Sep 20 2018Add to Favorites
“Changes to visas for skilled workers have delivered an immediate hit to Australia’s population growth,” said Geordan Murray, HIA Principal Economist.
ABS data released today shows that Australia’s annualised population growth rate slowed for the fourth consecutive quarter.
“Australia’s overseas migration fell by 9 per cent since changes to visa requirements came into force in April 2017, slowing the population growth rate to 1.6 per cent,” Mr Murray added.
“In April 2017, Australia introduced a range of visa changes which have been successful in reducing the number of skilled migrants arriving in Australia.
“The current phase of Australia’s 28 years of continuous economic growth is built upon the arrival of skilled migrants. Skilled migration is necessary to offset the impact of our aging population.
“Looking domestically, states such as New South Wales and Victoria that have benefitted the most from overseas migration over recent years are now seeing population growth rates slowing.
“The slowing rate of population growth, while it remains high for a developed economy, will contribute to slower growth of household consumption.
“This means slower growth in sectors such as retail and residential building. Given that these two sectors are amongst the nation’s largest employers the risks presented a decline in population growth should not be underestimated,” concluded Mr Murray.
Over the year to March 2018, Victoria saw the strongest growth in population (+2.2 per cent), followed by the ACT (+2.1 per cent) and Queensland (+1.7 per cent). New South Wales was fourth fastest (+1.6 per cent) with Tasmania fifth (+1.0 per cent), Western Australia sixth (+0.8 per cent) and South Australia seventh (+0.7 per cent). The population of the Northern Territory has actually declined over the last two quarters and the annual rate of growth has slowed to 0.1 per cent. 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 Mar
Last year at MP Group, were so incredibly proud to announce our $59,267 donation to support the Indian based operations of the Glenn Family Foundation. The Glenn Family Foundation was founded by philanthropist, businessman, and investor Sir Owen Glenn, and has international operations spanning Australia, Fiji, New Zealand, India, Vietnam, China, the Philippines, Nepal, Myanmar, Sri Lanka, and Bangladesh. Sir Owen has been knighted for his global philanthropic activities and contributions to support communities, and the international sporting arena.
We really love retail property at the moment at MP Funds Management because we see opportunity in the disruption. Australia’s population is growing, our living is getting denser and whilst the advent of online shopping is creating change in the sector, human behaviour causes us to gravitate towards food and entertainment. Whilst some of the retail tenants may be outmoded or a centre underperforming as a result of this evolution, it’s fair to say that well-located and underperforming CBD- located centres, which have a strong demographical catchment area can be turned around with some TLC and well thought out repositioning.
November analysis released by both UBS and Macquarie Bank highlight that potential buyers have become very cautious and expect prices to fall further. Both reports highlight that whilst borrowing capacity has declined, most borrowers don’t borrow at their maximum. The RBA recently showed that relatively few households would have been constrained by the tightening in lending standards over recent years.
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