Sydney developer Deicorp is set to officially open its <a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill-nsw-2154">Showground Village</a> precinct in Castle Hill.

NSW Premier Chris Minns will attend the opening on Sunday August 31, alongside&nbsp;Minister for Planning and Public Spaces Paul Scully, The Hills Shire Council Mayor Dr Michelle Byrne, Landcom CEO Alex Wendler, and Deicorp Founder Fouad Deiri.

Located just moments from Hills Showground Metro Station, the centre spans 9,500 sqm across four levels and features 26 specialty retailers as well as a 1,400 sqm public plaza, creating a new community meeting point for shopping, dining, fitness, and everyday convenience.&nbsp;

Showground Village forms part of the Hills Showground Station Precinct, an urban renewal initiative led by Landcom and Sydney Metro that will provide for around 2,300 new jobs over the next 20 years and around 9,000 new homes.&nbsp;

Deicorp was recently approved for another new development next door to Showground Village.

The new five residential buildings in the East Showgrounds Precinct, will see another 873 dwellings delivered, as well as&nbsp;3,500 sqm of open public space in the form of landscaped courtyards, a public park and communal outdoor recreational space including a playground, barbeque area, and outdoor seating.

“This approval will allow us to start construction on a range of beautifully designed, conveniently located apartments and create another vibrant, walkable and well-connected community,” said&nbsp;<a href="https://www.apartments.com.au/developers/deicorp" target="">Deicorp</a>&nbsp;Founder Fouad Deiri.

“These new homes will provide their residents with a seamless connection to jobs and services along Metro North West, and the new&nbsp;<a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill" target="">Hills Showground Village</a>&nbsp;retail precinct currently under construction."

Deicorp has several thousand apartments in planning and under construction across Sydney, from Zetland and Five Dock to Crows Nest and Macquarie Park.

[smartcode_project_cta:default project_id=133881]

Joel Robinson

Deicorp, NSW Premier officially open Showground Village, new retail and hospitality hub in Castle Hill

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

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.
<hr>
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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