Monthly Archives: September 2021

Australian Politics 2021-09-30 12:31:00


Prohibition doesn't work for Aborigines either

Alcohol could be sold on Mornington Island again in a bid to reduce the deadly prevalence of home brew, following a long-running campaign by the local council.

The Courier-Mail can reveal the State Government is seriously considering the reintroduction, that would allow moderated sales from a tavern in the Gulf of Carpentaria community.

Environment Minister and ministerial champion for the island, Meaghan Scanlon, visited the remote Indigenous community this week following harrowing stories of overcrowding in homes, high unemployment and shocking health statistics in this newspaper in May.

Following intensive discussions with the Mornington Shire Council, and seeing first-hand the issues affecting the community, the State Government is also poised to commit to an audit of taxpayer-funded services to determine whether the millions of dollars being spent were achieving the desired outcomes.

The Courier-Mail accompanied Ms Scanlon on her first visit to the island.

Assistant Minister Lance McCallum, Queensland Health director-general John Wakefield and other government officials also visited this week, and heard Mayor Kyle Yanner make the heartbreaking admission that he was now “immune to death”.

He said 19 locals had died for various reasons last year.

“We grieve on a regular basis,” Cr Yanner told leaders while at the local cemetery where there are many graves for people under the age of 50. “I’m out of tears.” The Mayor, who lost three brothers in a year, said residents were drinking their lives away.

“Until we get this law scrapped, which is discriminatory of its own, we’re going nowhere,” he said.

By making it legal, only selling mid-strength alcohol and moderating the amount sold, the council believes less home brew would be consumed.

In a bid to kerb its prevalence, the local grocery store has restricted the sale of sugar – allowing only two packets per person, each day.

Councillor David Barnes said the “myth” of a dry community needed to be exposed and expunged. “Prohibition has become part of the problem,” he said. “It hasn’t led to a community that is healthier.”

Cr Barnes said while there were no AA meetings on the island, he hoped to be running some soon.

Ms Scanlon told The Courier-Mailwhile the alcohol ban, which was introduced about a decade ago, had good intentions, there were “clearly” some adverse side effects.

“It is complex though,” she said. “I don’t think it’s an easy fix and so we do need to consider it with everything in mind, but very clearly we’ve heard some very strong views … from the community around things needing to change.”


Coal prices are roaring back amid a global energy crunch

Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year even as the value of the nation’s biggest export, iron ore, appears to have peaked.

Markets for thermal coal, used for power generation, are booming around the world as a global recovery from the economic impacts of the COVID-19 pandemic drives up demand for energy. Metallurgical coal used in steel-making has also touched new highs as supply shortages combine with rebounding industrial activity.

Federal government trade data to be released on Thursday reveals an expected 10 per cent rise in resources and energy earnings to hit an all-time high of $349 billion in 2021-22, before falling back to $299 billion in 2022-23.

“The sector has gone from strength to strength and is performing better than it was pre-pandemic,” Federal Resources Minister Keith Pitt said.

Coal producers were hit hard in 2020 as the shock of the pandemic pummelled prices and a diplomatic feud led to China banning Australian coal shipments. The sector has also been under mounting pressure as global warming concerns cause investors to flee, while the United Nations, ahead of an upcoming climate summit in Glasgow, is calling on all countries to commit to phasing out thermal coal between 2030-40.

Although this year’s price rally signifies coal’s enduring near-term demand as an abundant source of energy, the federal Industry Department notes the commodity faces “significant competing forces”.

“Recent revenue surges are likely to run up against longer-term structural issues in the coal market,” it said. ”Investor and policy pressure has grown in recent years, and the global coal-fired power plant construction pipeline has contracted since 2015.”

Still, the share prices of ASX-listed coal miners have been rallying in the past month. Investment bank Morgan Stanley described Whitehaven Coal, whose value has jumped almost 50 per cent since August, as a “cash machine” amid expectations of higher coal prices lasting well into 2022.

Prices for the key steel-making ingredient iron ore, however, have been falling rapidly. China, by far the world’s biggest consumer of the commodity, has been seeking to cut steel mills’ output and tackle carbon emissions for the third straight month.

After hitting a record $US230 a tonne in May, iron ore has had its value slashed in half and is now trading below $US110 a tonne, hammering the share prices of the mining giants BHP, Rio Tinto and Fortescue.

UBS analyst Myles Allsop said Chinese steel production had weakened since July as Beijing put pressure on provinces to materially cut energy consumption and intensity to meet targeted emissions cuts of 3 per cent year-on-year. Problems plaguing top Chinese property developer Evergrande had also triggered a slowdown in construction reducing steel demand, he said.

Australia’s iron ore exports reached a record $153 billion in 2021 on the back of an aggressive infrastructure building blitz in China and weaker iron ore output from mines in Brazil, but is forecast to fall by as much as 35 per cent by 2022-23.


Rainbow Beach businesses weigh in on Fraser Island name change to K’gari

Reception to the State Government decision to call the Fraser Island world heritage area by its original Indigenous name K’gari continues to be overwhelmingly positive, though a longtime Rainbow Beach businessman said one key detail remained unclear: who will pay?

Retired businessman Tony Stewart questioned the need for the change, saying the question of who would pick up the bill remained unanswered. “What’s this going to cost to change all the signage and marketing?” Mr Stewart said.

The State Government announced on Sunday its commitment to renaming the world heritage area centred on Fraser Island, the waters around it and parts of the mainland coast.

The move was celebrated the same day at a ceremony on the island with Butchulla elders and representatives.

Mr Stewart questioned the move and what it would cost the State Government, which did not seem to have any money for major safety fixes to the main roads between Rainbow Beach and Gympie.

Over the past two decades this stretch has been deadlier than any other in the Gympie region except the Bruce Highway; from 2000-2018 Tin Can Bay Rd was the site of 14 deaths in 13 fatal crashes.

Mr Stewart has been campaigning for safety upgrades to the stretch. “(The state) hasn’t got money to fix our road,” Mr Stewart said.

The change was something he said he could not “see the point of”, and said it reminded him of efforts to change the name of a national park in Victoria before the turn of the century.

“I saw this when they renamed the Grampians,” Mr Stewart said. “It caused a big backlash down there.”

Wolf Rock Dive owner James Nelson said he understood why that would be a concern, but at the end of the day all marketing had to be replaced eventually.

“I’d wait until things looked a bit tired and swap (the names) out,” Mr Nelson said.

The name change had other benefits, too.

As a former United Kingdom resident Mr Nelson said that country was full of places named things like “Fraser”.

“There’s something quite cool about coming to another country and having an exotic local name,” he said.

Rainbow Beach Adventure Centre 4WD owner Wendy Shaw was “perfectly happy” with the change.

Ms Shaw, whose company hires out 4WDs for tourists to explore the Cooloola Coast and K’gari, said the renaming highlighted the island‘s native history. “It‘s just respectful to put the name back as it always should have been,” she said.

There was no fear of a potential drop in tourism either. “It‘s still going to have the Fraser Island name around,” she said.

Cooloola Coast businesswoman Ruth Modin has owned the Rainbow Beach Foodworks for decades and said the name change would not damage tourism in the region. “It will have no impact on tourism,” Mrs Modin said.

An online News Corp poll run at the time of the announcement revealed 70 per cent of those who voted disagreed with the name change.


Northern Territory buffalo is going to waste, but these feral beasts could be our new beef

Adrian Phillips jokes he's probably got buffalo blood running in his veins, such is his passion for the wild animals.

Watching the former chopper pilot, contract musterer and butcher patiently coax a mob of wild buffalo through a set of yards on a Top End property, it's clear he does have a kind of "buffalo whisperer" ability.

He's a straight-shooting, rugged cattleman born and raised in the Northern Territory, where he claims buffalo helped give him a leg up in life when he did not have two cents to rub together.

"It was the buffalo that made money, [it's] black gold in the Territory, hey," he said.

He now runs around 700 buffalo and 3,500 cattle on a property on the Mary River about 100 kilometres south-east of Darwin.

"I put the buffalo in paddocks on marginal country where cattle don't do well," he said.

His buffalo are mostly destined for live export, but he is eyeing off a new market — domestic high-end meat production using the Riverine breed.

"They are bred for dairy buffalo, but they yield exceptional-quality meat and really good. There's [a] massive demand for the meat from the restaurant trade. So I'd like to see that line of buffalo go paddock to plate," Mr Phillips said.

"I call it Top End wagyu. Look, it's good eating beef. They hold white fat and good white fat there."

Demand for Australian buffalo
With cattle prices currently sky high, exporters like Patrick Underwood from Australian Cattle Enterprises said he was also seeing demand for buffalo surge.

Countries such as Indonesia, Vietnam, Malaysia, Brunei and some smaller nations are all putting orders in for Australian buffalo.

"So, there's been a big disruption to that supply throughout that market. Also, Australian cattle are so expensive, they're very expensive, and the supply is short. So buffalo is seen as a genuine alternative," he said.

Mr Underwood said buffalo were fetching 10 per cent more than last year, when 10,000 head were exported through the Darwin Port, the highest numbers to date.

The industry is feeling optimistic but also anxious the opportunity does not get squandered.

Louise Bilato heads up the Northern Territory Buffalo Industry Association.

"There's been ups and downs in the industry. We really feel that this is a period of huge opportunity where the industry can have a whole series of disparate aspects come together," Ms Bilato said.

"Obviously, because of COVID, some of the suppliers internationally are no longer there and Indonesia particularly is very keen not just to have our live buffalo but also to get boxed buffalo meat."

A game-changer was the reopening of the Rum Jungle abattoir near Darwin in December 2019. It processed 7,000 buffalo this year.

The meatworks can take the animals that are rejected or unsuitable for live export.

"That is the one big thing that has changed that has now gone from 20 per cent or 30 per cent of the animals could be sold to right now, nearly 100 per cent could be sold," Mr Phillips said.

Shooting to waste

In a world where waste is increasingly a dirty word, there are also environmental aspects.

A renewed buffalo trade could help keep control of the animals on Indigenous lands where they can wreak havoc. In some areas, buffalo are culled rather than mustered and sold.

"So this shooting to waste is ridiculous. Yes, we need to manage numbers because it does create [an] environmental impact. And we see that but hey, let's get together and get contractors out there," said Mr Phillips.

Louise Bilato said they could take up to 30,000 animals each year and not make an impact on the 180,000 roaming in Arnhem Land.

She said there's also a need for more pastoralist or Indigenous landowners to "background" buffalo like Adrian Phillips is doing and retain young animals to be fattened during, and traded in, the wet season when contract mustering crews cannot get in.

Exporters say the consistency in supply would also help them sell the product.

"We'd like to see people spend money in infrastructure. And I think as an exporter, we should pay a premium for buffalo during the wet season to encourage that year-round aspect," Mr Underwood said.

Mr Phillips and his family are keen to see black gold reign once more.

"Make something really happen, you know, but if we want to keep going around in circles like we are, you're gonna kiss it all goodbye."


ATAR delay offers a silver lining for stressed Canberra year 12 students ahead of university

The release of the Australian Tertiary Admissions Rank (ATAR) has been delayed to January 20 after the NSW Higher School Certificate final exams were also postponed due to school closures.

The University of Canberra has one of the earliest semester start dates in the country on February 7.

The University Admissions Centre (UAC) announced the first ATAR entry round would happen on January 26 which leaves a very short time for prospective UC students to receive an offer, decide to accept it and if necessary relocate to Canberra in time for the first week of class.

Deputy vice-chancellor academic Professor Geoff Crisp said the university had decided to have three rounds of the school recommendation scheme, instead of only one round, as well as an additional round of early offers based on year 11 results on January 13.

No matter what entry method they use, students will have guaranteed accommodation on campus if they're coming from interstate.

"It's a difficult time for everyone at the moment with the COVID lockdown, but of course, [there's] this additional stress of wondering whether you'll get into the course you want. We just want to make sure that we put their minds at ease as much as we can," Professor Crisp said.

At the Australian National University, classes start later on February 21 but the university has been working closely with UAC on a revised schedule so that students can get offers and start in time for semester 1.

ANU's deputy vice-chancellor (academic) Professor Grady Venville said the majority of applicants had already received offers as part of the university's direct entry process.

"Any student who has been given an offer and who finishes Year 12 will be able to study at ANU in 2022. Any student who has not yet received an offer to ANU should apply in the regular way through UAC," she said.

The ANU has issued 4561 early offers for 2022, which is down from 5341 offers given this time last year as travel restrictions and lockdowns impact on demand from interstate students.

"To all Year 12 students impacted by this delay, we say keep focused on completing your studies," Professor Venville said.

"We are proud and impressed that you are completing your senior secondary studies in the middle of a global pandemic. You should be proud too."

Year 12 student Rohan Jones, who is waiting to find out if he has been accepted to study psychological science at Southern Cross University, said the delay to the ATAR could put more pressure on students in their final term.

"There might be some feelings of regret for some people. There might be like, 'I could have tried harder'. And I think it's definitely adding a lot more stress for lots of students," he said.

Fynn Jammer is trying to decide whether he will take up an early offer from the University of Canberra to study business, innovation and entrepreneurship or take a gap year to explore Australia.

He said universities moving away from an ATAR score for entry was a positive step.

"I think is a very important skill to build a portfolio to show your creative works, to show who I am as a person as opposed to just a number that you then get an offer."




What One City’s Liquor Tax Collections Says About The Cost of Pandemic Lockdown Restrictions

Lockdown restrictions played a major role in determining where Americans could eat in 2020 and early 2021. And drink, for that matter!

We have some unique data to illustrate that latter point. The city of Philadelphia imposes a special liquor tax of 10% on the sale price of alcohol-containing beverages within the city. The tax does not apply to sales made by liquor stores and beer distributors, but does apply to the sales of beverages containing alcohol at public venues, such as bars, hotels, restaurants, and clubs.

During the coronavirus pandemic, most of these venues within Philadelphia were closed or forced to operate at severe capacity limits starting in March 2020. After being allowed to reopen or to expand their operations in the following months, many still were prohibited from providing bar service or serving drinks without food until April 2021.

These restrictions mean that Philadelphia's liquor tax collections provide a direct picture of how pandemic lockdown restrictions affected the ability of consumers to buy alcohol while dining away from home. The following chart shows the trailing twelve month total of Philadelphia's liquor tax collections from June 2015 through June 2021, covering the city's last six fiscal years.

Trailing Twelve Months Philadelphia Liquor Tax Collections, June 2015 - June 2021

Philadelphia's trailing twelve month liquor tax collections plunged by 67.5% from February 2020 through March 2021 due to local coronavirus pandemic lockdown restrictions, from $83,734,909 to $27,150,414. With the city's 10% liquor tax, that $56.6 million decline in tax collections indicates a $566 million reduction in the sale of alcohol containing beverages at Philadelphia's public dining venues.

And that's just one city within the United States. How big do you think that number would get if we had the data for all of them?


City of Philadelphia Department of Revenue. School District Monthly Revenue Collections, Fiscal Years 2015, 2016, 2017, 2018, 2019, 2020, 2021 [PDF Documents]. Accessed 24 September 2021.

Where COVID Changed Americans’ Spending the Most in 2020

If you had to pick one aspect of nearly American life that would be most measurably impacted by 2020's coronavirus pandemic, what would you choose?

We've been through the 2020 Consumer Expenditure Survey, which gives the answer: food! Specifically, the change in how much Americans spent on food to eat away from home. The various pandemic lockdown measures imposed by various state and local governments forced many restaurants to shut down for prolonged periods. When they were allowed to reopen, many were forced to limit how many customers they were allowed to accommodate.

The following chart shows how those lockdown measures and restrictions impacted the trends for the average amount of money Americans spend on dining out. For reference, the chart also shows the amount Americans spend on average each year to eat at home.

Average Annual Expenditures for Food at Home & Away from Home per Consumer Unit, 1984-2020

In 2019, Americans spent an average of $4,643 on food to eat at home and $3,526 on food away from home. In 2020, the amount spent on food at home increased $299 (6.4%) to $4,942. But the average amount of money spent to dine out plunged by $1,151, or 32.6%, to $2,375.

Although it represents the biggest average annual dollar decline in a category of spending, in terms of percentage decline, the amount of spending on food away from home represents the third biggest drop recorded from 2019 to 2020. There are two other categories of consumer spending that plunged by larger amounts in percentage terms, but they involve far less average spending per consumer unit "household".

The second biggest percentage decline occurred in the amount of money Americans spent on fees and admissions, such as to sporting or other entertainment events, which dropped by 51.7% from $880 in 2019 to $425 in 2020.

The biggest percentage decline however was recorded for public transportation. Here, the average annual amount spent went from $781 in 2019 to $263 in 2020, a 66.3% reduction. This category of spending includes transportation via bus and light rail systems, which proved to be a major contributor to the spread of coronavirus infections in the epicenter of New York City early in the pandemic. It also includes commercial air transportation, where reduced demand for air travel and restrictions on how many people were allowed to board aircraft greatly reduced the amount of money spent on this class of public transportation.


U.S. Bureau of Labor Statistics. Consumer Expenditure Survey. Multiyear Tables. [PDF Documents: 1984-1991, 1992-1999, 2000-2005, 2006-2012, 2013-2020]. Accessed 9 September 2021. 

Australian Politics 2021-09-29 09:39:00


China power crunch sees potentially millions of homes in the dark and global supply chains cut

Australia used to be a big supplier of thermal coal to China but that has been cut off by China for political reasons. It would seem that replacement of the Australian coal from other sources has not been very successful

A widespread power crisis in China threatens to become the “new normal” as the country’s manufacturers and citizens alike face a potential cold, hard winter ahead.

Several of the country’s provinces have begun to ration power supplies in the face of shortage of coal supplies, increasing energy demands from manufacturers and consumers and tough emission standards.

China, which is increasingly dependent on coal, has ordered provinces to limit power consumption, as it prepares to host the Winter Olympics and strives to curb emissions.

This has led to unannounced power cuts for citizens in many provinces, who have taken to social media to complain about the lack of heating and public infrastructure, including lifts and traffic lights not working.

The most severe impact of the power crisis has been seen in the country’s northeastern industrial belt, comprising of Heilongjiang, Jilin and Liaoning provinces.

Huludao city told residents to not use high energy-consuming electronics including microwaves and water heaters during peak periods, according to Reuters.

The immediate effects of the power crisis have echoed in industry as well. Key suppliers of Apple and Tesla halted production in some plants. Power-intensive sectors like aluminum smelting, cement manufacturing, steel making and fertiliser production have been hit as well. At least 15 Chinese companies that produce goods ranging from aluminum and chemicals, said their production was curbed by power cuts.

While the power crisis has taken its toll on citizens only this month, early indications of the crisis have been witnessed since March, which is when the country had begun witnessing spikes in power prices, reported Reuters.


Stop thinking our kids will be lumbered with massive government debts; they won’t be

If you’re one of the many who worry about how we’ll pay off the massive debt the Morrison government has incurred during the pandemic, the Parliamentary Budget Office has reassuring news.

The budget office – which is responsible to the whole Parliament and so is independent of the elected government – has prepared its own projections of the budget deficit and debt over the decade to 2032.

It’s also assessed our “fiscal sustainability” over the 40 years to 2061, testing the budget against 27 different best, worst and middle scenarios with differing assumptions about economic growth, the level of interest rates on government debt and the size of our budget deficit or surplus.

It finds that the federal government’s debt is projected to keep growing until it reaches a peak equivalent to about 50 per cent of gross domestic product in 2029. After that it’s projected to keep growing in dollar terms, but at a slower rate than the economy is growing, so that it slowly declines relative to the size of the economy, to reach 28 per cent of GDP in 2061 in the middle scenario.

We don’t pay off any debt unless we get the budget back into annual surplus. But this happens only in the best-case scenario, where the debt is completely repaid by 2058. Don’t hold your breath.

So the budget office’s reassuring news is not that we’ll be able to repay the debt – it’s unlikely we will – but that it accepts Scott Morrison’s assurances we don’t have to repay it to keep out of trouble. That, unless our leaders go crazy, we can outgrow the debt and that the interest bill isn’t likely to become a significant burden on taxpayers even though the debt remains unpaid.

These are not controversial propositions among economists. If you find them hard to believe then – forgive me – but you don’t understand public finances as well as you should. It’s a mistake to think that a national government of 25 million people has to live by the same rules as your household.

Households must pay off their debts before they’re too old to work, but governments go on forever and always have most of their population working and paying taxes. Their populations keep growing and getting a bit richer every year, so they can keep rolling over their debts.

They can do what no household can do: pay their bills not by working but by imposing taxes on other households. So stop thinking governments have to pay off their debts the way you and I do.

And stop thinking our kids will be lumbered with massive government debts; they won’t be.

But that’s not to say government debt doesn’t matter or that it comes without a price tag. In its projections over the next decade and its scenarios over the next 40 years, the budget office assumes that the “shocks” causing ups and downs in the economy in the future will be no worse than those we’ve experienced over the past 30 years or so. Maybe; maybe not. As well, it assumes that present and future governments will be no more reckless spenders than governments have been over past decades.

It judges that our deficit and debt position will be sustainable over the next 40 years – will cause no need for “major remedial policy action” (no horror budgets) – “provided fiscal strategy is prudent”. We can continue to run budget deficits provided they’re “modest”.

We’ll need “a measured pace of fiscal consolidation”. Translation: if governments stop trying to keep deficits low, all bets are off. So governments will need to avoid wasteful spending. And they’ll need to ensure tax collections are sufficient to cover most of any growth in government spending.


Australia and India move closer to major trade deal after Scott Morrison meets Narendra Modi

Australia and India expect to seal an interim trade agreement by the end of the year following a meeting on the sidelines of global Quad talks.

Prime Minister Scott Morrison and his Indian counterpart Narendra Modi have discussed the trade agreement and climate change during bilateral talks in Washington DC.

The two nations confirmed their commitment to announce an interim trade agreement by December.

It follows former prime minister Tony Abbott’s August trip to India on behalf of Australia to follow up stalled Comprehensive Economic Cooperation Agreement negotiations.

Morrison and Modi also underlined the need to urgently address climate change and possibilities of providing clean technology.

“In this regard, Prime Minister Modi highlighted the need for a broader dialogue on environment protection,” a communique released by the Indian leader said.

Australia is inching towards a commitment to net zero emissions by 2050 amid immense international pressure in the lead-up to United Nations climate talks in Glasgow in November.

The Indian PM reiterated his invitation for Morrison to visit India.

“The prime ministers agreed that as two vibrant democracies in the region, the two countries needed to work closer together to overcome the challenges in the post-pandemic world.”


Dismissal of unvaccinated worker who refused flu shot upheld

The Fair Work Commission has backed the right of a business to sack an employee who refused to get a flu shot as required under a public health order.

The commission’s full bench majority upheld the dismissal of a receptionist at a NSW South Coast aged care facility who refused to get a flu vaccination shot.

In an earlier decision in April, Commissioner Donna McKenna found the worker’s dismissal by Sapphire Coast Community Aged Care in Bega was not unfair.

Commissioner McKenna rejected the worker’s unfair dismissal application on the basis that she did not provide evidence of an allergy she claimed had prevented her from getting vaccinated.

On Monday, a majority of the full bench upheld the original decision and dismissed the worker’s application to appeal.

“We do not intend, in the circumstances of the current pandemic, to give any encouragement to a spurious objection to a lawful workplace vaccination requirement,” the ruling said.

Recording her dissent, deputy president Lyndall Dean, in the minority, said the decision had denied the worker protections under the Fair Work Act “in part because of an inference that she holds a general anti-vaccination position”.

“Never have I more strenuously disagreed with an outcome in an unfair dismissal application,” she said.

The Australian Industry Group welcomed the commission’s decision saying it would influence decisions relating to mandatory COVID-19 vaccinations. Chief executive Innes Willox said this was the commission’s first full bench decision on the issue of vaccination mandates to be handed down during the pandemic.

“It is pleasing that the full bench has supported an employer’s right to mandate vaccinations where reasonable in the circumstances,” he said.

Herbert Smith Freehills employment lawyer Alexis Agostino said the decision “should give some comfort to employers considering mandating vaccination policies within their workforce where those policies are lawful and reasonable”.

Maurice Blackburn Lawyers principal Mia Pantechis said the decision dealt with a dismissal in a specific context, “and although it provides guidance on the type of evidence required to prove a medical contraindication and to gain an exemption from a public health order mandating the vaccination of certain workers, it is not a blanket ruling that it’s lawful to sack employees who refuse vaccines”.

“In most workplaces, including those that are not the subject of a public health order, the question of whether it’s lawful to mandate that employees receive the COVID-19 vaccine or to sack employees who refuse requires careful consideration and a balancing of a range of factors.″⁣

Ms Pantechis said these factors include work health and safety obligations, rights under anti-discrimination laws, the level of risk within the workplace, and whether flexible work arrangements can be offered.

Shae McCrystal, a professor of employment law at the University of Sydney, said the decision was unlikely to provide an authority to employers mandating COVID-19 vaccines outside of public health orders.




Falling Trend for New Home Sales Continues

The trend in the number of new homes sold in the U.S. continues to fall. According to the U.S. Census Bureau's data on new home sales, the falling trend began after sales peaked in November 2020.

Trailing Twelve Month Average U.S. New Homes Sales, January 1976-August 2021

The market capitalization of U.S. new homes last peaked in December 2020 at $30.12 billion, a figure that has now been finalized with the latest revisions. Since that time, the market capitalization has fallen back from that level, but its overall trend has generally ranged between $28.84 billion and its December 2020 peak.

Trailing Twelve Month Average New Homes Sales Market Capitalization, January 1976-August 2021

That outcome for the market cap of new homes is possible because the average sale price of new homes has continued to escalate, even as the number of sales falls.

Within the raw data, the number of new home sales has ticked up during the past two months, but not by enough to affect the general trend at this time.