Australian renters have endured a torrid time over the past three years. According to Domain, median house rents soared by $180, or 38%, from $470 to $650 between September 2021 and September 2024. Over the same period, median unit rents rose by $210, or 50%, from $420 to $630. Predictably, the rent surge has drained
Following a strategic review of the student visa program in 2011 (the “Knight Review”), the Gillard government significantly enhanced employment rights for graduate (485) visas in 2013. In particular, 485 visa holders were not needed to meet skills shortage requirements and were allowed to stay in Australia for two to four years after finishing their
‘End of the road’ Lina Bryans,(1941—1943) Art Gallery of New South Wales AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 UK 100 Japan 225
The post Macro Afternoon: 15 October 2024 appeared first on MacroBusiness.
New Zealanders are experiencing one of the deepest recessions in modern times. As of Q2 2024, real per capita GDP had collapsed by nearly 4%, as illustrated by the following chart: As shown by Justin Fabo at Antipodean Macro, New Zealand has recorded the largest decline in per capita GDP compared with the decade average
Last week, I posted research from the world’s largest commercial real estate group, CBRE, which projects that Australia’s rental crisis will continue as population demand overruns supply. CBRE projects that Australia’s population will balloon by 3.6 million to 31 million by 2034 (from 27.4 million currently). CBRE also projects apartment supply to hover around decade
The Business Council of Australia (BCA) estimates that an extra 64,000 dwellings will be required each year if the federal government’s target of building 1.2 million new homes over five years is to be achieved. The BCA has proposed an overhaul of the planning regime in order to boost housing supply. Amongst other things, it
Net overseas migration continues to retrace in New Zealand as recession-hit Kiwis escape to Australia. As illustrated below by Justin Fabo at Antipodean Macro, net migration into New Zealand has plunged from the October 2023 peak: There was an annual net migration gain of 53,800 in the year to August 2024, down sharply from the
JLL has reported that the Melbourne CBD office vacancy rate rose from 19.6% in the June quarter to 19.8% in September. By contrast, Sydney’s CBD office vacancy rate contracted from 15.6% to 14.7%, with Brisbane and Canberra also recording falls in vacancy rates. The national CBD vacancy rate improved by 30 basis points to 15.1%
The 2023 Intergenerational Report included the following chart showing the collapse in home ownership amongst younger Australians: As explained by Ian Verrender at The ABC, in 1981, about 55% of Australians aged 25 to 29 owned a home. Four decades later, there has been a significant decline to a little over 35%. The discrepancy narrows
SHFE and SGX both firmed yesterday: Mad Dalian doesn’t care about the stimulus bust: So long as steel prices rise, iron ore can too. There has been a renewed surge in exports: Helping stabilise output: But this hangs on cheap prices, so the rally is self-defeating once again. Iron ore imports remain firm on the