Invest
Can Australia’s leave boost the economy?
With the summer holidays fast approaching, Aussies are preferring to save their leave, according to the latest figures.
Can Australia’s leave boost the economy?
With the summer holidays fast approaching, Aussies are preferring to save their leave, according to the latest figures.
Research released by Roy Morgan has shown that Australians have stockpiled over 146 million days of annual leave.
This means the average working Aussie has just over 16 days of paid working leave.
According to Austrade, domestic travellers pumped $77.5 billion into the Australian economy with 400 million nights spent away from home.
Given the current strength of the domestic tourism industry, Roy Morgan CEO Michele Levine believes that if Australians took their leave and went on domestic holidays, it would help support a slowing economy.
“With the Australian economy showing signs of slowing, the potential boost that would come from people taking their accrued leave would be considerable. This would particularly be the case if Australians were encouraged to holiday in Australia,” Ms Levine explained.
However, while an increase in domestic tourism would boost the economy, the latest ABS statistics show Australians are looking to saving instead of spending.
The September quarter showed that the first three months of the financial year saw household spending grow by just 0.1 per cent, or the smallest growth since the global financial crisis.
Federal Treasurer Josh Frydenberg put a positive spin on the low consumption figures, stating: “Household disposable income grew by 2.5 per cent, the fastest quarterly rise in a decade, with the ABS saying it was driven by a decline in income tax payable and interest paid on dwellings as well as continued rises in the compensation of employees.”
“Whether spent or saved, the tax cuts are putting households in a stronger economic position, making them more financially secure with more money in their pockets,” the Treasurer concluded.
About the author
About the author
Economy
Lessons from the GFC: RBA warns ‘not to remove stimulus too early’
The Reserve Bank has warned the government against reducing support for the economy too soon, with Australia’s recovery from its first economic downturn in nearly three decades likely to be bumpy. ...Read more
Economy
Frydenberg expands instant asset write-off eligibility
Treasurer Josh Frydenberg has moved to expand the eligibility of the full expensing measure to allow bigger businesses to qualify. ...Read more
Economy
How many jobs did JobKeeper save?
The JobKeeper legislation has potentially saved hundreds of thousands of Australian jobs, the central bank has revealed. ...Read more
Economy
Australian economy must adapt to megatrends: CSIRO
To remain competitive in a post-COVID-19 world, Australia will need to make a leap in five key categories, according to a report commissioned by the CSIRO. ...Read more
Economy
Budget scheme to give NSW adults $100
Every adult in NSW will be given $100 to spend on entertainment or dining as part of the state’s $500 million cash splash to stimulate struggling sectors from the COVID-19 recession. ...Read more
Economy
Gas-led recovery will fail to fire
The government’s proposed gas-led recovery from the COVID-19 pandemic is based on unfounded claims, new research has revealed. ...Read more
Economy
Australian economy to bounce back ‘faster and stronger’
The Australian economic recovery is going to be faster and stronger than economists previously expected, a big four bank has said. ...Read more
Economy
12 signs a business is heading towards insolvency
With just 50 days before key government stimulus packages are withdrawn, business insolvency is tipped to rise, according to an industry expert. ...Read more
Economy
Lessons from the GFC: RBA warns ‘not to remove stimulus too early’
The Reserve Bank has warned the government against reducing support for the economy too soon, with Australia’s recovery from its first economic downturn in nearly three decades likely to be bumpy. ...Read more
Economy
Frydenberg expands instant asset write-off eligibility
Treasurer Josh Frydenberg has moved to expand the eligibility of the full expensing measure to allow bigger businesses to qualify. ...Read more
Economy
How many jobs did JobKeeper save?
The JobKeeper legislation has potentially saved hundreds of thousands of Australian jobs, the central bank has revealed. ...Read more
Economy
Australian economy must adapt to megatrends: CSIRO
To remain competitive in a post-COVID-19 world, Australia will need to make a leap in five key categories, according to a report commissioned by the CSIRO. ...Read more
Economy
Budget scheme to give NSW adults $100
Every adult in NSW will be given $100 to spend on entertainment or dining as part of the state’s $500 million cash splash to stimulate struggling sectors from the COVID-19 recession. ...Read more
Economy
Gas-led recovery will fail to fire
The government’s proposed gas-led recovery from the COVID-19 pandemic is based on unfounded claims, new research has revealed. ...Read more
Economy
Australian economy to bounce back ‘faster and stronger’
The Australian economic recovery is going to be faster and stronger than economists previously expected, a big four bank has said. ...Read more
Economy
12 signs a business is heading towards insolvency
With just 50 days before key government stimulus packages are withdrawn, business insolvency is tipped to rise, according to an industry expert. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
