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West Australians expect the biggest pay rises of any workers in the country, believing the global recession is over and the mining boom has arrived.

A report by Westpac has found 14 per cent of West Australians expect a pay rise of at least 8 per cent over the coming year, while another 21 per cent think they’ll get a rise of between 4 per cent and 8 per cent.

It is the highest proportion of workers in any State who think they will be rewarded with a wage rise two or three times the rate of inflation.

And in a sign of the confidence of WA workers, just 0.4 per cent of those surveyed say they will have a pay cut – the lowest proportion of any State. By contrast, more than 6 per cent of South Australians fear they will have their pay cut while just 19 per cent expect a pay rise of at least 4 per cent.

More than 35 per cent of those aged between 18 and 24 expect a pay rise of at least 8 per cent compared to less than 10 per cent of people aged 55-64. While 35 per cent of respondents who earn more than $100,000 a year expect at least an 8 per cent rise, less than half of those earning under $40,000 expect any pay rise.

CommSec chief equities economist Craig James said that despite signs of optimism, Australian consumers were increasingly conservative. While household disposable income had grown almost 8 per cent last year, close to the fastest rate in 19 years, consumer spending had lifted just 2.2 per cent or the slowest in 16 years.

“And then there is the news that 70 per cent of Commonwealth Bank home loan customers are ahead in their loan repayments – making higher repayments than they need to,” he said. “How long this new conservatism continues remains anybody’s guess.”

Source  :  www.thewest.com.au

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RELIEF may be in sight for renters who have been hit in the hip pocket by skyrocketing rents over the past few years.

There has been a small decrease in rental rates across Australia’s capital cities over the June quarter, suggesting rental yields may have hit their peak, leading property statistics agency RP Data says.

Weekly house rents fell by 3.5 per cent nationally over the June quarter while unit rents dropped 0.6 per cent.

The largest fall was in the Canberra market with a drop of six per cent for the June quarter in the housing market, where the median weekly rent fell from $530 in March to $498 in June.

The only mainland capital city to experience a nearly six per cent rise in rent was Darwin, where renters can expect to fork out about $100 more per week than those in Sydney, where rents dipped by about five per cent.

“It now appears that the rental market may have peaked with national weekly median rents falling slightly in each month post March 2009,” RP Data’s Tim Lawless said in a statement.

“And with rental rates now coming off the boil and property values rising we are seeing the first signs that rental rates are eroding.”

Rental vacancies remain tight across the nation with all capitals recording less than three per cent vacancy in stock.

Source  :   www.news.com.au  

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Gale force winds tipped to hit Perth this weekend have forced two ferry operators to cancel all trips to Rottnest Island.                                                         sea storm               

The popular Rottnest Express confirmed it has cancelled all bookings from Friday to Sunday inclusive while Oceanic Cruises will not operate on Saturday or Sunday.

The third company which operates ferry trips to the island, Rottnest Fast Ferries, was already closed until July 3 for its regular winter break.

A Rottnest Express spokesman confirmed there had been “a few” bookings and all passengers would be issued refunds, while Oceanic Cruises did not have any bookings for this weekend.

Bureau of Meteorology public weather services manager Neil Bennett said waters from Yanchep to Mandurah and offshore to Rottnest Island could expect winds reaching between 30 to 40 knots on Friday and Saturday.

Mr Bennett said it was likely the Bureau would issue at least a strong wind warning but likely a gale force wind warning for the area.

Source  :   www.thewest.com.au

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