August employment by the numbers: Hours worked fell for third consecutive month, first such run since 2009, as companies scale back production rather than slash jobs, waiting for a rebound. Participation rates are at 65 percent, a six-year low and one percent lower than last year. Jobless rate dropped slightly to 5.1 percent. Average monthly drop in jobs three months to August is just under 9000, compared to first five months of 2012 when an average 22,000 jobs per month were created. [CR: The worst-case prophet in me sees a gradual softening, employers hoping it will rebound, extending payrolls as far as they can, then everything snaps at once and numbers spike. Given that prophets who were wrong were stoned a few centuries ago, I might keep that to myself.]
Improved Asian literacy could bring from $150 billion in economic growth over ten years, per report by AsiaLink Taskforce for an Asia Capable Workforce. By 2020, Asia will have more middle-class consumers than the rest of the world, by 2030 the Asian economy will exceed the combined US and European economies. Growth is in non-resources exports, including services. Recommends working with education providers on internships and work experiences in Asian businesses. [CR: Not only for businesses, but your personal career. What are you doing to prepare your career and that of your staff for the inevitable?]
Costs of changing GST import tax for online systems: Cost to overhaul border processing systems estimated at $40 million, findings from the parcel processing task force. If all online purchases entering the country were subject to GST, it would cost another $450 million in collection costs by 2014. Imposing GST on imports over $500 instead of the existing $1000 tax-free threshold would cost about $11 million in handling costs. Australians spent about $11.7 billion on internet purchases, 25 percent more than a year ago. [CR: Disappointed the article only focused on the cost, without explicitly stating the potential revenue number and who that revenue would go to. What is the ROI?]
Around $28 million of race wear is sold to Victorian racegoers in the month before the Melbourne Cup. [CR: I wonder how much race wear is purchased online? I wonder how much greater the number would be if online imports had GST applied?]
Finance sector employment reductions: Bank of Queensland to boost employee efficiency by reducing staff by 50 to 100 (around 7 percent of its workforce), reported a loss of $91 milluion for six months to Febrary to cover bad debts of over $200 million. Australia experiencing the slowest level of annual housing credit growth since the levels started recording in 1977. Westpac "on the front foot" with staff reductions and ANZ also reduced staff counts in past 12 to 18 months. Bendigo and Adelaide Bank added almost 100 staff to a full-time staff count of 4189 year ending June, includes acquisition of Bank of Cyprus Australia. Bendigo operating expenses $752 million, compared to Bank of Queensland operating costs of $395 million. [CR: PR is involved in reductions in staff just as much as selling product. Westpac is seen as being on the front foot and responding to market pressures, but the same situation could be painted differently.]
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