Growing national developer Time &amp; Place has announced its fifth new apartment development.

With two projects in Manly and two upcoming in Surry Hills and Potts Point, the developer, which expanded beyond Melbourne just a few years ago, is now heading to Mosman. It is planning 53 new apartments on Redan Street.

The 3,233 sqm site, spanning <a href="https://www.apartments.com.au/new-apartments/40-48-redan-street-mosman-nsw-2088">40–48 Redan Street</a> with frontage to Redan Lane, is located just under 400 metres from Spit Junction Town Centre. It is reported the developer paid around $100 million for the five-site amalgamation.

Time &amp; Place, founded by Tim Price and backed by James Packer’s private investment firm NPACT, has submitted the project as a State Significant Development through the NSW Government’s Housing Delivery Authority pathway.

Of the 53 apartments, 42 will be released to the market, with the remaining 11 allocated as affordable housing in line with NSW Government requirements.

fjc Studio has designed the building. In its Design Report, the architect said the diverse mix of dwelling types and sizes, including 11 two-bedroom affordable housing units, 40 three-bedroom apartments, and two four-bedroom residences, will support a broad demographic, including families, downsizers, and key workers.

The development will rise to nine levels, a height encouraged by the NSW Government due to the site’s proximity to Spit Junction, which has been identified as a low- to mid-rise centre. Developments within a certain proximity to these centres are permitted increased height.

fjc said the project “achieves an appropriate density outcome for its setting by balancing increased housing supply with strong amenity performance,” adding that it “makes a measurable contribution to NSW housing supply targets through the delivery of additional dwellings and dedicated affordable housing.”

The new development will replace five existing two-storey homes.

“By aligning with the objectives of the Housing SEPP and applying careful architectural and urban design principles, the development provides high-quality residential accommodation that integrates sensitively within its established Mosman context and delivers enduring benefits to residents and the wider community.”

Mosman has become increasingly popular with developers in recent years.

Developer Abadeen has been particularly active, with Mosman Residences currently on the market and under construction on Clifford Street. It also has an upcoming Burran Avenue project, comprising just three apartments on the Balmoral Slopes, and recently secured the Midas and Honeysuckle nursery site on Military Road.

Prosker Property has a project on Redan Lane, just a few doors down from Time &amp; Place’s proposed development.

Developers including Toohey Miller, DARE Property Group, and WINIM also have projects underway in the area. In 2024, a five-year target was set for the Mosman LGA to increase housing supply by 500 dwellings by 2029.

Time &amp; Place entered the Sydney market with Two Tides, its under construction Manly development. Given its sales success, it has secured another development in the area, more boutique, facing the beach on North Steyne.

They are hoping to launch their redevelopment of The Chimes in Potts Point this year, and next year will look to take to market Marlborough House, an adaptive re-use of the landmark David Jones warehouse in Surry Hills.

Joel Robinson

Time & Place to take on Mosman apartment market

Brunswick’s civic heart continues to consolidate around the Merri-bek Arts and Culture Precinct, where a growing cluster of cultural institutions, recreation facilities, and public infrastructure has created one of the inner north’s most defined community hubs.&nbsp;

Within this evolving precinct, <a href="https://www.apartments.com.au/new-apartments/saxon-street-by-milieu-brunswick-31-saxon-street-brunswick-vic-3056">Saxon Street by Milieu</a> introduces new housing directly alongside the civic anchors that shape daily life in the suburb.

At 31 Saxon Street, the project sits immediately beside Brunswick Baths and within moments of Brunswick Library and Town Hall, longstanding institutions that support both community services and everyday amenity.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348840]

Next door, the newly delivered Balam Balam Place arts precinct has emerged as a central piece of Merri-bek Council’s cultural strategy, bringing together creative studios, exhibition spaces, maternal and child health services, and community programming in a purpose-built civic facility. Together, these destinations have reinforced the surrounding blocks as a focal point for public life in Brunswick.

This part of <a href="https://www.apartments.com.au/developments/brunswick-vic-3056">Brunswick</a> forms a key pocket within the suburb’s designated Major Activity Centre, where long-term planning has prioritised walkability, civic investment, and increased housing supply close to transport and services. The surrounding street network reflects that strategy, with compact blocks, established retail corridors and active transport links supporting a lifestyle that is largely navigable on foot.

Within a few minutes’ walk, Sydney Road delivers one of Melbourne’s most recognisable streets, known for its long-running mix of independent retailers, international dining venues and everyday convenience. Tram routes along Sydney Road provide frequent connections south toward the CBD and north through Brunswick and Coburg, while Jewell Station on the Upfield line sits within roughly a ten-minute walk, offering direct train access into the city.

[smartcode_project:default project_id=136434 project_image_fid=348839]

Active transport also plays a significant role locally. The nearby Upfield Bike Path forms a key north–south cycling corridor linking Brunswick through Parkville and into the central city, reinforcing the area’s reputation as one of Melbourne’s most accessible inner-urban neighbourhoods for cyclists and pedestrians alike.

The surrounding civic cluster extends beyond cultural infrastructure. Siteworks, a nearby creative hub supporting artists and community organisations, adds to the concentration of cultural activity in the immediate area. Educational institutions such as Brunswick North Primary School, Brunswick Secondary College and RMIT’s Brunswick campus are also within easy reach, contributing to the suburb’s diverse resident base spanning families, students and professionals.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348841]

Designed by <a href="https://www.apartments.com.au/architects/jackson-clements-burrows-architects">Jackson Clements Burrows Architects</a> in collaboration with <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> and landscape architects <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, the nine-level building has been shaped to respond to the surrounding streetscape, with lower levels aligning to the street and upper storeys stepping back to soften its scale and improve solar access.&nbsp;

Curved balcony forms reference nearby heritage architecture, while the development’s public realm improvements include a widened footpath along Saxon Street to strengthen pedestrian connections between the precinct’s civic sites.

Sustainability also underpins the project’s approach. The building is designed to operate entirely on electric infrastructure supported by rooftop solar, with an average 7.5-star NatHERS energy rating and EV-charging readiness across the development. Shared resident amenities will include a landscaped rooftop terrace with barbecue and covered dining areas intended to encourage informal interaction between residents.

Saxon Street marks developer Milieu's fifth project in Brunswick and continues its focus on design-led infill housing across Melbourne’s inner suburbs.&nbsp;

Construction has commenced through reputable builder Manresa, who will complete the project in 2027.

[smartcode_project_cta:default project_id=136434]

Saxon Street by Milieu connects residents to Brunswick’s cultural and civic core

Within <a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a>, <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>&nbsp;takes a different approach to larger residences, moving away from the constraints of a single level.

In Grand Residence 3.05, known as the Lustre, plays out across two levels, with a mezzanine configuration that is uncommon in apartment living.

Lustre is a four-bathroom residence where the layout creates a clear distinction between shared and private zones, with uninterrupted views toward the Dandenong Ranges extending the sense of openness from the main living areas.

Entry is to the primary living level, where the kitchen, dining, and living areas are arranged as one continuous space. Timber flooring runs throughout, with a fireplace set within the living zone. Full-height glazing brings in natural light, supported by double glazing that improves thermal performance.

[smartcode_project:default project_id=342 project_image_fid=357506]

The kitchen is configured as both a working and social space. A large island bench provides seating, while a walk-in pantry extends storage beyond typical apartment expectations.

Gaggenau appliances, including a 900mm gas cooktop and 600mm oven, are integrated into a layout that connects directly to the adjacent dining and living areas, and outward to the terrace. This balcony includes a built-in BBQ, reinforcing the apartment’s capacity to accommodate larger gatherings without compromising internal space.

A dedicated laundry room, powder room, and a wine cellar area sit discreetly off the main living zone, ensuring that functional requirements are resolved without encroaching on primary living areas. The master suite is also located on this level, designed as a retreat with a walk-through wardrobe and an ensuite that includes double vanities, a bath, and a dedicated dressing table.

[smartcode_project:default project_id=342 project_image_fid=357508]

The mezzanine level introduces a second layer of living, rather than simply additional bedrooms. Two large bedrooms with built-in robes are positioned alongside a central bathroom, while a secondary lounge and study area create a self-contained zone suited to children, guests, or extended family. A large storage room further supports long-term usability, addressing a common shortfall in apartment design.

This separation of levels is central to how the residence functions day-to-day. It allows the lower level to operate as the primary entertaining and living space, while the upper level provides privacy and flexibility. The result is closer in feel to a townhouse or standalone home, but with the benefits of apartment living, security, and low maintenance.

[smartcode_project:default project_id=342 project_image_fid=364553]

Candela is close to 80 per cent complete, with Ironside delivering construction ahead of its expected October 2026 completion. The development comprises 58 residences, with a strong owner-occupier profile and a mix of one to four-bedroom apartments and loft-style townhouses.

Candela has exclusive access to private amenities, including a residential lounge and rooftop terrace. A charming café and a lifestyle wellness centre are located on the ground level, designed to foster community connection and extend the living experience beyond individual apartments without competing with the scale of homes like Lustre.

Candela, positioned in the heart of Ivanhoe Village, reinforces the practicality of the address. With a Walk Score of 90, residents are within immediate reach of cafés, retail, parklands, and Ivanhoe Station, while also benefiting from proximity to established schools and healthcare services.

[smartcode_project_cta:default project_id=342]

Inside Lustre: Grand Residence 3.05 at Candela Ivanhoe

<a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a>’s <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a> is being shaped around a simple but increasingly rare premise in apartment development: that the built environment should actively support residents’ wellbeing.&nbsp;

Located on the former ABC Studios site on Gordon Street in Melbourne’s south-east, the new neighbourhood sits on an expansive 11,740 sqm site neighbouring the heritage-listed Rippon Lea Estate, whose gardens date back more than 140 years.

Rather than positioning wellness as an add-on amenity, the development integrates it into the physical planning of the site. Architecture by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> is arranged across six low-rise buildings set within extensive landscaping designed by <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, with more than 40 per cent of the land dedicated to gardens and green space. Walking trails, pocket gardens, and mature trees are threaded between buildings, creating a network of green corridors that encourage residents to move through the precinct on foot and spend more time outdoors.

[smartcode_project:default project_id=136535 project_image_fid=288420]

Milieu has intentionally framed these gardens as an extension of the neighbouring Rippon Lea Estate. More than 16,000 new plants will be introduced across the site, with species carefully selected to protect and complement the area’s ecological significance. The approach focuses on strengthening existing environmental conditions while establishing new habitats that support native wildlife, reinforcing the role of the landscape as both an active ecosystem and a defining element of daily life.

A private resident gate will provide direct access to the historic grounds during opening hours, allowing residents to move seamlessly between the development’s landscaped gardens and the estate’s expansive lawns, lakes, and mature trees. The project’s gardens will also be maintained by the same gardeners responsible for Rippon Lea, reinforcing the visual and ecological continuity between the two landscapes.

Complementing the landscape is a dedicated wellness hub designed to support everyday health and recovery. Residents will have access to a gym alongside yoga and Pilates studios, while mineral pools and infrared saunas provide spaces for relaxation and restorative wellbeing. Shared lounges, workshop spaces, and pet care facilities expand the concept of wellness beyond fitness, creating opportunities for social connection and community interaction within the precinct.

Environmental performance is another key component of the project’s wellbeing focus. Elsternwick Gardens will be entirely fossil-fuel-free, with homes designed to operate on renewable electricity rather than gas. Passive design strategies, including cross-flow ventilation, high-performance insulation, and thermally broken double glazing, are intended to maintain comfortable indoor temperatures while reducing energy demand. Solar photovoltaic systems will power common building services, while rainwater harvesting will help irrigate the extensive landscaping across the site.

[smartcode_project:default project_id=136535 project_image_fid=361030]

Milieu Founder and Managing Director Michael McCormack says the scale and setting of the project allowed the team to take a different approach to urban apartment living.

“This site represents a once-in-a-lifetime opportunity to build something truly special,” McCormack says.

“Through that process, we arrived at a design that centres on a fully realised natural landscape – a series of private, interconnected gardens that encircle the homes and extend seamlessly from Rippon Lea Estate.”

Elsternwick Gardens will comprise three residential offerings, Gordon Place, Ripponlea Terrace, and The Garden Pavilion, each designed for owner-occupiers and shaped around high-quality interior design by Woods Bagot, K.P.D.O., and Flack Studio. The first stage, Gordon Place, includes one-, two-, and three-bedroom apartments designed with a strong focus on indoor-outdoor living and sustainability.

[smartcode_project:default project_id=136535 project_image_fid=288412]

Milieu recently appointed <a href="https://www.apartments.com.au/builders/brady-constructions">Brady Constructions</a> to deliver the project, marking a key milestone for the development. The appointment follows the demolition of the former studio buildings on the Gordon Street site, with construction progressing toward the delivery of the nature-led community.

Situated between the established villages of Elsternwick and Ripponlea, the development balances its garden setting with strong urban connectivity. Residents will be within walking distance of cafés, restaurants, and local retail, while nearby train and tram connections provide quick access to Melbourne’s CBD and the beaches of Elwood and St Kilda.

With construction underway and the first residents expected to move in by early 2027, Elsternwick Gardens represents a growing shift in apartment development toward environments that prioritise wellbeing as much as density or location. By placing landscape, sustainability, and shared spaces at the centre of the design, Milieu is positioning the project as a residential neighbourhood where wellness is not just promoted, but built into the structure of everyday life.

[smartcode_project_cta:default project_id=136535]

Elsternwick Gardens' wellness-first design strategy

Brisbane-based developer <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a> has made a striking debut on the Gold Coast, officially unveiling its $250 million COMO development in Varsity Lakes, a lifestyle-driven residential project anchored by an extensive rooftop wellness and activity precinct.

Having recently launched to market, construction has already been fast-tracked by <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a>, ensuring momentum continues on what is set to become a landmark residential address for the growing Varsity Lakes community.

Located at 22 Lake Street, Varsity Lakes, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels, comprising one-, two- and three-bedroom residences designed for modern living. However, it is the project’s rooftop amenity offering that sets COMO apart.

[smartcode_project:default project_id=135546 project_image_fid=363510]

Designed as a dedicated wellness and recreation hub, the rooftop will feature a 25-metre lap pool, fully equipped gymnasium, and multiple pickleball and paddleball courts - amenities rarely seen in boutique apartment projects.

Residents will also have access to a sauna and plunge baths, while landscaped gardens and relaxation zones will provide tranquil spaces overlooking sweeping panoramic views across the Gold Coast skyline.

The rooftop precinct has been designed to function as the social and wellness heart of the development, encouraging residents to embrace an active, balanced lifestyle within their own building.

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363512]

Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.

“Amenities were at the forefront of our decisions,” Laverty said.

“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.

“The rooftop at COMO has been designed to be the epicentre of that lifestyle, with a suite of wellness and recreation facilities that are quite unique for a boutique development of this scale.”

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363514]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the residences prioritise liveability, featuring spacious layouts, 2.7-metre ceilings and high-quality finishes throughout.

The development sits beside Bond University, placing residents within walking distance of education, retail and dining options within the vibrant Varsity Lakes precinct, including Robina Town Centre, Varsity Lakes Train Station and a range of leading schools.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.

“<a href="https://www.apartments.com.au/developments/varsity-lakes-qld-4227">Varsity Lakes</a> was a clear choice for us to invest in as it’s a lifestyle hub that seamlessly blends lakeside living with urbanity,” he said.&nbsp;

“Como will capitalize on this great location, delivering a project that not only creates premium homes, but a lifestyle defined by community, wellbeing, and connectivity.”

Red &amp; Co has delivered more than 500 apartments and townhouses across 26 projects in Brisbane in recent years, with COMO marking the company’s first major Gold Coast development.

[smartcode_project_cta:default project_id=135546]

Red & Co unveils amenity-rich Como development in Varsity Lakes

Jobkeeper

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The Real Estate Institute of Australia has welcomed the extension of the JobKeeper and JobSeeker payments beyond September.
Today’s announcement by the Prime Minister and Treasurer provides businesses and individuals with a much needed lifeline in our industry, the economy and the community for the coming months.
The extension of JobKeeper and JobSeeker payments were identified as the two main areas of support required in a survey the Real Estate Institute of Australia’s member Real Estate Institutes undertook of their members. These were subsequently highlighted in a submission to the Government.
REIA applauded the introduction of the JobKeeper as it kept many employed in the real estate sector. Many of these employees have been engaged in providing the essential service of keeping tenants housed during the pandemic.
With some 3.3 million properties that are rented or available for rent across Australia the extension of JobKeeper and JobSeeker will do much to ease the stress and anxiety that many tenants are feeling at this time. Many of these are rented by people who have lost their jobs in industries that will be slow to recover.
The extension of JobKeeper and JobSeeker will play a vital role in helping Australians plan for recovery and rebuilding from the impact of COVID-19.
ADRIAN KELLY is the President of the Real Estate Institute of Australia
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j.ballantyne1990-6AQqhLzZaK

REIA welcomes JobKeeper and JobSeeker extensions: Adrian Kelly

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GUEST OBSERVATION
When it comes to the outlook for employment, there’s good news and bad news.
To begin with the good news: with a bit of luck, the next few months will see the fastest expansion of employment in Australia’s history.
The bad news? Well, there’s virtually no chance it will be enough to get employment to where it was in March, before the COVID-19 shutdown.
In fact, even on a best-case scenario it’s likely by the end of September we will only be back to the worst points of the 1980s and 1990s recessions.
The best-case scenario
Other Bureau of Statistics data suggests that between mid-March and mid-April employment fell <a href="https://drive.google.com/file/d/1EEze6-rwkdcKgJ0iLWD7PfmWoMz8ob6Q/view">1.3 to 1.6 million</a>.
<a href="https://www.afr.com/politics/federal/prime-minister-scott-morrison-hopes-850-000-back-at-work-by-july-20200508-p54r12">Treasury</a> estimates that the planned reopening of the economy will result in a bounceback of 850,000 jobs.
Suppose that a decrease of 1.3 million turns out to be the trough and recovery is uninterrupted.
Employment at the end of September would then be 440,000 below where it was in March, 3.4% lower.
The turnaround would be a considerable achievement.
But even if it happens, we will have only recovered to around the worst points of the 1980s and 1990s recessions, where employment decreased by about 4 per cent.
Employment won’t recover fully in this best-case scenario because some parts of the economy will still be shut down (including international travel) and COVID-19 will continue to cause many consumers to spend less than usual.
That best case is unlikely
There are several reasons to worry about whether the best-case can be achieved.
First, job gains from reopening businesses are likely to be offset by losses in employment in other industries suffering from reduced consumer demand and business investment.
While cafes and restaurants may start up again, Bureau of Statistics data shows that employment has <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/6160.0.55.001Main%20Features5Week%20ending%202%20May%202020?opendocument&amp;tabname=Summary&amp;prodno=6160.0.55.001&amp;issue=Week%20ending%202%20May%202020&amp;num=&amp;">begun to decline</a> in large industries such as construction and professional services.
Second, the effects of reopening may not be all we expect. Labour hoarding – where businesses retain more workers than needed during an economic downturn - might mean that reopening doesn’t translate into as many new jobs as expected.
This is likely to be particularly acute given that JobKeeper has effectively paid employers to subsidise labour.
Third, impacts from longer-run structural changes in the economy might begin to cause employment losses, especially as JobKeeper is partially unwound.
So what are we to do?
Even under the best-case scenario employment will be substantially lower than before COVID-19 well into the future. And we can’t presume the best-case will happen. A compelling case exists for substantial ongoing economic stimulus post-September 2020.
The labour market will not have fully recovered by then. To remove stimulus would only set back recovery. The question therefore should not be: is stimulus needed, but rather, what size and type of stimulus is needed.
Continuing JobKeeper beyond September 2020 could have an important role in providing income security to affected workers and macroeconomic stimulus.
It is a known policy, it operates effectively, and it appears to have community support. Replacing it with an alternative type of stimulus could risk harming confidence and the recovery.
We can’t simply end JobKeeper
An extra (and considerable) advantage of continuing JobKeeper is allowing time for a staged transition away from it. Stopping it will inevitably push up unemployment.
A staged transition would spread out that adjustment rather than creating a shock in September.
A transition from JobKeeper could be done via stepped decreases in the size of payment or progressively restricting eligibility as industries or businesses recover. The transition could begin at the end of September, or earlier if it is judged that employment is likely to have already recovered substantially before then.
An objection to retaining JobKeeper is that it is preventing adjustment in the labour market, and disrupting the normal process of businesses starting up and failing.
There are two responses.
First, the question is not about whether JobKeeper should be permanent, but about the timing of its removal.
Whenever it is (or starts to be) removed, labour mobility will return and any firms on life support will disappear. Having this happen via a staged transition is better than having it happen all at once.
Second, the potential economic losses from unemployment in a depressed economy swamp the potential losses from having inefficient firms operating for longer.
Our number one priority has to be maintaining and restoring employment.<img src="https://counter.theconversation.com/content/139648/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/jeff-borland-1079">Jeff Borland</a>, Professor of Economics, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-even-the-best-case-for-jobs-isnt-good-well-need-more-jobkeeper-139648">original article</a>.
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Why even the best case for jobs isn't good, we'll need more JobKeeper

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GUEST OBSERVATION
No Australian government has ever spent A$130 billion so quickly.
Last Tuesday, when the Prime Minister announced the government would subsidise six million jobs for six months to the tune of $1,500 a fortnight, the nation’s economists were left speechless.
Today, the government unveiled <a href="https://www.theguardian.com/world/2020/apr/06/labor-to-support-jobkeeper-package-despite-ineligibility-of-1m-casuals">the legislation</a> to be considered by the parliament tomorrow.
In ordinary times, there wouldn’t be a lot of support for a $130 billion wage subsidy. But these aren’t ordinary times.
Whole sectors of the economy have shut down, either directly as part of the health response to the pandemic, or indirectly as part of a wave of knock-on effects.
The JobKeeper wage subsidies will give <a href="https://treasury.gov.au/sites/default/files/2020-04/Fact_sheet_supporting_businesses_0.pdf">direct support</a> to the worst-affected businesses and jobs, helping to keep the economic damage to a minimum. The package isn’t perfect. But it’s a far better response than had been feared.
It will help keep the Australian economy afloat over the next six months, putting it in a position to bounce back when health officials deem it safe to reopen parts of the economy for business.
It has three key features:
<ul>
<li>
businesses get $1,500 per fortnight per worker (only for those workers who were employed on March 1. Short-term casuals with the business and some visa holders are excluded)
</li>
<li>
the employer has to keep those workers on the books and pay them at least $1,500 per fortnight
</li>
<li>
it only applies to businesses whose revenue has collapsed by at least 30% (15% for charities and not-for-profits, 50% for the largest businesses, with banks excluded).
</li>
</ul>
To be effective, it has to deliver on three goals:
<ul>
<li>
to support workers’ incomes through the crisis
</li>
<li>
to keep workers attached to firms, preserving as many job-specific skills and as much know-how as possible
</li>
<li>
to prevent wide-scale business failures which could turn a short and sharp recession into a long and painful depression.
</li>
</ul>
Importantly, this means if it’s working well, both workers and employers will get something out of the deal.
At firms that would otherwise have shut down, workers will benefit considerably.
Many workers will get paid more
The $1,500 payment will give them much more than the Newstart payment they would have received if laid off, even the doubled Newstart (now called JobSeeker) which for six months has been paired with a <a href="https://theconversation.com/scalable-without-limit-how-the-government-plans-to-get-coronavirus-support-into-our-hands-quickly-134353">Coronavirus supplement</a> lifting it from $565.70 to $1,115.60 per fortnight.
And for the one third of workers otherwise earning less than $1,500 per fortnight, the JobKeeper payment will be a pay rise. If the subsidy keeps their firm afloat, they’ll keep their job and be paid even more than before for the next six months.
It’s possible those earning more than $1,500 per fortnight will earn less than they did before in pay and benefits, depending on what the government does with the Fair Work Act.
 
Exactly how it works out for workers who get JobKeeper will depend on the labour market. On one hand, they will be more attractive to employers because their employment comes with a big subsidy that new hires don’t bring with them. On the other hand, they might have few alternative employers to turn to. Jobs might be hard to find.
They’ll get to keep their jobs
Regardless, even if their pay is reduced, their situation will be much better than under the renamed Newstart. And to the extent that cutting their pay helps to keep the firm viable, it will secure a job for them on the other side.
Employers will also benefit. If a business stays open, it will get the benefit of its workers’ labour for free or at a big discount. It might look like corporate welfare, but it’s a feature, not a bug.
A key objective of the scheme is to plug the hole in firms’ revenues to prevent them going under. Most would have been viable if it weren’t for the necessary public health measures governments have taken. Allowing them to fail would mean a pointless destruction of valuable resources.
The wage subsidy is somewhat crude and inevitably there will be some waste. Some firms will be given more money than they need, some workers will be given more, some less.
It was never going to be perfect
Given more time, the treasury could have designed something better targeted, less wasteful. It didn’t have it. The economy has never experienced so sudden a collapse.
But there are a few simple things the government could do to make it better.
It could include short-term casuals and visa holders, and it should take care not to weaken the Fair Work Act.
JobKeeper won’t prevent a serious contraction in the Australian economy, but it should give us a very good chance to bounce back on the other side.
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We would like to thank Jeff Borland for his comments on a draft version of this article.<img src="https://counter.theconversation.com/content/135195/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/steven-hamilton-155869">Steven Hamilton</a>, Visiting Fellow, Tax and Transfer Policy Institute, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a>; <a href="https://theconversation.com/profiles/bruce-preston-452859">Bruce Preston</a>, Professor of Economics, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a>, and <a href="https://theconversation.com/profiles/chris-edmond-673265">Chris Edmond</a>, Professor of Economics, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/jobkeeper-is-quick-dirty-and-effective-there-was-no-time-to-make-it-perfect-135195">original article</a>.
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JobKeeper is quick, dirty and effective, there was no time for perfection

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EXPERT OBSERVER
Amid an extraordinary economic slowdown, the Australian economy is heading for its first recession in almost 30 years.
Indicators suggest this fall in demand is starting to weigh on the property market. But a frequent stream of monetary, fiscal and social policies are being rolled out in an attempt to soften the blow to the broader economy, which will also help to insulate housing markets.
Over March, the JobSeeker payment was increased by $550 per fortnight, effectively doubling the highest allowance. Additionally, on the 30th of March, a $130 billion wage subsidy payment was announced, which would see employers receive $1,500 per employee per fortnight.
For eligible employers and employees, workers would receive a gross wage supplement of $1,500 before tax on a fortnightly basis.
The game-changing package has led Westpac economists to reduce their forecast for peak unemployment from 17.0%, down to 9.0%.
This will ultimately lessen downward pressure on housing demand, as more people are able to retain their job during and after the COVID-19 shutdown.
How many rentals are ‘affordable’ on the JobKeeper package?
The JobKeeper subsidy may also see fewer households fall into housing affordability stress.
Housing affordability stress is a situation where households expend more than 30% of income on housing costs, such as rent. To understand how many households may be better off, it is worth considering how many rentals are currently able to be serviced on 30% of the JobKeeper payment.
<img src="https://www.urban.com.au/images/2020/4/6/TABLE%201.png" alt="">
Table 1 (pictured above) shows the portion of the rental market in capital city and regional areas that could be serviced by an individual using just 30% of the JobKeeper or JobSeeker payments (i.e, what portion of the rental market can be rented for $450 per fortnight, or $330 per fortnight).
In considering typical household composition, Table 2 (pictured below) reflects the same analysis for a couple both receiving a benefit.
<img src="https://www.urban.com.au/images/2020/4/6/TABLE%202.png" alt="">
The analysis does not take into account tax on the JobKeeper payment, or voluntary employer top-ups of the JobKeeper amount.
The data highlights that the JobKeeper payments significantly increase the portion of affordable private rentals in Australia.
Flat payments are proportionately beneficial for renting households where rents are cheaper, such as in Regional Tasmania and South Australia.
Incidentally, these are areas that may be more severely impacted by the economic slowdown in terms of the concentration of the labour force in agriculture, food service, tourism and accommodation.
But even with the relatively small portion of rental properties being affordable elsewhere, it is likely that current social distancing measures would see less discretionary spending, enabling a higher portion of income to be used in servicing rent.
Additionally, further protections for renters are in the works. On the 29th of March, federal and state leaders announced a 6 month moratorium on residential and commercial tenant evictions, for households in financial stress who cannot meet payments because of the coronavirus impact.
At a press conference the next day, Prime Minister Morrison made an allusion to further rental assistance, such as a rent guarantee, but such details were “still being worked through”. This would ease pressure on renters to service their full rent commitments, however the impact on landlords remains uncertain. Another note on this data is that it reflects rental valuations as of early April.
As income and job prospects decline, the private rental market will likely see a downwards adjustment, with landlords of vacant properties potentially having to lower rents in order to meet the market.
A final takeaway from this data may be that now is an opportune time to explore more social and affordable housing supply.
As well as added benefits to the construction sector, the government could look to create housing supply that compliments the payments being offered to renters. 
ELIZA OWEN is the Head of Research Australia at CoreLogic
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New fiscal policies shift outlook for rental housing: Eliza Owen

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EXPERT OBSERVER
Events have been moving quickly in the Australian economy.
With the announcement of the Australian Government’s latest JobKeeper Payment (JKP) policy and further tightening of social distancing guidelines we have reviewed our employment, GDP, and Budget deficit forecasts.
Key forecasts had been: a peak in the unemployment rate of 11.1% in the June quarter; a GDP contraction of 3.5% in the June quarter; and the likely issuance of an additional $250bn in Australian government bonds over 2019/20 and 2020/21.
In reviewing those forecasts we have maintained the approach of assessing employment and output across industry sectors to arrive at a more granular estimate of the impact of the various government policies on the Australian economy.
We also maintain our core view that while the intensity of the policies to address the virus will peak near the end of the June quarter, most policies will be maintained through the September quarter and the recovery will be delayed until the December quarter. Conditions in the global economy will remain very weak until well into the December quarter.
With the shutdowns and social distancing policies being tightened we now expect a much more severe impact on the output of most industries.
As expected, the most seriously affected industries are likely to be: retail; accommodation; restaurants; transport; recreation; and real estate. However we also expect negative impacts for other industries including manufacturing; construction; and distribution. Other industries such as health, government, and telecommunications will see a lift in employment and output.
We expect GDP will now contract by 8.5% in the June quarter; to be followed by a 0.6% contraction in the September quarter; and a 5.2% lift in the December quarter.
Overall, the economy is expected to contract by 5% through the 2020 year.
BILL EVANS is the <a href="https://westpaciq.westpac.com.au/Article/42804/16785/" target="_blank">Chief Economist at Westpac</a>
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