![]() ![]() And, the supermarkets have gone all out creatively (well some.), featuring everything from cartoon carrots to a vaccinated Santa to an alien with vehicle trouble. This year, the likes of Tesco, Aldi, and Waitrose, and more are mixing things up, and the adverts range from the silly to the sentimental to help capture some festive magic in a post-lockdown world. But, let’s be honest, some are definitely better than others. Whether they include a solemn cartoon bear and a weepy Lily Allen soundtrack or doe-eyed children saying goodbye to imaginary friends, we eagerly await festive productions from the UK’s major supermarkets every year, in the hope to feel a semblance of the Christmas spirit (or at least feel hungry for Christmas dinner).Ĭhristmas 2021 has been no different and the festive adverts this year are back and cheerier than ever. Their analysis was published in mid-October.Ī couple of weeks later, the Reserve Bank published new quarterly forecasts that showed wage growth could hit 3 per cent by the end of 2023 - it would be the fastest rate of growth in Australian wages for a decade.Nothing says “Christmas is finally here!” quite like big-budget television adverts designed to leave you feeling teary-eyed, emotional, and in the mood to buy a whole bunch of stuff. "It means businesses will pass higher labour costs into output prices to preserve profit margins in an environment of strong demand, which we expect in 2022-2023." "This is predicated in part by our expectation that underlying labour productivity growth will remain slow," they said. ![]() They said the higher wage growth would push inflation higher, too. "We believe the dislocation between labour demand and supply - unwitnessed in recent history - will eventually translate into higher wage growth, probably from mid-2022 when the economy will be in full swing." Choose your country Afghanistan Åland Islands Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium. clearly dried up the supply of labour," they said. Votre navigateur ne prend pas en charge les vidéos HTML5. "The stoppage of new foreign arrivals since 2020. They said with fewer workers in the economy, and record-high job vacancies, wage pressures were more likely to build. They said Australia has historically relied on immigration for growth, but since the mid-2000s net overseas migration has picked up sharply.Īccording to Fitch's economists, it means Australia's economy will quickly run into capacity constraints in coming years. Last month economists from Fitch Ratings published a small paper explaining Australia's economic predicament, and the logic of their analysis was based on a similar "supply-side" outlook. When you look at the economy that way, it's called a "supply-side" view of the world. So, if productivity growth is low, and you can't lift participation much any more, you can still engineer growth by increasing the rate of growth of the population. Last week I explained how, according to one school of economic thought, Australia's long-run potential growth rate is determined by three factors, which are:Īccording to the theory, if you lift the trend rate of growth of any of those three factors you lift the potential growth rate of the economy itself. Their logic is broken down into smaller steps. ![]() ![]() Well, this is what their argument looks like when it's presented more formally. They want to quickly make up for the lost population growth we've experienced since closing our borders last year. They've suggested bringing 2 million migrants into Australia over the next five years. Last week I wrote about the reason why senior bureaucrats in New South Wales are pushing for a huge surge in immigration. ![]()
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