<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Unemployment

<html><body>
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.
</body></html>

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

cjames-5S2v74qSNK

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

<html><body>
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.
</body></html>

jrobinson-rf4aSBido9

Unemployment rises slightly to 6.2 per cent

<html><body>
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.
 
 
</body></html>

Unemployment rate steady at 5.2% as eyes shift to April data for COVID-19 impact

<html><body>
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>
</body></html>

bevans-rYk9SxEa4r

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

<html><body>
EXPERT OBSERVER
3.283 million was the print for US initial jobless claims.
<div class="separator"><img src="https://1.bp.blogspot.com/-RBecYw6kZlY/XnyisN9hhXI/AAAAAAAA05k/GrFvyXTDTR0Mei8pw3Wzzy0tLMiCnHdwwCNcBGAsYHQ/s640/US2.jpg" width="640" height="486" data-original-height="772" data-original-width="1015"></div>
<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>
<div class="separator"><img src="https://1.bp.blogspot.com/-K60ksQnjY9s/Xn0t8289OhI/AAAAAAAA050/Dl8Ui-sG1uUpBT7CdZJoYuNXUbA7p4x6wCNcBGAsYHQ/s640/A1.jpg" width="640" height="384" data-original-height="828" data-original-width="1373"></div>
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">
<div class="separator"> </div>
<div>CoreLogic will report next week that housing prices increased in Q1 2020, including in the month of March 2020 itself.</div>
<div> </div>
<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>.
</body></html>

pwargent-M4siyDbqQY

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

<html><body>
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>.
</body></html>

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

<html><body>
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 
</body></html>

Rising unemployment is working against RBA's objectives: Justin Smirk

<html><body>
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>
 
</body></html>

Unemployment

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Unemployment

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News