction...

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Shane Wright

@swrighteconomy

3 years

If it walks like a duck and quacks like one ... former Supreme Court justice says car park fund meets definition of corruption. From the pen of @CroweDM ..

Former judge labels $660 million car park fund ‘corruption’

A leading former Victorian Supreme Court judge says the Commuter Car Park fund meets “any appropriate definition of corruption”.

www.smh.com.au

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Shane Wright

@swrighteconomy

5 years

If it was communism to subsidise childcare worker wages, what is it for the Fed Govt to take an equity position in a private house? #ausvotes2019

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Shane Wright

@swrighteconomy

2 years

Another housing policy that will only push up prices and make them less affordable. With special Towering Inferno mention for Steve McQueen fans ...

The superannuation housing ‘solution’ will drive up prices

Coming to a Saturday auction near you - first time buyers with an extra $50,000 in their pockets that will push up prices and make housing more unaffordable.

www.theage.com.au

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Shane Wright

@swrighteconomy

2 years

So we go to the election with the federal govt owing $872.4 billion (per update from the AOFM today). Ahead of 2019, was a shade under $560 billion.

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Shane Wright

@swrighteconomy

3 months

Fun income tax fact (they exist). If Labor's rejigged stage 3 goes through, it means the nation's 227 federal MPs will get a $4529 tax cut - half what they would have got under the original stage 3. That's a saving of $1 million a year...

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Shane Wright

@swrighteconomy

3 years

An indictment against the PMO Dept ... knocks back an FOI from Jono Kersley about carparks on grounds it would "take up too much time". Only talking about a couple of spreadsheets... Actually stopping proper scrutiny of government ..

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Shane Wright

@swrighteconomy

6 years

Science leaves Cabinet ... and is replaced by Sport. That's innovative...

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Shane Wright

@swrighteconomy

3 years

Barnaby gets a pay rise of a little over $200k by becoming deputy PM.

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Shane Wright

@swrighteconomy

2 years

For #insiders ... This was the Coalition's own budget forecast in its March budget ... no surplus for at least a decade

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Shane Wright

@swrighteconomy

2 years

Here is the gap between wages and inflation, in graphic form...

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Shane Wright

@swrighteconomy

1 year

What could go wrong? IMF finds Australia's house prices and rents are among the most "misaligned" with reality in the developed world ...

Australia’s ‘misaligned’ housing market at risk of major crash as rates rise: IMF

The International Monetary Fund says property prices in Australia may be as much as 50 per cent above what an average household can afford as interest rates rise.

www.theage.com.au

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Shane Wright

@swrighteconomy

6 years

Brave call by MTurnbull to attack ABC over its knowledge of business. He's the head of a "company" that will lose $23b this year and hasn't turned a profit in a decade... #auspol

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Shane Wright

@swrighteconomy

3 years

Debt update: Federal government debt up to $821.6 billion

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Shane Wright

@swrighteconomy

3 years

Ongoing press conference on the 600-page retirement income review ... which is still to be made public. No one can ask a proper question until it's released...

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Shane Wright

@swrighteconomy

4 years

And the international student disaster continues. Just 50 came to Aust in August. Last year, 54,960 came back to Oz in August.

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Shane Wright

@swrighteconomy

4 years

ICYMI - The OECD published its environmental indicators at a glance report last week. And here's Oz contribution in terms of greenhouse gas emissions per capita...

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Shane Wright

@swrighteconomy

2 years

CBA lifts borrowing rates by 0.25% across the board. But no increase in rates on savings...

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Shane Wright

@swrighteconomy

2 years

There, it happened .. RBA lifts by half a percentage point to 0.85%. Biggest one-month increase since February 2000.

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Shane Wright

@swrighteconomy

3 years

And the tax debate continues ... research into high end tax cuts not so good on equality or boosting the economy ..

Top end tax cuts fail economy and boost inequality: studies

New overseas research suggests planned tax cuts may boost inequality and fail to lift productivity.

www.smh.com.au

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Shane Wright

@swrighteconomy

3 years

On Saturday, we ran a story showing huge public support for businesses to pay back JobKeeper ... this breaking now ..

Gerry Harvey mum on why he repaid JobKeeper as profits pile up

Harvey Norman founder Gerry Harvey will not reveal why his company chose to repay $6 million in JobKeeper subsidies but warns letting lockdowns drag on risks tipping the economy into a recession.

www.smh.com.au

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Shane Wright

@swrighteconomy

1 year

A deep dive by the brilliant @CroweDM into the GG, the wannabe charity and the previous govt's attitude towards grants ...

Inside the G-G’s charity drive for a networker in need

It was bad judgment, yet the Morrison government was right behind it.

www.theage.com.au

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Shane Wright

@swrighteconomy

2 years

PM to business leaders in St Mary's today says the govt's plan "increasingly, as you probably all know, keeping downward pressure on the interest rates". The cash rate is 0.1%...

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Shane Wright

@swrighteconomy

2 years

Labor has won 50% of the primary in two seats in WA - Brand and Burt. First time they've govt over 50% in two seats in the west since 1998.

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Shane Wright

@swrighteconomy

2 years

The Liberal Senate primary is down 11.4%. Labor is up 6.5%. Legalise cannabis is at 0.27 quotas, ahead of One Nation at 0.245

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Shane Wright

@swrighteconomy

2 years

Interesting comment from @ScottMorrisonMP today, with markets pricing a rate rise: "You will see interest rates go up, more than they would need to" ... under Labor.

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Shane Wright

@swrighteconomy

4 years

The minus 0.7 in Dec and -0.3 in Jan is the worst Dec-Jan retail performance on record.

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Shane Wright

@swrighteconomy

3 years

As a former resident of Wagga, not sure Daryl Maguire's entirely accurate in his evidence to ICAC today - “Wagga is the centre of the universe, I’ve always said it.”

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Shane Wright

@swrighteconomy

3 years

Melb has lost 32203 residents from internal migration over past 12 months and 34,366 since pandemic started. Sydney has lost 31,646 over year and 39,733 from start of pandemic. Brisbane has gained 14,488 over the year and 16,322 since pandemic started.

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Shane Wright

@swrighteconomy

1 year

Lidia Thorpe says she is quitting the Greens. She headed the Vic Greens ticket at last year's election which gained 13.9% primary vote. Thorpe got 40.1k (or 1%) of primary vote herself. More than 5 years as an independent senator ahead...

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Shane Wright

@swrighteconomy

2 years

Permanent tax cuts have reduced tax on $90k by $1530 a year (or $29 a week). Low/middle income offset worth another $21 a week. That gets the $50 a week. But that offset is due to end (a reason govt is considering extending it in budget) ...

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Shane Wright

@swrighteconomy

2 years

And in the WA Senate - Libs down to just 2.07 quotas. ALP at 2.39. Greens at 1.1.

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Shane Wright

@swrighteconomy

2 years

Thar she blows - RBA goes up 0.25pp to 0.35%. First rate rise since Collingwood last won a premiership.

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Shane Wright

@swrighteconomy

6 years

PM says "nothing remarkable" about swing in Longman. If you count a 10% fall in your party's primary vote as "nothing remarkable" ...

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Shane Wright

@swrighteconomy

5 years

Just a little note ... for all the complaints about food price soaring on the back of carbon pricing, this is food inflation in Sydney since 2011. Pick when the carbon tax was in place...

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Shane Wright

@swrighteconomy

4 years

Ouch. ABS says there was a 43% fall in job vacancies in the May quarter. Largest on record.

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Shane Wright

@swrighteconomy

2 years

RBA gov Phil Lowe tells 7:30 he expects inflation to be 7 per cent by year’s end

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Shane Wright

@swrighteconomy

5 years

Any move on Michael McCormack would probably have to occur at the Nats partyroom which may actually fall on April 1. You can't make up this stuff.

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Shane Wright

@swrighteconomy

2 years

Up she goes - another 50 basis points from the RBA ... now at 1.85%. That's $770 in extra monthly repayments on an $800k mortgage since May...

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Shane Wright

@swrighteconomy

3 years

If you thought "learnings" was a terrible word, just found "dyssynergies" and my head/heart have broken.

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Shane Wright

@swrighteconomy

3 years

Since the March quarter, Victoria's total population has fallen by 30,700.

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Shane Wright

@swrighteconomy

3 years

Still unable to explain how Lindsay in western Syd got three car park projects, but none of the 28 other stations between it and Central station...

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Shane Wright

@swrighteconomy

4 years

The country has now lost 838,200 jobs since February. But official number of people unemployed has only lifted by 231.3k.

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Shane Wright

@swrighteconomy

2 years

Opposition talking point about Morrison's ministries that "people not interested/worried". Was the same argument used about pork-barrelling and integrity - and look how that turned out... #insiders ... (Here's a reminder - )

How $2.8 billion of your money is spent — it grossly favours Coalition seats

Liberal electorates received three times more taxpayer money than Labor-held seats, as a detailed analysis of more than 19,000 grants reveals a highly politicised system rife with uneven spending....

www.smh.com.au

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Shane Wright

@swrighteconomy

2 years

PM in Corangamite today ... as noted at the 2019 election, the most pork-barrelled seat in the country ..

Peak pork: The marginal seat where election promises add to $26,500 per voter

The porkometer is off the scales. In the seat of Corangamite, the coalition has made 41 separate commitments worth a combined $3b - or more than $26,000 for each registered voter in the Victorian...

www.smh.com.au

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Shane Wright

@swrighteconomy

4 years

The real human element to the corona recession ... 1.4 million people getting food aid ...

Record 1.4 million people relying on food charity as recession bites

A record number of Australians are relying on food banks to survive the coronavirus recession with fears it could worse by September.

www.smh.com.au

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Shane Wright

@swrighteconomy

2 years

Just when you thought they were so 2019 ... paying more for railway station car parks in 2022 that still haven't been delivered ..

Coalition earmarks more cash for commuter car parks in marginal seats

Train station car parks promised to key seats at the 2019 election are getting a fresh funding boost ahead of this year’s poll under an infrastructure package to be confirmed in Tuesday’s budget.

www.smh.com.au

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Shane Wright

@swrighteconomy

4 years

NZ not missing with its stimulus package - 4% of GDP. If Oz did that, you're talking $80b

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Shane Wright

@swrighteconomy

3 years

Vic's population fell by 16,000 in Sept quarter last year. Only second time its depopulated (figs back to 1981). Last time was June 1993 when it shed 499 people.

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Shane Wright

@swrighteconomy

4 years

WA Premier @MarkMcGowanMP says people in the east say the closed border should be brought down. "We're not listening to them," he notes.

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Shane Wright

@swrighteconomy

3 years

NSW lockdown hurting women, again. Since May, a 137,400 drop in number of NSW women in work (-6.9%). Men down 81,700 or 3.8%

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Shane Wright

@swrighteconomy

2 years

Breaking ... Frydenberg promised 4 car parks to Kooyong at the 2019 election. Today, he's ditching them all ... with the brilliant @katinacurtis ...

Josh Frydenberg abandons $65 million worth of commuter car parks in Kooyong

Treasurer Josh Frydenberg has dumped four promised commuter car parks in his electorate of Kooyong in the face of strong community opposition.

www.theage.com.au

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Shane Wright

@swrighteconomy

2 years

Chuffed to win Citi Journalism Award last night. Big thanks to @jameschessell , @srpeatling , @FletaTheTweeter , @JennieDuke and @_Tors for their work on the RBA series which started with this..

The central bank under fire: Has the RBA failed Australians?

The role and importance of the central bank is little understood, but a number of economists and experts are claiming it has failed the country.

www.theage.com.au

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Shane Wright

@swrighteconomy

4 years

ABS survey of households finds 18% of people with a job say they don't have enough sick leave to take a fortnight off. Another third said they don't have access to paid sick leave.

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Shane Wright

@swrighteconomy

4 years

Poor ABS - its wages figures show a surge in incomes through the past 6 months. Notes this is due to so many low paid jobs disappearing, hence pushing up the overall average.

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Shane Wright

@swrighteconomy

3 years

And it’s done - Strava says 52km with about 2500m of climb. Shattered, tired but happy. Pic at Jamison Creek... #auspolrunners

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Shane Wright

@swrighteconomy

11 months

A thread on the brilliant @andrewprobyn . A great newsbreaker who has twice won Press Gallery Journalist of the Year twice, was named West Australia's journalist of the year and multiple category award winner ...

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