Landlord move Victorian tenants are begging for
Another 22 per cent are unsure what features their home has, while 54 per cent feel completely powerless to make upgrades themselves, according to the PropTrack Origin Renter Reality Report released today.
Despite this, a significant number of tenants are still willing to pay more for better homes, with 38 per cent saying they would fork out extra for smart energy features. But those homes are few and far between.
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PropTrack senior economist Anne Flaherty said the findings painted a stark picture of a rental market falling behind on liveability, comfort and control.
'Many of these homes were built when energy was cheap, and insulation or efficiency just wasn't part of the conversation,' Ms Flaherty said.
'But that legacy is hitting renters hard.
'They are paying for poor performance through higher bills, and they have no ability to change it.'
Ms Flaherty said short leases and ownership rules mean renters often cannot make even simple changes to their homes, let alone major upgrades.
'With average tenancies under two years, renters are reluctant to invest in a property they may be forced to leave,' she said.
'They want more control, but the system just isn't built for it.'
The report also shows 59 per cent of renters believe landlords should be responsible for improving energy efficiency, placing the pressure squarely back on owners.
While the cost-of-living crisis has made renters more conscious of their energy use, the PropTrack senior economist said many are still sacrificing basic comforts like heating and hot water.
'Renters are cutting back where they can, but without proper insulation or efficient heating, it's just not enough,' Ms Flaherty said.
'They're stuck paying the price for decisions they don't get to make.'
Victoria's new rental minimum standards now require ceiling insulation and efficient heating in all new tenancies, but Ms Flaherty said the rollout is still gaining traction.
'There are still huge gaps in awareness, and enforcement,' she said.
Origin Energy General Manager of Retail Catherine Anderson said renters were not completely helpless, and even simple changes could shave hundreds off the annual energy bill.
'A door snake can reduce heat loss by up to 25 per cent. That is huge for such a low-cost fix,' Ms Anderson said.
'There are temporary insulation kits for windows, portable blinds, and smart plugs that stop standby power.
'These are simple, renter-friendly options.'
Ms Anderson said renters with a smart metre could log into their retailer's app to see their usage patterns in real time and adjust habits accordingly.
'More federal rebates and energy incentives were on the way, including new battery schemes, but renters needed support navigating the,' she said.
'Renters want better homes.
'Landlords need more reason to deliver them.'
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News.com.au
an hour ago
- News.com.au
Australia's largest companies face another year of falling profits
Australia's blue chip companies' profits are tipped to fall for a third year in a row, with investors warned that eventually 'something has to give'. In its latest investment note, Morningstar said the top end of the Australian market could be overvalued, with earnings not keeping up with share price growth. Morningstar predicts the ASX 200 'earnings recession' will continue with Australia's largest companies profits falling by one per cent in the 2025 financial year. This follows falls of 10 per cent in 2023 and four per cent last year. Morningstar market strategist Lochlan Halloway said while the other index continued to rise, Australia's largest businesses — from an earnings point of view — were actually falling. 'Eventually, something's got to give — either earnings catch up to lofty prices, or valuations rebase to reflect the reality of slower growth,' Mr Halloway said. 'This disconnect between prices and profits goes a long way to explaining why valuations look so stretched at the top end of the market. The warning comes as businesses are set to release their June 30 results throughout the month of August. According to Morningstar, the results could be bleak with the ASX 20 earnings tipped to fall by a cumulative 15 per cent in the three years until 2025. Despite the businesses themselves falling, share prices for the ASX 20 as a collective is up 30 per cent over the same period. By Morningstar's estimations, the ASX 20 is currently running at a premium of about 20 per cent compared to fair value — a level that has rarely been seen in the past decade. Mr Halloway said the main culprit would be the mining stocks, which would once again soften due to weaker commodity prices following the post-Covid boom. 'Financials, our largest sector, should deliver modest growth, but mid-single-digit gains aren't nearly enough to offset the miners' slump,' he said. The call comes as the Australian sharemarket pushed to a new record high over the past week, with markets ignoring tariff uncertainty and weaker local economic data. As of 3.30pm on Friday, the ASX was up 2.2 per cent for the week — its strongest gains since April 10. AMP chief economist and head of investment strategy said the Australian market jumped on the news of softer jobs data, which left the RBA on track to cut rates again in August. 'With unemployment breaking to its highest since the pandemic, and June jobs data showing broad-based weakness, it's now hard to describe the labour market as tight,' he wrote in an investment note.

News.com.au
an hour ago
- News.com.au
‘A bit artificial': Shock unemployment figure exposes cracks in Australia's migration-fuelled NDIS jobs boom
Sky-high numbers of immigrants have been 'absorbed' into taxpayer-funded industries like the NDIS in recent years in an 'artificial' situation now starting to unravel as growth in the so-called non-market sector slows, experts warn. The unemployment rate rose to a four-year high of 4.3 per cent last month, beating market expectations of 4.1 per cent, according to Australian Bureau of Statistics (ABS) figures released on Thursday which showed there were an additional 33,600 people looking for work — the highest level since the pandemic in late 2021. The shock jobless figure, which sent the Aussie dollar into free fall and raised market expectations of an August rate cut by the RBA to near certainty, came on the heels of fresh data showing a record number of arrivals in May despite the Albanese government's pledge to curb migration to 'sustainable' levels. There were 33,230 net permanent and long-term arrivals in May, surpassing the previous record of 31,310 in 2023 by 6 per cent. In the year to May there were 245,890 net permanent and long-term arrivals, also the highest on record, while the 12-month rolling number of 447,620 was the second highest on record after 482,450 in the 12 months to May 2024. The Institute of Public Affairs (IPA), a conservative think tank, estimates that if current trends continue the number could reach 598,000 by the end of the calendar year. 'With Australia's unemployment rate trending up since December last year, yesterday's rise highlights some fundamental weaknesses in Australia's economy and jobs market — chief among them is Australia's worker shortage crisis,' said IPA research fellow Saxon Davidson. 'The simultaneous rise in unemployment and worker shortages shows how far out of alignment the Albanese government's labour and migration policies are. The federal government has fundamentally mismanaged the labour market. Despite allowing record levels of migration, Australians are not seeing the benefits of this in terms of per capita economic and overall productivity growth.' Mr Davidson said it was 'unconscionable that in a time of rising unemployment the Albanese government continues to flood the Australian labour market with record numbers of migrants competing for jobs'. 'The latest ABS data shows that Australia's worker shortage crisis is 42 per cent higher than pre-pandemic levels, increasing by 2.9 per cent in May 2025 to 339,400,' he said. 'Job vacancies have been over 300,000 for four years straight. What the latest unemployment rate rise shows us is that we need to cut tax and red tape barriers to allow more Australians to get into work so businesses can grow to their full potential, as well as returning Australia's migration program back to a sustainable level.' 'It's a bit artificial' AMP chief economist Shane Oliver agreed that immigration was a 'double-edged sword'. 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Experts have previously warned that Australia's taxpayer-funded jobs boom, largely driven by the explosion in the NDIS, has masked weakness in the private sector jobs market. Last year, 80 per cent of all new jobs created were either in the public service or taxpayer-funded 'non-market' sectors like healthcare and education. 'All of that surge in immigration was being absorbed into the workforce but going into the public sector or non-market jobs, whereas private sector employment growth was quite weak,' Dr Oliver said, noting growth in non-market sector jobs was now starting to soften. 'It's a bit artificial in a way, if you regard private sector jobs as more real. You're absorbing a lot of workers into the public sector, it may have a way to go as there is demand for some of those services, but unfortunately it can be detracting from overall growth in the economy. A lot of the jobs they were going into were also relatively low-productivity jobs.' 'Plainly unsustainable' Australia has seen both declining GDP per capita and declining productivity — measured as GDP divided by hours worked — in recent years. 'They tend to go hand-in-hand,' Dr Oliver said. 'If you increase the supply of labour which is what we've done dramatically in the last few years, it can have the effect of depressing productivity. So what's happened is we've pumped a lot of people into the economy, that's pushed up employment numbers to some degree but also pushed up hours worked, but we haven't seen the commensurate rise in GDP.' Innes Willox, chief executive of the Australian Industry Group, said the June labour market data 'points to the impact that our weak private sector is having on the labour market'. 'For over a year, there has been negligible jobs growth in the private market sector, with government-supported employment in the public and non-market sectors doing the heavy lifting,' he said in a statement on Thursday. 'During 2024, approximately four in five new jobs created in Australia were in these government-supported sectors. As the Australian Industry Group has been warning since the start of this year, this level of dependence on the taxpayer for job creation is plainly unsustainable.' Mr Willox said with the private sector accounting for two-thirds of employment in Australia, 'it was inevitable that its sustained weakness would eventually spill over to the broader labour market'. 'It appears this problem is now coming home to roost,' he said. 'It is therefore imperative that government takes immediate action to return the private sector labour market to health. There is much that can be done — on tax, energy, regulatory burden, industrial relations and more — to provide better policy settings for private sector investment and jobs creation.' He added, 'We look forward to working with the Treasurer through the upcoming Economic Reform Roundtable in August to build a package of sensible reforms that can restart private sector growth.' August rate cut looms Dr Oliver said strong population growth had 'artificially kept up demand' in the economy, which had contributed to inflation pressures and forced the RBA to keep interest rates 'higher than they would have been' even as growth in the underlying economy and private sector was weak. 'Arguably the jobs figures are starting to expose that,' he said. The RBA surprised markets last month when it decided to keep the official cash rate on hold at 3.85 per cent. Money markets and experts had been widely predicting a rate cut due to weaker-than-expected economic data. After the latest unemployment figures, money markets are now pricing in an August rate cut at 100 per cent as of Friday morning. 'It should be a lock,' Dr Oliver said. 'You've got inflation figures [still to come], there's always a risk [it surprises on the upside] and the RBA could say we've got to hold.' In its official statement last month, the RBA board said while inflation was falling, it wanted to wait for a 'little more information' before moving on rates. RBA governor Michelle Bullock said the board had opted to reconsider cutting in August after full quarterly inflation figures were released. AMP is forecasting inflation will come in at 2.6 per cent or slightly below. 'I'm not going to put a number on if it comes in at 2.6 will cut or if it comes in at 2.7 we won't,' Ms Bullock previously told NCA NewsWire. 'What we'll be doing is we'll be looking at it in the context of where the forecast think it is leading us.' ANZ's Brian Martin and Daniel Hynes said in a note on Friday that the 'soft' June labour force data were pointing to a 25 basis point cut next month. 'The small increase in overall employment, the decline in hours worked and the increase in the unemployment rate (the latter to a new high for this cycle, albeit after some extraordinary stability) are all consistent signals,' they wrote. 'Within the details, it appears the group rotating into the labour force sample had a higher propensity for being unemployed than the group it replaced, which helps explain the jump in unemployment. That is, there is both statistical noise and signal in the survey.' Aussie dollar crashes A number of commentators have now suggested the RBA got it wrong last month. 'The July post-meeting statement described the labour market as 'strong', although given today's results, we would expect the RBA to note an easing in labour market tightness in the June quarter,' Mr Martin and Mr Hynes wrote. IG market analyst Tony Sycamore said 'combined with last month's fall in employment, there are clear signs of deceleration emerging in the labour market'. 'This calls into question the RBA's decision to prioritise inflation over growth and jobs at its board meeting earlier this month,' he said. Employment as a whole rose by 2000 people in June, following a fall of 1000 in May, and was up 2 per cent year on year. That was against expectations of 20,000 jobs to be added in the month and the unemployment rate to hold. Markets immediately jumped on Thursday's news, with the ASX200 rising 0.9 per cent to hit a new record high as investors bank on a future rate cut. With expectations of lower rates, the Australian dollar slumped back below 65 US cents. Despite Thursday's data, Treasurer Jim Chalmers said Australia's unemployment remains historically low while the participation rate remains near record highs. 'The ongoing resilience in our labour market over the past three years remains one of our best defences against the volatile global economic conditions we face, which is a big focus of my discussions here at the G20,' Dr Chalmers said from the G20 finance ministers meeting in South Africa. 'The Australian economy is not immune from global uncertainty but we are well placed and well prepared to face the challenges ahead.' Speaking to ABC Radio on Friday again about the job numbers, Dr Chalmers said the result was 'unwelcome' but 'unsurprising' and that the 'modest tick up in the unemployment rate' had been expected. 'And here at the G20, there are only two economies, including ours, where last year we saw continuous growth inflation with a two in front of it, and unemployment in the low fours,' he said. 'But it remains the case that over the last three years, the labour market in Australia has been a real source of strength at an uncertain time. More than 1.1 million jobs created on our watch [and] the lowest average unemployment of any government in the last 50 years.'


SBS Australia
an hour ago
- SBS Australia
SBS News In Easy English 18 July 2025
Welcome to SBS News in Easy English, I'm Biwa Kwan. Anthony Albanese says his six-day tour of China has been successful, resulting in outcomes that will boost the bilateral relationship. The prime minister is ending his trip in the regional city of Chengdu, the capital of Sichuan province, before he flies out of the country to return to Australia. Mr Albanese says it has been a productive trip, including the meeting with China's President Xi Jinping. "One of the theme of our discussions was improving people-to-people and cultural links between people in Australia and China. And I can think of no better way then through the sporting engagement at what is the iconic sporting event in Australia - our Australian Open. Indeed the last Australian prime minister to visit Sichuan was Bob Hawke in 1986. And that time he launched an annual Australia-China tennis challenge. A gesture of goodwill between our nations." The late Yolngu Elder and land rights pioneer, Dr Galarrwuy Yunupingu, has been officially awarded the nation's highest civilian honour, two years after his death. The Companion of the Order of Australia was accepted by his eldest daughter, Binmila, from Governor-General Sam Mostyn, who travelled to north-east Arnhem Land to present the award in person. The Governor General says Dr Yunupingu would have viewed the award in his own way. "But I am also aware that in the 50th year of the Australian honours and awards system, this may be an award that Dr Yunupingu may not have really seen as necessary. Or seen as adding to the way he lived his life. In a way it is an important thing that we are doing in acknowledging his life through a system that must sit alongside something else that Dr Yunupingu said in his essay. He spoke of an allegiance to each other, to land and to ceremonies that define Yolngu." Australia's unemployment rate has risen slightly, from 4.1 to 4.2 per cent. It is the highest unemployment rate since November 2021. The number of unemployed people increased by 34,000; and the number of people with a full-time job fell by 38,000. Analysts say the figure will be a deciding factor on whether the Reserve Bank decies to make an interest rate cut. An Australian innovation is hoping to revolutionise landmine clearance. According to NATO's Strategic Warfare Development Command, there are still 110 million landmines around the world. The world's largest landmine clearance charity, the HALO Trust, says over 5,700 civilians were killed or injured by landmines and explosives in 2023. John Shanahan is the Managing Director of Mread, an Australian company working in collaboration with the C-S-I-R-O. He says the teams have developed the first handheld device using low frequency radio waves to identify explosives. "Every explosive, or drugs which we detect has a fingerprint. We are the only sensor that can detect the actual fingerprint. So not that there's an anomaly there, as we talked about earlier, it's just, this is that substance. It's just binary as that." In cycling, Tadej Pogacar has regained the overall lead of the Tour de France, after winning stage 12. The three-time Tour winner completed stage on the first major mountain of the race ahead of Jonas Vingegaard [[YOH-nuss vin-nee-GOH]] with a margin of two minutes 10 seconds. Pogacar dedicated the stage win to 19-year-old Italian cyclist Samuele Privitera who died after a crash in the opening stage of the Giro della Valle d'Aosta. "I think this stage can go for (be a tribute for) somehwhere - and to all his family because it was really sad. The first thing I read in the morning and yeah, it was just... I was thinking in the last kilometre about him and yeah, how tough this sport can be - and how much pain it can cause." Thanks for listening. This is SBS News in Easy English.