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ABC Australia Talks, but who listens?
In reference to the ABC, Australia Talks National Survey of 54790 people, following are some of my observations regarding the survey.
Cost of Living
90% of the people surveyed, said cost of living was “somewhat” or “very much a problem”.
Living costs and a lack of savings are household’s biggest financial ‘worries’ according to ME Household Financial Comfort report 2019 with 2 out 3 Australians could not easily raise $3K in a week for an emergency and 1 in 4 households have less than 1K in savings.
The Deloitte Access Economics research suggests an average of 7.5 million adults — almost two million more than last year — regularly struggle to pay bills. Two in five respondents conceded that at some point they struggled to pay bills including essentials such as utilities, rent or mortgage payments. One in seven admitted they struggled most or all of the time. More than a third said they would need government support or benefits in the case of a financial emergency. Just one in five felt confident they could raise a thousand within a week. One in five thought they could comfortably retire at age 65.
90% of the people surveyed, said household debt was “somewhat” or “very much a problem”.
With respondents struggling with the high cost of living and little or nothing savings home loan defaults have increased.
Rate of home loan repayment default has risen for banks and referring to an article in the Daily Telegraph, 20th August,2019, that 1 in 110 are behind on their repayments by three months or more. While the proportion is small, it is significantly higher than the peak hit during the Global Financial crisis a decade ago, according to Business Daily research. At that time, the number of customers running severely behind on their repayments was below 1 in 200. In a trading update, Wednesday, 19th August, Westpac said all three of it’s major peers, the Commonwealth Bank, ANZ and the NAB, had higher rates of overdue or impaired homes loans relative to their total mortgage books.
Impaired mortgages are those that have soured to the point that the bank is doubtful the loans will ever be repaid. The high cost of renting would also be an added burden on the household debt.
- 80% of the people surveyed, said the ECONOMY was “somewhat” or “very much a problem”.
- The economy is merely a reflection of the people who contribute to it.
- Slow economic growth due to weak wages growth, international trade tensions and to the prolonged drought.
- The baby boomers, the major drivers of the post-1950 growth, are in another stage of life. Younger generations are picking up the economic mantle, but their starting point is totally different to the boomers.
- Student debts, record-high property prices. Career uncertainty. No hurry to go down the aisle. Less hurry to have children.
- Global growth has slowed because the dynamics have changed.
- Going further into the sub-zero interest rate vortex.
- Financing Government spending with printed dollars.
- Helicopter money being dropped to all and sundry to buy more useless stuff.
- Small and relatively unknown companies are struggling to find great staff for a low salary.
- Well-known companies have many applicants however slow recruitment and on boarding procedures with not many new full-time hires.
- Fluctuating Australian dollar
Unemployment
80% of the people surveyed, said UNEMPLOYMENT “somewhat” or “very much a problem”.
This is straight from the Australian Bureau of Statistics site… ‘What is the definition of employed?
‘Employed persons are defined as all persons aged 15 years and over who, during the reference week: ‘worked for one hour or more for pay, profit, commission or payment in kind, in a job or business or on a farm (comprising employees and owner managers of incorporated or unincorporated enterprises) ‘worked for one hour or more without pay in a family business or on a farm (i.e. contributing family workers)’
No wonder the official unemployed number is only 5.3%.
More qualifications are required for a position. A glaring need to do more training, at a great cost due to HECS debt. People not living their skills, more skills required and exact skills required for a position
Employers are more selective and demanding and not paying for it
Turnaround for jobs are longer
Companies asking more and demanding more. Human sacrifice which is supposed to lead to a successful employee. What is Work / Life balance?
Australian Bureau of Statistics numbers released for October, 2019, the economy lost 19,000 jobs in October
Changing a job may lead to underemployment. Underemployment is the under-use of a worker due to a job that does not use the worker’s skills, or is part time, or leaves the worker idle.
More than a million Australians are underemployed
The rate of underemployment has risen steadily for 40 years
Australian Bureau of Statistics numbers released for October, 2019, underemployment rose 0.2 percentage points to 8.5 per cent during October, increasing the labour market slack that has kept a lid on wages growth. Total underutilisation is now back at the recent high of 13.8 per cent.
The rate of women who are underemployed is over 10 per cent
Anglicare’s Annual Jobs Availability Snapshot 2019, found there were 5.49 people competing for each entry-level job, while one in seven jobseekers faced difficulties getting into work if they have a disability or have minimal education. As Australia’s most disadvantaged jobseekers are forced to compete against growing numbers of underemployed people for a dwindling number of suitable jobs, the report has found.
#ABCaustraliatalks #australiatalks #australiatalksabc
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