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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Saturday, 30 May 2020

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10.5 million Australian workers impacted by health pandemic

By Cameron Micallef · April 27 2020

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Earn

10.5 million Australian workers impacted by health pandemic

By Cameron Micallef
April 27 2020

Reading:

10.5 million Australian workers impacted by health pandemic

By Cameron Micallef · April 27 2020

Reading:

Over two-thirds of Australia’s working population has been impacted by the COVID-19 pandemic, according to the latest survey results.

Roy Morgan’s latest report revealed that 68 per cent of Australians have had a change to their employment status due to the economic downturn caused by COVID-19.

Aussie workers were asked: “As a result of the coronavirus crisis, have you experienced any of the following employment changes?”

Some people reported several changes to their working conditions since the coronavirus pandemic began, like being stood down, having reduced hours and working from home.

Roy Morgan CEO Michele Levine said the coronavirus has had a huge impact on the Australian economy and employment market over the last month. Roy Morgan’s March unemployment estimates previously showed that 1.4 million Australians were forced out of work in the latter half of March in response to government restrictions.

“A staggering 10.5 million Australian workers have had their employment situation changed by the impact of the coronavirus crisis, including 3.8 million with work hours reduced, 2.7 million stood down, 2.4 million who have not had any work offered, 1.4 million had their pay reduced for the same number of work hours and 670,000 made redundant,” Ms Levine explained.

But not all employment changes were a negative, with 2.5 million Australians having an increase in work hours and 1.6 million now working from home instead of the office.

“The impact has hit sole traders particularly hard. Three-quarters of sole traders have had their employment impacted due to the coronavirus crisis. In comparison, only about half (54 per cent) of those working at large organisations with over 1,000 employees have had their employment situation impacted.”

“The disparate impact the coronavirus is having on different types of organisations underlines why it is so important that government stimulus to support those in need is properly targeted and calibrated to derive the most benefit. It also shows governments must clearly outline a plan to emerge from the pandemic and transition the private sector back to a sustainable, and profitable, ‘new normal’ in the months ahead.”

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.