AUSTRALIA DATA: Jobs Volatile, Underemployment Very Low

Following on from Adam Butler's thread on X which I highlighted yesterday. The noise around AI’s ability to continue to grow at its current pace is starting to get louder. CNBC reported on an interview OpenAI CEO Sam Altman gave to The Verge in which it was reported he thinks the AI market is in a bubble. Below are some excerpts from the interview including some other viewpoints sourced from X: https://www.cnbc.com/2025/08/18/openai-sam-altman-warns-ai-market-is-in-a-bubble.html

• CNBC - “OpenAI CEO Sam Altman thinks the artificial intelligence market is in a bubble, according to a report from The Verge published Friday.“
• “When bubbles happen, smart people get overexcited about a kernel of truth,” Altman told a small group of reporters last week.
• “Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes,” he was quoted as saying.
• Lance Roberts on X: “Given that virtually all of the earnings growth is coming from just the Tech sector, market concentration is the obvious result. However, what happens if that narrative cracks?”
• Alexander Stahel on X: “Prometheus & Hyperion, Colossus, and Stargate — each $100B+ bets on building the most powerful supercomputers to drive the next AI wave. For now, the AI capex boom is real — a huge difference from 1999. But if these models fail to turn into viable businesses, spending will be cut faster than it was announced.”
• “Two tier economy: AI capex boom versus the real economy.” See Fig.1 Below.
• Joseph Wang on X: “The AI boom has supported the real economy through capex and markets through enthusiasm. But now it is clear that progress is stalling and the best case scenarios are far in the future. That realization could change market sentiment." 

• RenMac on X: “Are plans to use AI stalling out? Percent of firms surveyed by Census (BTOS) that used AI in the last two weeks slid to 8.8%, lowest since May. Not welcome if it continues since this is what's been holding up growth this year.”

  Fig 1: S&P 500 Vs S&P 500 Air Freight & Logistics

  

  Source: MNI - Market News/@SamanthaLaDuc

Local governments must fully implement housing sector policies to promote supply-demand balance, stabilise prices and restore market confidence, as recent data shows the market remains in a deep adjustment phase, according to Yan Yuejin, deputy director at the E-House China R&D Institute in Shanghai. Yan emphasised that authorities must further intensify policy efforts, particularly in reducing home-buying costs and stimulating demand release.

China must expand the momentum of economic recovery while striving to meet its annual economic and social development targets, Premier Li Qiang emphasised at the ninth plenary meeting of the State Council. Li underscored the need to bolster confidence and recognise the risks and challenges facing the economy, including a severe external environment. He called for greater efforts to stabilise employment, safeguard livelihoods, enhance disaster prevention and strengthen safety and production oversight, in order to ensure overall social stability. (Source: Yicai)