HILDA report shows home ownership sliding, incomes falling and inequality rising

Original article by Rod Myer
The New Daily – Page: Online : 20-Nov-20

The Melbourne Institute’s latest Household, Income and Labour Dynamics in Australia (HILDA) report shows that the nation’s average household assets increased by 64 per cent to $1.37 million between 2002 and 2018. However, average household debt rose by 104 per cent to $213,496 over this period. The HILDA survey also found that the proportion of Australians with a mortgage rose from 33.8 per cent to 36.3 per cent, although home ownership has declined from 68.1 per cent in 2002 to 63.9 per cent.

CORPORATES
UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH

ABS October unemployment estimate counts 134,000 Australians working zero hours in October for economic reasons as employed

Original article by Gary Morgan, Michele Levine, Julian McCrann
Market Research Update – Page: Online : 20-Nov-20

The ABS unemployment estimate for October 2020 claims 960,900 Australians were unemployed (7.0% of the workforce), up 0.1% points on September 2020. However, the ABS claim the participation rate has dropped from 66% in March to 65.8% in October. If the ABS participation rate was steady at 66% there would be an extra 60,000 people in the workforce now and a total of 1.03 million unemployed. In addition, within the ABS employment release for hours worked it notes that 133,800 Australians the ABS count as employed worked zero hours in October for economic reasons. If these non-workers are added the adjusted ABS unemployment estimate is 1.16 million – an unemployment rate of 8.4%. Combined with the ABS under-employment estimate of 1.43 million that would be 2.59 million Australians unemployed or under-employed in October – 18.8% of the Australian workforce. This ‘adjusted’ ABS estimate is significantly closer to Roy Morgan’s unemployment & under-employment estimate of 22.2% for October released two weeks ago.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Banks shut ATMs and branches amid digital push and cost cuts

Original article by James Frost
The Australian Financial Review – Page: 18 : 9-Nov-20

Data presented to a federal parliamentary inquiry has highlighted the decline in the branch and ATM networks of Australia’s major banks over the last five years. The figures show that the number of branches and ATMs per 100,000 people has fallen by 33 per cent since 2015. Shadow assistant treasurer Andrew Leigh says the federal government has ignored the issue of branch closures, and says it has no plans to ensure that disadvantaged Australians continue to have access to banking services. The Australian Banking Association notes that the shift to digital banking has gathered pace during the coronavirus pandemic.

CORPORATES
AUSTRALIAN BANKING ASSOCIATION

Unemployment virtually unchanged in October at 12.8% – but up 2.5% to 14.6% in locked down Victoria

Original article by Roy Morgan
Market Research Update – Page: Online : 6-Nov-20

Latest Roy Morgan employment series data shows 1.81 million Australians unemployed (12.8% of the workforce), down 18,000 from September. There were fewer people looking for part-time work, down 76,000 to 1,020,000 but there was an increase of 58,000 people looking for full-time work to 790,000. In Victoria unemployment was up 2.5% to 14.6% – the highest of any mainland State as the strict lockdown continued in Melbourne until the last few days of the month. On raw numbers unemployment in Victoria was up 101,000 to 560,000 and under-employment increased 109,000 to 438,000 – almost 1 million unemployed or under-employed (26.1%).

CORPORATES
ROY MORGAN LIMITED

ANZ-Roy Morgan Consumer Confidence increases for ninth straight week, up 0.2pts to 99.9 – up in Melbourne as 16 week lockdown ends

Original article by Roy Morgan
Market Research Update – Page: Online : 4-Nov-20

ANZ-Roy Morgan Consumer Confidence rose 0.2pts to 99.9 on the weekend of October 31/ November 1. It is now 5.7pts above the 2020 weekly average of 94.2, but it is still 13.6pts lower than a year ago (113.5). Consumer Confidence has now increased for nine straight weeks and is up 9.7pts since ending August at 90.2, and is at its highest since March 14/15 (100.0). Now 22% (down 4ppts) of Australians say their families are ‘better off’ financially than this time last year, while 34% (up 2ppts) say their families are ‘worse off’ financially. In addition, 36% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, and 16% (unchanged) expect to be ‘worse off’ financially. Some 12% of Australians (up 3ppts) expect ‘good times’ for the Australian economy over the next 12 months (the highest figure for this indicator since March, while 30% (down 4ppts) expect ‘bad times’ (the lowest figure for this indicator since July 2019). Meanwhile, 35% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 32% (up 1ppt) say now is a ‘bad time to buy’.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Australia & COVID-19 The Economic Story So Far 2.0 Roy Morgan Update: October 2020

Original article by Roy Morgan
Market Research Update – Page: Online : 28-Oct-20

During the COVID-19 crisis, the ANZ-Roy Morgan Consumer Confidence Index, Roy Morgan Business Confidence Index and Inflation Expectations all hit new record lows, and Unemployment reached its highest level since Roy Morgan began independently measuring it more than two decades ago. Although the pandemic is still with us, and its effects are being felt throughout the nation, there has been improvement all four measures, although Inflation Expectations was the last to lift and rose only slightly, and the seeming improvement in Unemployment is deceptive. Roy Morgan CEO Michele Levine says "We noted in our previous COVID-19: The Economic Story So Far update that as the pandemic progressed, the early sense of ‘we’re all in this together’ had become eroded – something which has become more obvious with every passing week, both politically and economically. Victoria has been the hardest hit state, but nowhere is unaffected, with a total of 3.16 million Australians (22.3% of the workforce nationally) either unemployed or under-employed. Up to this point, financial relief measures from government have cushioned the blow for many people, but with JobSeeker supplements and JobKeeper payments now reduced and set to end completely in coming months, the recession we are in and the damaging effects of the COVID-19 pandemic will be with us for a considerably time, regardless of developments into finding a vaccine".

CORPORATES
ROY MORGAN LIMITED

ANZ-Roy Morgan Consumer Confidence increases for eighth straight week, up 1.6pts to 99.7 – up in Sydney, Melbourne & Perth

Original article by Roy Morgan
Market Research Update – Page: Online : 28-Oct-20

ANZ-Roy Morgan Consumer Confidence rose 1.6pts to 99.7 on the weekend of October 24/25. It is now 10.7pts lower than a year ago (110.4), but 5.6pts above the 2020 weekly average of 94.1. Consumer Confidence is also at its highest since March 14/15 (110.4), and it is up 9.5pts since ending August at 90.2. Now 26% (up 2ppts) of Australians say their families are ‘better off’ financially than this time last year, while 32% (down 1ppt) say their families are ‘worse off’ financially (the lowest figure for this indicator since March 14/15). In addition, 35% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year, and 16% (down 2ppts) expect to be ‘worse off’ financially. Only 9% (unchanged) expect ‘good times’ for the Australian economy over the next 12 months, while 34% (down 2ppts) expect ‘bad times’ (the lowest figure for this indicator since early October 2019). Meanwhile, 36% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 31% (down 2ppts) say now is a ‘bad time to buy’ (the lowest figure for this indicator since June 20/21).

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Economic reward in virus suppression

Original article by Matthew Denholm
The Australian – Page: 4 : 26-Oct-20

CommSec’s latest ‘State of the States’ report shows that Tasmania is Australia’s best performing economy for a third successive quarter. Tasmania is ranked first with regard to a number of indicators, including housing finance and retail trade. Craig James of CommSec says there is a link between a state’s success in suppressing COVID-19 and its economic performance. Tasmania has had no recorded cases since August, and the release of the CommSec report coincides with Tasmania’s borders being re-opened to all other states except Victoria and New South Wales.

CORPORATES
COMMONWEALTH SERVICES LIMITED

Unemployment hits 6.9pc as 30,000 jobs go

Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 16-Oct-20

The locked-down Victorian economy shed 36,000 jobs in September, although the state’s unemployment rate is estimated to have fallen by 0.5 percentage points due to a decline in the participation rate. The national unemployment rate increased from 6.8 per cent to 6.9 per cent in September, according to the Australian Bureau of Statistics’ latest estimate. The ABS jobs data does not include people who have given up looking for work. UBS economist George Tharenou suggests that the nation’s real unemployment rate is likely to be around 10 per cent at present.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, UBS HOLDINGS PTY LTD

ANZ-Roy Morgan Consumer Confidence up 1.1pts to 93.5 as new cases of COVID-19 continue decline and restrictions ease in Country Victoria

Original article by Roy Morgan
Market Research Update – Page: Online : 23-Sep-20

ANZ-Roy Morgan Consumer Confidence rose 1.1pts to 93.5 on the weekend of September 19/20. It is now 16.6pts lower than a year ago (110.1) and just 0.2pts below the 2020 weekly average of 93.7. Consumer Confidence has now increased for three straight weeks and is up 3.3pts since hitting a low of 90.2 in late August. Now 23% (down 2ppts) of Australians say their families are ‘better off’ financially than this time last year, while 35% (up 1ppt) say their families are ‘worse off’ financially. In addition, 34% (unchanged) of Australians expect their family to be ‘better off’ financially this time next year, and 19% (down 1ppt) expect to be ‘worse off’ financially. Only 7% (up 1ppt) expect ‘good times’ for the Australian economy over the next 12 months, while 43% (down 4ppts) expect ‘bad times’. Meanwhile, 35% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 35% (unchanged) say now is a ‘bad time to buy’.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ