HOUSING STRESS HAS DOUBLED DURING THE PANDEMIC

HOUSING STRESS HAS DOUBLED DURING THE PANDEMIC

WHAT this Report leads one to question is why …

Young people appear to have little prospects for employment apart from jobs in hospitality and retail.  What brought this about?

We can think of some reasons. They include the Liberal Coalition policies inviting:

-Visa workers who accept low wages to gain ‘permanent residency

-the demise of TAFE

-employers having access to cheap labour from visa workers

-the loss of manufacturing for cheap imports

-an economy based on high density residential development esp. mixed-use development of shops, cafes and warehouses, childcare on lower floors

-thus expansion of the retail and hospitality sectors

WHAT this report does not reveal is why those aged 75 and older may own their own home is because of their age; 40, 50 years spent paying a mortgage; during that time they paid their full taxes to cover the cost of their parents aged pensions … they enjoyed job protections, good wages and conditions through Union membership. And there were more job opportunities with a bigger range of industry

-currently though more older women are finding themselves homeless due to insecure work; less employment continuity due to child rearing; marriage breakdown and/or domestic violence

KEY POINTS from Professor Gray’s research …

-1 in 7 Australians struggled to pay rent or mortgage payments during Pandemic

-housing stress has doubled to that of 3 months earlier

-44% of young people could not meet rent or mortgage repayments

-a relationship between age and not meeting housing payments on time

-young Australians largely employed in retail or hospitality * the hardest hit sectors by the Pandemic

-young people subject to lowest wages growth and consequently little savings

-less than 2% of those 75 and over struggle to pay rent or mortgages

QUESTION why won’t the Morrison Government come clean on what their plans are for JobKeeper from September with a review of payment now underway, and what of JobSeeker? 

Rather than giving the victims sufficient payment to sustain life, does this Government prefer to look after itself with a pay increase?

View:

https://www.abc.net.au/news/2019-06-07/federal-politicians-payrise-backbenchers-morrison-albanese/11189016?fbclid=IwAR2JJUU7MVVuBKrmYhttyBvb3toAalINdppXNjiSmW87JzPXVyePeDpVDys

IF these JobMaker and JobSeeker payments are withdrawn … which is looking likely … how soon before Australia falls off an economic cliff?

From a public health crisis to an economic crisis likely to become a housing crisis

READ MORE!

Proportion of people who can’t pay their rent or mortgage doubled during pandemic

https://www.abc.net.au/triplej/programs/hack/young-people-housing-stress-coronavirus-covid-19/12404114

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CAAN Photo: Queue outside Chatswood NSW Services; along the street and around the corner; May 2020

WHY are MILLENNIALS Moving to Australia’s Regions … and Big Towns?

This image has an empty alt attribute; its file name is BalloonChallenge15.jpg

ORANGE and the surrounding villages and towns. Canowindra hot air ballooning

WHY are MILLENNIALS Moving to Australia’s Regions … and Big Towns?

Of course, many Millennials are now moving to the regional cities … big towns that have the infrastructure …

SYDNEY for one has lost its appeal to many … the fuglification … the congestion …

IS it just real estate prices, or is it because Australians have had to compete with foreign ownership?

… over this period from 2011 to 2016, and up to the CoronaVirus Pandemic … during the terms of the Liberal Coalition in NSW …

KEY POINTS … from a Report determining population growth and movements …

-between 2011 and 2016 regional millennials are moving to other regions; not to capital cities

-Sydney lost more to the regions

-they were more aware of the benefits of living in the regions

-with a move to Orange there was no longer a two hour commute to work but an 8 minute drive

-able to buy a home

-they are seeking mid-sized towns with a hospital, airport, university, jobs and lifestyle!

-the regions attracted 65,000 more than they lost to capital cities

THIS no doubt reflects the very pooor policies of the NSW Liberal Coalition …

Turning our SYDNEY Town into what the Foreign Buyers have fled …

LET alone the nasty consequences for our Australian Society with a whole Cohort locked out of Sydney by not only competition from foreign acquisition … but the loss of livebility … the long commutes … that many have sought an attractive lifestyle in the Regions!

READ MORE!

https://www.abc.net.au/news/2020-06-23/regional-australia-institute-millennials-moving-city-to-country/12365964.

Photo: Spring Hill; orange.com.au
Byng looking towards Springfielf
Overlooking Orange

Photos: Orange.com.au CAAN was unable to locate our photos of Orange and district!

QUESTIONS arise about the 7% Unemployment … How can it stack up?

ABC WEEKEND BREAKFAST… this morning SUNDAY 21 JUNE it was noted that unemployment is in fact much higher than the latest report of some 7% …

‘The unemployment rate has risen to just over 7%’ | 7.30

View: https://www.youtube.com/watch?v=qzvFgqX5yqM

Those who appear to have been overlooked in this 7% include:

-Women and our Youth who make up the large share of those now unemployed

.the women had to return to their role of childcare during the Pandemic; now looking at job losses!

-that many job seekers give up because there is no job there for them! So they are not included …

-both high unemployment and underemployment

Then we recall there was reference to the importance of trades for the economy … this emphasis we hear of constantly from the Morrison Govt (backed by the Property Sector Lobby groups)

Meanwhile Tradies seem to still be doing alright … they tell us:

-they are booked up

-always seeking cash payment-at rates 4 X or more the rest of us!

-always in a hurry and/or chatting and stretching the job out

. as corners are cut!

Yet again as others in the workforce have been overlooked including WOMEN … in vital roles like Childcare but are looking at the imminent prospect of losing JobKeeper …

Scott Morrison affirmed previously that Australians would be in receipt of JOBKEEPER until the end of September

However, now some 120,000 Early Childhood Educators are to lose this payment within a few weeks!

Katy Gallagher this week in the Senate referred to the lack of support for industries largely employing women:

http://email.contact.australianlabor.org.au/c/eJwVjk1uxCAUg08DSwQPEmDBYtooXXTZEzz-GqZMGCVUaW9fKlm29UmWHF2GPMWZFgccOJ-F5UZopZhgi5q0mRauxG191Wolioe2dwyd4ffZD6wF94q-Hawdn4PRzYE3AGCl5FkIi4Z7a733c1A5p0kjTT9jGLGjI_qFAIQShxN5AykN0Qutbuv9eQ5CYB26rotlDMm39sVCewz0kfZ37L9voz7b2c-R0lghFddawWytmunhamp7Sfc4bm-tP7DU__kfyi5HqQ


-the rest of us including admin people, University lecturers and staffers, casual teachers (who, no doubt would like permanent work), cleaners, shop assistants … and so on!

Are these workers also not Key? Essential Workers?

These reports refute the alleged 7% unemployment. Unemployment together with Underemployment and those who had given up looking because there was no job there for them (and have not been included in the Stats) amounted to 19.7% prior to the Pandemic!

‘Economists now saying Unemployment could be close to 20%’

View: htttps://caanhousinginequalitywithaussieslockedout.com/2020/06/04/economists-now-saying-unemployment-could-be-close-to-20/

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CAAN Photo: mid May 2020 Queue around the corner at Services NSW (Centrelink) Chatswood

Economists now saying UNEMPLOYMENT could be close to 20%

Last night, 4 June 2020 on ‘The Business’:

While unemployment is bad, underemployment is getting worse

Finally the unemployment figure of 5.2% has been canned with Economists saying that the real jobless number could be close to 20%, pointing to an economy slammed into reverse.

HOWEVER … in October 2019 prior to the Pandemic … the forgotten Australians and the hidden data that could double our jobless rate: Unemployment topped 19.7%

KEY POINTS …

709,000 people officially unemployed in Australia is a myth; the true number of unemployed is more like 2.9 million people

-due to the “marginally attached” which comprises around 1.055 million Australians

people who would like to work, are available to workbut aren’t looking; because they think there are no jobs for them

– if you count the marginally attached; the unemployment rate would be a touch under 12 per cent

include the “underemployed” – people working some hours, but who would like to work more – the unemployment rate tops 19.7 per cent

VIEW from ‘The Business’ 4 June 2020:  ‘While Unemployment is Bad Underemployment is Getting Worse’

https://www.abc.net.au/news/programs/the-business/2020-06-04/while-unemployment-is-bad,-underemployment-is/12323126?nw=0

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CAAN Photo people lined up around the corner for JobSeeker payments early May 2020 in Chatswood

ECONOMISTS incite Governments to buy unsold apartments to boost stock of Affordable Housing

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CAAN Photo: Ivanhoe Estate, Macquarie Park at May 2020 former Public Housing Estate to be redeveloped for private residential with one third allocated for Social Housing

ECONOMISTS incite Governments to buy unsold apartments to boost stock of Affordable Housing

Following Welfare Agency reports …

-some 600,000 Australians lost their jobs in April 2020

A new report recommended …

-public funds in private unsold apartments could create affordable housing

-prior to the Pandemic more than 50,000 in the queue for social housing

-using our taxes to buy apartments could arrest house price falls; and restore construction (aside from high-rise?)

-a Central Housing Bank could bring 30,000 affordable homes across Australia’s 20 largest cities in its first year

-more than 200,000 approved dwellings in Sydney alone which aligns with the need for 200,000 social housing homes (ACOSS report)

WOULD these dwellings described as ‘Affordable Housing’ be for the rental market?

TO what standard have these apartments been built? Little seems to have changed for the better to date … even after the investigation by David Chandler ..

WHY has NSW INC struggled to implement the building industry reforms recommended by the Shergold-Weir Report over two years ago … and that of Michael Lambert?

Related Article:

NSW Building Industry Watchdog warns Phoenix operators not to manipulate the NSW government’s construction push to keep the economy running

https://caanhousinginequalitywithaussieslockedout.com/2020/04/16/nsw-building-industry-watchdog-warns-phoenix-operators-not-to-manipulate-the-nsw-governments-construction-push-to-keep-the-economy-running/

READ MORE!

Governments urged to buy up apartments to boost affordable housing stocks

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CAAN Photo Icon and Romeciti high-rise residential apartments in Macquarie Park May 2020

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KEY Points from Anthony Albanese’s Headland Speech about a Recovery after Covid-19

Anthony Albanese
Public is looking for a recovery ‘in which no one is left behind’, opposition leader Anthony Albanese says, as a Deloitte report warns national income could fall almost $200bn short of predictions. Photograph: Lukas Coch/AAP

KEY POINTS from Anthony Albanese’s Headland Speech about a Recovery after Covid-19!

that Australians deserve not to worry about job insecurity as jobseekers are consigned to poverty

that the government  bring forward nation-building infrastructure projects and increase investment in * social and affordable housing

the public will not accept a return to “the law of the jungle and unfettered market forces”

-that Australia build up its domestic manufacturing capacity, make better use of scientific research, and help towns and regions through a decentralisation strategy

-that this experience has reminded us that there is such a thing as society; that we are all connected and the strength of this bond is what is pulling us through as Australians

-a focus on inclusive economic growth with shared benefits; together with an industrial relations system that promotes co-operation, productivity improvements and shared benefits

-that policy makers need to look at increasing opportunities for people to gain secure employment

that the pandemic is a reminder of the need to secure critical supply chains in the face of global shocks

-to foster high-tech manufacturing;  to embrace science and improve its poor standing in OECD rankings for commercialising research

READ MORE FROM ‘Society must not snap back to insecure work and Poverty after CoronaVirus Crisis, Albanese says

WHAT will happen following the end of the CoronaVirus?

CAAN takes a look at Mike Seccombe’s report “How this Crisis will End?”

View: https://www.thesaturdaypaper.com.au/news/politics/2020/04/18/how-this-crisis-will-end/15871320009687

As Australia curbs coronavirus infection rates, some are calling for an ‘elimination’ strategy that would seal our borders, while other countries are taking a ‘let it rip’ approach. By Mike Seccombe.”

Prime Minister Scott Morrison, for one, says this crisis is Australia’s greatest challenge since World War II. He talks of a threat to national sovereignty and calls on us to show “the Anzac spirit”.

In many respects, it’s a poor comparison. Here, conflict between powers will not bring us any closer to resolution – or the promise of normalcy. There is no distinction in this circumstance between civilian and combatant. In war, battle plans and weapons are developed in secret, but now openness in the form of shared data and scientific effort is the highest priority.’

Yes, true shared data and scientific effort especially from within the WEST!

HOW come the Liberal Coalition fail to grasp that their policies in fact created the threat to Australia’s National Sovereignty …?

In allowing the foreign buyers especially from China, the CCP to buy-up our Property including agricultural, commercial and residential … it appears our biggest EXPORT in fact are our Title Deeds!

The ‘Party’ policies have, it appears, enabled members of the CCP to fly in and buy up our housing, and gain a ‘Permanent Resident Visa’ with the added benefit of Medicare!

-international students, and workers on temporary visas can take jobs to gain a ‘Permanent Resident Visa’

.this has led to high unemployment and underemployment for Australians; prior to Covid-19 at 19.7%

View:    https://thenewdaily.com.au/money/work/2019/10/17/unemployment-figures-marginally-attached-australia/?utm_source=Adestra&utm_medium=email&utm_campaign=Morning%20News%20-%2020191018

And in October 2018 the Morrison Government exempted (excluded) the Real Estate Gatekeepers from the second tranche of the Anti-Money Laundering Laws …

Australia’s Real Estate is awash with Black Money! 

Why are two new Casinos under construction in Sydney …?

-FIRB ruling allows developers to sell 100% of new homes to foreign buyers

-money laundering in our Real Estate accelerated from about 2013

-locking out the Australian First Home Buyer; outbid at auctions

HOW should the Morrison Government address all of this? 

-disband the FIRB … stop the foreign sell-out …

FIRB chair David Irvine visited Alinta owner Chow Tai Fook last year as the company's presence grew in Australia.
View: A Black Box that needs an overhaul; How has FIRB escaped scrutiny?
https://www.smh.com.au/business/companies/a-black-box-that-needs-an-overhaul-how-has-firb-escaped-scrutiny-20200306-p547h3.html
Photo: FIRB chair David Irvine visited Alinta owner Chow Tai Fook last year as the company’s presence grew in Australia.CREDIT:LOUISE KENNERLEY

enforce the second tranche of the AML Laws … to restore the domestic housing market for our First Home Buyers

-and retrieve Australian Standards and Regulations to ensure quality affordable homes are built …

-build homes for the Bushfire victims, and Public Housing! 

Would that be an anathema to the Coalition?

Mike writes:

Aspects of the war metaphor ring true, though. The cost will be enormous, in both human and economic terms, and the young and poor stand to suffer mostunless we are prepared to countenance major economic and social changes on the other side of the health crisis.  …

to borrow the words of financier Mark Carnegie, the extent to which we will mortgage our children’s future to protect the health of our ageing parents.’

ASK why does Mark Carnegie, a financier and many other commentators focus purely on the generation divide? 

And not include the impact of what appears to many of us as the foreign annexation?

WHAT a pity so many voters failed to grasp the consequences for our Society of the Tim Wilson Franking Credits Roadshow …

View:  https://www.michaelwest.com.au/secrets-and-lies-how-franking-credits-stole-the-tax-bonanza/

In the long term the current regime is untenable

It entrenches a subsidy from all taxpayers to share owners.

AND … 

Search for:  ‘How Franking Credits delivered victory to Boomers over their own Kids!’

Through a fear campaign that won the Libs the May 2018 Election

-Franking Credits will soon cost $16Bn 

more than 80% goes to SMSFs larger than $1M

After a six-month hibernation the Morrison Government hopes the economy will recover.  Under its strategy it has committed some $200Bn to maintain jobs and businesses. 

At the Grattan Institute elimination is called the ‘least-bad endgame’ with the maintenance of social distancing, comprehensive testing and contact tracing.

It would also require the sealing of Australia’s borders indefinitely, until other countries manage to eliminate infections – or until there is a vaccine against the virus.’

BUT then … it emerges whose interests are represented …?

Overseas tourists aren’t coming anyway, and domestic tourism could fill the gap. It might even give Australia a competitive advantage in attracting students and visitors from China, he said, because that country has also pursued an elimination strategy.’

What the ****!

Leith Van Onselen, Macro Business has written a number of articles to counter the myth that international students are a big export industry …

Including:

‘Why are taxpayers subsidising international students?’

AND … ‘Are international students really a $32b export industry?’  

As the Times also noted, though, this “rally round the flag” response seldom lasts once the immediate crisis passes. Then, pre-existing concerns re-emerge, often amplified by the difficulties of coping with the changes necessary in recovery.

And some of those changes are going to be big and unprecedented. Take population growth, for example. Before Covid-19, Australia was growing by 300,000 to 400,000 peopleabout the population of Canberra – every year.’

only about 100,000 was due to “natural” growth – births minus deaths

-migration has stopped, abruptly, and will likely stay largely stopped; because of the disease, and there will not be enough jobs

AGAIN from the Grattan Institute:

“If you look at the sectors that have taken the biggest hit from the public health response … [they are] accommodation and food services, recreation, retail,” she says. “The workers are disproportionately young people, people under 30.”

WHY does this Think Tank overlook the Coalition policies that introduced competition for jobs from Visa workers (the Howard Government), WorkChoices by stealth, the gig economy and the lowest wages growth which collectively havec also locked our Youth out of the housing market?

WHY is this Think Tank now focusing on ‘older generations have grown their wealth … over the past 20 years’?

When the majority may only own a family home? This ‘family home’ now has an inflated value through the inundation and competition from foreign buyers laundering ‘black money’ in our housing market …

IS this organisation now working for the Morrison Government’s next agenda?

Apart from their spotlight on older generations in assuming that all have assets taxed fairly lightly, and that those over 65 on $100,000 a year ‘they’d be paying about half as much income tax as the younger household’ …

WHY isn’t this Think Tank looking to all those individuals who can afford a ‘clever accountant’ to minimise tax?

And businesses that evade paying a fair share of tax as revealed in reports at Michael West including:

Australia’s Top 40 Tax Dodgers 2020: fossil fuels dominate once more

Mike Seccombe continues …

In the wake of this crisis, big changes will happen, regardless of what the government does. More work will be done from home. Fewer meetings will require physical travel, as people attend by virtual means.

There are clear positives to that: less time and fossil fuels wasted in commuting, greater flexibility in working hours – and, of course, less risk of spreading disease.

But there is a downside, too.

An analysis produced by the Centre for Future Work this week found that about 30 per cent of jobs could be performed from home – but those occupations already are paid about 25 per cent more than occupations that cannot be shifted to remote locations. The centre warned that a further shift towards remote working could exacerbate this divide.

Mike elaborates that:

the number of home-delivered meals is through the roof

delivered by low-paid gig workers

online shopping has accelerated; with job losses for store workers and store owners

There are pressing issues for the government

‘– the potential collapse of Virgin just one among many – that are pushing the government to consider questions that were unfathomable just weeks ago, such as nationalisation.’  …

Then, there remains the issue of how the country will pay for all this.’

Mike then writes that despite all of this the government ‘has said it will not abandon its massive, legislated-but-not-yet-implemented tax cuts, which skew to high-income earners.’

-the unemployment benefit doubled in response to the crisis; slated to go back to previous subpoverty-line level

nor that the government will correct pre-existing inequities

 -nor that it will be looking at personal tax rates, property tax or franking credits, capital gains tax, negative gearing, the taxation of trusts

Now is the time to subscribe.

Franking Credits text with Australian bank notes falling down. 3D Rendering - Illustration.
Royalty-free stock illustration ID: 1337957933




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THE minimum Number of Members expected to pass JOBKEEPER $130 Bn Wage Subsidy Plan …

THE MIN. NUMBER OF MEMBERS EXPECTED TO PASS JOBKEEPER $130 BILLION WAGE SUBSIDY PLAN TODAY

IT is interesting that …

‘WORKCHOICES’ isn’t dead at all … we have often thought it was lurking in the background … the free marketeers would seize any opportunity to bring it back in a flash

-it’s no myth Sally McManus nailed it, Porter has been under pressure to incorporate bits of ‘W/C’ … the Libs will never give up

-we have had exchanges with their likes … the so-called ‘self made‘ business folk … the only ones to work hard … aka ‘selfish’ immovable primitives fully immersed in the Trickle down economic belief system, social Darwinists and dogmatists.

.their agenda includes removing the Fair Work Act, Fair Work Ombudsman and Awards replacing the system with individual work contracts, removing the word ‘employment’

FROM the perspective of the damage caused to Australian Society … a whole Cohort of Unemployed Australians … through the abuse of the Temporary Visa Worker by employers (introduced by the Howard Govt in the late 1990s – no less!) … keen to exploit their labour with low wages … long hours …

-it has worked both ways … they have come here lured by the opportunity to gain ‘Permanent Residency’

PERHAPS now the Federal Government have got it right on this issue?

-the fact is those unscrupulous employers who have taken advantage of people prepared to work ‘off the books’ are not going to easily claim JOBKEEPER Payments because the employee/s have had to be on the books for 12 months or more!

It’s a bit tricky to somehow invent a paper trail back into previous financial year … gotcha you effing B’s!

FINALLY … they have been forced to recognise a lot of casuals in the workforce are

.being paid cash in hand, off the books, and they have paid no income tax, and no Medicare levy

.a lot of casuals have been paid under award rates

FURTHER, a lot of the 1.2 MILLION VISA WORKERS are included in this cohort

SO excluding them from assistance is for once being consistent …

.should Australia include these people in our assistance packages now if so we would be the only country in the World to do so

.with our unemployment rate to grow to over 6 MILLION (it was 19.7% prior to the CoronaVirus; not the contrived 5.2%)

HOW and why are we expected to fund foreigners here?

.would Australians abroad be treated the same, clearly the answer is no!

READ MORE!

Coronavirus JobKeeper support package worth $130 billion set to pass Parliament

https://www.abc.net.au/news/2020-04-08/parliament-back-pass-jobkeeper-support-package-coronavirus/12125870?fbclid=IwAR3PiQwCsjHKBpKFVb0RSPSePNqv5R79fdQcAVqHLuGCwP_CTc2XTdSnQIM

Coalition sit spaced apart.
PHOTO: A shrunken and socially distanced Parliament will vote on the laws today. (ABC News: Matt Roberts)

CoronaVirus Job Losses … How many Workers have No Leave Entitlements?

Welcome to the ‘Brave New World of Employment Darwinism’ … this government has striven to achieve this outcome …

-first it was ‘Work Choices’ we know what that was all about, US-style work environments

-the next step was to erode Medicare to get a US-style health system …even using a so-called PPP arrangement as an excuse to meet obligations for change here e.g. to the PBS

NOW with the casualisation of the workforce, and nearly 40% without entitlements the country had more than a hiccup


-the system they have fought to get has a fundamental flawwhen things go astray it doesn’t cope, there’s no capacity to absorb

.social loss
.human needs
.emergencies

WHAT a nice Society we have created, there’s little dignity in seeing things fall apart and being ill equipped to do much about it!

RMIT FACT FILE:  CASUAL EMPLOYMENT PAID LEAVE ENTITLEMENTS

Read more!

COVID-19 has put jobs in danger. How many workers don’t have leave entitlements?

https://www.abc.net.au/news/2020-03-30/fact-file-casual-employment-paid-leave-entitlements/12089056

RMIT ABC Fact Check

‘As the world struggles to cope with the COVID-19 pandemic, workers without paid leave entitlements are clearly among the most vulnerable in the sudden economic downturn.’

-many thousands have lost their jobs; others face unpaid time off work if they need to self-isolate

-with increasing bans on gatherings

EXTRACTS from ‘RMIT FACT CHECK … COVID-19 has put jobs in danger. How many workers don’t have leave entitlements? – ABC Newspaper’

Defining and measuring casual employment

As Fact Check has previously pointed out, there is no formal legal definition of casual employment.

Rather, casual employment “has generally been regarded as employment in which there is an absence of entitlement to paid annual leave or sick leave”, according to a guide published by the Australian Parliamentary Library.’

casual workers receive a higher hourly rate of pay including a casual loading, of an additional 25 per cent

-casuals are entitled to two days of carer’s or compassionate leave per occasion, and 5 days’ unpaid family and domestic violence leave within a 12-month period

How many casuals are there in Australia?

‘As a proportion of all workers in Australia — of which there are around 12.8 millioncasual workers make up 20 per cent, or one in five.’

Casual employment over time

Fact Check found that since 1997 around 24 to 25 per cent of all employees were employed on a casual basis, according to ABS data.

-the impact of recession and weakening of unions led the growth of casual employment

-from the 1980s to the mid-1990s workers lost ground over working conditions

-with increase in longer working hours, unpaid overtime and casualisation

-a consequence of two major recessions; weakened unions; decreased workers’ bargaining power

Other workers without leave entitlements

-self-employed Australians also lack the paid-leave entitlements available to employees on part-time or full-time contracts

-with 2.2 million self-employed Australians

-including either owner-manager of incorporated business, or owner-manager of unincorporated business, and include those working in the gig economy, such as Uber drivers

So how many workers don’t have paid leave entitlements?

The ACTU’s claim that 3.3 million Australian workers were without paid leave entitlements is likely an understatement

Characteristics of workers without paid leave

-casual employees likely to be younger; work in the hospitality and retail industries

-most workers without paid leave were in industries “especially vulnerable to shutdown” such as cafes, restaurants and takeaway food services

Principal researcher: Ellen McCutchanfactcheck@rmit.edu.au

SOURCE: https://www.abc.net.au/news/2020-03-30/fact-file-casual-employment-paid-leave-entitlements/12089056

Cafe worker pours a coffee
PHOTO: 37 per cent of the workforce did not have access to paid leave entitlements in the lead up to the coronavirus pandemic. (ABC News: Sam Ikin)

Australia’s ultra-wealthy population projected to rise by 29%

Australia’s ultra-wealthy population projected to rise by 29%

The number of ultra-wealthy people in Australia is expected to rise by 29% over the next five years, equivalent to an extra 1,085 people, according to Knight Frank’s Wealth Report 2020.

March 03, 2020

The data shows Australia’s ultra-high-net-worth-individual (UHNWI) population will rise to 4,881 by 2024, up from 3,796 in 2019, with more than 200 new ultra-wealthy people being created in Australia each year.

Australia’s ultra-wealthy population grew by 5% in 2019 and by 35% over the past five years.

At the same time, Australia’s high-net-worth-individuals (HNWI) are expected to grow by 34% over the next five years to reach close to 2.1 million. Currently, 50 million people globally are considered millionaires, with wealth of  US$1 million or more.

According to Knight Frank’s Head of Residential Research, Australia Michelle Ciesielski, Australia is forecast to have one of the highest rates of growth in UHNWI populations globally over the next five years.

“Australia is ranked equal 15th with Canada for the projected growth in UHNWIs out of 43 countries globally,” she said.

“Our projections are based on The Knight Frank Wealth Sizing Model which allows us to project the number of individuals in each wealth band in the future. We have utilised data including forecast growth in GDP, house prices, equity performance, interest rates and other assets that individuals hold.

“Coming off a number of years of solid growth in Australia, 2019 saw further wealth creation off the back of a resilient stock market and further capital gains in the prime property market. 

“Although challenges in the local economy persist, there has been much more certainty and solidifying of the global economy coming into 2020.”

Knight Frank’s Joint National Head of Private Office Sarah Harding said: “On average 80% of Australian UHNWIs saw an increase in wealth in 2019, well above the global average response of 63% in the Knight Frank Attitudes Survey.

“Looking ahead to 2020, 63% of Australian UHNWIs believe their wealth portfolios will continue to grow, which is optimistic when compared to the global average of 55%.

“Australian UHNWIs cite the top three issues challenging wealth creation in 2020 as being the flow on from the global economic slowdown, negative interest rates or bond returns and the global trade wars. 

“As a result, 92% of Australian ultra-wealthy population are making changes to protect their wealth.” 

According to Ms Ciesielski, “The number of ultra-wealthy people around the world is predicted to grow by 27 per cent over the next five years, with the population rising by 136,087 to just under 650,000. An additional 31,000 UNHWI were created in 2019, an increase of 6.1%.

“Out of the top 20 fastest growing countries presented in the report, six are located in Asia, with India forecast to have the highest growth of 73%.

“We expect Asia will be the world’s second largest wealth hub by 2024, with a forecast five-year growth of 44%, but it will still be only half the size of North America’s ultra-wealthy population, which is forecast to increase by 22%.”

Read The Wealth Report here

SOURCE: https://www.knightfrank.com.au/blog/2020/03/03/australias-ultrawealthy-population-projected-to-rise-by-29?mkt_tok=eyJpIjoiT1Rjd05qSTJPVGxsWlRJMCIsInQiOiJhRFc2MGJya3k0M002ZzhrZGFVOXVGZTJ1SVNWNU1jcVZFYTB5N1wvQVFNazdiZ0F1dmdNM1daNjVaUlNidW1yU1NTd1UyQkV4NkZibU1WME5Xa2dObnZzQmUxQjMySW5GTms0WXVPYTB5VHJ4OWwxZVQyWEF6eXJKaldlMGZBMGhtWk12SHBhTEFtbkM3SVo2OHZoK1l3PT0ifQ%3D%3D