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New research from e61 Institute has revealed that, contrary to popular belief, the number of people reliant on the benefit system in Australia has declined over the past two decades, despite an increase in long-term JobSeeker Payment (JSP) recipients.

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According to Dr Matt Nolan, Research Manager at e61, the number of unemployment benefit recipients who remained on the JSP for more than two years climbed from 150,000 to 500,000 between 2006 and 2023. However, this increase may be misleading when considering the benefit system as a whole.

"At first glance, the number of people receiving long-term JobSeeker Payments (JSP) increasing by such an amount would suggest a growing culture of welfare dependency," Dr Nolan said. "However, our research has delved below the surface and found that the headline increase may be misleading and that the relative number of people considered to receive long-term income support are at record lows."

The research found that over the past 20 years, substantial policy changes to both the types of benefit payments available and individual eligibility for those payments have led to individuals being shifted from, or deemed ineligible for, other benefit payments and folded into the JSP. This has made the JSP a 'catch-all' payment for many people who would have previously received targeted support.

"Overall, when we look more broadly at the integrated income support system, it appears that the long-term receipt of these payments has not been rising. However, more people who receive the payment long-term are transitioning from other benefits and onto the JSP which is a work-tested unemployment benefit," Dr Nolan explained.

The e61 research also measured how long individuals stay on the benefit and whether the rate of exit from benefits has changed. "If the magnitude of benefit dependence was increasing, we would expect to see a larger proportion of individuals staying on the benefit for longer," Dr Nolan said. "However, long-term recipients in recent years have been exited the benefit system more rapidly – with 53% of those who received the payment for a year exiting before the second year of payments."

The findings highlight the importance of a strong labour market in helping those with barriers to reemployment, such as being out of the labour market for an extended period, to find work again.

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New research from e61 Institute has revealed that, contrary to popular belief, the number of people reliant on the benefit system in Australia has declined over the past two decades, despite an increase in long-term JobSeeker Payment (JSP) recipients.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(86) "/earn-money/long-term-welfare-dependency-declines-despite-rise-in-jobseeker-recipients" ["image"]=> string(166) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1711328884/Long-term_welfare_dependency_declines_despite_rise_in_JobSeeker_recipients_wbbutv.jpg" ["image_alt"]=> string(74) "Long-term welfare dependency declines despite rise in JobSeeker recipients" } [1]=> object(stdClass)#8149 (57) { ["id"]=> int(18479) ["title"]=> string(59) "Despite losing top spot, Elon Musk rakes in $400,000 hourly" ["alias"]=> string(57) "despite-losing-top-spot-elon-musk-rakes-in-400-000-hourly" ["introtext"]=> string(239) "

Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard Arnault of LVMH taking the lead.

" ["fulltext"]=> string(1776) "

However, Musk's wealth and earnings, particularly how much he earns in smaller time frames like seconds, continues to be a topic of fascination.

According to information gathered by Finbold, Musk's net worth was estimated at $198.9 billion as of mid-February 2024. This valuation is primarily derived from his stakes in numerous ventures such as 20.5% in Tesla, 54% in Starlink, 42% in SpaceX, an estimated 74% in X (formerly Twitter), over 90% in The Boring Company, 25% in xAI, and a majority control of over 50% in Neuralink.

Out of these companies, Tesla's 2023 profits, which amounted to $17.66 billion, are the only publicly disclosed earnings. With his 20.5% stake in Tesla, Musk earned $3.6203 billion from the electric car manufacturer.

By dividing Musk's earnings from Tesla by the total number of seconds in a year, it has been determined that he makes approximately $114.80 per second. This translates to an impressive $6,887 per minute, $413,220 per hour, $9,917,280 per day, and $69,420,960 per week.

The significance of Musk's earnings was underscored in the research, despite his recent drop to the second wealthiest person globally. The report stated, "Elon Musk's financial prowess is nothing short of remarkable. Despite a dip in net worth from last year, he remains one of the wealthiest individuals globally, largely due to his diverse array of successful ventures. Through Tesla's electrifying innovations, SpaceX's ambitious space endeavors, and his involvement in various other ventures, Musk continues to leave an indelible mark on the world stage."

Musk's position among the world's wealthiest individuals remains contested by other prominent figures such as Jeff Bezos and Mark Zuckerberg.

 

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• Yes

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Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard Arnault of LVMH taking the lead.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(76) "/earn-money/salary/despite-losing-top-spot-elon-musk-rakes-in-400-000-hourly" ["image"]=> string(149) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1708043148/Despite_losing_top_spot_Elon_Musk_rakes_in_400_000_hourly_p2a4db.jpg" ["image_alt"]=> string(59) "Despite losing top spot, Elon Musk rakes in $400,000 hourly" } [2]=> object(stdClass)#8148 (57) { ["id"]=> int(18477) ["title"]=> string(96) "Rising unemployment and skill shortages prompt Australian businesses to look globally for talent" ["alias"]=> string(96) "rising-unemployment-and-skill-shortages-prompt-australian-businesses-to-look-globally-for-talent" ["introtext"]=> string(146) "

Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data.

" ["fulltext"]=> string(1520) "

January saw the Australian workforce logging 2.5% fewer hours than in December, hinting at a potential decline in productivity that could adversely affect the nation's economy in the long term.

One of the primary challenges for Australian employers is the significant skills gap present in the workforce. A study by G-P found that 75% of Australian executives surveyed have experienced difficulties in sourcing skilled talent from their existing pools. This discrepancy between the skills available and those required by businesses is impeding the country's ability to fully leverage its labour force.

To address this skills gap, many Australian businesses are broadening their search for talent beyond national borders. Nearly half (46%) of the executives surveyed are exploring the option of recruiting internationally to meet their growth targets and secure top-tier talent. This trend is underscored by the fact that a significant 82% of businesses are actively involved in global recruitment efforts.

Despite the challenges posed by the macroeconomic environment, 73% of Australian businesses are focusing on growth strategies for this year. According to the findings from G-P, thinking globally is deemed essential for sustaining growth into 2024. Businesses aiming to attract and retain the best talent globally are advised to improve their compensation offerings, invest in employee upskilling, and cultivate a workplace culture that encourages global teamwork and collaboration.

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• Yes

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Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data.

Write comment (0 Comments) " ["jcfields"]=> array(9) { [1]=> object(stdClass)#8798 (33) { ["id"]=> int(1) ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> int(2355) ["ordering"]=> int(-1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8316 (3) { ["data":protected]=> object(stdClass)#8322 (1) { ["options"]=> object(stdClass)#8320 (2) { ["options0"]=> object(stdClass)#8319 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#8321 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8317 (3) { ["data":protected]=> object(stdClass)#8323 (6) { ["hint"]=> string(0) 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Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational licensing rules, and the affordability of housing.

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These barriers could be limiting the potential economic benefits of job switching for workers, firms, and the overall economy.

The study highlights the surprisingly low number of workers seeking better pay through changing jobs, despite Australia experiencing one of its strongest labor markets in recent history. This trend is partly attributed to regulatory challenges and the ongoing impact of the COVID-19 pandemic. "The rate at which workers move between jobs has declined in recent decades. Despite the strongest labour market in decades, job switching rates have only recently risen to a little above the pre-pandemic level," e61's Senior Research Economist, Aaron Wong, conveyed.

Aaron Wong provided insight into the repercussions of such trends, stating, "If people aren’t switching to better jobs in a record-setting labour market, it suggests that there are fundamental issues in the Australian labour market." This observation underscores a critical need for reassessment of current labor market dynamics and policies.

The research further revealed that workers who did switch jobs enjoyed a significant wage increase of 9 percentage points more than those who stayed put, equating to an average annual pay rise of approximately $5,700 for median-wage earners. The benefits appeared even more pronounced among younger workers (aged 21-34), who saw an average wage increase of $7,500 upon switching jobs. In addition, the analysis showed that job switchers in capital cities received higher wage gains compared to their counterparts in regional areas, attributed to the greater employment opportunities available in urban centers.

e61 Institute CEO Michael Brennan emphasized the impact of workplace laws on job mobility, suggesting that "This research suggests that workplace laws could be a barrier to job mobility, which impacts the ability of workers to benefit from job switching." The research pointed to specific impediments such as restrictive non-compete clauses in employment contracts and complex occupational licensing requirements that vary across states and territories.

Furthermore, the study advocated for policy reforms aimed at enhancing labor market dynamism and innovation. Aaron Wong argued for policy changes to "encourage firms to compete more actively for the best workers and make it easier for workers to move between employers," which could mutually benefit workers and employers by aligning top-performing firms with the most suitable workers. Additionally, he highlighted the potential for government policies aimed at fostering entrepreneurship and the startup ecosystem, thereby creating more job opportunities that align with workers' skills and propelling wage growth.

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• Yes

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Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational licensing rules, and the affordability of housing.

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As the Australian property market continues to evolve, investors are keenly looking for strategies that will yield the best returns in 2024.

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 With insights from industry experts, this article delves into the best property investment strategies for the upcoming year, offering a roadmap for navigating Australia's dynamic real estate landscape.

Diversification: The key to stability

Experts agree that diversification remains a cornerstone strategy for property investment in Australia. By spreading investments across different property types, locations, and investment models, investors can mitigate risks associated with market volatility. This approach not only safeguards against regional economic downturns but also capitalises on the growth potential in varied sectors.

Strategy highlights:
- Geographical diversification: Investing in a mix of urban and regional properties to leverage the growth potential outside major cities.
- Asset types: Combining residential, commercial, and industrial properties to balance the portfolio.
- Investment models: Exploring direct ownership, real estate investment trusts (REITs), and property syndicates for varied exposure.

Focus on growth corridors

Identifying and investing in growth corridors is a strategy highly recommended for 2024. These are areas projected to experience significant development, population growth, and infrastructure improvement, driving demand for property. Researching upcoming government projects, such as transportation networks and urban development plans, can provide insights into future hotspots.

Strategy highlights:
- Infrastructure-led growth: Targeting areas with planned infrastructure projects that will enhance accessibility and attract businesses and residents.
- Demographic trends: Investing in regions with strong population growth forecasts, particularly those appealing to Millennials and Gen Z, who are entering the property market.

Sustainable and green investments

Sustainability is moving from a niche interest to a mainstream investment criterion. Properties that offer eco-friendly features, energy efficiency, and sustainable living conditions are increasingly in demand among tenants and buyers. Investing in green properties or upgrading existing properties to meet sustainable standards can enhance their value and appeal.

Strategy highlights:
- Green certification: Seeking properties with sustainability certifications, such as Green Star, can increase their marketability and rental yields.
- Energy efficiency: Investing in solar panels, energy storage systems, and other technologies that reduce utility costs and appeal to environmentally conscious tenants.

Technology and innovation

Leveraging technology and innovation in property investment can provide a competitive edge. From property management software that streamlines operations to virtual reality tours for prospective tenants, technology is reshaping the real estate landscape. Staying abreast of technological advancements can improve investment outcomes by enhancing property appeal and operational efficiency.

Strategy highlights:
- PropTech investments: Adopting property technology (PropTech) solutions for better management and enhanced tenant experiences. 
- Smart homes: Investing in smart home technologies to attract a tech-savvy demographic and command higher rents.

Expert insights for 2024

Industry experts emphasise the importance of research and due diligence in implementing these strategies. Understanding market trends, regulatory changes, and economic forecasts is crucial for making informed investment decisions. Additionally, building a network of real estate professionals, including agents, brokers, and financial advisors, can provide valuable insights and support.

Conclusion

As we look towards 2024, the Australian property market presents a wealth of opportunities for informed investors. By embracing diversification, focusing on growth corridors, investing in sustainable properties, and leveraging technology, investors can position themselves for success in the evolving real estate landscape. With expert insights guiding the way, the upcoming year holds promise for strategic investors aiming to maximise their returns in Australia's dynamic property market.

For those seeking to refine their property investment strategies, engaging with industry seminars, real estate workshops, and professional advisory services can provide the expertise and knowledge needed to navigate the complexities of the Australian real estate market effectively.

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As the Australian property market continues to evolve, investors are keenly looking for strategies that will yield the best returns in 2024.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(92) "/earn-money/best-property-investment-strategies-in-australia-for-2024-an-experts-perspective" ["image"]=> string(173) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1707700681/best_property_investment_strategies_in_Australia_for_2024_an_expert_s_perspective_bslte9.jpg" ["image_alt"]=> string(82) "best property investment strategies in Australia for 2024: an expert's perspective" } [5]=> object(stdClass)#8145 (57) { ["id"]=> int(18399) ["title"]=> string(61) "Innovative tax saving techniques for individuals and families" ["alias"]=> string(61) "innovative-tax-saving-techniques-for-individuals-and-families" ["introtext"]=> string(168) "

Tax time can be daunting for many Australians, but with some innovative planning and smart strategies, individuals and families can maximise their tax savings.

" ["fulltext"]=> string(4633) "

Tax laws can be complex and ever-changing, so staying informed and being proactive can significantly reduce your tax liability. Here are some innovative tax-saving techniques to consider.

Innovative tax-saving techniques for individuals and families

1. Income splitting to reduce taxable income

One way families can save on taxes is through income splitting. This involves distributing income within a family to take advantage of lower tax rates for lower-income earners.

For example, investing in the name of a non-working or low-income-earning spouse can result in investment income being taxed at a lower rate.

Similarly, a family trust can be utilised to distribute income among family members strategically.

2. Salary sacrifice arrangements

Salary sacrificing into your superannuation can be a tax-effective way to boost your retirement savings.

By contributing part of your pre-tax salary to your super fund, you can reduce your taxable income while investing more into your super, which is taxed at a concessional rate of 15 per cent.

This strategy works well for individuals in a higher income bracket.

3. Use of tax-deductible debt

Tax-deductible debt is debt incurred to produce taxable income, and the interest on this debt is often tax-deductible.

For instance, if you take out a loan to invest in income-producing shares or property, the interest can be claimed as a tax deduction.

Restructuring your debt to make it tax-deductible requires careful planning and advice but can be an effective tax-saving technique.

4. Investing in tax-effective vehicles

Investing in tax-effective vehicles such as insurance bonds or certain managed funds can also save on tax.

These investments typically pay taxes within the fund at a rate of 30 per cent, which may be beneficial for individuals taxed at a higher rate.

Furthermore, if held for more than ten years, gains from insurance bonds are tax-free when withdrawn.

5. Claiming all deductions and rebates

Ensuring you claim all allowable deductions is essential. This may include work-related expenses, self-education expenses, and home office costs.

It’s also important to be aware of any rebates you may be entitled to, such as the private health insurance rebate or the offsets for low and middle-income earners.

6. Deferring taxable income

If you expect to be in a lower tax bracket in the following year, deferring income until after June 30 can reduce your current year’s taxable income. This may include deferring the sale of assets that will result in a capital gain or delaying the receipt of investment income.

7. Making charitable donations

Making donations to registered charities not only supports good causes but can also provide tax benefits. Donations of $2 or more are tax-deductible, and this can be an effective way to reduce taxable income. Keep all receipts to substantiate claims.

8. Prepaying expenses

Prepaying deductible expenses can bring forward tax deductions into the current financial year. This can include prepaying interest on an investment loan or prepaying income protection insurance premiums.

---

There are numerous strategies that individuals and families can employ to reduce their tax liability. However, it’s important to tailor these strategies to your specific financial situation.

Always consult with a tax professional or financial advisor to ensure compliance with tax laws and maximise your tax-saving potential. By being innovative and informed, you can not only ease your tax burden but also improve your long-term financial health.

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Tax time can be daunting for many Australians, but with some innovative planning and smart strategies, individuals and families can maximise their tax savings.

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