Australia Economic report to outline 'bad news' for economy

00:50  16 december  2019
00:50  16 december  2019 Source:   skynews.com.au

Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy

  Another 1,000 truck drivers lost their jobs in November, and it's a chilling sign for the economy The trucking industry has been in a recession in 2019. Small trucking companies and owner-operators (truck drivers who work for themselves) have been hit hardest.The job cuts come at a time when the trucking industry should be ramping up for the holiday season. Warehousing and storage, for example, added 8,000 jobs last month. And in November 2018, some 4,100 trucking jobs were added.

Mark Zandi of Moody's Economy .com outlines fallout from the jobs report . Jobs Report : More Bad News for Economy . Listen.

The economic problem – sometimes called the basic or central economic problem – asserts that an economy 's finite resources are insufficient to satisfy all human wants and needs.

Deloitte Access Economics Director Chris Richardson says Australia can expect “a chunk of bad news on the economy” when the Mid-Year Economic and Fiscal Outlook is handed down on Monday.

Mr Richardson told Sky News it was “unusual” the economy was weakening while the budget was "slowly strengthening".

Mr Richardson said economic growth was “weaker” than treasury expected back when the budget was delivered earlier this year.

“It is good news that Australia does have a healthier budget than most other rich nations, and if the world throws a recession our way, we are better positioned to jump and respond to that,” he said.

Sydney slowdown signals challenges ahead: economists .
Housing affordability and congestion still need to be tackled.Sydney’s economic growth rate fell to a five-year low of 2.6 per cent last financial year a report by SGS Economics and Planning revealed last week. That's well short of the 4 per cent growth registered in 2015-16 and 3.5 per cent in 2016-17.

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