The ABC has published a report bemoaning that “ageism is rife in Australian workplaces”, where many older Australians are being shunned for jobs in favour of younger workers: A recent survey of 5000 people over 50 by Australian Seniors found many older people want to participate in the workforce, but they are not being given opportunities: Eighty-nine
Global Macro / Markets / Investing: Is the world economy entering a wage-price spiral? – Economist The Layman’s Guide to Financial Deceit – Insider Finance The Great Supply-Chain Massacre – Project Syndicate Inequality is an urban affair, and it’s due to new tech – VOX Startups are betting on a psychedelic gold rush – VOX
Brisbane today became the second major capital after Sydney to hit 20% dwelling value growth in 2020, according to CoreLogic’s daily index: Brisbane is now also the strongest major property market, recording 6.3% quarterly price growth: My view is that Brisbane’s housing market will outperform over the next decade due to its superior affordability against
After a sluggish start, Australia’s vaccine rollout has been exemplary. On Wednesday, 70% of the 16+ population population will be fully vaccinated. The 80% full vaccination threshold is due to be hit on 1 November, the 90% threshold on 13 November. And by 11 December, 100% of the 16+ population is due to be fully
Industry superannuation fund Cbus is seeking to have the 111 employees in its investment management division ‘carved out’ from a proposed new enterprise agreement and placed on a separate employment contract. The terms of the new contract indicate that workers would see their take-home pay reduced in the event of any increase in the superannuation
The Greens have promised to fight for 1 million publicly owned, affordable homes to be built over 20 years if they hold the balance of power after the next federal election: Greens leader Adam Bandt… said that with so many people locked out of the housing market “we urgently need the government to act and
The pandemic has brought to light the university sector’s ‘dirty little secret’; namely, its reliance on staff with insecure work contracts. Around 70% of the sector’s staff are on such contracts, either part-time or casual, while the underpayment of staff is widespread. The Fair Work Ombudsman (FWO) has investigated 14 universities over potential underpayment of
Callum Foote and Michael West have made explosive allegations that the business lobby pressured the federal government not to amend JobKeeper when it was discovered by Treasury three months in that billions was being paid to companies with neutral or rising turnover. Accordingly, the federal government kept the fiscal tap wide open, showering businesses with
Australia’s trade minister Dan Tehan had hoped to travel to the UK to conclude negotiations for a free trade agreement (FTA). However, he left the UK with no deal after both sides failed to come to terms in a number of areas. Observers at the talks were also surprised when Tehan stated that he wants
Victoria has recorded another 1903 locally acquired COVID cases and seven deaths: Reported yesterday: 1,903 new local cases and 0 cases acquired overseas. – 32,405 vaccines administered – 69,825 test results received – Sadly, 7 people with COVID-19 have died More later: https://t.co/OCCFTAchah#COVID19Vic #COVID19VicData pic.twitter.com/Z3nM6bpAQv — VicGovDH (@VicGovDH) October 17, 2021 By comparison, NSW recorded
Auction clearance rates were universally strong over the weekend despite massive volumes. The national preliminary clearance rate was 81.8%, down only slightly from the 83.3% recorded the prior weekend. This was off a whopping 2,920 volumes, up from the prior weekend’s 2,727. Sydney’s preliminary clearance rate ran hot at 85.0% versus 83.2% the prior weekend,
The AFR’s political editor Phil Coorey on Friday claimed fringe elements on the left and right of the political spectrum are the ones pushing back against NSW Premier Dominic Perrottet’s call for a massive increase in Australia’s immigration intake to more than 400,000 people a year: [NSW] recommended a doubling of the pre-pandemic immigration rate
Global Macro / Markets / Investing: The booming business of knitting together the world’s electricity grids – The Economist The Great Supply-Chain Massacre by Diane Coyle – Project Syndicate Startups are betting on a psychedelic gold rush – VOX Inequality is an urban affair, and it’s due to new tech – VOX Is Fed’s Inflation
Victoria has recorded 1838 locally acquired COVID cases and seven deaths over the past 24 hours: Reported yesterday: 1,838 new local cases and 0 cases acquired overseas. – 38,977 vaccines administered – 73,501 test results received – Sadly, 7 people with COVID-19 have died More later: https://t.co/OCCFTAchah#COVID19Vic #COVID19VicData pic.twitter.com/5Agn4U5kx2 — VicGovDH (@VicGovDH) October 16, 2021
Victoria has recorded another 1993 locally acquired COVID cases and seven deaths over the past 24 hours: Reported yesterday: 1,993 new local cases and 0 cases acquired overseas. – 40,386 vaccines administered – 79,214 test results received – Sadly, 7 people with COVID-19 have died More later: https://t.co/OCCFTAtS1P#COVID19Vic #COVID19VicData pic.twitter.com/kfkOaAUBOo — VicGovDH (@VicGovDH) October 15,
Global Macro / Markets / Investing: New Research from Groundwork Collaborative Shows Link Between Price Hikes, Monopoly, and Corporate Greed – Groundwork Collaborative The climate disaster is here – an interactive – The Guardian The Impact of Public Debt on Economic Growth – Cato High Inflation Is Here To Stay – Reason How natural disasters
Australia’s auction market boomed last weekend, recording a final auction clearance rate of 80.2% (down from 83.2% the prior weekend) on significantly higher volumes (2,708 versus 1986): Australia’s final clearance rate is tracking close to its highest level since CoreLogic began tracking auctions in 2008: According to CoreLogic: Auction volumes have been climbing over the
Stephen Koukoulas (“The Kouk”) has done a terrific job tearing apart NSW Premier Dominic Perrottet’s plan to import 2 million migrants into Australia over five years, describing it as “horribly misguided”: To be frank, the proposal is a lazy, irresponsible and a horribly misguided recommendation that deserves to be shot down before significant damage is
By Eliza Owen, Head of Research Australia at CoreLogic Rapid growth in Australian housing values and rents over the past year has contributed to greater affordability pressures for households. ABS lending data shows first home buyer finance commitments have fallen -22.8% since January 2021, and rising rent prices have created housing stress for tenants, particularly
Yesterday’s employment report from the Australian Bureau of Statistics (ABS) revealed that Australia’s youth – defined as those aged 16 to 24 – have been hit hard by lockdowns. Total youth jobs fell 81,300 in September, driven by an 83,600 reduction in part-time jobs, partly offset by a 2,300 increase in full-time jobs. Accordingly, youth
Wages are booming across the developed world, according to The Economist. Lower skilled workers, in particular, are benefitting from the collapse in immigration: Oxford Economics, a consultancy, finds that pay in the rich world is growing at a rate well north of its pre-pandemic average. The acceleration in compensation per employee across the OECD, a
Westpac with the note: We have upgraded our forecasts for Australian dwelling prices. Markets continue to show very strong momentum with only a slight dampening effect from the latest COVID lockdowns. We now expect a 22% gain for the full 2021 calendar year (up from our previous forecast of 18%). We still expect momentum to
Last night I gave a live interview on The Bolt Report whereby I tore apart NSW Premier Dominic Perrottet’s brain dead plan to import 2 million migrants into Australia over five years – effectively adding an Adelaide, Canberra plus Hobart to Australia’s existing population: I was also quoted in News.com.au by Frank Chung: Leith van
Victoria has recorded another 2179 locally acquired COVID cases – the second highest daily tally on record – alongside six deaths: Reported yesterday: 2,179 new local cases and 0 cases acquired overseas. – 38,752 vaccines administered – 73,942 test results received – Sadly, 6 people with COVID-19 have died More later: https://t.co/OCCFTAtS1P#COVID19Vic #COVID19VicData pic.twitter.com/dQ8T9QNCPg —
Infrastructure Australia has released a new report lobbying for more skilled immigration to build the infrastructure needed to sustain a bigger population (caused by immigration): Infrastructure Australia chief executive Romilly Madew said more migration will be needed to fill the forecast shortfall of 105,000 infrastructure jobs. The report highlights “increasing risks for cost escalation and
In the week ended 14 October, the CoreLogic daily dwelling values index increased another 0.35%: All major markets recorded rising values with the exception of Perth: Values have so far risen by 0.77% this month, with all major markets rising: Quarterly price growth remains turbo-charged but slowing at 4.52% across the five major capitals. Brisbane
Global Macro / Markets / Investing: High Inflation Is Here To Stay – Reason How natural disasters benefit rich people but make the poor poorer – The Guardian A New Global Economic Consensus – Project Syndicate What is the social cost of carbon? What should the discount rate be when applied to future benefits from
Seriously, who’d buy a Sydney high-rise apartment? On Monday, new research by the Strata Community Association NSW revealed that four in 10 new apartment buildings in NSW have serious defects. And yesterday, The SMH reported that an apartment tower in Sydney’s south-west came close to being evacuated after an engineer’s report warned that the building
Yesterday, the Australian Bureau of Statistics (ABS) released Overseas Arrivals and Departures data for August 2021, which suggests net migration into Australia remained firmly negative. There was a net 5,260 permanent & long-term departures in August, which followed July’s 3,130 net departures. Over the August quarter, there were 5,850 net permanent & long-term departures: Since
Average views per listing on Realestate.com.au hit a record high in September, according to the latest PropTrack Housing Market Indicators Report: With limited stock on the market, views per listing hit record highs. The ongoing shortage of stock available for sale coupled with elevated search volumes on realestate.com.au resulted in record high interest from buyers
