Dispatches: Job stress is draining millions from the economy

Preventable job stress is draining $730m a year from the Australian economy, a new report has found. An estimated 1.5m workers have been diagnosed with depression from excessive job stress, costing businesses more than $8k a person every year, says the report. (The Age)

The four major banks are among a handful of companies that are likely to clean up as wage costs rise over the next 12 months. According to research from Goldman Sachs, while NAB, ANZ, Westpac and CBA are some of the largest employers in the country, their oligopoly structure gives them the pricing power needed to recoup higher staff costs. "With the federal election over, we expect the banks will move to pass on higher costs of doing business to retail customers," said Goldman analyst Hamish Tadgell. (The Australian)

Paul Bloxham, the former Reserve Bank economist recently tapped by HSBC, said the market and commentators seized on the wrong message from a RBA speech in September when expecting a rate rise yesterday. (Sydney Morning Herald)