Latest news with #fulltimeworkers
Yahoo
2 days ago
- Business
- Yahoo
Highest paid Aussie industries revealed as workers hit $2,000 a week pay milestone: ‘First time'
The average Australian worker is earning more than $2,000 per week, fresh employment data has revealed. This is the first time full-time earnings have hit this milestone, with wages up 4.5 per cent annually. The Australian Bureau of Statistics (ABS) found average weekly earnings for full-time adults hit $2,010 in May. This marks a rise of $86.60 a week from May last year, and works out to an annual pay of $104,520. 'This is the first time that average weekly ordinary time earnings for full-time adults have been greater than $2,000,' ABS head of labor statistics Sean Crick said. 'The growth of 1.7 per cent in average weekly earnings for full-time adults for the six months to May 2025 was similar to the rise of 1.8 per cent in the Wage Price Index for the same period.' RELATED Huge push for four-day work week to become reality for all Australians Hidden $3,000 per year cost of cashless revolt as record number of banknotes hoarded Brisbane's Ekka Show responds after $55 burger sparks fury Crick said average weekly earnings grew fastest for those in the private sector at 4.6 per cent, compared to the public sector at 3.6 per cent, which includes government workers like nurses, police and bureaucrats. It's worth noting these figures are based on full-time adult earnings. Across all employees, the average weekly total earnings were lower at $1,541.90 per week, or $80,178.80 a year. The pace of wage growth held steady in the June quarter, growing 3.4 per cent in the 12 months to June. Private sector wages grew 3.4 per cent, while public sector wages grew 3.7 per cent. The lift was attributed to backdated pay rises from previously approved enterprise agreements with state governments, coupled with regular scheduled pay rises. Which Australian industry earns the most money? Mining workers remain the highest paid on average, raking in $3,174.50 a week on average for full-time employees. The lowest paid full-time workers were in accommodation and food services at $1,459.70 a week, and retail trade at $1,504.40 a week. Here were the top 10 industries in weekly pay: Mining: $3,174.50 Information media & telecommunications: $2,560.70 Electricity, gas, water & waste services: $2,366.80 Professional, scientific & technical services: $2,327.60 Financial & insurance services: $2,323.70 Public administration & safety: $2,103.30 Education & training: $2,098.30 Health care & social assistance: $1,978.80 Construction: $1,957.60 Transport, postal & warehousing: $1,925.70 ACT residents recorded the highest earnings at $2,236.60 per week, followed by Western Australia at $2,154.70. The lowest earnings were seen in Tasmania at $1,793 and South Australia at $1,894.10. Unemployment rate drops The unemployment rate dropped to 4.1 per cent in July, from 4.3 per cent in June. Employment rose by 25,000 people and the number of unemployed people fell by 10,000 people. The Reserve Bank of Australia (RBA) maintained its forecast on Tuesday for the unemployment rate to sit at 4.3 per cent in December this year. BDO economics partner Anders Magnusson said the latest figures would 'dampen' hopes for back-to-back rate cuts when the central bank meets again in September and supported the case for 'taking a measured approach to further easing'. 'While this still points to a gradual loosening in conditions, it suggests the labour market is holding up a little better than the RBA had anticipated,' he said. The RBA cut interest rates by 25 basis points to 3.6 per cent this week. Markets have a 35 per cent chance of rates being cut in September and a 78 per cent chance of rates being cut by in retrieving data Sign in to access your portfolio Error in retrieving data
Daily Mail
14-07-2025
- Business
- Daily Mail
House prices are MORE affordable than 20 years ago - but they are still up to 9 times salary in some areas
House prices are more affordable on average than they were 20 years ago, according to the latest figures from Nationwide Building Society. This is based on the ratio comparing average incomes and average property prices. Between April and June this year, Nationwide says the average UK house price was 5.8 times the average annual salary of someone in full time work. This is marginally down on the same three month period in 2005 when the average house price was 5.9 times the average annual full time salary. Over the last 20 years, house prices have increased 73 per cent compared to earnings growth of 76 per cent over the same period. However, the current house price to earnings ratio is still above the long-run average of 4.8. These areas AREN'T more affordable Whether property has become more or less affordable will also greatly depend on where in the country someone lives. For example, in London, the house price to earnings ratio has risen from 7.1 to 9.2 over the past 20 years, which means property is less affordable in the capital. The surrounding outer metropolitan regions of London also saw a rise from 6.9 to 8. Meanwhile, the North has seen the most improvement, with a fall in average house price to earnings ratio from 5.4 in 2005 to 4 in 2025. This reflects the fact that house price growth has been the lowest there over this period. High house prices relative to earnings make it more challenging for prospective buyers to save for a deposit, particularly in London and the South East. Richard Donnell, executive director at Zoopla said: 'Future improvements to the house price to earnings ratio will vary depend on the region of UK and the headroom for house price growth. 'Home values have been unaffordable in Southern England for some time and remain so, which is why house prices are struggling to rise as a result of higher mortgage rates.' The other key factor in relation to affordability is interest rates and their impact on mortgage payments. Compared with 2005, mortgage payments have slightly decreased relative to take-home pay for a first-time buyer, according to Nationwide. Based on someone buying their first property with a 20 per cent deposit, average mortgage payments currently account for 34 per cent of take home pay, compared with 38 per cent in 2005. However, it's worth pointing out that affordability has deteriorated from a mortgage cost perspective over the past five years given the sharp rise in interest rates in 2022 and 2023. In July 2020 someone buying with a 20 per cent deposit could bag a five-year rate as low as 1.7 per cent. Now, most buyers are securing mortgage rates around 4 to 5 per cent. The lowest five-year fix for someone buying with a 20 per cent deposit is 4.15 per cent. Someone buying a property in 2020 with a £200,000 mortgage at 1.7 per cent with a 25 year repayment term would have been paying £818 a month. However, someone buying today with a £200,000 mortgage today and a 25 year term on a 4.015 per cent rate can now expect to pay £1,072 a month. Nationwide says the typical mortgage payments were 27 per cent of take home pay between April and June 2020, far less than the 34 per cent proportion today. Looking ahead, Nationwide says it expects a gradual easing in affordability constraints through a combination of falling interest rates and earnings outpacing house price growth. However, while the house price to earnings ratio suggests property isn't any less affordable on average than it was 20 years ago, it doesn't necessarily mean that getting on the ladder is as easy as it was 20 years ago. Jeremy Leaf, north London estate agent and a former Rics residential chairman argues that rising rental prices has made it harder for people to save a deposit towards buying their first home. 'What the house price-to-earnings ratio doesn't show is the impact of the rise in rents over that period - particularly in London and other cities,' said Leaf. 'That increase has made it more difficult for aspiring first-time buyers to save for deposits and resulted in the postponement of many moves. 'The sharp drop in transaction numbers following the ending of the stamp duty holiday last March showed the importance of financing those initial costs to first-time buyers in particular. 'In our offices, we have noticed how the demand for higher-priced properties in more favoured locations has struggled recently compared with less expensive areas.' He adds: 'Looking forward, that trend is likely to continue unless the government can improve for instance take-up in its 'Freedom to Buy' scheme by setting more generous terms than under the previous Mortgage Guarantee Scheme which would give a lift to the whole market.' How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Buy-to-let landlords should also act as soon as they can. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. What about buy-to-let landlords Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
CBC
23-05-2025
- Business
- CBC
Working a full-time job 'not enough' to escape food insecurity, Calgary Food Bank survey finds
Social Sharing New data from the Calgary Food Bank shows plenty of Calgarians working full-time need help filling the fridge. A report published Thursday said 37 per cent of the 1,525 food bank clients who answered a survey relied on employment as their main source of income. The survey also found 27 per cent of respondents rely on full-time employment income. The figures show there is no typical food bank client, said Calgary Food Bank president and CEO Melissa From. "You as a Calgarian might just be surprised that your friend and neighbour is using the Calgary Food Bank today," she said. Of the food bank clients that indicated they received employment income, 65 per cent said they were experiencing "severe food insecurity" — defined by Statistics Canada as skipping meals, reducing food intake and in extreme cases going days without food. "Fundamentally, they're doing everything right," said From. "They're working, they're employed, they're contributing members of society, they're paying their mortgage, they're paying their energy bills and their car payments, and at the end of the month, there's just not enough left." New survey suggests clients with full-time jobs are using Calgary Food Bank 6 hours ago Duration 1:25 Low pay, unreliable hours among key factors The study found insufficient wages, limited and inconsistent hours, and a lack of job security were all causing food insecurity among employed Calgarians. "What was most astounding was that it's everyday Calgarians who are affected by food insecurity," said Lucy Harry, the food bank's head of research. "The stories were heartbreaking." The report described how some clients were working for low pay, no benefits, or struggling to find work because of a language barrier. "Severe food insecurity" was most common among the survey respondents working while living with a disability, Indigenous workers and employed female-led single households. The survey also found that 87 per cent of respondents with full-time jobs make less than Calgary's living wage, calculated by Vibrant Communities Calgary at $24.45 an hour. According to From, both local and global economic factors are contributing to food insecurity. "We are a very rapidly growing city, and in addition to that, obviously we have some economic challenges," she said. "For us at the food bank, we're just going to go with the motto of 'be prepared for the worst, but hope for the best.'" The food bank serves 750 households a day with its hamper program, according to its latest annual report. The charity has enlisted the help of over 200 volunteers to meet that demand, while also working toward the opening of a new location in downtown Calgary with the goal of serving another 200 households. With so many Calgarians facing food insecurity, more investment and solutions are needed across the board, according to From. "We can be the temporary [solution], we can feed people and get food out the door," she said. "But levels of government, other community agencies, private sector, public sector, all need to come together to talk about solutions for a problem this big and complex." The study was created using information gathered from 30 in-depth interviews with employed food bank clients. Research results were compiled through an anonymous online survey sent to food bank clients in 2024, with a confidence interval of 95 per cent and five per cent margin of error.
