Wednesday 14 December 2022

As a battle weary Australia is about to enter the fourth year of the global COVID-19 pandemic....

 

As an Australia - battered by increasing unnatural disasters and a pandemic which never ends -  comes to the final days of 2022, here is a brief summary of where the COVID-19 numbers now stand.


"Globally, as of 4:46pm CET, 9 December 2022, there have been 643,875,406 confirmed cases of COVID-19, including 6,630,082 deaths, reported to WHO...Including 756,013 confirmed cases in the last 24 hours." [WHO Coronavirus (COVID-19) Dashboard


As at 13 December 2022 there have been 13,592,315 new confirmed COVID-19 cases world-wide in the last 28 days and 41,383 COVID-19 deaths in the same period. [COVID-19 Dashboard, Center for Systems Science and Engineering (CSSE), Johns Hopkins University]


NOTE: By the time the Morrison Government had been removed from office there was no consistent method of COVID-19 data collection across all jurisdictions in Australia and publicly released information was frequently designed to minimise or hide what federal and/or state governments judged to be politically sensitive statistics. There was also significant under reporting of infection numbers inbuilt into data collection. That situation has not changed to date.


According to the Australian Government Dept. of Health and Aging, in the 7 days up to 6 December 2022 a total of 108,983 cases of COVID-19 were reported across Australia, an average of 15,569 cases per day.


In the 14 days up to 9 December 2022 there were 351 reported COVID-19 deaths bringing the cumulative total of deaths since the start of the pandemic to 16,441 men, women & children, according to COVID LIVE


In NSW in the 7 days up to 4pm 8 December 2022 there were 40,194 newly confirmed COVID-19 cases and 48 confirmed deaths reported to NSW Health. 


Of these 1,526 people were ill enough to require hospitalisation, with 40 in intensive care units. Weekly new admissions to NSW hospitals appear to be running in the vicinity of 1,049 people on the wards and 59 to intensive care units.


A total of 954 of the newly confirmed cases in the 7 days up to 8 December were in the Northern Rivers region. An est. 50.41% of these cases were in Tweed Shire, 25.27% in Ballina Shire and 18.65% in Lismore City - with the remaining 5.67% spread across the other four local government areas in the region.  


Compare these state and regional numbers with those of 1-11 December 2021 and it is shocking to see how the collapse of public health measures have affected the course of the pandemic in New South Wales and the Northern Rivers. The Northern Rivers in particular has gone from est. 3.85 daily COVID-19 cases in the 7 days up to 8 December 2021 to est. 136.28 daily COVID-19 cases in the 7 days up to 8 December 2022. 

 

ABS, Provisional Mortality Statistics Jan-Aug 2022, released 25 Nov 2022. Click on image to enlarge 


The Conversation, 12 December 2022:

Last month, the Australian Bureau of Statistics (ABS) released a report of mortality statistics. It showed that from January to July 2022, there were 17% more deaths (16,375) than the average expected for these months.

This historical average is based on an average of the deaths for 2017, 2018, 2019 and 2021. They did not include 2020 in the baseline for 2022 data because it included periods where numbers of deaths were significantly lower than expected. The difference between the expected number of deaths based on historical data, and the actual number, is called “excess deaths”.

However, as the ABS points out in its report, using previous years as the predictor for the expected number of deaths does not take into account changes in population age structure over time, or potential improvements in mortality rates.

As we will see, the excess deaths this year were likely lower than the ABS estimate – but still overwhelmingly related to COVID and its effects on health….

The Actuaries Institute report shows 13% excess mortality for the first eight months of 2022 (approximately 15,400 deaths), substantially lower than the ABS estimate for the first seven months…..

Read the full article here.

Tuesday 13 December 2022

An additional temporary energy rebate will be applied to low & middle income household power bills in 2023 & industry caps of wholesale price of electricity and gas put in place

 

A temporary, emergency price cap is also proposed to ensure industry remains viable, and to limit the impact of global energy pressures on households and businesses.

The government intends to introduce primary legislation this year to put in place a strong enforcement framework for the mandatory code and price cap.

Consultation on the draft Bill closes on 13 December 2022.

Consultation on the price cap will close on 15 December 2022, reflecting the urgent and temporary nature of this intervention. Subject to the outcomes of the consultation, it will be implemented promptly via regulation before the end of the year.”

Consultation on the mandatory code, including the reasonable pricing provision, will remain open until 7 February 2023, and it will be implemented via regulation in early 2023.

[Department of Climate Change, Energy, the Environment and Water, 09 December 2022 1:48pm]


The Guardian, 9 December 2022:


Canberra and the states have agreed to cap coal and gas prices, and provide additional rebates for Australians on low and middle incomes, as part of a $1.5bn intervention that will shave hundreds of dollars off power bills.


After a national cabinet meeting on Friday, governments have agreed to cap gas prices temporarily at $12 per gigajoule and cap coal prices at $125 per tonne. Parliament will be recalled next week to implement the change.


Officials said on Friday consumers would have been $230 worse off without the price caps.


The Albanese government has set aside $1.5bn to fund additional consumer rebates for people on federal government payments. Officials say the rebates, to be co-funded with state governments, will deliver power bill savings worth hundreds of dollars next year, although the benefits will vary from state to state.


The rebates will be applied directly to power bills, rather than cash handouts. People on income support, pensioners, holders of a seniors health card, recipients of the family tax benefit and small businesses will be eligible for the relief, with the states to match the commonwealth contribution dollar for dollar.


The new temporary price caps mean retail electricity prices will increase by an estimated 23% rather than a 36% rise anticipated in the absence of intervention. Gas prices will increase by 18% this year and 4% next year. The price caps are set to remain in place for 12 months.


In a press conference from his Sydney residence, Anthony Albanese said the package finalised by national cabinet was necessary given “extraordinary times”.


The extraordinary regulatory intervention was triggered by a new forecast in the October budget of a 56% increase in power prices by the end of 2023. About 20% of that predicted increase is already flowing through the system…..


Monday 12 December 2022

Are We Still Locking Children Up & Throwing Away The Key in NSW? The number of minors who had spent time in police custody by the end of first three calendar quarters of 2022.


 

The Youth Justice system in News South Wales is being described with some justification in the mainstream media as being in crisis. Citing an increase in bail refusals sometimes apparently without sufficient cause, instances of segregation, and serious abuse, systemic failures, institutional racism, and neglect in youth justice facilities.


In NSW, like Victoria & WA, children at 16 years of age can be incarcerated in adult prisons in certain circumstances.


There are six youth detention centres in NSW with one being the Acmena Youth Justice Centre at South Grafton, which accommodates boys and young men aged between 10 and 21 years of age who have been sentenced or remanded in custody. Young women and girls may be held at Acmena YJC for short periods and accommodated in the Admissions Centre. Acnena was last scheduled for official inspected in January 2022 by the NSW Inspector of Custodial Services and an unflattering but factual media report of the findings of a 2021 inspection can be found here. A previous official inspection which also contained disturbing observations arrears to have been conducted in July 2019 with a follow-up visit in May 2020. 


By 30 June 2021 there were only 375 permanently funded youth detention centre beds in New South Wales, at which time there was an official daily occupancy average of 151 persons and a nightly occupancy average of 201.2 persons.


To place young offenders in police custody in 2022 into perspective, it is noted that from 1 January to 30 September 2022 there were 37,140 adults who had also spent time in police custody.


Total Young Offenders in NSW Police Custody from 1 January to 30 September 2022 [NSW Bureau of Crime Statistics and Research]:


585 individuals between the ages of 10 to 17 years inclusive.

That number represents an increase of 10 young people 

compared to the same period in 2021.


Of these 585 young people only est. 185 had been charged with an identifiably violent crime.


A total of 153 young offenders were recorded as “Sentenced” and 432 were listed as “On Remand”.


A total of 36 of these young offenders in police custody were female which represents a decrease of 8 girls compared to the same period last year. Of these 36 young female offenders only 10 were recorded as “Sentenced” and 26 were listed as “On Remand”.


There were 299 young offenders in police custody who identified as Aboriginal. This number represents an increase of 71 young individuals compared with the same period last year. Of these 299 Aboriginal young offenders only 59 were recorded as “Sentenced” and 240 were listed as “On Remand”.


Sunday 11 December 2022

COVID-19 Pandemic State of Play 2022: New South Wales in early December

 


 

The graphic above illustrates what 'Living with COVID' 

Perrottet-style actually is, as at 4pm Thursday 8 December 2022.

That's an average infection growth factor of est. 1.02 - which is likely to indicate a 2% increase in daily case numbers. High levels of infection continuing according to NSW Health.

The number of healthcare workers infected with the SARS-CoV-2 virus and in isolation stood at 1,897 on 7 December.

By 8 December there was an average of 6 deaths a day - an average increase of 2 more deaths a day than in the previous 7-day period.

Because of the deliberate fragmentation of published COVID-19 data and the built-in time lag to its release, there is no demographic breakdown of deaths for the 7 days up to 8 December. However, it seems likely deaths were of a similar age distribution to the previous reporting period, with the majority of deaths occurring in those between 60 to 90+ years of age.

As of the week ending 8 December 2022 there were 195 newly confirmed cases of COVID-19 infection in the Northern Rivers region and a total of 1,171 new cases in preceding 4 weeks.

 

Given the NSW Northern Regional Council is in the pocket of the Perrottet Government and that state government has passed law which allows it to facilitate landgrabs by professional property speculators, this matter is not going to end well for the Lismore community


On 28 February 2022 life changed forever for the Lismore community as an extreme flood swept away much of what they loved about their lives in that corner of the NSW Northern Rivers region. 


That closet National Party acolyte, the Mayor of Lismore City Council, cemented that change by ceding residents and ratepayers' rights - to a hastily created Northern Rivers Reconstruction Corporation (NRRC).


The Perrottet Coalition Government then made sure that the control that was being handed over to land speculators, the construction industry and its lobbyists, could not be resisted. It did this by creating and passing into law on 28 November 2022 a piece of state legislation which allows the NSW Planning Minister to override all existing state planning laws & regulations, as well as all environmental and cultural protections currently afforded to land in this state.


Just eleven days later, it looks suspiciously like the first local landgrab will be by the Witten Property Group assisted by planning consultancy, Planners North, who are continuing to progress discredited subdivision plan/s in order to take advantage of the free pass Perrott has given to their ilk. 


A free pass on largescale land development  - which would otherwise have to make a detailed case to gain consent to clear fell forest cover, pollute land, damage waterways and eradicate wildlife possibly to the point of local extinction - with no other aim than to make as much money as possible.


Echo, 8 December 2022:


A view of the North Lismore Plateau. Photo Darren Coyne.



The development of 742 residential lots, two neighbourhood business lots (super lots), one residue lot (future residential) and 45 new roads on the North Lismore Plateau (NLP) has been recommended for refusal by the Lismore City Council (LCC) assessment. There is no affordable or social housing component within the development.


The decision on the development application (DA) will be made by the Northern Rivers Planning Panel (NRPP) on 15 December as the proposal has a capital investment value of more than $30 million.


‘The NLP development proposed by a coalition of land owners is the single biggest DA in Lismore since the subdivision of Goonellabah,’ said Al Oshlack who has been working with Bundjalung man Mickey Ryan on the impact of development on the NLP for over ten years.


The Council development assessment report highlights the failure of the developer to respond to a number of issues raised at the formal pre-lodgement meetings with Council on 11 December 2018 and 25 March 2021.


Formal minutes of the meeting were provided to the applicant that provided an outline of the technical reports required and matters to be addressed in any future development application to be lodged with Council. Many of the issues initially raised in the pre-lodgement meeting(s) remain outstanding,’ states the assessment.


The site for development sits in the drinking water catchment the Rous County Council (RCC) ‘recommended that the stormwater treatment regime be designed with consideration the development is located within a water supply catchment and that a neutral or beneficial effect on water quality test be applied to any proposed stormwater management approach’. However, the developers failed to provide the required information and ‘[T]his aspect of the application remains outstanding,’ stated the report.


North Lismore Plateau development.
Image development assessment report

Filling in a watercourse


The proposal to completely remove and fill and pipe a second-order watercourse was a key issue for the NSW Natural Resources Access Regulator (NRAR) NRAR. They stated that ‘[T]he removal of a 2nd order watercourse is not consistent with NRAR guidelines and is not supported by NRAR. NRAR has requested that the subdivision layout be amended so as to maintain this 2nd order watercourse and associated riparian zone in accordance with NRAR guidelines’.


While only a small area of the site is affected by the 1 per cent AEP flood event with a level of 12.9m AHD the report concludes that ‘additional commentary considering the February 2022 floods is still required to afford whether matters need to be redressed and or any significant variances arise out of reviewing the context of that flood to those previous.


Mr Oshlack told The Echo that ‘parts of the development on the Dunoon Road floodplain was inundated in the 2022 February/March floods’.


North Lismore Plateau development.
Image development assessment report
Aboriginal heritage


The impact on Aboriginal Cultural Heritage was a ‘significant shortfall with the application’. The independent review of documentation provided for the DA was done by Mr Neville Baker of Baker Archaeology who summarised that the ‘material fails to meet Council’s statutory requirements in fulfilling due diligence’. The DA also failed to address the impact on Aboriginal cultural heritage under the local environment plan (LEP) in relation to areas of ‘high ecological, scientific, cultural or aesthetic values’ and to ‘ to conserve archaeological sites.. [and] places of heritage significance’ among others.


Lack of service supply


For any new development, the supply of water and sewer facilities are essential. However, the site currently has no infrastructure for these in place. The report states that there ‘is insufficient information in regard to the provision of the supply of water and reticulated sewer for Council to be satisfied that the proposed development complies’.


A development application (DA) for ‘742 Residential Lots, 2 Neighbourhood Business Lots, 14 Public Reserves, and 1 Residual Residential Lot for future development has been proposed for the North Lismore Plateau.


Significant earthworks


To achieve the development significant earthworks are required and issues of the impact on neighbours, the local environment and water catchment were raised.


There is insufficient information provided to determine whether the application will not have a detrimental impact on environmental functions… It its current form, it is likely that the proposed development will have: a detrimental effect on, drainage patterns and soil stability in the locality of the development adverse impacts on waterways, Wilson River drinking water catchment and environmentally sensitive areas,’ it states.


An Engineering/Traffic/Stormwater Drainage review by council’s development engineer states that ‘given the significance of the outstanding engineering issues that remain to satisfy them, a substantial redesign of the development is required’.


Fire


The developer has sought to have the proposed perimeter for fire risk managed by ‘individual management of a perimeter fire access track’. However, ‘The NSW RFS was unable to support this notion stating that the individual management of a perimeter fire access tracks will not provide a consistent on-going management but rather an ad-hoc haphazard management regime that will render the perimeter fire trails in-accessible.’


Issues were also raised with the impact on increased traffic on Dunoon Road with council stating that they are ‘not satisfied that the safety, efficiency and ongoing operation of the classified road will not be adversely affected’.


The Biodiversity Conservation Act (BAM) 2016 requires a Biodiversity Development Assessment Report (BDAR) if a development is ‘likely to significantly affect threatened species’. They said that the BDAR was no longer available therefore ‘the BAM Credit calculations cannot be assessed’ and that ‘Issues pertaining to Part 7.8 of the BC Act remain outstanding.’


Council raised serious grounds which campaigners have been representing for years such as biodiversity, flooding and cultural heritage not to say the 10,000 plus car movements per day predicted for Dunoon Road,’ explained Mr Oshlack.


Mickey Ryan who steadfastly opposed over the last 10 years, Council’s support for the development, should be recognised for his courageous foresight to shoulder, not only protection of his Wiyabal cultural identity but relieving our community of a potential multi-million dollar blackhole debt.’


BACKGROUND


Land and Environment Court of NSW Judicial Newsletter: June 2020 Vol 12 Issue 2:

*my yellow highlighting throughout*

Ryan v Northern Regional Planning Panel [2020] NSWLEC 55 (Pain J) Facts: Mr Ryan (applicant), a Bundjalung elder living in North Lismore, commenced civil enforcement proceedings challenging the decision of the first respondent, the Northern Regional Planning Panel (Panel) to approve a subdivision on part of the North Lismore Plateau and a construction certificate (CC) issued by the Second respondent, Lismore City Council (council). All respondents other than the Third respondent, Winten (No 12) Pty Ltd (Winten) (the developer), filed submitting appearances. Issues: (1) Was a Species Impact Statement (SIS) required to be lodged before determination of the development application (DA) by the Panel under s 78A(8) of the Environmental Planning and Assessment Act 1979 (NSW) (EP&A Act); (2) Did a breach of the Heritage Act 1977 (NSW) (Heritage Act) occur when the potential for a relic existing, being an inferred gravesite, was dug up without an excavation permit; and (3) Was the CC for work on a road and earthworks invalid because no development consent for the work had been given. Held: Applicant successful on the SIS ground; declaration made that the development consent granted by the Panel was invalidly made, void and of no effect:

(1) At the time the DA was lodged, s 78A(8)(b) of the EP&A Act was in force which required that a SIS be prepared to accompany a DA if development was likely to significantly affect threatened species, populations or their habitats. The likelihood of significance was to be determined by reference to the seven-part test in s 5A(2) of the EP&A Act (s 5A(2)(a), (d) and (g) were identified by ecologists as relevant in this case): at [142]-[143]. Whether or not a SIS was required was a question of jurisdictional fact which the Court had to decide for itself on the evidence before it, per Timbarra Protection Coalition Inc v Ross Mining NL (1999) 46 NSWLR 55; [1999] NSWCA 8: at [144]. The consideration of relevant factors was not limited to those in s 5A(2), that list not being exhaustive per BT Goldsmith Planning Services Pty Limited v Blacktown City Council [2005] NSWLEC 210 (BT Goldsmith) at [12] and Friends of Tumblebee Inc v ATB Morton Pty Ltd (No 2) (2016) 215 LGERA 157; [2016] NSWLEC 16 at [82]: at [145]. The Threatened Species Assessment Guidelines (Guidelines) were a mandatory relevant consideration in the assessment of impact by virtue of s 5A(1)(b) and (3) of the EP&A Act: at [148]:

(a) Key threatening processes: Under s 5A(2)(g) of the EP&A Act and as identified in evidence by expert ecologists, nine key threatening processes (KTPs) in relation to the white-eared monarch and 11 KTPs in relation to the eastern long-eared bat were likely to be exacerbated by the development: at [149];

(b) Application of “study area”, “local population” and “locality”: In applying s 5A(2)(a) and (d) of the EP&A Act and the Guidelines, Winten’s argument that “study area” required additional areas to be considered because a local population of both species could exist beyond the developable footprint was circular in construction and application. The subject site was the location of the proposed development and “study area” meant the area likely to be affected by the proposal including the subject site and additional areas adversely affected directly or indirectly: at [156]. The applicant’s approach to “study area” was preferred which looked generally at the site of the development with consideration of the land immediately adjoining the site: at [160];

(c) Mobility of species: Further informing the application of s 5A(2)(a) and (d), the ecological evidence gave rise to the inference that the site of the development was the centre of habitat for a local population of the eastern long-eared bat which did not range widely from its roosting site when foraging: at [166]-[167]. A breeding pair of white-eared monarchs, a sedentary species, used the site of the development and the land immediately adjoining, ranging only 10 to 15 hectares: at [168]-[169];

(d) Removal, modification, fragmentation and isolation of habitat: The extent of habitat removal necessitated by the development was substantial: at [181]. Fragmentation of habitat was to occur given the large area of vegetation to be cleared by the development: at [183]. Proposed improvements to vegetation quality would take a substantial time to occur. Habitat to be cleared would have otherwise been permanently occupied and used at all stages of both species’ lifecycles: at [184];

(e) Adverse effect on lifecycle of viable population: On the evidence before the Court, the development and consequent loss of habitat was likely to have an adverse impact on the lifecycle of both species so as to place them at risk of extinction: at [192], [195];

(f) Cumulative impact: Cumulative loss of habitat of threatened species had to be considered in determining whether there was likely to be a significant impact on threatened species: at [197];

and

(g) Precautionary approach: A precautionary approach to consideration of whether a SIS was necessary was required per BT Goldsmith at [68]-[73] and the Guidelines: at [145], [198].

In conclusion, adverse impacts were likely to occur and be significant for both species. A SIS was required in order to comply with s 78A(8) of the EP&A Act: at [198]-[199];

(2) The applicant alleged that Winten had reasonable cause to suspect that it had discovered a relic within

the meaning of s 139 of the Heritage Act in the form of an inferred gravesite, meaning its actions in excavating the inferred gravesite were unlawful as an excavation permit was required: at [202]. The inferred gravesite was first detected in reports prepared as part of the development approval process:

at [239]. Winten engaged a different company to that which had originally detected the inferred gravesite to do the excavation work: at [241]:

(a) Role of police: The strong inference arose that but for the request of the Lismore police Winten would not have engaged a company at all to do the excavation work: at [244]. The statutory Scheme was unclear in that if Ch 5 of the Coroners Act 2009 (NSW) (Coroners Act) applied, the Heritage Act permit provisions were rendered inapplicable. The Coroners Act was not relied on.

Investigation of some sort may well be required to determine if the Coroners Act applies which work the Heritage Act regulates: at [245]. The role of the police in requesting that the work be done was irrelevant to whether s 139(1) of the Heritage Act was breached but was a clear exculpating circumstance for Winten: at [244], [249]; and

(b) Breach of Heritage Act: On the evidence, before the excavation work commenced Winten had reasonable cause to suspect a relic may have been present, and in engaging a company to do the excavation work acted in breach of s 139(1) of the Heritage Act. A request from the police alone to do excavation work did not overcome the requirement to obtain an excavation permit when there was reasonable cause to suspect the presence of a relic: at [247], [249].

In the exercise of discretion, the circumstances of the excavation suggested no declaration of breach ought to be made and the remedial relief sought by the applicant was unwarranted: at [249]; and

(3) The applicant alleged that no development consent or CC approval was granted for work on a “haul road” and that a “borrow pit” approved in the CC was not approved in the development consent, making the CC inconsistent with the development consent: at [301]:

(a) Road: References to a “haul road” in the CC were to “Road 1” plans approved with an earlier development consent granted in 2016 and amended and incorporated into the development consent issued in 2018 (2018 DC) by way of conditions of consent: at [304]. The CC was not inconsistent with the 2018 DC: at [305]; and

(b) Borrow pit: The CC permitted the construction of the borrow pit meaning there was no relevant inconsistency between the development consent plans and the CC. That the words “borrow pit” were not used in certain plans did not give rise to inconsistency as identified in Burwood Council v Ralan Burwood Pty Ltd (No 3) (2014) 206 LGERA 40; [2014] NSWCA 404 at [147]: at [307].

As there was no relevant inconsistency, whether the CC should be declared invalid did not arise: at [308].

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Friday 9 December 2022

NATIONAL ACCOUNTS DECEMBER 2022: with almost 9 years of the Abbott-Turnbull-Morrison Government mismanagement to reverse there is good news and not so news in the numbers

 

 Australian Bureau of Statistics, 12 things to know about the Australian economy right now, 7 December 2022:

Source





The Australian Economy - September quarter 2022


  1. Our economy grew 0.6 per cent during the September quarter 2022, and 5.9 per cent compared to last year. This was the fourth consecutive quarter of growth since the COVID-19 Delta variant lockdowns. Household consumption drove the increase, growing 1.1 per cent.
  2. We spent more and saved less. The household saving rate continued to fall reaching pre-pandemic levels. Households saved 6.9 per cent of their income during the quarter, compared to 6.8 per cent in the December quarter 2019.
  3. Consumer prices rose 1.8 per cent during the September quarter 2022 and 7.3 per cent compared to last year. This was the fastest annual increase since 1990. The major drivers of consumer price increases during the quarter were in housing, gas and furniture.
  4. Wage growth continued to trail inflation but showed signs of strengthening in response to tight labour market conditions. The unemployment rate for the month of September was 3.5 per cent. Compensation of employees rose 3.2 per cent, which was the highest quarterly rise since December quarter 2006. The private sector wage price index rose 1.2 per cent in the September quarter 2022, the highest rate of growth since September quarter 2010. Compared to a year ago, private sector wages rose 3.4 per cent, the highest annual rate of growth since December quarter 2012.
  5. We continued re-engaging with the world. In the first full quarter of relaxed international travel restrictions, spending on overseas trips grew 58 per cent. International travel reached 56 per cent of pre-pandemic levels as holidays returned to our lives.
  6. Airlines soared. With pent-up demand, activity in the air transport industry rose 25.2 per cent. The construction industry was strong on the back of major engineering and infrastructure projects, and rose 2.3 per cent. Coal mining activity has fallen for four quarters in a row.
  7. Domestic mobility increased. Household purchases of transport services rose 13.9 per cent, reaching 70 per cent of pre-pandemic levels. We purchased more cars as supply bottlenecks began to ease and imports rose. Catering and accommodation services also grew by a strong 5.5 per cent with increased tourism and mobility.
  8. Our exports rode on the sheep’s back. While wet weather hampered exports of coal, rural exports surged 9.8 per cent, led by wool and cotton. Imports of communications equipment rose 5.7 per cent as new mobile phone models became available.
  9. Exports were supercharged by lithium. Our lithium concentrates exports reached a value of $3.4 billion this quarter and was up six-fold through the year. Lithium has surged into Australia’s top 10 export commodities.
  10. Private business investment rose 2.5 per cent led by an increase in infrastructure building. Home-building activity rose 3.4 per cent following an uptick in building approvals, a moderation of labour and material shortages, and an improvement in weather conditions. Government construction fell as quarantine facilities in Queensland and Western Australia were completed.
  11. Profits of financial corporations rose 4.9 per cent during the quarter. Rises in the cash rate during the quarter saw lenders tending to pass on rate increases on loans more quickly than on deposits. This was the fastest growth in financial profits since September quarter 2008.
  12. The current account returned to deficit for the first time since March quarter 2019 as corporate profits went overseas. Mining profits fell 7.1 per cent during the quarter due to weaker commodity prices.

~~~~~~~~~~~~~~~~~~~~

It should be noted that since the aforementioned data was compiled the Reserve Bank of Australia has raised the cash target rate three times - to 2.60% in October, 2.85% in November and 3.10% in December 2022.  Resulting in the September wage price index rise for the private (1.2%) and public (0.6%) sectors falling further below cost of living increases which stood at a rise of 7.3% over the 12 months to September Quarter 2022.

According to the ABS, in 2022 annual CPI inflation reached its highest level in 20 years.

The Monthly Cost Price Index (CPI) for September showed that the most significant price rises were Housing (+10.3%), Food and non-alcoholic beverages (+9.6%) and Transport (+6.8%).

While the monthly CPI indicator rose 6.9% in the twelve months to October 2022, with the most significant price rises occurring in Housing (+10.5%), Food and non-alcoholic beverages (+8.9%) and Transport (+7.4%). New dwelling prices appear to be driving the increase in housing costs.

BACKGROUND

In Australia in April 2022 cash rate target/market interest rate was 0.1% - a percentage point it had been held at by the Reserve Bank since November 2020.

In May 2022 the rate rose to 0.35%; in June to 0.85%; in July to 1.35%, in August to 1.85%; in September to 2.35%; in October to 2.60%; in November to 2.85%; and finally, in December to 3.10%.

The headline inflation rate by October 2022 was est. 6.9%.

Sometime in January-March 2023 cash rate target/market interest rate is predicted to be at 3.60% & perhaps even 3.85% by May 2023.

In 2022 the Consumer Price Index (CPI) rose 2.1 per cent in the March 2022 quarter; rose 1.8 per cent in the June 2022 quarter and rose 1.8 per cent again in the September 2022 quarter.