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Posts Tagged ‘Economic’

HOUSE prices could rise by as much as 22 per cent during the next three years, an economic forecaster says.   house price

”The conditions are ripe for a sustained recovery in residential property prices,” according to BIS Shrapnel’s Residential Property Prospects, 2009 to 2012, report.

”Low interest rates, solid growth in rents and housing shortages are evident in most markets.

”However, the current economic malaise will mean confidence will only recover slowly during 2009/10.”

BIS Shrapnel senior project manager and study author Angie Zigomanis said that, at this stage, all of the action was occurring at the lower-priced end of the market.

This is due to a surge in first-home buyer demand as a result of the federal government’s first home owner boost scheme and low interest rates, he said.

BIS Shrapnel forecasts there will be 180,000 first-home buyers in 2009.

Although first-home buyer demand was expected to ease after the expiry of the government’s boost scheme at the end of 2009, upgraders and investors were expected to take the baton, Mr Zigomanis said.

”We expect rising confidence in the prospects for an economic recovery in 2010, so investors are likely to return in greater numbers, attracted by increased rental returns and low interest rates.”

Among the state capitals, Sydney, Melbourne and Adelaide will show the strongest price growth over the next three years, at 19 per cent.

More moderate growth is expected in Brisbane, Hobart, and Canberra, while price growth in Perth and Darwin is expected to be weak as the local economies of these cities are impacted by a decline in investment spending in the resources sector.

BIS Shrapnel estimates Sydney’s median house price at June 2009 to be $530,000, and predicts it will rise by mid-2012 to $630,000. Melbourne’s current median house price is estimated at $425,000, rising to $507,000 by June 2012.

In Adelaide, the median price is estimated at $360,000 and predicted to climb to $430,000 over the three years.

Among other cities around Australia, Newcastle and Wollongong are expected to benefit from the migration of residents from Sydney over the coming years.

The median house price in Newcastle is expected to soar 22 per cent over the three years, while Wollongong is forecast to see growth of 20 per cent in the same period.

In Brisbane, the average house is estimated to cost $391,000 now and is expected to cost $455,000 by mid-2012, an increase of 16 per cent.

Hobart’s median house price is estimated to be $335,000 and will rise by 15 per cent to $385,000 over the three year period.

An average house in Canberra is estimated to cost $440,000, increasing to $515,000 by 2012, a rise of 17 per cent.

In Perth, the estimated median house price is $425,000, expected to reach $475,000 in three years, up 12 per cent.

Darwin’s forecast median house price is $470,000, predicted to show an increase of 11 per cent over the three years.

For the Gold Coast, the Sunshine Coast and Cairns, BIS Shrapnel forecasts prices will increase by 14 per cent, while Townsville prices are expected to grow 13 per cent over the three years.

Source  :  www.news.com.au

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wa small firmsSigns are emerging that the worst of the global financial crisis is over, according to a new survey, and the State’s small businesses are leading the way.
  
The Commonwealth Bank-Chamber of Commerce and Industry quarterly survey of business expectations, released yesterday, shows that economic conditions in WA appear to be stabilising after six months of decline.
  
CCI chief economist John Nicolaou said that the community could “take heart” from the results and that an economic recovery within the next 12 months was on the horizon.
  
“This survey is an important lead indicator of future economic activity,” he said.
  
“While just over half of all businesses remain pessimistic about the next 12 months, that’s come back from around 75 per cent of businesses that were pessimistic last quarter, and at the same time businesses that think conditions will improve (over the same time) has doubled.”
  
Mr Nicolaou said small businesses in service industries were the most optimistic, with 17 per cent of the firms surveyed believing conditions would improve over the next 12 months.
  
Beaumonde Catering owner Mark Dimmitt said he felt small business was better prepared for the slowdown than in other downturns because it had taken time to flow to Australia from the US.
  
He said that though his trade had been affected and was patchy, February was a record month for his 20-year-old business and he expected an upturn over the next year.
  
Woolworths regional manager Brad Bolin criticised “illogical barriers to doing business”, referring to trading hours in WA.
  
Mr Bolin said “conservative estimates” showed the group would need to employ another 300 staff in WA if trading hours were extended to 9pm.
  
“During this time of economic uncertainty there are still companies (looking) to hire more people — these efforts shouldn’t be undone by illogical barriers to doing business,” he said.
  
Coles and Kmart have said they expected to employ another 350 workers if 9pm trading was approved.

Source www.thewest.com.au

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Australia is still open for business

Despite the current financial troubles plaguing the world, the Australian government continues to welcome business migrants who want to move to Australia to estab1201173161413australia-flaglish and operate a new business or purchase and operate an existing business.Migration opportunities also exist for people who wish to invest in Government bonds. Australia’s states and territories are competing in a bid to sponsor business people from around the world in an effort to attract investment and suitable migrants to their cities and towns. At the same time the Australian government has been at pains to stress the importance it places on small business in Australia and has rewarded the sector with significant tax relief. On March 28 2009, the Australian government announced more than AUD720 million (SLR 23 billion) of cash-flow relief and further initiatives to support small business are expected in the May budget.

Although the business world has been pessimistic about the impact of the global financial crisis, Australia has been better positioned than most countries to weather the storm. A survey conducted by the Small Business Development Corporation of small business sentiment in Western Australia has found that “there is more optimism within the small business sector than media reports would have us believe”, SBDC Managing Director Mr Stephen Moir said when the survey was released. This may make it a good time for potential business migrants to consider a move to Australia.

Many business people from around the world have already taken advantage of the opportunities offered under Australia’s business migration programme. A total of 6565 business visas were granted in 2008, a 12.5% increase on the 2007 figure. This is about equal to the number of business visas that can be granted before July 2009 under the recently announced cap. New business visa applications are still being accepted and processed as normal and no limits have been announced for 2010. It is not clear what effect the global downturn will have on demand for these visas and whether the caps for 2009 will have an effect on processing times in the future. There would appear to be little reason for the Australian Government to place significant limits on the number of business visas in the future – business migrants create job opportunities in Australia rather than reduce them.

Historically the Australian business visa programme has attracted mostly small to medium business people who are seeking better opportunities for themselves and their families in Australia. In recent years the program has attracted many applicants from countries such as the PRC, Indonesia and South Africa where there has been some political or economic instability and concern for the future.

Australia’s business visa program is targeted at small business owners and senior managers who have a proven track-record of successful business in their country and who have accumulated wealth through their entrepreneurship, which can be invested in Australia. Successful business applicants need to show that their business has recorded sales of more than AUD$300,000 (LSR 27,000,000) in at least two of the past four fiscal years or that they are a senior manager in a significant business, and that they have at least AUD$250,000 (LSR 22,000,000) in personal and business assets which they are willing and able to transfer to Australia. Business migrants who are over 45 or who do not have a good command of English must be sponsored by a state or territory of Australia.

Despite the global downturn, there are good business opportunities in Australia in many sectors and Australia remains very much open for business. In order to encourage business migrants to establish themselves in their area, some Australian states and territories, including Western Australia, offer incentives and assistance packages to qualifying new migrants and small business owners. Many states and territories offer discounted education for children of business migrants.

A successful business visa applicant will first be granted a temporary visa for four years within which time they must relocate themselves and their families to Australia and establish their business in the sponsoring state. Provided the relevant requirements are satisfied during this time, the person can apply for a permanent visa allowing them and their family to remain in Australia indefinitely. After a time, business visa holder can apply for Australian Citizenship should they want Australian nationality.
If you are thinking about migrating to Australia, the time might be now!

Source  :  www.sundaytimes.lk

 
         
 

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If interested in attending these seminars please Email : info@immagine-immigration.com  

IMMagine Australia is an Australian based Immigration Consultancy that specialise in immigration to Australia. We will be holding a number of Australia Immigration Seminars and consultations in South Africa and Singapore for those people interested in Australia immigration / emigrating to Australia.

The Australian Immigration Seminars include information about:                                                                                         australia_kangaroo
Australia’s immigration policy and any recent changes;
the Australia immigration process;
the impact of moving to Australia;
finding a job in Australia;
Australia’s cost of living, taxation, salaries, the education system and;
what Australia has to offer those interested in emigration.
We will also discuss the global economic environment and how it might impact on your immigration plans.

We are specifically interested in those people with Degrees, Trade Qualifications, National Diplomas, business people, the self employed and those with family in Australia.

We are specifically interested in those people with Degrees, Trade Qualifications, National Diplomas, business people, the self employed and those with family in Australia.

Please select a country below to view full seminar details and reserve a place:

South African Immigration Seminars
Register for a seminar today!

Cape Town – Wednesday 13 May 09 at 7.00 p.m.
Durban – Monday 18 May 09 at 7.00 p.m.
Johannesburg – Thursday 4 June 09 at 7.00 p.m

Singapore – Saturday 6 June 09 at 12.30 p.m

Singapore Immigration Seminars
Email : info@immagine-immigration.com

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Australia has been voted  the best place to be during the global economic crisis, in a business survey.   AUS_Perth_Milner_Swan_River  

One in five international business people have voted for Australia to be the best place to live in  during the economic crisis as a survey released by Servcorp International Business. 

The Servcorp survey asked 7,500 international business people all being in  24 nations to vote which countries they believe are surviving the crisis the best.

Australia was indeed far in front by 20% of all international business people choosing it as the country that is surviving overall the best.

Taine Moufarrige, Servcorp Executive Director says: “In my experience working with international businesses around the world, especially during the last six months, I’ve noticed how relatively unaffected Australian businesses and the Australian business person’s attitude by the economic downturn.

Over 71% of Australian business people believe we are the “lucky country” and it’s interesting to see that the rest of the world agrees.”

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WESTERN Australia’s Liberal Government has handed down its first Budget, delivering a $647 million surplus but warning the state will be in deficit by 2012.

Treasurer Troy Buswell today delivered his first Budget since the Liberal Government came to power last year.

He said the 2008/09 surplus of $647 million would shrink to $409 million in 2009/10, and just $23 million the following year.

By 2011/12 the state will be in deficit to the tune of $513 million.

“Over the past months, as the global economy has been in decline, the state has been hit by large downward revisions to projected taxation revenue, GST grants from the Commonwealth and mining royalties,” Mr Buswell told parliament.

“Since the mid-year review, the Budget has lost a massive $4 billion in forecast revenue from these sources.”

Last year, then treasurer Eric Ripper delivered a surplus of more than $2 billion on the back of a booming commodities sector.

Economic growth remained high at 8 per cent for the 2008/09 financial year.

But forecasts predicted growth would fall into negative territory in 2009/10, with unemployment expected to peak, and business investment to fall by 17.5 per cent.

Mr Buswell said the Government would provide a one-year payroll tax rebate to small businesses with payrolls of up to $3.2 million to help protect jobs.

“Some 6,700 small businesses will be eligible for this payroll tax rebate, which will fully offset payroll tax for around 68,000 employees,” he said.

“The cost of this rebate is estimated at $100 million.”

A $47 million jobs training and skills package, and a $8.3 billion spend on infrastructure in the next financial year are key components of the Budget.
Mr Buswell said law and order were also strong focuses, in line with the Government’s election promises to boost funding for police and pump more money into prisons

Mr Buswell said the Government’s election promise to toughen up sentencing laws and introduce mandatory sentencing for people who assault police was underpinned in the Budget by a significant investment in prison capacity.

 

A total of $655 million will be invested in 2012/13 to create an extra 1657 prison beds across the state.

A record $5.1 billion spend on health services in the next year – rising 5.9 per cent, or $282 million from last year – will include the fast tracking of forward works for a new children’s hospital, the construction stage of the Fiona Stanley Hospital, and new hospitals in two regional centres.

Mr Buswell said the Government would push ahead with public sector reforms in a bid to achieve improved performance and efficiency.

The first stage of the economic audit committee promised by the Government during the last election was complete and a range of hard decisions had delivered $7.6 billion over the forward estimates, Mr Buswell said.

“I am looking forward to the second stage of the economic audit to identify strategies for broader reform over the longer term, so we can ensure the budget stays in surplus,” he said.

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carpenter-full
THE federal Government has cut the skilled migration intake by a further 6900 people to help protect local jobs during the economic crisis.

But it will increase the number of people allowed to migrate to Australia for family reunions, the Government said yesterday as part of Budget 2009.

In March, the Government shed 18,500 skilled migration places in response to growing unemployment, which is forecast to hit 8.25 per cent in 2009-10.

The latest cut, the second to be made this year, brings the program down to 108,100 places in 2009-10.

Overall, the Government has slashed previous planning levels by close to 20 per cent.

Immigration Minister Chris Evans said the cuts would not be made to professions on the critical skills shortage list such as IT.

The migration intake in the coming year reflects the economic climate while ensuring employers can gain access to skilled professionals in industries still experiencing skills shortages,” Senator Evans said in a statement. The Government will provide more opportunities for family reunions by increasing the family component of the migration program by 3800 places to a total of 60,300 in 2009-10.

“This boost … will benefit Australians who seek to have their parents, partners or children join them to live here permanently,” Senator Evans said.

Overall, the migration program will total 168,700 for 2009-10.

www.news.com.au

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single motherSarah MacPherson has a 19-year-old daughter living at home.

“I think people should be realistic that we’re in unusual economic times and that the government might need to hand down an unusual budget to respond,” she said.

“I really hope the Government looks after the most vulnerable in society, the pensioners, the carers, single parents.

“I’m happy for them to increase taxes on cigarettes and alcopops, because the youngsters with the alcopops and cigarettes are just a horror, aren’t they?”

After a long period as a PAYE worker Sarah’s career is in transition as she looks to start up a technology-based business

She says that in the current economic climate, where people may be losing their jobs, the Government needs to provide
stimulus packages for small startup companies.

On the broader economy, Sarah says first homeowners are the only segment of the housing market keeping the “crucial” building industry afloat right now.

“I would look at them to continue the first home owners grant to stimulate the economy via house sales,” she says.

“I do have quite a few friends with kids older than (my daughter) and they’re all trying to get in before the end of June, because the Government has only promised the boosted grant until then.”

Sarah believes Treasurer Wayne Swan’s mooted investment in primary school infrastructure will provide economic stimulus in the short term, and benefit society in the long term.

She also says the GST charged on sanitary products should be dropped immediately.

“That’s an absolute necessity for women.”

http://www.watoday.com.au/wa-news/budget

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budget 09TONIGHT’S Federal Budget will be about three things – jobs, nation building and a path back to surplus.

That was the message from Treasurer Wayne Swan this morning as he again repeated the Government’s mantra that there would be “difficult decisions” and “no easy answers”.

Just hours from delivering a in Budget ravaged by a $200 billion writedown revenue, Mr Swan said he was working in the “most difficult set of circumstances in 75 years”.

But he dodged questions about the likely impact on Labor in the polls, saying: “What we have to do is the right thing in the nation’s long-term economic interests”.

Wealthy retirees emerged as the latest group to pay the price for that stance today.

The Daily Telegraph reported they could have their pensions cut to help fund a $30-a week increase for almost one million single age pensioners.

The Government is expected to tighten the taper rate on the age pension, a method by which it claws back the welfare payment from retirees with an independent income.

It is just one of a number of cutbacks the Government is expected to outline as it tries to rein in an expected almost $60 billion Budget deficit.

The 30 per cent tax rebate for private health insurance coverage will be means tested, payouts for obstetric and IVF services under the Medicare Safety Net will be cut back and the increase in the first-home owners grant will be wound back.

Wealthy Australians will have their tax break on superannuation contributions cut in half and government superannuation co-contributions for low income earners will be slashed from $1500 to $1000 a year.

The “sin taxes” on alcohol and cigarettes could be increased.

But the Budget will announce an 18-week paid maternity leave scheme.

And it is expected to include a big-spending jobs package to combat an expected increase in unemployment to 8.5 per cent as a result of the global financial crisis.

The Opposition said the Budget cutbacks were made necessary by the Government’s irresponsible big-spending stimulus packages in response to the global financial crisis.

The $30-a-week rise in the pension will go only to single age pensioners and will see the weekly pension rate rise from $284.90 to $315 a week.

It will answer criticism that the payment left in poverty those who relied solely on the pension.

The rise is also expected to be extended to single veterans and disability pensioners but will not go to single mothers.

The pension rise will cost more than $3 billion, and to help pay for it, the Government is expected to tighten means testing of pensions.

Currently, single pensioners can earn up to $41,000 and still receive a small pension payment.

They also qualify for a range of concessions on medicines, council rates, electricity bills and telephone allowances worth up to $10,000 a year.

Couples can earn up to $68,000 and still get access to these valuable concessions.

http://www.news.com.au

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