Select Page
 

March 19 2021

 

1. Immigration is back… 

The monthly proxy for Australia’s net immigration has turned slightly positive in recent months! Interesting to see the split of migration by age groups. Detailed data shows that most of the net immigration to Australia in recent years was by 15-34-year-olds (aka international students and skilled migration). 

 

2. Jobs boom…

Australia‘s employment report came out much stronger than expected this week with the unemployment rate falling to 5.8% from the prior 6.4%. The market forecast was 6.3%. In February Australia generated 88,700 new jobs, all of which were full-time (the market was expecting around +30,000). Reports are suggesting this was the second highest month on record! Hours worked bounced back strongly from the unusual holiday-induced fall in January and would have been even stronger if not for the survey period capturing the snap lockdowns in Perth and Victoria. Australia is still a standout in the jobs recovery versus other developed economies.

3. Value versus growth update… 

After about a decade of growth stocks outperforming, the value style of investing is seemingly having its turn. More than $18 billion this year, already a quarterly record, has gone into about 80 different ETFs that focus on companies considered undervalued relative to their assets, like banks.