Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.

4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.

"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.

Invest in Sydney/Brisbane property markets, or for media/public speaking requests, email pete@allenwargent.com

Thursday, 23 August 2012

Economic Refugees flooding Australia! (from NZ)

I've long argued that the number of asylum seekers that actually arrive in Australia receive a hugely disproportionate amount of press airtime and national debate.

Interestingly, though, as the Closer Economic Relations agreement that Australia hold with New Zealand means Australia is unable to control its trans-Tasman border - there are more than five times as many Kiwis coming in each year as there are asylum seekers!

Due to an agreement with New Zealand, Australia is actually required to accept as permanent or long-term residents as many of NZ’s 4.4 million residents as want to move here.

If the present trends persist Australia’s annual intake from New Zealand will exceed 100,000 within half a decade!
As Economic journo Peter Martin notes in his blog:

An extraordinary 53,900 New Zealanders moved to Australia in the year to July - around the entire population of New Plymouth, New Zealand’s eleventh biggest city.

The number dwarfs the 9,607 asylum seekers who arrived in Australian waters by boat.

The record emigration of 53,900 is a dramatic increase from the same period a year before when 46,450 New Zealanders moved to Australia - itself a record at the time.

“These are economic refugees,” New Zealand Council of Trade Unions secretary Peter Conway told The Age.

New Zealand’s unemployment rate is 6.8 per cent, little changed since the economic crisis. Australia’s is 5.2 per cent, well down on the peak of 5.9 per cent reached during the crisis.

“New Zealand was hit much harder than Australia,” Mr Conway said. “We didn’t have the big boost in government spending you had that pushed unemployment back down. Before the crisis our unemployment rate was briefly the best in the OECD. It is now mid-range, much worse than yours.”

New Zealand wages are around 20 per cent lower than Australia's when measured in terms of purchasing power."

I sometimes feel like a lone voice on the subject, but if the world has 43.7 million refugees as estimated by the UNHCR, then perhaps it isn't quite so unreasonable that a country of the size and wealth of Australia can find a home for 9,000 of them.

We sometimes seem to forget that without immigration, Australia as we know it would not exist.

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Struggling not to sign off the post with #justsayin - obviously been spending too much time on Twitter.