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State of the NationAustralia
Spotlight on Australian Politics
29th April 2015
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Serious Economic Issues
State of the Nation 2015
Unemployment, Commodity prices, 2014 Federal Budget
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Three Intertwined Themes
State of the Nation 2015
Party Policies, Economic Pressures, International Context
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Political Context:
the Government in review
State of the Nation 2015
the Government in review at the half-way mark
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September 2013 Election Result
Base: Australian electors aged 18+
Source: Australian Electoral Commission, 7 September 2013
53.5% 46.5%vs.
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Australia’s House of Representatives (150 Seats)
Source: Australian Electoral Commission
90 (L-NP)
55 (ALP) 1 (GRN)
1 (KAP)
1 (PUP)
2 (IND)
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Key Commodities:
Iron Ore, Coal, Oil
State of the Nation 2015
End of the Commodities Boom tests the Abbott Government
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Australia’s Biggest Exports (Goods & Services) (2013-14)
Rank Product $AUD Billions1. Iron ore $74.7
2. Coal $40.0
3. Natural gas $16.3
4. Education $15.7
5. Tourism $13.9
6. Gold $13.3
7. Crude Oil $10.4
8. Beef $6.4
9. Wheat $6.1
10. Aluminium $6.1
Base: Goods and services exported during the 2013-2014 financial year.
Source: Department of Foreign Affairs and Trade
Discover your edgeSource: Index Mundi; Monthly data
Crude Oil Price (1985 – 2015)- $US per barrel
-$10
$10
$30
$50
$70
$90
$110
$130
$150
Cru
de O
il P
rice -
$U
SD
per
barr
el
1985-2002: Oil price averaged $20.90
July 2008: Oil price record high - $147.50
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-$10
$10
$30
$50
$70
$90
$110
$130
$150
Cru
de O
il P
rice -
$U
SD
per
barr
el
Source: Index Mundi; Monthly data
Crude Oil Price (2003 – 2015)- $US per barrel
Howard Government(1996-2007)
Rudd-Gillard-Rudd Government(2007-2013)
Abbott Government(2013-)
September 2013$106.31
November 2007$94.76
Oil Price Peak$147.50
Discover your edgeSource: Index Mundi; Monthly data
Thermal Coal Price (1985 – 2015)- $US per metric ton
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Th
erm
al C
oal
Pri
ce -
$U
SD
per
metr
ic t
on
July 2008: Thermal coal record high - $192.86
Current Price$65
1985-2002: Thermal coal averaged $33.33
Discover your edgeSource: Index Mundi; Monthly data
Thermal Coal Price (2003 – 2015)- $US per metric ton
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Iro
n O
re P
rice -
$U
SD
per
dry
metr
ic t
on
Howard Government(1996-2007)
Rudd-Gillard-Rudd Government(2007-2013)
Abbott Government(2013-)
Current Price$65
September 2013$83.16
November 2007$90.64
Thermal Coal Peak$192.86
Discover your edgeSource: Index Mundi; Monthly data
Iron Ore Price (1985 – 2015)- $US per dry metric ton
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Iro
n O
re P
rice -
$U
SD
per
dry
metr
ic t
on
1985-2002: Iron ore averaged $12.54
Feb. 2011: Iron ore record high - $191.70
Current Price$55
Discover your edgeSource: Index Mundi; Monthly data
Iron Ore Price (2003 – 2015)- $US per dry metric ton
Iron Ore PeakFebruary 2011 - $191.70
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Iro
n O
re P
rice -
$U
SD
per
dry
metr
ic t
on
Howard Government(1996-2007)
Rudd-Gillard-Rudd Government(2007-2013)
Abbott Government(2013-)
Current Price$55
September 2013$134.19
November 2007$36.63
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Collapse in the Iron Ore price leaves
huge revenue ‘hole’
- particularly in WA
State of the Nation 2015
End of the Commodities Boom tests the Abbott Government
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Senate
State of the Nation 2015
Dysfunctional Senate is a problem
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Australian Senate (76 Seats)
Source: Australian Electoral Commission
33 (L-NP)
25 (ALP) 10 (GRN)
1 (PUP)
1 (Xenophon)
1 (LDP)
1 (AMEP)
1 (Family First)
3 (IND)
8 (Other)
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States
State of the Nation 2015
It’s different State by State
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Coalition Seats by State
Source: Australian Electoral Commission
NSW30
QLD22
VIC16
WA12
SA6
TAS3
NT1
ACT0
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Politics in 2015
State of the Nation 2015
Leadership and Disunity
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L-NP
ALP
Greens
Palmer
Independents/
Others
Base: Australian electors aged 18+
Source: Roy Morgan Research Multi-Mode Morgan Poll, April 11/12 & 18/19, 2015
45.5%
38.5%
33.4%
38.0%
8.7%
12.0%
5.5%
1.0%
6.9%
10.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
September 2013
Election
April 2015
Voting Intention- Primary Vote
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Australians’ Voting Intention
Base: Australian electors aged 18+
Source: Roy Morgan Research Multi-Mode Survey, April 11/12 & 18/19, 2015
47% 53%
Government Confidence 88.5pts
vs.
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Voting Intention- Federal Two Party Preferred Vote
Base: Australian electors aged 18+
Source: Roy Morgan Research; weekly interviews
44.5%
55.5%
30%
35%
40%
45%
50%
55%
60%
65%
70%
L-NP ALPJulia Gillard elected after first
Hung Parliament since 1940.
ALP (50.1%); L-NP (49.9%)
Abbott-led L-NP wins Government
after 6 years in Opposition.
L-NP (53.5%); ALP (46.5%)
Howard re-elected for 4th term at 2004
Election. Latham's stumbles and
Tasmanian Timber Union support help
Howard to win.
L-NP (52.5%); ALP (47.5%)
Rudd-led ALP wins Government after 11 years in
Opposition.
ALP (52.7%); L-NP (47.3%).
Brendan Nelson is the new Oppn. Leader
Beazley replaces
Latham as
Oppn. Leader
George Bush re-
elected as US
President
AWB Iraqi
bribery scandal
"Oil for Food"
Malcolm Turnbull
replaces Nelson as
Oppn. Leader
Tony Abbott replaces
Turnbull as Oppn.
Leader
Global Financial
Crisis begins as
Lehman Brothers
bankrupts
Rudd
Government
stimulus
packages
Barack Obama
elected US
President
Oil @ $150 a
barrel
RBA raises interest rates
to 12 year high of 7.25%
Julia Gillard proposes
to introduce a price on
carbon by 2012
Kevin Rudd wins ALP
leadership ballot
57-45 over Julia Gillard
Support for L-NP
plummets after
Hockey delivers his
first Budget.
47.0%
53.0%
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Disunity is death
State of the Nation 2015
Leadership issues have plagued the L-NP
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Government Confidence
88.5
State of the Nation 2015
More believe country going in the wrong direction
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80
90
100
110
120
130
140
150
1602013 Federal Election results in a comprehensive victory for the Coalition led by Tony Abbott
Labor led by Kevin Rudd wins the 2007 Federal Election
Base: Australian electors aged 18+
Source: Roy Morgan Research; weekly interviews
2010 Federal Election results in a ‘Hung Parliament’. Gillard is returned with the backing of 3 Independents & 1 Green
152.5 – Oct 2009
April 201588.5
Government Confidence Rating over time
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Leadership –
a story of Disapproval
State of the Nation 2015
Australians report low approval of both leaders
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PM Tony Abbott v Bill Shorten
Base: Australian electors aged 18+
Source: Roy Morgan Research Telephone Survey, April 21-23, 2015.
Better PM:
44% Abbott, 39% Shorten
Job Performance
Abbott: 53% Disapprove, 37% ApproveShorten: 48% Disapprove, 34% Approve
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Preferred Liberal Party Leader
Base: Australian electors aged 18+
Source: Roy Morgan Research Telephone Survey, April 21-23, 2015.
All electors: Malcolm Turnbull (38%);
Julie Bishop (27%) and Tony Abbott (12%).
L-NP supporters: Malcolm Turnbull (30%); Tony
Abbott (25%); and Julie Bishop (25%).
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Preferred Liberal Leader – All electors
0
10
20
30
40
50
60
Malcolm Turnbull
Julie Bishop
PM Tony Abbott
38%
6%
7%
24%
12%
27%
30%
51%
Joe Hockey 5%
31%
13%
Base: Australian electors aged 18+
Source: Roy Morgan Research Telephone Surveys (February 2008 – April 2015)
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Preferred Liberal Leader – L-NP supporters
0
10
20
30
40
50
60
Malcolm Turnbull
Julie Bishop
PM Tony Abbott30%
8%
5%
24% 25%
25%
49%
13%
4%Joe Hockey
6%
12%
35%
Base: Australian electors aged 18+
Source: Roy Morgan Research Telephone Surveys (February 2008 – April 2015)
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Preferred ALP Leader – All electors
0
5
10
15
20
25
30
Jun-14 Oct-14 Jan-15 Apr-15
Tanya Plibersek
Anthony Albanese
Bill Shorten
23%22%
15%
16%21%
13%
Wayne Swan10%9%
Base: Australian electors aged 18+
Source: Roy Morgan Research Telephone Surveys June 2014 – April 2015.
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Preferred ALP Leader – ALP supporters
0
5
10
15
20
25
30
35
40
Jun-14 Oct-14 Jan-15 Apr-15
Tanya Plibersek
Anthony Albanese
Bill Shorten
30%32%
13%
16%
26%
11%
Wayne Swan
9%10%
Base: Australian electors aged 18+
Source: Roy Morgan Research Telephone Surveys June 2014 – April 2015.
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Politicians rate poorly for
honesty and ethics
State of the Nation 2015
Image of professions – shows politicians below most
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Image of Professions- Federal Politicians cf. Nurses, Doctors, Dentists, Engineers, Police and Judges
Base: Australians aged 14+
Source: Roy Morgan Research; Image of Professions Survey
Nurses
Doctors
EngineersDentistsState Supreme Court JudgesPolice
Federal Politicians
86%
92%
62%
84%
53%
74%
62%71%
52%
69%61% 69%
19%
13%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Discover your edge
Federal PoliticiansState MPs
Image of Professions- Federal Pollies cf. Pollsters, Journalists, State MPs & Union Leaders
Base: Australians aged 14+
Source: Roy Morgan Research; Image of Professions Survey
Union LeadersTV Reporters
Newspaper Journalists
Public Opinion Pollsters
Talk-Back Radio Announcers
34%
29%
12%
18%18%
16%16%
15%
21%
14%
9%
14%
19%
13%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
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Image of Professions- Federal Pollies cf. Stock Brokers, Real Estate Agents, Advertisers & Car Salesmen
Base: Australians aged 14+
Source: Roy Morgan Research; Image of Professions Survey
Business Executives
Car Salesmen
Stock Brokers
Real Estate Agents
Advertisers
Federal Politicians
22%
18%
19%
13%
19%
12%11%
9%9%
5%4%
4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
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Economic Issues continue to worry
Australians.
Issues
49% say economic issues are the most important issues facing Australia – Economy, economic problems, interest rates, unemployment, the Federal Budget, cost of living, etc.
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Most Important Issues Facing Australia
Base: Australian population aged 14+
Source: Roy Morgan Research; Nation-wide telephone poll, February 4-6, 2014 (n = 664)
0%
10%
20%
30%
40%
50%
60%
No
v05
Ap
r-0
6
May
-08
No
v-0
8
May
-09
No
v-0
9
Feb
-10
Jun
-10
Sep
-10
Dec
-10
Feb
-11
Mar
-11
Jun
-11
Jul-
11
Oct
-11
Jan
-12
May
-12
Jul-
12
No
v-1
2
Jan
-13
Ap
r-1
3
Jul-
13
Au
g-1
3
Oct
-13
Feb
-14
Jun
-14
Oct
-14
Jan
-15
Ap
r-1
5
Environmental Issues
Religion/ Immigration/
Human Rights
Politics & Leadership
Economic Issues
Social Issues
14%15%
9%4%4%
49%
6%
10%
9%
13%
3%War & Terrorism
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‘Bravery’ trumps ‘Popularity’
State of the Nation 2015
The lessons of history show the way….
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Political/Economic Pressures
State of the Nation 2015
Australian Financial Indicators: Aussie Dollar, Interest Rates, All Ordinaries
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Exchange Rates (1969 - 2015)- AUD cf. USD
Source: Reserve Bank of Australia
Parity
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
Commodities
Boom
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RBA Interest Rates- by Prime Minister’s first, 18th and last month in office
Source: Reserve Bank of Australia
Monthly figures for the first month as Prime Minister; the 18th month as Prime Minister; the last month as Prime Minister
2.75%
4.50%
6.75%7.50%
8.50%
16.73%
8.05%
4.45%
2.25%
4.25%3.00%
5.00%5.25%
11.07%
8.64%
18.80%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
TonyAbbott
JuliaGillard
KevinRudd
JohnHoward
PaulKeating
BobHawke
MalcolmFraser
GoughWhitlam
1st Month
18th Month
Last Month
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S&P/ASX 200
Source: Reserve Bank of Australia; value as at the last business day of each month
4,966
5,191
4,927
4,803
5,0525,135
5,219
5,425
5,320
5,352
5,190
5,405
5,395
5,489 5,493
5,396
5,633 5,626
5,293
5,527
5,313
5,411
5,588
5,929
5,892
3,500
4,000
4,500
5,000
5,500
6,000
6,500
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3.0%
4.0%3.9%
3.3%
2.4%2.1%
1.9%
3.0%
4.2%4.5%
5.0%
3.7%
2.5%
1.5%1.3%
2.1%
2.9%3.1%
2.8%2.7%
3.3%3.6%
3.5%3.1%
1.6%1.2%
1.4%
2.2%2.5%
2.4%2.2%
2.7%2.9%
3.0%
2.2%
1.6%1.3%
0%
2%
4%
6%
8%
10%
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
Annual Inflation Rate- Percentage change from previous year*
*The figures provided represent the difference between the current quarterly inflation rate figure and the same quarter 12 months ago.
Source: Australian Bureau of Statistics
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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Consumer Confidence
111.8
State of the Nation 2015
ANZ-Roy Morgan Consumer Confidence
Base: Australian population aged 14+
Source: Roy Morgan Research; April 2015
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Australia is nowhere near as
confident as Asian neighbours
Australasian Consumer Confidence
ANZ Roy Morgan Consumer Confidence shows Australia behind Indonesia 154.1,China 144.5 and even our neighbours in New Zealand 124.6
Source: Roy Morgan Research; March 2015
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ANZ-Roy Morgan Consumer Confidence- Monthly Asia-Pacific Consumer Confidence
Base: Asia-Pacific countries; March 2015
Base: Australians aged 14+ ; April 2015
Source: Roy Morgan Research
154.1
144.5
124.6
108.8
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
Indonesia China New Zealand Australia
Discover your edgeBase: Australian population aged 14+
Source: Roy Morgan Research;
Monthly figures for the first month as Prime Minister; the 18th month as Prime Minister; the last month as Prime Minister
124.1 123.6126.8
123.7
83.0
97.4
103.0
119.2
111.8
111.0113.5 112.4
96.2
118.2
103.8
95.6
80
90
100
110
120
130
140
TonyAbbott
JuliaGillard
KevinRudd
JohnHoward
PaulKeating
BobHawke
MalcolmFraser
GoughWhitlam
1st Month
18th Month
Last Month
ANZ-Roy Morgan Consumer Confidence- by Prime Minister’s first, 18th and last month in office
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ANZ-Roy Morgan Consumer Confidence (Monthly)- by State
Base: Australians aged 14+
Source: Roy Morgan Research; March 2015
113.0 112.7112.1
111.4
108.8
105.5
March 2015 Australia
111.3
100
102
104
106
108
110
112
114
SouthAustralia
Victoria WesternAustralia
NewSouthWales
Queensland Tasmania
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ANZ-Roy Morgan Consumer Confidence vs All Ords1986 - 2015
Source: Reserve Bank of Australia; value as at the last business day of each month
Base: Australian population aged 14+
Source: Roy Morgan Research; Monthly data
0
20
40
60
80
100
120
140
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
All Ordinaries Share Index (LHS)
ANZ-Roy Morgan Consumer Confidence (RHS)
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ANZ-Roy Morgan Consumer Confidence vs All Ords2007 - 2015
Source: Reserve Bank of Australia; value as at the last business day of each month
Base: Australian population aged 14+
Source: Roy Morgan Research; Monthly data
80
90
100
110
120
130
140
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
All Ordinaries Share Index (LHS)
ANZ-Roy Morgan Consumer Confidence (RHS)
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ANZ-Roy Morgan Consumer Confidence vs All Ords2013 - 2015
Source: Reserve Bank of Australia; value as at the last business day of each month
Base: Australian population aged 14+
Source: Roy Morgan Research; Monthly data
100
105
110
115
120
125
5,000.0
5,100.0
5,200.0
5,300.0
5,400.0
5,500.0
5,600.0
5,700.0
5,800.0
5,900.0
6,000.0
ANZ-Roy Morgan Consumer Confidence (RHS)
All Ordinaries Share Index (LHS)
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Business Confidence
112.4
State of the Nation 2015
Roy Morgan Business Confidence
Base: Australian Businesses
Source: Roy Morgan Research; March 2015
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Business Confidence
Base: Australian Businesses
Source: Roy Morgan Research; Monthly data
131.5
99.8
118.7
105.4
123.8
136.3
80
90
100
110
120
130
140
112.4
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Roy Morgan Business Confidence (March quarter)- by State
Note: ACT and NT have been excluded from chart due to low sample size.
Base: Australian Businesses
Source: Roy Morgan Research; January 2015 to March 2015
117.9
115.5
112.4
108.4107.4
106.0
100
105
110
115
120
Tasmania Victoria New South Wales Queensland South Australia Western Australia
AustralianBusiness Confidence
111.0
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Roy Morgan Business Confidence- by Business Size
Base: Australian Businesses
Source: Roy Morgan Research; 6 month moving averages
112.7111.3
124.6
120.5
80
90
100
110
120
130
140
150
160
Micro
Medium/Large
All Businesses
Small
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Unemployment at 10.8% is
far too high
State of the Nation 2015
2.3 million Australians unemployed or under-employed. Young people hit the hardest.
Source: Roy Morgan Research; March 2015
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Level of Workforce Unemployment
Source: Roy Morgan Research; Monthly data
Source: Australian Bureau of Statistics; Monthly data
9.4%
6.9%
7.3%
0%
2%
4%
6%
8%
10%
12%
14%
% o
f w
ork
forc
e
ABS Seasonally Adjusted 6.1%ABS Original (Trend) 6.2%
Roy Morgan Research
10.8%
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Roy Morgan
Research
Australian
Bureau of
Statistics
Base: Australians aged 14+
Source: Roy Morgan Research; Telephone Polls – June 2013, June 2014 & April 2015.
58%55%
60%
21%
33%
29%
0%
10%
20%
30%
40%
50%
60%
70%
June 2013 June 2014 April 2015
Unemployment – 60% of Australians now believe Roy
Morgan 10.8% is closer to reality
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Unemployment by Age
Base: Australians in the workforce aged 14+
Source: Roy Morgan Research; 6 month moving average
7.9%
14.5%
5.7%
4.9%3.3%
0%
5%
10%
15%
20%
% w
ork
fo
rce u
nem
plo
ye
d
in e
ach
ag
e g
rou
p 14-29 16.4%
45-59 7.2%60 and over 7.6%
Australians 14+
30-44 10.3%8.6%
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Unemployment & Under-EmploymentAustralia vs. the United States of America
Source: Roy Morgan Research; Monthly data
Source: Australian Bureau of Statistics; Monthly data
Source: Bureau of Labor Statistics; Monthly data
15.9%
18.5%
5.0%
5.5%
8.4%11.0%
5.1% 6.1%
0%
5%
10%
15%
20%
25%Australia:
Roy Morgan Unemployment & Under-employment
USA: U6 Unemployment
USA: U3 Unemployment
Australia:
ABS Unemployment
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US Unemployment – Policy Makers Aware
Source: The Wall Street Journal
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Roy Morgan Unemployment & Under-Employment- by Prime Minister’s first, 18th and last month in office
*Total Australian Unemployment & Under-employment rose above 2 million Australians in December 2011 – it has stayed above 2 million ever since
– 40 straight months.
Base: Australians in the workforce aged 14+
Source: Roy Morgan Research; Monthly figures for the first month; the 18th month; the last month as Prime Minister
1st
Month
18th
Month Change
Last
Month
PM Tony Abbott 18.3% 18.5% +0.2 pts (incumbent)
PM Julia Gillard 12.4% 16.8% +4.4 pts 18.9%
PM Kevin Rudd 11.8% 16.6% +4.8 pts 12.4%
1st
Month
18th
Month Change
Last
Month
PM Tony Abbott 2.286 million 2.344 million +58,000 (incumbent)
PM Julia Gillard 1.435 million 2.012 million* +577,000 2.346 million
PM Kevin Rudd 1.263 million 1.829 million +566,000 1.435 million
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Unemployment’s economic
consequences
State of the Nation 2015
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International Context
State of the Nation 2015
Global unrest; Asian engagement; trade deals
Discover your edgeBase: Goods and services exported during the 2013-2014 financial year.
Source: Department of Foreign Affairs and Trade
Rank Country $AUD Billions % Share of Total
1. China $159.6 23.9%
2. Japan $72.2 10.8%
3. United States $58.2 8.7%
4. South Korea $34.6 5.2%
5. Singapore $29.5 4.4%
6. New Zealand $22.7 3.4%
7. United Kingdom $20.3 3.0%
8. Malaysia $19.9 3.0%
9. Thailand $18.8 2.8%
10. Germany $16.8 2.5%
Australia’s Biggest Trading Partners (2013-14)
Discover your edgeSource: Australian Bureau of Statistics
-5%
0%
5%
10%
15%
20%
China GDP growth
Australian GDP growth
Australian average GDP growth
(1980-2014) - 3.2%
China average GDP growth
(1980-2014) - 9.7%
China vs. Australia - GDP Growth1980 - 2015
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Unemployment and Trade =
tension
State of the Nation 2015
Winners and Losers
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Terrorism and War
State of the Nation 2015
Increased concern means terrorism and war is as big a concern globally as the economy
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Indonesian – Australian
relations
State of the Nation 2015
The biggest sleeper of all
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Asylum Seekers – a sleeper
State of the Nation 2015
The complex set of issues surrounding asylum seeker has not been resolved
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In Summary
State of the Nation 2015
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Both Consumer Confidence & Business
Confidence are down from the 2013 Federal
Election.
In Summary:
State of the Nation 2015
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Economic Issues still dominate for
Australians.
In Summary:
State of the Nation 2015
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The end of the ‘Commodities Boom’ is an
economic ‘shock’ but provides opportunities.
In Summary:
State of the Nation 2015
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Despite falling behind, the Abbott
Government has every chance to win the
next Election.
In Summary:
State of the Nation 2015
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Implementing necessary but unpopular
reforms can often be the best way to
regain support.
In Summary:
State of the Nation 2015
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Unemployment and Under-employment
remain a huge problem in Australia – now
well above USA.
In Summary:
Australia’s real level of unemployment (10.8% - 1.37 million) and under-employment (7.7% - 970,000) is far higher than the official ABS unemployment estimate (6.1% - 760,000). More than 2.34 million Australians are looking for work or looking
for more work. Youth unemployment is particularly bad (16.4%).
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A prediction for the next election:
In Summary:
State of the Nation 2015
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It’s going to be an interesting 18 months…
State of the Nation 2015
The Key Areas of Change
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Real Unemployment – too high
Interest Rates – too high
Iron Ore Prices – too low
The Chinese Economy – in decline!
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Day of reckoning: why our economy needs a recessionSTIRLING LARKIN, APRIL 25, 2015
Wrong, Federal Government needs to tackle the issues now:
• Increase workplace productivity – (Abbott should step down or break naive promise of no IR reform)
• Eliminate the cash economy• Tackle corruption at every level of the economy – corporate, unions & government. • Real competition in the private sector• Open Government tenders – too many ‘tenders’ now awarded to ‘mates’• Accurate Government data – increase government efficiency by tendering services.
eg. ABS surveys