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There’s been a call for new investor citizens to be welcomed into Australia in an effort to prevent the serious economic impacts arising out of a severe fall in migration. 

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Atlas Advisors Australia’s executive chairman, Guy Hedley, has said that the Business Innovation and Investment Program (BIIP) should play a bigger part in Australia’s overall migration strategy. 

This would see priority given to higher-net-worth migrant investors. 

According to Mr Hedley, an increase in the number of high-net-worth applicants to the BIIP “could reduce the serious economic impacts of falling overall migration numbers”. 

He said wealthy applicants “bring far greater and longer-term benefits to the Australian economy that could help to prevent or lessen the impact of a drawn-out recession”. 

Atlas Advisors has flagged that the BIIP comprises up to 6.862 places in 2019-20 – or just under 6 per cent of the total skilled migration stream. 

Mr Hedley is calling for prioritisation of an Australian government review of the BIIP in order to increase the economic benefits of the program “and unlock urgent funds needed to support growth post-COVID-19”. 

“The current cap on BIIP applications means Australia has shut the door to millions of dollars in funding that could assist Australia’s recovery,” he said.

“Australia should take immediate action to increase incentives for high-net-worth migrant investors and use these funds to support industries most in need, including troubled universities and start-ups.”

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-05-28 02:25:26" ["slug"]=> string(60) "15189:why-wealthy-migrants-should-be-welcomed-with-open-arms" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(11) "313:economy" ["event"]=> object(stdClass)#3913 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(386) "

There’s been a call for new investor citizens to be welcomed into Australia in an effort to prevent the serious economic impacts arising out of a severe fall in migration. 

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Reminding Australians that current JobKeeper and JobSeeker stimulus measures are temporary, the Prime Minister has launched a new COVID-19 recovery plan.

Write comment (2 Comments) " ["fulltext"]=> string(2038) "

In an effort to “win the battle for jobs”, Mr Morrison has announced a JobMaker plan in an address to the National Press Club — “for a new generation of economic success”.

The new plan comes amid a sobering economic backdrop, where unemployment levels move above 10 per cent and government debt levels rise above 30 per cent of the GDP.

Conceding that opening up will be harder than closing down, the Prime Minister said: “We will have to all retrain, to live and work in a way that creates a sustainable COVID-19-safe economy and society.

“As we reset for growth, our JobMaker plan will be guided by the principles that we, as Liberals and Nationals, have always believed in: to secure Australia’s future and put people first in our economy.”

While details of the new plan have yet to be revealed, it will involve a complete overhaul of Australia’s “clunky and unresponsive” skills and training system and a new version of the “Accord”, to bring together unions, employer groups and businesses in a bid to reform the industrial relations system.

“Beginning immediately, the Minister for Industrial Relations, Attorney-General Christian Porter, will lead a new, time-bound, dedicated process bringing employers, industry groups, employee representatives and government to the table to chart a practical reform agenda — a job-making agenda — for Australia's industrial relations system,” he outlined.

The Attorney-General will chair five working groups for discussion and negotiation of such reform prior to the release of this year’s budget, which Mr Morrison hopes will lead to award simplification, among other changes.

More to come.

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Reminding Australians that current JobKeeper and JobSeeker stimulus measures are temporary, the Prime Minister has launched a new COVID-19 recovery plan.

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Despite government focus being on the short term, with stabilising unemployment and markets being the key, an economist has highlighted that the shock is likely to have long-term implications for the wider economy.

Write comment (0 Comments) " ["fulltext"]=> string(3046) "

According to AMP Capital’s Dr Shane Oliver, the health pandemic is likely to change world markets and how investors think.

The first implication, according to the economist, is interest rates are likely to remain low for longer periods of time, which is likely to push asset prices higher.

“Low rates mean very low returns from bank deposits and ultimately bonds, but they make higher yielding shares and assets like property and infrastructure relatively attractive to investors once the hit to earnings and rents passes,” Dr Oliver said.

Dr Oliver also believes the economy will be hampered by lower migration rates and weaker globalisation over the next few years.

“Recent years have seen a backlash against globalisation evident in the rise of Trump, Brexit and a backlash in some countries against immigration. The coronavirus disruption has added to this,” Dr Oliver said.

While some economists might argue that moving away from a heavy reliance on one country could be good for the Australian economy, Mr Oliver believes it could have longer-term implications for world growth.

“While the outcome may simply be a diversification in reliance away from China to other emerging countries, the risk is that this all leads to reduced growth potential for the emerging world generally,” he explained.

“Longer term, it could reduce productivity if supply chains are managed on other than economic grounds and could remove a key source of disinflationary pressure from the global economy,” Dr Oliver continued. 

He also believes inflation due to the printing of money could hurt consumers in the medium term. 

“It’s hard to see inflation becoming an issue in the next three years – the combination of rising public debt, money printing and more protectionism risks a longer term pick-up in inflation to stay above 4 per cent, particularly if central banks don’t reverse easy money quickly once spare capacity is used up,” Dr Oliver said.

The economist believes that this could be bad for longer-term growth. 

“A resurgence in inflation to high levels would be bad for productivity and negative for assets that benefited from the ‘search for yield’. But it’s a much longer-term issue,” Dr Oliver concluded.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-05-26 02:27:04" ["slug"]=> string(53) "15172:what-are-the-long-term-implications-of-covid-19" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(11) "313:economy" ["event"]=> object(stdClass)#3919 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(535) "

Despite government focus being on the short term, with stabilising unemployment and markets being the key, an economist has highlighted that the shock is likely to have long-term implications for the wider economy.

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Only 3.5 million Australians are set to receive JobKeeper payments after the Treasury and the Australian Taxation Office revealed a “reporting error”.

Write comment (0 Comments) " ["fulltext"]=> string(2352) "

A joint statement from the Treasury and the ATO has outlined how the enrolment forms of more than 900,000 businesses who self-assessed as eligible provided an initial indication that the program would cover around 6.5 million eligible employees.

Since then, the ATO has found “around 1,000 of those businesses appear to have made significant errors when reporting the estimate of eligible employees on their enrolment form”.

The statement explained that the most common error saw businesses reporting the amount of assistance they expected to receive, instead of reporting the number of employees they expected to be eligible. Apparently more than 500 businesses with “one” eligible employee reported a figure of “1,500” (which is the amount of JobKeeper payment they would expect to receive for each fortnight for that employee).

The reporting error came to light after analysis of the amounts being paid out under the scheme.

According to the Tax Office, it was not picked up earlier “as their primary focus in the first fortnight of JobKeeper payments was on ensuring that JobKeeper payments were paid promptly to those eligible for them, and not paid to those who were ineligible”.

In light of the take-up of the scheme to date, remaining enrolments, and that the scheme remains open to new registrations, Treasury has recalculated the number of employees it expects to benefit from the scheme – to 3.5 million Australian workers at a cost of around $70 billion.

The government departments initially expected 6.5 million Australians would have access to the program at a cost of $130 billion.

Despite the adjustment, “Treasury’s overall view of the labour market is unaffected by this reporting error”.

According to the government, “the difference between Treasury’s estimates at the time and the number of employees now accessing the JobKeeper program partly reflects the level and impact of health restrictions not having been as severe as expected and their imposition not having been maintained for as long as expected at the time”.

“The variation in estimates also reflects the inherent uncertainty associated with estimating the take‑up of a demand-driven program in the current circumstances.”

More to come.

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Only 3.5 million Australians are set to receive JobKeeper payments after the Treasury and the Australian Taxation Office revealed a “reporting error”.

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Flow-on effects of COVID-19 have had a strong impact on Australia’s sporting industry, which traditionally turns over $50 billion annually.

Write comment (0 Comments) " ["fulltext"]=> string(4088) "

During CEDA’s webinar, “Australia’s sports economy: More than a game”, experts explained the true impact of sport on Australia’s economy and broader culture.

Economically, sport goes beyond the immediate impact on sporting codes and players, with broadcasters, event managers, transportation, accommodation, flights and tourism all negatively impacted by the pausing of live sports.

Australian Olympic Committee’s chief executive, Matt Carroll, stressed the critical economic role sports played in Australia.

“The sport economy is very important to Australia, it is around $50 billion annually and has a knock-on effect as it suffers as well as obviously suppliers, retail infrastructure, travel and tourism apart from broadcast,” Mr Carroll said.

This flow-on effect is having a disproportionate impact on some everyday Australians, according to Richmond Football Club president Peggy O’Neal.

Ms O’Neal explained the main revenue for the club is through the AFL, which pays a dividend based on broadcast, attendance and sponsorship money. Outside of AFL support, the club’s ongoing business and membership support have also been thrown in the air due to the pandemic.

“I think every organisation will be re-examining its purpose and priorities and how it is going to achieve that with what is available,” she said.

“The soft cap, the amount you can spend on non-playing football, has been reduced by 40 per cent. Which means if you wanted to bring back and had the money to bring back all the staff stood down, you can’t.

“This means they are going to be leaner organisations,” Ms O’Neal added.

While some fear the fallout from COVID-19 will see more profitable male sports get the priority, EY senior manager Nicholas Hudson does not believe this will be the case.

“Obviously there’s been a very big push to increase women’s competition and inclusion in the professional scene,” he said.

“In terms of going forward, I believe there is still a commitment from governments and everyone in society around gender equality especially in sport and moving through the different levels from participation to elite professional sport.

“The question will be: Out of COVID, how can each sports organisation think about that resilience factor so you don’t have to choose?”

Moving forward, Mr Carroll believes governments will increase pressure to get major sporting events to Australia, with Queensland’s 2032 Olympic bid being more important than ever.

“We’ve put the candidacy for 2032 on the backburner during the crisis,” he said.

“In terms of the Queensland candidature, the economic benefits are still there. If you think about it in a different way, because of the COVID-19 pandemic, additional investment and drivers to bring tourists back into Australia to build towards that 2032 is actually an incentive to host the games.”

Mr Carroll also highlighted the costs that often act as an anchor for cities hosting Olympics have been brought down, with it becoming cost neutral.

“The hosting of the game is getting cheaper each time as the IOC is hosting the game and is bringing the expectations [on the hosts down]. Venues can all be temporary and don’t have to be as large as they used to be.

“The other thing is the games bring with broadcasters about 10,000 jobs locally. So, it is not just about infrastructure and the athletes, there’s all these add-ons,” he said.

Further, Mr Carroll explained how Australia could benefit economically through major sporting events.

“Also, the opportunity to have other world events such as the FIFA Women’s World Cup – we’ve already got the Women’s Basketball World Cup, we’ve got the road cycling championships, Rugby Union is looking for the 2027 World Cup and other events as well.

“So, it could be a really strong decade for the economic benefits of sports,” Mr Carroll concluded.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-05-22 02:28:45" ["slug"]=> string(48) "15158:cost-of-australia-s-sports-hiatus-revealed" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(11) "313:economy" ["event"]=> object(stdClass)#3925 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(340) "

Flow-on effects of COVID-19 have had a strong impact on Australia’s sporting industry, which traditionally turns over $50 billion annually.

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The fallout from the COVID-19 pandemic has led to a blame game, with Australia and its allies calling for an inquiry into the virus and the Chinese government responding with tariffs on international trade.

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Following Prime Minister Scott Morrison’s calls for an investigation into the start of COVID-19, the Chinese government has put pressure on Australia through a barley tariff as well as new inspection procedures over Australia’s iron ore sent to China.

The world’s second-largest economy has also threatened Australia’s agriculture sector, with Australia’s largest exports in dairy and wine at risk.

China is also facing renewed tensions with the United States as the two largest economies renewed a war of words, despite only recently signing a free trade agreement.

Nikko Asset Management chief global strategist John Vail commented on the issue of the US-China trade dispute, noting “there are a multitude of factors that could further harm US-China relations”.

“The markets are not particularly concerned about such as they believe Trump will not extend measures that would cause great harm before the election six months from now,” Mr Vail said.

The asset manager also noted China’s willingness to take on the West over COVID-19.

“China also seems willing to accept increased pressure by the US, and even by much of the Western world, without major reprisals, except that it seems to be using trade restrictions as a method for punishing Australia for its desire for an independent inquiry into the virus’ origins and restrictions on China’s 5G equipment,” Mr Vail said.

However, Mr Vail does not believe tension will stop the economic recovery, stating it will likely be a Nike swoosh shape recovery.

“A checkmark/swoosh type of recovery is likely, but the right tail is unlikely to be a straight line, with the late 3Q being the maximum acceleration period, and a bit slower or choppy afterwards.

“Inflation will be very hard to measure, with many prices rising sharply in order to compensate for social distancing. Air travel and restaurants will likely be much more as luxuries for many.

“Industry consolidations will likely occur globally and government involvement in economies will remain very large, especially in the national security/supply chain aspects, as well as financing of struggling industries,” Mr Vail concluded.

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The fallout from the COVID-19 pandemic has led to a blame game, with Australia and its allies calling for an inquiry into the virus and the Chinese government responding with tariffs on international trade.

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