Housing and Neoliberalism: Growing inequality in Australia
|
|
- Mae Cunningham
- 6 years ago
- Views:
Transcription
1 Housing and Neoliberalism: Growing inequality in Australia Adam Stebbing & Ben Spies-Butcher Neoliberal economic restructuring has changed the nature of social provision. This is particularly the case in Australia, where the welfare state was built on a wage earner compromise that relied on labour market regulation more than direct tax and spend policies (Castles 1985). As a result, policies that liberalise labour and capital markets often have more impact than overt social policy. Social policy has also changed as governments seek to encourage choice and self-reliance through marketisation. However, support for private social provision usually entails expanded public funding. Private health insurance rebates, childcare rebates and private school funding each support forms of privatised welfare. This creates a dual welfare state in which different social groups are stratified into different modes of social provision, both receiving public support, but in different forms (see Stebbing and Spies-Butcher 2010). The most inequitable form of public support for privatised welfare comes through the tax system. Tax concessions reduce the taxes paid by those undertaking particular activities, like investing in housing or superannuation. Benefits relate to contributions, so those that contribute more receive a larger benefit. Support is also based on a concessional tax rate, or exemption, and so the benefit rate also increases with a person s marginal tax rate. The largest of these concessions relate to savings over the life course, meaning the inequalities generated by tax concessions can accumulate over time (Spies-Butcher and Stebbing 2011). Housing, however, is subject to perhaps the most socially significant inequalities associated with savings. Unlike the age pension, the public equivalent to private housing is poorly funded, stigmatised and confined to a small proportion of the population, providing a more stringent safety net. Yet, housing is central to individual welfare and social participation. It is often dubbed the fourth pillar of retirement policy, but secure housing is clearly a prerequisite to employment, accessing services and to community belonging (Yates and Bradbury 2009). Support for home ownership played a central role in the initial wage earner model of social protection (Castles 1998). Without affordable and accessible housing, other elements of social protection are weakened, because low payment rates cannot meet basic needs in addition to high housing costs. This paper explores changing patterns to housing tenure. Given the decline of older wage earner institutions and the growing importance of tax supports for housing, we might expect growing stratification of housing tenure. But because home ownership requires a large investment, changes are likely to emerge gradually over time. Our paper begins with an overview of housing policy and of concerns around housing affordability. We then outline the dual welfare state thesis and how this is likely to impact housing tenure. We then focus on cohort data that tracks ownership rates for particular groups over time to explore the impact of the dual welfare state. We then conclude by reflecting on the emerging dynamics and what this means for social policy more generally.
2 Housing in Australia Australia has had high rates of home ownership, reflecting deliberate policy support for this mode of provision (Castles 1998). Soldier settlement policies saw significant increases in home ownership in the wake of each world war (Troy 2012). More generally, concessions for home deposits, regulation of home loan interest rates, favourable planning laws, subsidised public infrastructure and the regulation of employment and wages all supported workers to enter home ownership (Troy 2012). This brought together social policy with planning, labour and capital market controls. Alongside this, investment in public housing targeted those workers, usually at the margins of the labour market, unable to afford home purchase. The period of economic restructuring saw the end to many of these policies. Liberalised lending regulation has enabled lower deposits, but much of this benefit has been capitalised into higher house prices. More variable interest rates potentially expose home buyers to greater risk. Changing attitudes to taxation and public debt, as well as the vertical fiscal imbalance of taxation in the federation, saw privatisation of the costs of development, requiring new owners to pay directly for infrastructure. Changing industry policies have also led to the decline of regional and rural employment, creating greater pressure on cities. Labour market changes saw greater wage dispersal and a dramatic shift in favour of less secure work through casualisation. Part-time work also increased, sometimes increasing household incomes by facilitating the entry of women into the workforce, but also facilitating casualisation. Greater inequality potentially creates stratification through competition for scarce housing. Recent surveys of house prices have shown that there is little affordable housing for low wage workers or those on benefits in major cities (Yates et.al 2007). Housing and the Dual Welfare State Richard Titmuss (1958) identifies three forms of welfare. Of these, social welfare, involving direct provision of public services or payments, is the most prominent. But, Titmuss (1958) argued that occupational welfare, where the state obliges employers to provide workers with health insurance or pensions, and fiscal welfare, where the state provides tax support to the private purchase of welfare services, could be equally important. Australia s wage earner model relied heavily on occupational welfare, supported by full employment and residual social welfare payments (Castles 1994). Deregulation of the labour market has made access to occupational welfare less universal, more conditional and more stratified. This has increased reliance on social welfare for many. However, alongside growing social payments, Australia has seen a substantial increase in fiscal welfare. Tax concessions related to welfare, in areas like pensions, health and housing, have grown substantially, and now amount to 4.9% of GDP (Treasury 2013). This support is less visible, because it generates a fall in revenue rather than an increase in spending, and so does not show up in standard budget documents. But, the impact is virtually identical to spending programs, as resources only accrue to those undertaking specific actions or
3 belonging to specific groups, and have similar budgetary effects. The expansion of tax concessions has led some to describe the impact of neoliberalism on Australia as producing a dual welfare state (Stebbing and Spies-Butcher 2010). The main tax concessions for housing relate to owner occupied housing. Home buyers benefit from an exemption to capital gains tax and from the non-taxation of imputed rents. This is reinforced by the exemption of the family home from the pension s means-test, meaning that an older renter is much less likely to qualify for the pension (or full pension) than an older home owner. More recently, the first home owner s grant and first home saver accounts have added additional support for entry into home ownership. These concessions have the potential to generate distortions in investment markets. In the context where most people could access home ownership, and where those that could not were accommodated in public housing, this was of less concern. But, so long as housing is primarily acquired for its use value (ie to live in) rather than its exchange value (ie to invest and sell), the impact of these wealth inequalities on lived experience could be contained. Tax concessions for home ownership clearly favour home owners over renters. This is exaggerated by a second set of tax concessions for investment. Commonly known as negative gearing these concessions allow investors to subtract losses on an investment against their other (e.g. labour) income. The cost of this concession, while smaller than for home ownership, is also considerable. Negative gearing also benefits a much smaller group of people, who tend to be on higher incomes and able to invest. The benefits of negative gearing also accrue more directly as income rather than in-kind benefits. Thus, it is more likely to exaggerate the lived experience of inequality. The rules for negative gearing potentially encourage over-investment, as they are of most benefit to investors who are highly leveraged and so face substantial interest bills, encouraging investors to continually expand their property portfolio. Alongside these substantial tax supports for owners of private housing, funding for first-tier housing policy has remained stagnant. Public housing has experienced considerable real funding cuts. Public housing stock has been declining as a proportion of total housing for some time (Troy 2012). This has generated longer public housing waiting lists, leading to tighter targeting of need and a steady concentration of social disadvantage within the public housing sector. In turn, this reduces the income from the public housing stock, while lack of resources drives underinvestment in maintenance and a cycle of decline. Governments have increased subsidises for private rents through rental assistance. Essentially, this has changed the nature of the first tier of the housing welfare state from public provision to social payments. Even so, long public waiting lists and acute rental stress suggest these policies remain inadequate. Growing housing insecurity Because home ownership reflects lifelong savings patterns, and because the population is ageing, the impact of recent policy changes and increasing housing unaffordability is unlikely to cause rapid declines in home ownership. Not unexpectedly then, the home ownership rate only declined slightly between
4 1998 and 2010, from 70.4 to 68.8 per cent of households (ABS 2011). This is the proportion of households with and without mortgages for private housing at a point in time. However, this potentially overstates housing security because mortgagees are counted as home owners regardless of their debt. This rate also obscures potential disparities between the housing tenure of different agecohorts and family structures. So, using data from the Australian Bureau of Statistics (ABS), we more closely examine changing housing tenure to particular age-cohorts and family structures since the mid-1990s. The relatively stabile home ownership rate hides broader changes to housing tenure among Australian households in recent decades. As Table 1 shows, 10 per cent fewer households own their housing outright since the mid-1990s. Outright home ownership fell from 42.5 to 32.6 per cent between and. While an increase to mortgagee households offset this, it coincided with a modest increase to households renting privately and a small decrease in those relying on public housing (see Table 1). More broadly, these figures correspond to growing financialisation and increasing household debt. Table 1. Housing tenure in Australia, 1996 to 2010 Housing Tenure Owner Mortgagee Private renter Public renter Comparisons among younger and older households further reveal that the decline in home ownership has not been uniform across age cohorts. We select two age groups for comparison households with a reference person aged 36 to 45 years and those with a reference person aged 65 and over. The latter includes households of retirement age as the pension is predicated on retirees owning their home. The former group represents those expected to have entered ownership and to be having children. Home ownership remained comparatively stable among households of retirement age (78.1 per cent owned their home in ), with most of the fall in home ownership offset by an increase in mortgagee households (see Table 2). Rates of private rental among households of retirement age, the most insecure housing tenure (for this group in particular due to most relying on the age pension), have increased by much less than average. In contrast, outright ownership substantially declined among households with a reference person aged 35 to 44 years, by almost 15 per cent, from about one quarter in to less than 10 per cent in (see Table 3). While this coincided with an increase in mortgagees amongst this age group, the most
5 significant change has been about a 10 per cent increase in private renters from 19.8 to 29.7 per cent of these households over the same period. The relative stability of home ownership rates among households of retirement age, particularly compared to the 35 to 44 year cohort, perhaps explains why increasing housing insecurity has not received due attention. Table 2. Housing tenure for individuals aged 65+ yrs in Australia, 1996 to 2010 Housing Tenure Owner Mortgagee Private renter Public renter Table 3. Housing tenure for individuals aged yrs in Australia, 1996 to 2010 Housing Tenure Owner Mortgagee Private renter Public renter Growing housing insecurity among households in the younger cohort has further equity implications because many aged 36 to 45 years have young children. On closer inspection, households with dependent children have experienced changes to housing tenure unevenly since the 1990s. As Table 4 shows, 13.2 per cent of couple households with dependent children owned their housing outright in, which is less than half the rate 15 years earlier. In, the proportion of these households in public housing, while low, was only one third of that in. The most substantial change among this group has been the 11.7 per cent increase in mortgagee households to 62.7 per cent in. The proportion of couple households with dependent children that rent privately has increased by 5.3 per cent to 20.5 per cent (see Tables 1 and 4). Overall those in secure tenure declined from 33.8 per cent to 14.6 per cent. Table 4. Housing tenure for couples with dependent children in Australia, 1996 to 2010
6 Housing Tenure Owner Mortgagee Private renter Public renter Single parent households have experienced a more substantial decline in housing security since the mid-1990s. While 30.4 per cent of single parent households owned their housing outright in, this had decreased to 11.7 per cent in (see Table 5). Moreover, whereas 21.0 per cent of single parent households lived in public housing in, only 12.6 per cent did so in. There has been a modest increase in the number of these households with mortgages, but the more significant increase has been the growth of privately renting single parent households to 43.2 per cent in (from 24 per cent in ), suggesting long-term insecurity. Table 5. Housing tenure for single parent households in Australia, 1996 to 2010 Housing Tenure Owner Mortgagee Private renter Public renter Conclusion The analysis of ABS data showed that the relative stability of the overall home ownership rate conceals growing inequalities among age-cohorts and family groups in recent decades. Home ownership rates have remained stable among households of retirement age, but substantially declined among households in the 35 to 45 years cohort. Moreover, while much of the decrease in home ownership among couple households with dependent children corresponded to an increase in mortgagees, the decline of home ownership has been particularly concentrated among single parent households.
7 These findings suggest that housing tenure has been affected by the breakdown of the wage-earner model. Coinciding with growing wages dispersion and private housing scarcity, the stagnation of first-tier housing provision has contributed to the inadequate supply of affordable housing. This, in turn, reflects the declining capacity of single parent households to purchase private housing or access social housing. Extensions to second-tier subsidies and the continued exemption of the family home from the pension s means test has benefitted households that bought private housing before the recent boom. This partly explains why home ownership remained relatively stable among households of retirement age who had opportunity to buy pre-boom, but has declined among households in the 35 to 44 year cohort that confront rising housing prices. This is consistent with the dual welfare thesis and its long-run implications for inequality. These findings are, of course, incomplete and preliminary. Further research is needed to analyse the extent to which recent policy developments exacerbate housing inequalities. Nevertheless, the extent to which home ownership and public renting has declined among single parent households between 1996 and 2010 is particularly disconcerting. The proportion of single parent households renting privately the most insecure form of housing tenure climbed to 43.2 per cent in 2010 and is now double that for couple households with children. Worryingly, governments seem to be responding by reducing payments to this group, reinforcing a dual welfare model where those receiving more direct forms of assistance are stigmatised and marginalised. Because of housing s role in retirement, it also follows that single parents and other households unable to afford home ownership will experience cumulative disadvantage in retirement.
8 References Australian Bureau of Statistics (1997) Housing Occupancy and Costs, Canberra: Australian Bureau of Statistics. Australian Bureau of Statistics (2011) Housing Occupancy and Costs, Canberra: Australian Bureau of Statistics. Castles, F.G. (1994) The wage earners welfare state revisited: refurbishing the established model of Australian social protection, , Australian Journal of Social Issues, 29 (2), Castles, F. G. (1998) The Really Big-Trade Off: Home Ownership and the Welfare State in the New World and the Old. Acta Politica 33(1): Spies-Butcher, B. and Stebbing, A. (2011), Population Ageing and Tax Reform in a Dual Welfare State, The Economic and Labour Relations Review, 22(3): pp Stebbing, A. and Spies-Butcher, B. (2010), Universal Welfare by Other Means? Social Tax Expenditures and the Australian Dual Welfare State, Journal of Social Policy, 39(4): Titmuss, R. (1958) The Social Division of Welfare: Some reflections on the search for equity Essays on 'The Welfare State', London: Unwin University Books, pp Treasury (2013), Tax Expenditures Statement 2012, Canberra: Australian Government. Troy, P. (2012) Accommodating Australians: Commonwealth Government Involvement in Housing, Sydney: The Federation Press. Yates, J. and Bradbury, B. (2010) Home ownership as a (crumbling) fourth pillar of social insurance in Australia Journal of Housing and the Built Environment 25(2): Yates, J. & V. Milligan (2007), Housing affordability: a 21 st century problem, AHURI, Report No. 105, Canberra: AHURI.
Baby Boomers and Housing Markets. Presentation by Clare Wall, SGS Associate 7 th National Housing Conference October 2012
Baby Boomers and Housing Markets Presentation by Clare Wall, SGS Associate 7 th National Housing Conference October 2012 This report has been prepared on behalf of 7th National Housing Conference. SGS
More informationAustralian demographic trends and implications for housing assistance programs PEER REVIEWED EXECUTIVE SUMMARY
PEER REVIEWED EXECUTIVE SUMMARY Australian demographic trends and implications for housing assistance programs FOR THE AUTHORED BY Australian Housing and Urban Research Institute Gavin Wood RMIT University
More informationProductivity key to raising living standards
Productivity key to raising living standards Janine Dixon Centre of Policy Studies, Victoria University August, The Treasury s Intergenerational Report (IGR) paints a rosy picture of the future, projecting
More informationThe Effects of Personal Income Taxation on Income Inequality in Australia
136 The Effects of Personal Income Taxation on Income Inequality in Australia Terry Alchin Department of Economics University of Wollongong ABSTRACT This paper attempts to show that the progressive income
More informationFindings of the 2018 HILDA Statistical Report
RESEARCH PAPER SERIES, 2018 19 31 JULY 2018 ISSN 2203-5249 Findings of the 2018 HILDA Statistical Report Geoff Gilfillan Statistics and Mapping Introduction The results of the 2018 Household, Income and
More informationSubmission to Senate Standing Committees on Economics Inquiry into Economic Security for Women in Retirement
Submission to Senate Standing Committees on Economics Inquiry into Economic Security for Women in Retirement John Daley, Brendan Coates and Danielle Wood December 2015 1 Introduction We welcome the Senate
More informationSustaining fair shares: the Australian housing system and intergenerational sustainability
Sustaining fair shares: the Australian housing system and intergenerational sustainability National Research Venture 3: Housing affordability for lower-income Australians Research Paper No. 11 authored
More informationSTRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA. Table 1: Speed of Aging in Selected OECD Countries. by Randall S. Jones
STRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA by Randall S. Jones Korea is in the midst of the most rapid demographic transition of any member country of the Organization for Economic Cooperation
More informationSuperannuation balances of the self-employed
Superannuation balances of the self-employed March 2018 Andrew Craston, Senior Research Advisor ASFA Research and Resource Centre The Association of Superannuation Funds of Australia Limited (ASFA) PO
More informationHousing as the fourth pillar of Australia s retirement income system
5 August 2016 Housing as the fourth pillar of Australia s retirement income system Judith Yates, Rachel Ong, Bruce Bradbury This discussion paper has been prepared for the CSRI Roundtable, 6-7 April 2016.
More informationPhilip Lowe: Changing patterns in household saving and spending
Philip Lowe: Changing patterns in household saving and spending Speech by Mr Philip Lowe, Assistant Governor (Economic) of the Reserve Bank of Australia, to the Australian Economic Forum 2011, Sydney,
More informationThe principles of GIA and their application to an analysis of Australia s retirement incomes and savings policies
The principles of GIA and their application to an analysis of Australia s retirement incomes and savings policies Siobhan Austin, Rhonda Sharp and Helen Hodgson This presentation Sets out key principles
More informationHousing tax reform: What will make a difference?
Housing tax reform: What will make a difference? Brendan Coates, Grattan Institute National Housing Conference 2017, Sydney 30 November 2017 Housing tax reform Worsening housing affordability is really
More informationINQUIRY INTO MINERAL RESOURCE RENT TAX BILL 2011 AND RELATED BILLS
The Association of Superannuation Funds of Australia Limited ABN 29 002 786 290 ASFA Secretariat PO Box 1485, Sydney NSW 2001 p: 02 9264 9300 (1800 812 798 outside Sydney) f: 02 9264 8824 w: www.superannuation.asn.au
More informationThe Coalition s Record on Housing: Policy, Spending and Outcomes
Summary Working Paper 18 January 2015 The Coalition s Record on Housing: Policy, Spending and Outcomes 2010-2015 Rebecca Tunstall Coalition Ministers were highly critical of the state of UK housing when
More informationSuperannuation account balances by age and gender
Superannuation account balances by age and gender October 2017 Ross Clare, Director of Research ASFA Research and Resource Centre The Association of Superannuation Funds of Australia Limited (ASFA) PO
More informationAustralian demographic trends and implications for housing assistance programs PEER REVIEWED. Australian Housing and Urban Research Institute
PEER REVIEWED Australian demographic trends and implications for housing assistance programs FOR THE AUTHORED BY Australian Housing and Urban Research Institute Gavin Wood RMIT University PUBLICATION DATE
More informationPENSIONS AT A GLANCE 2009: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES AUSTRALIA
PENSIONS AT A GLANCE 29: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions AUSTRALIA Australia: pension system in 26 Australia
More informationCEPR CENTER FOR ECONOMIC AND POLICY RESEARCH
CEPR CENTER FOR ECONOMIC AND POLICY RESEARCH The Wealth of Households: An Analysis of the 2016 Survey of Consumer Finance By David Rosnick and Dean Baker* November 2017 Center for Economic and Policy Research
More informationThe super bias: an insecure future
The super bias: an insecure future COTA NSW 2018. This work is copyright. Reproduction for commercial use or sale requires prior written permission from the Council on the Ageing (NSW) Inc. ISBN 978 0
More informationFair tax and welfare for older workers. Older Australians at work summit John Daley Grattan Institute 24 February 2015
Fair tax and welfare for older workers Older Australians at work summit John Daley Grattan Institute 24 February 215 Fair tax and welfare for older workers Government budgets are unsustainable: spending
More informationThe Federal Budget and the labour market. A culminating challenge. Conrad Liveris conradliveris.com
The Federal Budget and the labour market A culminating challenge Conrad Liveris conradliveris.com +61 430 449 116 Executive summary - a cause for concern As households themselves feel the impact of low
More informationHousing Affordability in Australia
Housing Affordability in Australia Andrew Doughman, Luke Cassar and the Housing Affordability Working Group Actuaries Institute 2018 This presentation has been prepared for the Actuaries Institute 2018
More informationRental Affordability Snapshot 2017: Tasmania
For Rent Rental Affordability Snapshot 2017: Tasmania What is the RAS? On the weekend of 1-2 April 2017, Anglicare Tasmania s Social Action and Research Centre (SARC) collected information on all the properties
More informationCOMMENTS ON SESSION 1 PENSION REFORM AND THE LABOUR MARKET. Walpurga Köhler-Töglhofer *
COMMENTS ON SESSION 1 PENSION REFORM AND THE LABOUR MARKET Walpurga Köhler-Töglhofer * 1 Introduction OECD countries, in particular the European countries within the OECD, will face major demographic challenges
More informationWealth and Welfare: Breaking the Generational Contract
CHAPTER 5 Wealth and Welfare: Breaking the Generational Contract The opportunities open to today s young people through their lifetimes will depend to a large extent on their prospects in employment and
More informationTenants guide to tax reform
Tenants' Union of NSW Suite 201 55 Holt Street Surry Hills NSW 2010 ABN 88 984 223 164 P: 02 8117 3700 F: 02 8117 3777 E: tunsw@clc.net.au tenantsunion.org.au tenants.org.au Tenants guide to tax reform
More informationEffects of the Australian New Tax System on Government Expenditure; With and without Accounting for Behavioural Changes
Effects of the Australian New Tax System on Government Expenditure; With and without Accounting for Behavioural Changes Guyonne Kalb, Hsein Kew and Rosanna Scutella Melbourne Institute of Applied Economic
More informationUntil recently not much was known about the distribution of
The Australian Journal of Financial Planning annuation & the self-employed By Ross Clare Ross Clare has degrees in Economics and Law from the Australian National University. Prior to joining the staff
More informationINTEGRATED FINANCIAL AND NON-FINANCIAL ACCOUNTS FOR THE INSTITUTIONAL SECTORS IN THE EURO AREA
INTEGRATED FINANCIAL AND NON-FINANCIAL ACCOUNTS FOR THE INSTITUTIONAL SECTORS IN THE EURO AREA In May 26 the published for the first time a set of annual integrated non-financial and financial accounts,
More informationALLIANCE FACT SHEET. Who will be affected by the denial of cash franking credit refunds?
ALLIANCE FACT SHEET The ALP s policy to remove cash refunds on franking credits was according to Bill Shorten targeted at the wealthiest 10% of SMSFs i. As analysis of ATO data and the Treasury ii reveals,
More informationMary R. Tomlinson. Introduction
Gen Y Housing Aspirations Could Depend on a Housing Inheritance Mary R. Tomlinson Introduction In recent years the issue of intergenerational fairness has become more pronounced as the material conditions
More informationRental Affordability Snapshot 2017: Southern Tasmania
For Rent Rental Affordability Snapshot 2017: Southern Tasmania What is the RAS? On the weekend of 1-2 April 2017, Anglicare Tasmania s Social Action and Research Centre (SARC) collected information on
More informationThe study expands and delves deeper into an earlier presentation in Ekonomisk Debatt 2015, nos. 7 and 8. 7
Summary Introduction This study presents a box model for uniform capital income and property taxation. 6 What, then, is a box model? The name is taken from the Dutch model for standard taxation of financial
More informationTHE COST OF HOUSING AND HOUSING SUPPORT
THE COST OF HOUSING AND HOUSING SUPPORT Vasantha Krishnan 1 Knowledge Management Group Ministry of Social Policy Abstract This paper investigates what impact housing costs may have had on the financial
More informationDEMOGRAPHIC DRIVERS. Household growth is picking up pace. With more. than a million young foreign-born adults arriving
DEMOGRAPHIC DRIVERS Household growth is picking up pace. With more than a million young foreign-born adults arriving each year, household formations in the next decade will outnumber those in the last
More informationCBA mortgage book secure
Determined to be better than we ve ever been. Australian residential housing and mortgages CBA mortgage book secure 9 September 2010 Commonwealth Bank of Australia ACN 123 123 124 Overview Concerns of
More informationLABOR PARTY RESPONSE TO THE FEDERAL PRE-ELECTION SUBMISSION FROM AIR
LABOR PARTY RESPONSE TO THE FEDERAL PRE-ELECTION SUBMISSION FROM AIR Recommendation 1 That the 50 per cent mandatory draw down requirement for Account Based Pension, Allocated Annuities and Market Linked
More informationRic Battellino: Housing affordability in Australia
Ric Battellino: Housing affordability in Australia Background notes for opening remarks by Mr Ric Battelino, Deputy Governor of the Reserve Bank of Australia, to the Senate Select Committee on Housing
More informationBANKWEST CURTIN ECONOMICS CENTRE INEQUALITY IN LATER LIFE. The superannuation effect. Helen Hodgson, Alan Tapper and Ha Nguyen
BANKWEST CURTIN ECONOMICS CENTRE INEQUALITY IN LATER LIFE The superannuation effect Helen Hodgson, Alan Tapper and Ha Nguyen BCEC Research Report No. 11/18 March 2018 About the Centre The Bankwest Curtin
More informationCoversheet: Business tax
Coversheet: Business tax Discussion Paper for Sessions 6 and 7 of the Tax Working Group April 2018 Purpose of paper This paper discusses New Zealand s system of taxing business income, and seeks the Group
More informationSubmission on the Productivity Commission s commissioned study. Economic Implications of an Ageing Australia
Submission on the Productivity Commission s commissioned study Economic Implications of an Ageing Australia October 2004 1 About Volunteering Australia Volunteering Australia is the national peak body
More informationIndex. Note: Page numbers in italics indicate information contained in tables, graphics or other illustrative material.
Index Note: Page numbers in italics indicate information contained in tables, graphics or other illustrative material. A Husband is not a Retirement Plan report, 336. see also retirement age pension, 11,
More informationPOVERTY IN AUSTRALIA: NEW ESTIMATES AND RECENT TRENDS RESEARCH METHODOLOGY FOR THE 2016 REPORT
POVERTY IN AUSTRALIA: NEW ESTIMATES AND RECENT TRENDS RESEARCH METHODOLOGY FOR THE 2016 REPORT Peter Saunders, Melissa Wong and Bruce Bradbury Social Policy Research Centre University of New South Wales
More informationOlder Workers: Employment and Retirement Trends
Cornell University ILR School DigitalCommons@ILR Federal Publications Key Workplace Documents September 2005 Older Workers: Employment and Retirement Trends Patrick Purcell Congressional Research Service
More informationSECURING RETIREMENT INCOMES. TAX & SUPERANNUATION: THE SHORTCOMINGS OF the SUPERANNUATION TAXATION EXPENDITURES
SECURING RETIREMENT INCOMES TAX & SUPERANNUATION: THE SHORTCOMINGS OF the SUPERANNUATION TAXATION EXPENDITURES April 2013 february 2013 CONTENTS 1 Executive Summary 2 Background 3 Proving the point 7 Additional
More informationWhy can t a woman be more like a man gender differences in retirement savings
The ASFA 2004 National Conference and Super Expo Super: Saving 4 the Nation Adelaide Convention Centre 10-12 November 2004 Why can t a woman be more like a man gender differences in retirement savings
More informationPROGRAM ON HOUSING AND URBAN POLICY
Institute of Business and Economic Research Fisher Center for Real Estate and Urban Economics PROGRAM ON HOUSING AND URBAN POLICY WORKING PAPER SERIES WORKING PAPER NO. W06-001B HOUSING POLICY IN THE UNITED
More informationEuropean Commission Directorate-General "Employment, Social Affairs and Equal Opportunities" Unit E1 - Social and Demographic Analysis
Research note no. 1 Housing and Social Inclusion By Erhan Őzdemir and Terry Ward ABSTRACT Housing costs account for a large part of household expenditure across the EU.Since everyone needs a house, the
More informationSession three: Revenue Raising and Base Broadening 16 September 2009
VICTORIA UNIVERSITY TAX WORKING GROUP Session three: Revenue Raising and Base Broadening 16 September 2009 The day: The framework in which to consider tax reform; Presentations from Len Burman, Arthur
More informationSubmission to the Senate Standing Committee on Economics Inquiry into Affordable Housing. March 2014
Submission to the Senate Standing Committee on Economics Inquiry into Affordable Housing March 2014 Enquiries on this submission may be directed to: Executive Director: Marcia Williams ed@wchm.org.au PO
More informationPART-TIME PURGATORY YOUNG AND UNDEREMPLOYED IN AUSTRALIA
PART-TIME PURGATORY YOUNG AND UNDEREMPLOYED IN AUSTRALIA DECEMBER 2018 Being young, even in one of the most prosperous nations in the world, isn t what it used to be. Negotiating adulthood in the 21st
More information1: Challenges for Australia s tax system
1: Challenges for Australia s tax system Overview This chapter sets out the major challenges that confront the Australian tax system. Key points Australia s tax system faces challenges from a changing
More informationWOMEN S ECONOMIC SECURITY IN RETIREMENT
WOMEN S ECONOMIC SECURITY IN RETIREMENT Economic security for women in retirement is an important issue. Despite increasing workforce participation by women, there still remains a significant disparity
More information2017 Hub Wealth Management Federal Budget Summary
2017 Hub Wealth Management Federal Budget Summary Last night, Treasurer Scott Morrison outlined the Federal Government s 2017/18 Budget. Our summary focuses on key implications for clients of Hub Wealth.
More informationThe Global Savings Gap
The Global Savings Gap Authors: Ben Franklin and Dean Hochlaf June 2017 Executive Summary www.ilcuk.org.uk Executive summary About this report Many governments around the world are currently having to
More informationThe CPI purpose and definition - the Australasian Debate
The CPI purpose and definition - the Australasian Debate Helen Stott 1 A Paper for the International Working Group on Price Indices Washington, April 1998 1 Statistics New Zealand, PO Box 2922, Wellington,
More informationComparative Studies of the Private Rented Sector in Europe
Comparative Studies of the Private Rented Sector in Europe Christine Whitehead LSE and CCHPR University of Cambridge City Future Research Centre University of New South Wales August 29 th 2012 Two Research
More informationSocio-economic Series Changes in Household Net Worth in Canada:
research highlight October 2010 Socio-economic Series 10-018 Changes in Household Net Worth in Canada: 1990-2009 introduction For many households, buying a home is the largest single purchase they will
More informationCHAPTER 03. A Modern and. Pensions System
CHAPTER 03 A Modern and Sustainable Pensions System 24 Introduction 3.1 A key objective of pension policy design is to ensure the sustainability of the system over the longer term. Financial sustainability
More informationChanges to work and income around state pension age
Changes to work and income around state pension age Analysis of the English Longitudinal Study of Ageing Authors: Jenny Chanfreau, Matt Barnes and Carl Cullinane Date: December 2013 Prepared for: Age UK
More informationHousing prices, household debt and household consumption. Inquiry into housing policies, labour force participation and economic growth PEER REVIEWED
PEER REVIEWED EXECUTIVE SUMMARY Housing prices, household debt and household consumption Inquiry into housing policies, labour force participation and economic growth FOR THE AUTHORED BY Australian Housing
More informationThe wealth of generations
December 2014 The wealth of generations John Daley and Danielle Wood Grattan Institute Support Grattan Institute Report No. 2014-13, December 2014 This report was written by John Daley, Grattan Institute
More informationOlder Workers: Employment and Retirement Trends
Cornell University ILR School DigitalCommons@ILR Federal Publications Key Workplace Documents 9-15-2008 Older Workers: Employment and Retirement Trends Patrick Purcell Congressional Research Service; Domestic
More informationBusiness Trends Report
Business Trends Report June 2014 Introduction The Bankwest Business Trends Report tracks working trends for people that run a business either as an employer or as an own account worker. The report looks
More informationTax background paper. National Reform Summit John Daley, Grattan Institute August 2015
Tax background paper National Reform Summit John Daley, Grattan Institute August 215 Summary Budget repair should include some tax increases Australia has small government by international standards Using
More informationConsumption Inequality in Canada, Sam Norris and Krishna Pendakur
Consumption Inequality in Canada, 1997-2009 Sam Norris and Krishna Pendakur Inequality has rightly been hailed as one of the major public policy challenges of the twenty-first century. In all member countries
More informationBalancing budgets in difficult times. John Daley Urbis, Brisbane 4 February 2014
Balancing budgets in difficult times John Daley Urbis, Brisbane 4 February 214 Overview Australian government budgets are in trouble The Commonwealth has had a structural deficit for over 7 years Spending
More informationThe labor market in Australia,
GARRY BARRETT University of Sydney, Australia, and IZA, Germany The labor market in Australia, 2000 2016 Sustained economic growth led to reduced unemployment and real earnings growth, but prosperity has
More informationThe benefits of the PBS to the Australian Community and the impact of increased copayments
The benefits of the PBS to the Australian Community and the impact of increased copayments Health Issues No 71 June 2002 Executive Summary The purpose of this paper is to argue that the Pharmaceutical
More informationAustralian Tax Reform
Australian Tax Reform Public Policy Foundations and Challenges AUSTRALIAN TAX TEACHERS ASSOCIATION, UNSW, JANUARY 2016 GREG SMITH THE VIEWS EXPRESSED IN THIS PRESENTATION ARE THOSE OF THE AUTHOR ALONE,
More informationAIST. 22 October Sex Discrimination Commissioner Australian Human Rights Commission Level 3, 175 Pitt St SYDNEY NSW 200. Dear Ms Broderick,
22 October 2012 Sex Discrimination Commissioner Australian Human Rights Commission Level 3, 175 Pitt St SYDNEY NSW 200 Dear Ms Broderick, Application by Rice Warner Thank you for the opportunity to comment
More informationRemoving the refundability of franking credits
I refer to our discussions around Labor s proposed changes to the refundability of franking credits. You have asked Rice Warner to analyse the likely impact of these changes should the proposal be implemented.
More informationExecutive Summary. Chapter 2 - Intergenerational fairness and solidarity today and challenges ahead
This seventh edition of the annual Employment and Social Developments in Europe (ESDE) Review presents a detailed analysis of key employment and social issues and concerns for the European Union and its
More informationComparison of the Coalition Federal Budget Income Tax Measures and the Labor Proposal
Comparison of the Coalition 2018-19 Federal Budget Income Tax Measures and the Labor Proposal Associate Professor Ben Phillips, Richard Webster, Professor Matthew Gray ANU Centre for Social Research and
More informationSavings, Consumption and Real Assets of the Elderly in Japan and the U.S. How the Existing-Home Market Can Boost Consumption
Savings, Consumption and Real Assets of the Elderly in Japan and the U.S. How the Existing-Home Market Can Boost Consumption By Tatsuya Ishikawa and Yasuhide Yajima Economic & Industrial Research Group
More informationThe 2015 Intergenerational Report A snapshot
www.pwc.com.au The 2015 Intergenerational Report A snapshot Last week, the Australian Government delivered the fourth Intergenerational Report (IGR). PwC's snapshot outlines the main findings of the IGR
More informationInternational Real Estate Society Conference
International Real Estate Society Conference Co-sponsors: Pacific Rim Real Estate Society (PRRES) Asian Real Estate Society (AsRES) Kuala Lumpur 26-30 January 1999 DETERMINING THE CHARACTERISTICS OF SUPPLY
More informationCRS Report for Congress
Order Code RL33519 CRS Report for Congress Received through the CRS Web Why Is Household Income Falling While GDP Is Rising? July 7, 2006 Marc Labonte Specialist in Macroeconomics Government and Finance
More informationSUPERANNUATION IN THE POST-RETIREMENT PHASE:
SUPERANNUATION IN THE POST-RETIREMENT PHASE: the search for a comprehensive income product for retirement August 2015 Superannuation+in+the+ post.retirement+phase:++ the+search+for+a+ comprehensive+income+
More informationSocial and Affordable Housing Projections for Australia
Social and Affordable Housing Projections for Australia 2016-2026/36 Dr Judy Yates Honorary Associate, School of Economics, University of Sydney. 1 Social and Affordable Housing Projections for Australia
More informationROYAL LONDON POLICY PAPER Will we ever summit the pension mountain? ROYAL LONDON POLICY PAPER 21. Will we ever summit the pension mountain?
ROYAL LONDON POLICY PAPER ROYAL LONDON POLICY PAPER 21 1 Will we ever summit the pension mountain? ABOUT ROYAL LONDON POLICY PAPERS The Royal London Policy Paper series was established in 2016 to provide
More informationExploring the Personal Income Tax System
www.pwc.com.au 22 October 2018 Exploring the Personal Income Tax System Paper Two Separate taxation of labour and capital income Paper Two Separate taxation of labour and capital income Exploring the Personal
More informationTAX-BENEFIT POLICIES AND PARENTS INCENTIVES TO WORK THE CASE OF AUSTRALIA
TAX-BENEFIT POLICIES AND PARENTS INCENTIVES TO WORK THE CASE OF AUSTRALIA 1980-1997 by Gerry Redmond SPRC Discussion Paper No. 104 July 1999 ISSN 1037 2741 ISBN 7334 0626 2 The research reported in this
More informationSOCIAL WELFARE STRATEGY
SOCIAL WELFARE STRATEGY ACTU Congress September 1989 1. INTRODUCTION 1.1 The post 1983 Accord Process has enabled the union movement, through participation in government, to play a significant role in
More informationTrends in Australian government health funding by age: a fiscal incidence analysis
Trends in Australian government health funding by age: a fiscal incidence analysis Alan Tapper and John Phillimore Final draft Accepted by Australian Health Review Abstract: Government health expenditure
More informationEVIDENCE ON INEQUALITY AND THE NEED FOR A MORE PROGRESSIVE TAX SYSTEM
EVIDENCE ON INEQUALITY AND THE NEED FOR A MORE PROGRESSIVE TAX SYSTEM Revenue Summit 17 October 2018 The Australia Institute Patricia Apps The University of Sydney Law School, ANU, UTS and IZA ABSTRACT
More informationANALYSIS OF THE IMPACT OF
ANALYSIS OF THE IMPACT OF THE GOVERNMENT S MYEFO CUTS TO PAID PARENTAL LEAVE Authors: Professor Marian Baird and Dr Andreea Constantin Women and Work Research Group, University of Sydney Business School
More informationPerth, January 1998 SOME IMPACTS OF RECENT BUDGETARY POLICY UPON THE PROPERTY INDUSTRY IN AUSTRALIA. Mervyn Fiedler, M.Com., Ph.D.
1 4 th Pacific Rim Real Estate Society Conference Perth, 19-21 January 1998 SOME IMPACTS OF RECENT BUDGETARY POLICY UPON THE PROPERTY INDUSTRY IN AUSTRALIA Mervyn Fiedler, M.Com., Ph.D., Dip FP, FCPA Adjunct
More informationEconomic standard of living
Home Previous Reports Links Downloads Contacts The Social Report 2002 te purongo oranga tangata 2002 Introduction Health Knowledge and Skills Safety and Security Paid Work Human Rights Culture and Identity
More informationIncreasing the Newstart Allowance
Increasing the Newstart Allowance A necessary part of equitable fiscal stimulus Research Paper No. 60 February 2009 David Ingles and Richard Denniss Introduction and overview Australia is experiencing
More informationA gender impact assessment of Australia s retirement income policy
A gender impact assessment of Australia s retirement income policy Siobhan Austen*, Helen Hodgson & Rhonda Sharp TTPI, Crawford School of Public Policy, ANU, Canberra, Tuesday 28 April 2015 Plan of presentation
More informationSnapshot: Anglicare NSW South, West & ACT - Central West NSW
Snapshot: Anglicare NSW South, West & ACT - Central West NSW Introduction The Central West, Far West and Orana comprise a large regional and rural area of NSW. Bathurst, Orange, Dubbo and Broken Hill are
More informationSupporting carers to work
Supporting to work Qualitative research in support of employed There are 2.7 million in Australia who provide informal care to family, friends or neighbours. The care provided can improve the quality of
More information2.2 Superannuation and Life Insurance in the New Zealand Financial System
15 CHAPTER 2 - SUPERANNUATION AND LIFE INSURANCE 2.1 Introduction As both repositories for savings, and as sources of loanable funds, superannuation schemes and life offices play a significant role in
More informationHEALTH COVERAGE AMONG YEAR-OLDS in 2003
HEALTH COVERAGE AMONG 50-64 YEAR-OLDS in 2003 The aging of the population focuses attention on how those in midlife get health insurance. Because medical problems and health costs commonly increase with
More informationRental Affordability Snapshot 2016: North West Tasmania
Rental Affordability Snapshot 2016: West Tasmania What is the RAS? z On the weekend of 1 3 April 2016, Anglicare Tasmania s Social Action and Research Centre (SARC) collected information on all the properties
More informationContinued slow employment response in 2004 to the pick-up in economic activity in Europe.
Executive Summary - Employment in Europe report 2005 Continued slow employment response in 2004 to the pick-up in economic activity in Europe. Despite the pick up in economic activity employment growth
More informationSustainable pensions and retirement schemes in Hong Kong
Sustainable pensions and retirement schemes in Hong Kong Received' 1st November, 2004 Nelson Chow is the Chair Professor at the Department of Social Work and Social Administration, the University of Hong
More informationTax Working Group Information Release. Release Document. September taxworkingroup.govt.nz/key-documents
Tax Working Group Information Release Release Document September 2018 taxworkingroup.govt.nz/key-documents This paper contains advice that has been prepared by the Tax Working Group Secretariat for consideration
More information