Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Friday, 20 January 2017

Working all the hours?

VICtop of the tree

Having experienced a huge surge in the number of hours worked by all employees in 2015 to record highs, New South Wales saw things flatten out in 2016. 

Victoria has picked up the mantle, scoring by far and away the best improvement in 2016, with the total number of hours worked surging by 3.4 per cent. 

The population of Victoria grew by very strongly by about 2.1 per cent, perhaps even a little more, which helps of course.

Although coming from a low base, it was good to see South Australia in positive territory, with a 1.5 per cent improvement (although this only takes the number of hours back up to where it was in The middle of 2012).

Hours worked declined in Tasmania, and remain at the levels seen way back in 2007. 

Western Australia is still in negative territory, but far less so than was the case as recently as June.

Resources capex still has quite a bit further to fall in Western Australia in 2017, but a number of metrics have suggested that the nadir of the market may be approaching, while mortgage serviceability in the state is now at its best level in 13 years. 

Residential property prices fell by 4 per cent in Perth over the year to September 2016.

Youth unemployment has deteriorated lately, a lack of opportunities for the most expendable cohort being a key indicator of a weak labour market.