Posted to The Age (1/1/2011) on 1/1/2011 at 12:52 PM
Commenting on “New house sales slump to 10-year low"
http://www.theage.com.au/business/new-house-sales-slump-to-10year-low-20111101-1mt1w.html
Interest rate is no longer the key factor. The "subliminal" messages in daily news about job losses, casualisation of workforce and saving up for a big deposit keep buyers away. Bank and lending institutions rely mainly on the PAYG summaries to determine the loan amount one can borrow. ABS has to produce new sets of data to reflect the true employment situation. It has to redefine the term "employed", because at present, one is considered employed if he/she receives payment for at least 1 hour of paid work during the survey period.
Commenting on “New house sales slump to 10-year low"
http://www.theage.com.au/business/new-house-sales-slump-to-10year-low-20111101-1mt1w.html
Interest rate is no longer the key factor. The "subliminal" messages in daily news about job losses, casualisation of workforce and saving up for a big deposit keep buyers away. Bank and lending institutions rely mainly on the PAYG summaries to determine the loan amount one can borrow. ABS has to produce new sets of data to reflect the true employment situation. It has to redefine the term "employed", because at present, one is considered employed if he/she receives payment for at least 1 hour of paid work during the survey period.
