Latest news with #GregJericho
The Age
27-04-2025
- Business
- The Age
Which jobs pay enough to save for a Sydney house deposit
Single workers and many high earning couples would have largely found it impossible to save a Sydney house deposit over the past decade as property prices soared out of reach, shifting the goalposts for first home hopefuls. Not one worker buying alone in the 17 occupations - from childcare workers to surgeons - analysed by left-leaning think tank The Australia Institute would have saved enough from June 2015 to December 2024, to reach a 20 per cent deposit for the median-priced Sydney house. A central issue for the upcoming election is housing affordability, with both major parties announcing policies. Home buying hopefuls having less than a 20 per cent deposit usually require lenders' mortgage insurance, or a government guarantee to waive the LMI - set to be expanded to more first home buyers under a Labor plan. Experts say having a 20 per cent deposit helps first home buyers avoid a situation where they lose their job while property prices are falling and need to sell their home for less than the loan, leaving them with a debt. A single checkout operator would be most challenged getting to this, according to the data. If they began saving for a 20 per cent deposit ($159,925) for a median priced Sydney house in mid-2015 ($799,625), they would have $33,178 by December 2024. But because the median house price in Sydney had by then risen to about $1.4 million, for which a deposit is $283,940, they would still be short $250,762. 'For people living in Sydney, saving for a home has become almost an impossibility unless you either have a very high-paying job, or you're married or a partner with someone with a very high-paying job,' Greg Jericho, chief economist at The Australia Institute said.
Sydney Morning Herald
27-04-2025
- Business
- Sydney Morning Herald
Which jobs pay enough to save for a Sydney house deposit
Single workers and many high earning couples would have largely found it impossible to save a Sydney house deposit over the past decade as property prices soared out of reach, shifting the goalposts for first home hopefuls. Not one worker buying alone in the 17 occupations - from childcare workers to surgeons - analysed by left-leaning think tank The Australia Institute would have saved enough from June 2015 to December 2024, to reach a 20 per cent deposit for the median-priced Sydney house. A central issue for the upcoming election is housing affordability, with both major parties announcing policies. Home buying hopefuls having less than a 20 per cent deposit usually require lenders' mortgage insurance, or a government guarantee to waive the LMI - set to be expanded to more first home buyers under a Labor plan. Experts say having a 20 per cent deposit helps first home buyers avoid a situation where they lose their job while property prices are falling and need to sell their home for less than the loan, leaving them with a debt. A single checkout operator would be most challenged getting to this, according to the data. If they began saving for a 20 per cent deposit ($159,925) for a median priced Sydney house in mid-2015 ($799,625), they would have $33,178 by December 2024. But because the median house price in Sydney had by then risen to about $1.4 million, for which a deposit is $283,940, they would still be short $250,762. 'For people living in Sydney, saving for a home has become almost an impossibility unless you either have a very high-paying job, or you're married or a partner with someone with a very high-paying job,' Greg Jericho, chief economist at The Australia Institute said.
The Guardian
26-03-2025
- Business
- The Guardian
Australia politics live: Dutton to promise to halve fuel excise for a year; ‘major breach' of NSW court files
Show key events only Please turn on JavaScript to use this feature Greg Jericho is writing about the budget today and he argues that Labor's tax cuts have left the opposition leader and shadow treasurer with limited options. He applauds Jim Chalmers's decision to pass more of the pie to lower earners but says that more could have been done to help people on Jobseeker, which remains well below the poverty line. He concludes: Tax is now a major part of both the ALP's and LNP's election campaigns. And many of the other choices that would help the unemployed or reduce tax breaks to the rich will be likely left for someone else to worry about. Read his full column here: Share Peter Dutton is expected to promise tonight that the coalition will halve the fuel excise for 12 months if elected, AAP reports. The policy would lower the rate on petrol and diesel from about 50 cents to 25 cents per litre. The coalition voted against the tax cuts that passed parliament on Wednesday, saying they were too little, too late for struggling Australians. Taxpayers will save up to $268 on their tax bills in 2026/27 and up to $536 every year after under Labor's proposal. 'What's obvious here is that a 70-cent-a-day tax cut in 15 months' time is just not going to help families today who are really suffering,' Dutton said. 'We do want to help families address the cost-of-living crisis, we do want to address the energy crisis.' The opposition voted against Labor's tax cuts, with shadow treasurer Angus Taylor chastising Labor for producing a budget 'for the next five weeks, not the next five years,' referring to the imminent election campaign. But he was attacked by the treasurer for voting against tax relief. Taylor didn't rule out larger tax cuts being offered by the coalition. Share Good morning and welcome to our live politics blog. I'm Martin Farrer, bringing the best of the early stories before Emily Wind guides you through the morning. The setpiece of the day will be Peter Dutton's budget reply at 7.30 this evening in which he is expected to try to outflank Anthony Albanese on cost-of-living relief. The Coalition voted against Labor's income tax cuts yesterday and the opposition leader is preparing what has been called a 'very significant announcement' in tonight's speech. It appears that it's going to be a promise to halve the fuel excise for 12 months, which would see about 25c come off the price of a litre of petrol. We will have full coverage of the buildup to his address and the rest of the budget fallout. Despite Sarah Hanson-Young's best efforts yesterday when she waved a dead salmon in the Senate, the legislation to protect the Tasmanian salmon industry was passed through parliament last night. Coalition senators joined Labor to vote in favour of the bill after the government speeded the process by guillotining the debate to bring on a vote. More coming up. Specialist cybercrime detectives are investigating how 9,000 documents from New South Wales's online court system were leaked into the public domain. NSW police's cybercrime squad was alerted on Tuesday to the breach of the state's Online Registry website, which provides access to civil and criminal court cases. Police said the documents include sensitive material such as apprehended violence orders and affidavits. More to follow. Share
The Guardian
25-03-2025
- Business
- The Guardian
Australia politics live: budget growth ‘bullish' given Trump uncertainty, economist says
Show key events only Please turn on JavaScript to use this feature The political purpose of the budget couldn't have been better executed, according to our economics columnist Greg Jericho, who uses seven charts to show how Jim Chalmers has outflanked Angus Taylor with his cunning plan to ensure the 'very vast majority of people are paying less tax'. Here's one on the tax cuts: Tax cuts outlined in Australian federal budget March 2025 Photograph: Greg Jericho He adds that the big shock for him was not just the tax cuts 'but that the budget deficit is not all that changed'. He says that although we'll see a lot of commentary about deficits as far as the eye can see, he doesn't think they are that important: The budget has been in deficit 33 of the past 50 years – or two-thirds of the time since Gough Whitlam lost office. And yet in that time our standard of living has greatly improved and we still exist as a sovereign nation. Here's Greg's whole piece: Share Good morning and welcome to our live news blog. I'm Martin Farrer with the reaction to last night's budget and all the other political news this morning before Krishani Dhanji takes over. It's not exactly an original strategy, but the treasurer's unveiling of a classic pre-election tax-cutting budget nevertheless caught many by surprise – much to the glee of the government benches and the consternation of the Coalition's ranks. We have reports, analysis and comment on Jim Chalmers's offer and how it might impact Australians and the forthcoming federal election. There's also lots of reaction including from a prominent economist who thinks the budget growth forecasts are too ambitious. There was also a fair bit of election-related news yesterday with the Coalition attacking on Labor's 'poorly designed' vehicle emission standard and signalling that they might be prepared to make Australia's love of petrol-guzzling cars an election issue. And in a sign that the Coalition is concerned about its messaging going into the campaign, Peter Dutton has told the party room to stop leaking internal policy debates and frustrations to the media, warning it could cost them the election. It was also a big day for politics out west with the WA Liberals appointing Basil Zempilas as their new leader. The task facing the former footballer and television personality will be to revive the party's fortunes after three successive election defeats to Labor. More coming up. Share
