Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Unemployment

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The May unemployment rate increased by 85,700 people to 927,600, taking the unemployment rate up to 7.1 per cent, today's ABS figures showed.
It was now at an 18 year high.
The ACT has the lowest unemployment rate at 4.1 per cent.
New South Wales, Victoria and Tasmania are the only other states under the national unemployment rate.
New South Wales has the lowest at 6.4 per cent, up from 6.3 per cent in April, and Victoria 6.9 per cent, up from six per cent in April. Tasmania's unemployment rate is 6.4 per cent.
Western Australia's unemployment rate is the highest at 8.1 per cent, then Queensland and South Australia and 7.9 per cent.
The Northern Territory has a unemployment rate of 7.4 per cent. 
In April it sat at 6.4 per cent, and 5.2 per cent in March before COVID-19 took over.
Seasonally adjusted employment decreased by 227,700 people between April and May.
Bjorn Jarvis, head of labour statistics at the ABS, said, "The drop in employment, of close to a quarter of a million people, added to the 600,000 in April, brings the total fall to 835,000 people since March." “In two months, the percentage of people aged 15 and over employed in Australia decreased from around 62.5 per cent to around 58.7 per cent.” As in April, the size of the increase in the unemployment rate in May was reduced by larger than usual numbers of employed and unemployed people leaving the labour force. 
This was reflected in a further fall in the participation rate, down 0.7 percentage points to 62.9 per cent. 
The last time the participation rate was below 63 per cent was in January 2001. Monthly hours worked fell 0.7 per cent in May, to be down 10.2 per cent since March (with the April fall revised up to 9.5 per cent). "The ABS estimates that a combined group of around 2.3 million people - around 1 in 5 employed people - were affected by either job loss between April and May or had less hours than usual for economic reasons in May," Mr Jarvis said.
Treasury secretary Steven Kennedy now expects unemployment to reach eight per cent by September, when previously Josh Frydenberg said that the treasury expected in April the jobless rate would peak at 10 per cent in the June quarter before recovering.
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j.ballantyne1990-6AQqhLzZaK

Unemployment reaches new high over 7%: ABS

EXPERT OBSERVER

Employment fell by 594,300 in April – the biggest monthly decline in jobs on record. Full-time jobs fell by 220,500 and part-time jobs fell by 373,800.

The unemployment rate rose from 5.2 per cent to 6.2 per cent in April – the biggest lift on record. It was the highest jobless rate since July 2015.

Hours worked fell by 9.2 per cent - the biggest monthly decline on record.

Participation rate: The participation rate fell from 66 per cent to a near 16-year low of 63.5 per cent – the biggest fall on record.

Spare capacity: In April, the underutilisation rate increased by 5.9 percentage points to a record 19.9 per cent. The underemployment rate increased by 4.9 percentage points to a record 13.7 per cent.

Unemployment across states in April: NSW 6.0 per cent (March 4.9 per cent); Victoria 6.0 per cent (5.2 per cent); Queensland 6.8 per cent (5.7 per cent); South Australia 7.2 per cent (6.3 per cent); Western Australia 6.0 per cent (5.4 per cent); Tasmania 6.2 per cent (4.9 per cent); Northern Territory 6.0 per cent (5.5 per cent); ACT 4.2 per cent (3.2 per cent). A record 221,500 jobs were lost in New South Wales; 129,500 jobs were lost in Queensland; and 127,100 jobs were lost in Victoria.

A raft of companies is affected by the employment data but especially those dependent on consumer spending.

What does it all mean?

If you went back a year ago, no one would have imagined that more than half a million jobs could be lost in the space of a month. The terms ‘unprecedented’ and ‘extraordinary’ are used regularly to describe the effects of COVID-19 on the economy. But when discussing the impact on the job market, the terms are appropriate.

What is happening in the figures is that almost 600,000 weren’t registered as employed in April – they didn’t work more than hour a week in the reference week. But those JobSeeker and JobKeeper recipients didn’t join the dole queue rather they “left” the workforce – they were neither employed or unemployed in the month. Rather the JobKeeper and JobSeeker beneficiaries stayed home, and waited for the economy to re-start so they could return to workplaces.

The fact that the jobless rate rose to 6.2 per cent and not 8.2 per cent is very positive. It shows that those on the sidelines are confident of returning to their jobs. The longer that an unemployed person stays out of work, the harder it is for that person to eventually find work. The great hope is that the job losses were only temporary and that the re-opening of the economy is indeed successful.

The best way to describe the impact of COVID-19 on the job market is in terms of the number of hours worked. Hours worked slumped by a record 9.2 per cent, and that accords with expectations that the economy will contract 10 per cent in the first half of 2020.

Many people have kept their jobs because of the JobKeeper program. So while those on the program are still ‘employed’ and deriving an income of sorts, they are not working, not adding to the output of businesses, and not adding to overall economic activity. The JobKeeper program keeps people connected to their employers, which is positive for the recovery phase. But the payments also ensure that people can spend and therefore serve to keep others in jobs and keep the economy moving.

The jobless rate is expected to peak near 10 per cent. And the Reserve Bank and Federal Treasury expect the economy to contract 10 per cent in the first half of 2020. But provided social distancing is maintained with good hand hygiene and significant COVID-19 testing, there is no reason that a ‘V-shaped’ economic recovery can’t occur as lockdown restrictions ease.

Looking ahead, the closure of our foreign borders will have a range of effects on the economy which also represents the value of Buying Off-The-Plan. Around 150,000 people come to Australia each year on different visas and do the jobs that Australians can’t or won’t do. If the jobs aren’t filled, then this could slow business output and economic output. But the absence, or reduced number, of migrants could serve to keep the jobless rate down if Aussies take up the jobs that they have shunned in the past.

The drop in jobs masks the impact - and future impact - on incomes. People have lost income and there is little hope for a lift in wages in the months ahead. Add in the deferral of dividend payments by listed companies and little or no interest income and there may be scope for ‘top up’ cash handouts by the Government.

CRAIG JAMES is the&nbsp;Chief Economist at CommSec

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Historic Aussie job market unemployment spike: CommSec's Craig James

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Australia's unemployment rate has risen to 6.2 per cent, up one per cent over the COVID-19 hit month of April, well down on economists forecasts.
Before the release of the figures from the ABS today, economists were tipping a rise to 8.3 per cent, which would have taken the unemployment rate to the highest point since August 1997.
The majority were saying seven per cent or higher.
Unemployment instead however rose by just one percent from 5.2 per cent in March, with the number of people unemployed increasing by 104,500 to 823,300.
Employment fell by 594,3000 people, seasonally adjusted.
“The large drop in employment did not translate into a similar sized rise in the number of unemployed people because around 489,800 people left the labour force”, Bjorn Jarvis, head of labour statistics at the ABS, said.
 Participation rate fell by 2.4 per cent to 63.5 per cent.
“This means there was a high number of people without a job who didn’t or couldn’t actively look for work or weren’t available for work”, Jarvis said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/14/Unemployment%20by%20state.jpg" alt="">
Unemployment in South Australia rose to 7.2 per cent, the highest in the country.
Tasmania saw the biggest jump, up 1.3 per cent, followed by Queensland and New South Wales, who both saw 1.1 per cent increase in unemployment from March to April.
Josh Frydenberg says Treasury still expects the jobless rate will peak at 10 per cent before recovering.
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jrobinson-rf4aSBido9

Unemployment rises slightly to 6.2 per cent

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There was little change in the March unemployment figures today released by the ABS, with only a small early impact from COVID-19 on the labour market early in the month.
ABS chief economist Bruce Hockman said the major COVID-19 related actions will be evident in the April data.
“Given the expected unseasonal change in key labour market indicators in the current COVID-19 context, the ABS will increase the focus on seasonally adjusted over trend data estimates for April and subsequent months,” Hockman said.
There will be additional products to assist the ABS in measuring the labour market impacts of COVID-19.
From March 1 to March 14, before the shutdown, employment increased by 16,800, with full-time employment up 8,800. Part-time employment also rose by 8,000.
Unemployment increased by 3,500.
Westpac's Bill Evans tips the June quarter unemployment rate to hit 11 per cent.
The RBA want to get the unemployment rate down to 4.5 per cent before they consider hiking interest rates.
AMP Capital's chief economist Shane Oliver says April will see a big deterioration, with unemployment rising towards 10 per cent by June.
 
 
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Unemployment rate steady at 5.2% as eyes shift to April data for COVID-19 impact

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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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JobKeepers payment to reduce peak unemployment rate from 17% to 9%: Westpac's Bill Evans

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EXPERT OBSERVER
3.283 million was the print for US initial jobless claims.
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<div class="separator"> </div>
<div>Terrible stuff.</div>
<div> </div>
<div>All previous crises are a tiny blip on the radar by comparison.</div>
<div> </div>
<div>It’s hard to compare with previous recessions...as there is simply no modern comparison.</div>
<div> </div>
<div>The US unemployment rate could exceed 30 per cent by the end of next quarter, and Canada faces a similar mess.</div>
<div> </div>
<div>Consumer-driven economies without consumers will lie in ruins for as long as the shutdowns continue.</div>
<div> </div>
<div>Australia’s Coronavirus figures look somewhat promising, but in America they’re spreading widely.</div>
<div>
 There are now more cases in the US than in China, or indeed any other country. 
</div>
<div>Co-ordinated stimulus</div>
<div> </div>
<div>More so than in any previous crises this will result in co-ordinated stimulus packages on an Olympic and unprecedented scale.</div>
<div> </div>
<div>So far rates have been cut to zero, and we’re looking at an initial $2.2 trillion US government stimulus package, and more is likely to follow.</div>
<div> </div>
<div>The Federal Reserve also dropped an initial salvo of US$700 billion in quantitative easing, and since it’s promising ‘QE infinity’ for as long as it takes, it’s impossible to know how much printing will follow (answer: a lot).</div>
<div> </div>
<div>Small businesses and households, as in Australia, will need access to loans or other funds to tide them through to the other side.</div>
<div> </div>
<div>It won't just be America going down this route.</div>
<div> </div>
<div>All around the world government debt is set to soar and central banks are pushing interest rates down to zero. </div>
<div> </div>
<div>A number of markets have been crushed, but US stocks are still expensive, with only really the energy sector looking interesting. Overall the expected returns on US and Aussie stocks are not yet of much interest at these levels and the bargains lie elsewhere. </div>
<div> </div>
<div>One step at a time, Australia needs to bring down cases of the Coronavirus first and foremost.</div>
---
<div>Some more old data.</div>
<div> </div>
<div>Australian household wealth increased by +3.3 per cent in the December 2019 quarter, to hit a record high of $11.31 trillion.</div>
<div> </div>
<div>The main driver in Q4 was a +3.9 per cent increase in residential property prices. Aussie total household wealth increased by +10 per cent in 2019.</div>
<div> </div>
<div>Australia's average net worth per capita hit a record high of A$443,000 by the end of calendar year 2019.</div>
<div> </div>
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And the average or mean wealth per household had soared to well over A$1 million.
<img src="https://1.bp.blogspot.com/-wohuFMx9yng/Xn0uHYFhUUI/AAAAAAAA054/ibAp_V88F1MquVR-wNs0Oj8HBhNvr4fuwCNcBGAsYHQ/s640/A2.jpg" width="640" height="368" data-original-height="826" data-original-width="1435">
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<div>CoreLogic will report next week that housing prices increased in Q1 2020, including in the month of March 2020 itself.</div>
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<div>However, property  activity will now stall, and equities crashed in the first quarter of 2020 which will bring down superannuation balances. Meanwhile, unemployment looks set to double...at least.</div>
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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pwargent-M4siyDbqQY

Unemployment looks set to double... at least: Pete Wargent

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GUEST OBSERVATION
A <a href="https://www.aph.gov.au/Parliamentary_Business/Hansard/Hansard_Display?bid=chamber/hansardr/3d235a1c-91f8-4a9a-92b6-7ac7922cad16/&amp;sid=0088" target="_blank">private member’s bill</a>, moved by Labor MP Josh Burns, recently called on the Australian government “to help build more affordable homes” in response to the <a href="https://theconversation.com/homelessness-soars-in-our-biggest-cities-driven-by-rising-inequality-since-2001-117833" target="_blank">growing homelessness crisis</a>. A premise of the bill is that a lack of social housing is a major cause of homelessness and increasing the supply is a key element of solving the problem. The government’s <a href="https://www.aph.gov.au/Parliamentary_Business/Hansard/Hansard_Display?bid=chamber/hansardr/3d235a1c-91f8-4a9a-92b6-7ac7922cad16/&amp;sid=0086" target="_blank">response</a> was that one solution is to encourage social housing tenants to find paid work, so they can move into private rental housing.
The problem with this argument is it overlooks the major barriers to entering the private rental market for low-income households. It also does not excuse the failure to invest adequately in building more social housing.
There is certainly a shortage of social housing. About 140,600 applicants were on the waiting list for public housing and 8,800 households were wait-listed for state-owned-and-managed Indigenous housing <a href="https://www.aihw.gov.au/reports/housing-assistance/housing-assistance-in-australia-2019/contents/priority-groups-and-wait-lists#pg4" target="_blank">as at June 30 2018</a>. Another 38,300 applicants were waiting for mainstream community housing <a href="https://www.aihw.gov.au/reports/housing-assistance/housing-assistance-in-australia-2018/contents/priority-groups-and-wait-lists" target="_blank">as at June 30 2017</a> (the most recent publicly <a href="https://www.aihw.gov.au/reports/housing-assistance/housing-assistance-in-australia-2019/contents/priority-groups-and-wait-lists#pg4" target="_blank">available data</a>). Together, these tenure types comprise most of Australia’s social housing.
These figures exclude people temporarily suspended from waiting lists (e.g. social housing applicants in New South Wales who take up <a href="https://www.facs.nsw.gov.au/housing/policies/rent-choice-policy" target="_blank">Rent Choice private rental assistance</a>), who need social housing but <a href="https://www.monash.edu/news/articles/women-on-temporary-visas-vulnerable-to-family-violence2" target="_blank">are ineligible</a> and others not on waiting lists but still in need, such as <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/306" target="_blank">rough sleepers and very low-income households in housing stress</a>.
Tenure in social housing was once effectively <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/316" target="_blank">unlimited</a> provided tenants paid their rent and maintained their property. But waiting list pressures have led to a new approach. In his response to the private member’s bill, the assistant minister for community housing, homelessness and community services, Luke Howarth, <a href="https://www.aph.gov.au/Parliamentary_Business/Hansard/Hansard_Display?bid=chamber/hansardr/3d235a1c-91f8-4a9a-92b6-7ac7922cad16/&amp;sid=0086" target="_blank">argued</a>:
"There needs to be more responsibility […] from state governments to help people who are able to get back into the workplace to then move on from social housing so that it will provide a flow-through effect for people currently on the waiting list."
Market realities
Howarth’s argument is consistent with much state and territory policy. For example, the NSW <a href="http://www.socialhousing.nsw.gov.au/?a=348442" target="_blank">Future Directions policy</a> explicitly commits to “upskilling” tenants to enable them to live in private rental housing.
Tacitly overlooked in such “pathways” policies are the barriers to entering private rental. Across Australia <a href="https://www.anglicare.asn.au/our-work/research-reports/the-rental-affordability-snapshot" target="_blank">less than 26%</a> of private rental properties are affordable for households on a minimum wage. Less than 4% are affordable and appropriate for households on income support.
<a href="https://www.domain.com.au/news/tip-of-the-iceberg-complaints-alleging-discrimination-in-rental-market-rise-20170716-gxac9d/" target="_blank">Prejudice</a> and <a href="https://www.sheltersa.asn.au/site/wp-content/uploads/190430-Shelter-SA-Research-Report-on-Racial-Discrimination-in-Private-Rental-FINAL.pdf" target="_blank">discrimination</a> against tenants perceived to pose a greater risk to landlords’ investments make access even more difficult.
Low-income households in the private rental market also face insecure tenure. “No-grounds terminations” are permitted in all states and territories except Tasmania and, from July 1 2020, Victoria (except at the end of the first fixed term).
Under “no grounds” termination, landlords can evict tenants for no stated reason at the end of a fixed-term lease and at any time on a periodic lease. Fear of retaliatory eviction makes it <a href="https://www.pc.gov.au/research/completed/renters/private-renters.pdf" target="_blank">less likely tenants will assert their legal rights</a>.
Employment as a pathway
Even if private rental access and affordability were certain, many social housing tenants are not in a position to undertake employment. In 2017–18, about <a href="https://www.aihw.gov.au/reports/housing-assistance/housing-assistance-in-australia-2019/contents/summary" target="_blank">398,900 households were in social housing in Australia</a>. Many of them relied on the disability support pension (21%) or the age pension (19%) as their main source of income.
Long-standing <a href="https://www.aihw.gov.au/reports/housing-assistance/housing-assistance-in-australia-2019/contents/priority-groups-and-wait-lists" target="_blank">targeting</a> of social housing to greatest need means tenants are disproportionately likely to have low educational qualifications and limited marketable skills. They face considerable employment challenges, not the least of which is <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/166" target="_blank">stigmatisation</a>.
It is also worth considering what “employment” realistically looks like for social housing tenants seeking to enter or re-enter the workforce. It’s likely to be as <a href="https://theconversation.com/labour-in-vain-casualisation-presents-a-precarious-future-for-workers-8181" target="_blank">casualised labour</a> in the <a href="https://theconversation.com/uber-might-not-take-over-the-world-but-it-is-still-normalising-job-insecurity-127234" target="_blank">gig economy</a>.
As social policy researchers Greg Marston and Catherine McDonald have <a href="https://www.ingentaconnect.com/content/tpp/ben/2007/00000015/00000003/art00003" target="_blank">argued</a>, we cannot assume exiting welfare for the labour market leads automatically to social and economic security. Precarious, intermittent, low-wage employment does not offer a sound basis for sustaining a private tenancy.
Of course, social housing tenants should be supported to find work and to move out of social housing if they want to. But the evidence would suggest tenant choice is not the motivation here. Rather than creating “pathways” as a way of managing social housing waiting lists, governments would have greater impact on the housing crisis if they invested much more in social housing.
Between 2011 and 2016, <a href="https://www.launchhousing.org.au/site/wp-content/uploads/2018/05/LaunchHousing_AHM2018_Report.pdf" target="_blank">government spending on social housing decreased 7%</a>, from A$1.42 billion to A$1.32 billion. This has contributed to a <a href="https://theconversation.com/australia-needs-to-triple-its-social-housing-by-2036-this-is-the-best-way-to-do-it-105960" target="_blank">backlog of 433,000 dwellings</a> in Australia’s social housing supply. That’s predicted to grow to a shortage of 727,000 dwellings by 2036.
In addition to providing <a href="https://cityfutures.be.unsw.edu.au/documents/522/Modelling_costs_of_housing_provision_FINAL.pdf" target="_blank">more social and affordable</a> housing, governments must act on the systemic problems in the private rental market. This includes developing <a href="https://everybodyshome.com.au/our-campaign/a-better-deal-for-renters/" target="_blank">nationally consistent tenancy legislation</a> to provide more protection for tenants, including against no-grounds evictions, and providing the resources to properly enforce such laws.<img src="https://counter.theconversation.com/content/128006/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;">
Chris Hartley, Research Fellow (Housing and Homelessness) at the Centre for Social Impact, UNSW.
Kathleen Flanagan, Research Fellow &amp; Deputy Director, HACRU, University of Tasmania.
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/as-simple-as-finding-a-job-getting-people-out-of-social-housing-is-much-more-complex-than-that-128006" target="_blank">original article</a>.
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As simple as finding a job? Getting people out of social housing is much more complex than that

Strong employment not leading to improved unemployment or wage growth: RBA's Guy Debelle

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EXPERT OBSERVER
The October Labour Force Survey surprised with a –19.0k decline in employment – the market median was for 16k while the lowest forecast in the range was +7k.
It was a surprisingly soft update all the more so for while the participation rate eased back to 66.0% from 66.1%, as you would expect with a soft print on employment, the unemployment still bumped up to 5.3% (5.32% at two decimal places) from 5.2%. Westpac had been looking for a rise in unemployment as we do expect participation to remain relatively robust in the face of softer employment growth.
This month also reinforced the trend that while male participation has lifted off its cyclical low it is the trend rise in female participation that driven force in the outsized gains in the labour force.  
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/OctNov2019/LFHighlighs.JPG" alt="">
The average monthly employment gain so far in 2019 dropped from 25k in September to 20k in October with the annual pace easing back from 2.5% in September to 2.0% in October. This also saw the employment pulse slow with the six month annualise pace easing to 1.6%yr from a very robust 2.6%yr reported as recently as August. Currently, with participation remaining robust growth in the labour force was still a fast 1.9% six months annualised in October.
By contrast the working age population is currently growing at a 1.6% six month annualised pace so you can see how it is rising participation, more so than population, that his holding up unemployment. As such, with the leading indicators pointing to softer employment growth we remain comfortable with our expectation that a resilient participation rate will see the unemployment rate continue its gradual trend higher into 2020. Our current forecasts is for the unemployment rate to drift higher to around 5.4% by end 2019 or early 2020 then rise to 5.6% by mid-2020.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/OctNov2019/LFsixmont.JPG" alt="">
We should also note the jump up in underemployment rate to 8.5% (8.52% at two decimal places) to from 8.3%. It was 8.54% back in August reinforcing a trend drift higher in underemployment. This month there was a contraction in both full-time and part-time employment (–10.3k full-time and –8.7k respectively) driving a 0.2% decline in hours worked.
This highlights that it is a fundamental weakness in the report that is driving underemployment higher rather than some statistical shift. This trend drift higher in underemployment, and the slower pace of gain in hours worked compared to total employment (1.4%yr vs. 2.0%yr), reinforces the observation of the broader slack in the labour market slack beyond the 5.3% unemployment rate.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/OctNov2019/LFUnder.JPG" alt="">
The state data is also reveals that the two largest states, NSW and Victoria, are starting to slow; NSW more so than Victoria. Total employment fell –10.3k in NSW with the unemployment rate picking up to 4.8% from 4.5%. In the year, employment growth in NSW has fallen from 3.8%yr in July to 1.5% in October.
Victoria has been a bit more robust than NSW with employment lifting 2.9k there with a smaller rise in unemployment to 4.8% (now on par with NSW which has risen to meet Victoria) from 4.7%. Annual employment in Victoria is still running at a very solid 3.2%yr pace but this is a moderation from the 3.7%yr pace in June. Of the mining states, Qld reported a fall in employment of –14k while employment lifted 6.3k in WA. Unemployment was steady in both states at 6.5% in Qld, 5.7% in WA.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/OctNov2019/LFunempl.JPG" alt="">
While today’s update was weaker than we were anticipating, it was not enough to change our view that the labour market is softening gradually which will drive a modest gradual rise in unemployment and underemployment. The Australian economy is a long way away from the RBA’s full employment aim of 4.5% and if the Bank wants to use monetary policy to drive the economy in that direction, it has a lot more work to do. However, the gradual pace of the deterioration will allow the RBA time to monitor the economy before having to act again.
In our view, while rate cuts along with the Government’s tax offset payments should help to support demand, we think it will be insufficient to get economic growth moving back to trend or above in 2020. As we see employment growth continuing to moderate in early 2020, and expect that the resulting decline in participation will provide only a partial offset, we hold to our view that unemployment is likely to hit 5.6% my mid-2020.
JUSTIN SMIRK is ‎a senior economist for Westpac 
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Rising unemployment is working against RBA's objectives: Justin Smirk

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The seasonally adjusted unemployment rate has risen to 5.3 per cent over October, according to statistics from the ABS released today.
The RBA may have been forgiven to be upbeat after last month where the unemployment rate ticked lower to 5.3 per cent, however the latest batch of figures will no doubt play on their minds heading in to the last official interest rate meeting of the year next month.
Unemployment is now at its highest rate since July last year. The RBA are targeting an unemployment rate at 4.5 per cent.
The employment rate fell by some 19,000 jobs over the month, mainly due to the fact participation rate (people looking for jobs), ticked down to 66 per cent.
Under employment rose 0.2 per cent to 8.5 per cent.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/14/unemployment%20rate.jpg" alt="">
Source: Twitter @JFosterFM
Callam Pickering, APAC economist at Indeed Australia, noted the youth unemployment problem.
"Australia's youth unemployment rate (15-24 years) back above 12%. Australia has a big youth unemployment problem and we don't talk about it enough," he tweeted.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/14/unemployment%20age.jpg" alt="">
Michael Tull, assistant national secretary community &amp; public sector union, tweeted his thoughts on the overall state of the economy.
"Retail terrible, wages awful and now unemployment up...but hey there’s apparently a budget surplus so everything must be great."<a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" href="https://twitter.com/hashtag/auspol?src=hashtag_click" data-focusable="true"> </a>
 
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