Global Macro

According to the Climate Change Authority’s (CCA) annual progress report, Australia’s CO2 emissions fell by 3 million tonnes between 2023 and 2024, accounting for one-fifth of the 15 million tonnes required annually to meet the federal government’s target of 43% reduction in emissions from 2005 by 2030.

By Joseph Capurso, Head of International and Sustainable Economics at CBA.

The Trudeau Liberal Government in Canada is facing electoral annihilation at the 2025 federal election.

Financial markets have fully priced in dual interest rate cuts at the Reserve Bank of Australia’s (RBA) board meetings in April and May after the central bank adopted a more dovish tone in Tuesday’s monetary policy statement.

The Market Ear with the latest on NVIDIA’s fade out and the resurgence of gold.

Australia’s emissions decreased by 3 million tonnes of CO2 over 2023–24, according to the Climate Change Authority’s (CCA) annual progress report, which was a fifth of the 15 million tonnes annually needed to meet the federal government’s target of emissions falling 43% on 2005 levels by 2030.

Economists at the National Bank of Canada (NBC) produced the following chart showing how “since 2021, there has been a significant imbalance between the strong increase in population and the absence of a significant rebound in construction”.

Last week, Statistics Canada released the Q3 national accounts, revealing that the economy grew at an annualised rate of only 1.0% in the third quarter.

I noted last week how Australia’s Albanese government seems to have copied Canada’s Trudeau government on housing and immigration.

CBC News published a fantastic report explaining how Canada’s explosive immigration-driven population growth crush-loaded housing, services, and infrastructure, wrecking productivity and living standards.

The report of the COVID-19 inquiry has concluded that the former Coalition government’s pandemic spending contributed to a spike in the inflation rate.

Economists at the National Bank of Canada published research arguing that Canada was caught in a “population trap” of declining productivity and living standards.

Canada’s economy is a basket case.

Last year, The Australia Institute released research claiming that the corporate sector was responsible for over two-thirds of Australia’s inflation above the Reserve Bank of Australia’s (RBA) target.

On Friday, Statistics Canada released data showing that the nation’s real GDP expanded at an annualised rate of 2.1% in Q2 2024, beating the consensus estimate of a 1.8% increase.

Canada and Australia have resorted to “quantitative peopling” to give the illusion of growth while individual living standards are collapsing.

Earlier this year, economists at the National Bank of Canada published research showing that Canada is caught in a “population trap” of declining productivity and living standards.

The National Bank of Canada has released the following chart showing that annualised real per capita GDP growth in Canada has declined for eight consecutive quarters: “Economic growth remains weak given the demographic boom”, note the economists at National Bank of Canada.

Figures from the Australian Automobiles Association reveal that new car sales hit a new July record of 99,486.

Politicians, think tanks, vested interests, and the media frequently spread the myth that high levels of immigration are necessary to raise productivity and living standards in Australia.

Canada’s economy and living standards are gradually disintegrating.

Canadian unemployment is climbing sharply as labour supply piles up amid a deteriorating economy. Canada’s official unemployment rate jumped to 6.4% in June, the highest level (outside the pandemic shock) in almost seven years.

The Economist has published another immigration propaganda article warning of dire economic consequences if rich nations dial back on record immigration. The article notes that “in the past three years 15 million people have moved to rich countries, the biggest surge in modern history (see chart 1)”.