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One-in-six Aussies Has Multiple Jobs

More than one-in-six Australian workers is holding down more than one job.

The number of people who had a job during 2015-16 was 13.3 million, according to figures released by the Australian Bureau of Statistics on Wednesday.

But 15 per cent of those workers had more than one job at the same time in the year, pushing the total number of jobs held to 18.5 million.

Those with multiple jobs earnt less on average than those with one role, with a median total income of $39,813, compared to $48,028 for those who worked a single job.

ABS labour statistics program manager Bjorn Jarvis says the nature of working multiple jobs likely played a role in that difference.

“If people are working very short duration jobs, or they’re starting a business and juggling other work, they might be doing a few small things that they don’t actually add to a very large aggregate,” he told AAP.

Those working multiple jobs were most likely to be working their first job in the healthcare and social assistance sector or the administrative and support services industry.

The insights are part of a new data set from the ABS, combining its own statistics with data from other agencies, including the tax office.

The figures have for the first time shed light on the makeup of workforces in local areas around Australia.

Melbourne’s southeast is where you would be most likely to find an Australian manufacturing worker.

Dandenong had the most manufacturing workers in 2015-16 at 3000, followed by Hampton Park with 2800 and Keysborough with 2600.

The most mining workers could be found in Queensland’s Mount Isa (2900), while the highest number of construction jobs could be found in Perth (3100) and nearby semi-rural Baldivis (3200).

Sydney’s Haymarket and The Rocks had the highest number of jobs in the national overall, with 48,600 workers.

The area also had the nation’s most workers in accommodation and food services (11,600) , administrative and support services (8400) and retail trade (2800).

The ABS’ survey of employee earnings and hours is still the most accurate measure of incomes, Mr Jarvis noted, as tax data used in the latest release doesn’t account for the number of hours worked.

But the gender pay gap remains clear in the new information.

The median income for a person per job was $54,999 for males and $39,356 for females in 2015-16.

 

 

Article source here.

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5 Tips For Getting On Top Of Financial Housekeeping

Remember the last time you did a good spring clean? It probably felt good. And guess what? Getting your finances in order feels just as good, and it’s even more rewarding.

The start of a new financial year is a great opportunity to clean up your act with your finances. Here are five tips to make this year your best yet.

Take a day

Set aside an entire day to do your financial housekeeping. If you can afford to take annual leave, choose a weekday when you can more easily make phone calls and work uninterrupted.

Make a fresh start

Ever calculated your net worth? Although daunting at first, it’s a helpful starting point to see where you’re at financially and to help you decide on some achievable goals. And it’s easy: subtract your liabilities (what you owe e.g. mortgage, loans, credit cards) from your assets (what you own e.g. home, super, savings).

Next, write your financial goal for the year. It might be to improve your net worth by a specific amount by this time next year, or to funnel money towards a specific debt so you can take a guilt-free holiday in 2019. Commit to it by marking a progress review in your calendar every three months.

Sort out your savings

Let your financial goal guide you here, and review your savings plan to make sure you can achieve it. Then shop around and take advantage of promotional rates that give you favourable interest. The same goes for debts.

But if you really want to clean up your act, challenge yourself to a spending fast. For one month you’ll purchase only essentials, putting all other income towards supplementing your savings or making a dent in your debt. Not only is it a fun challenge, it will teach you more about your spending habits (and why you may not be hitting those savings goals) than any spreadsheet can.

Get your bills in order

Review regular outgoings to make sure they still fit your needs. Open up your latest power, phone and internet bills and check the billing breakdown to see if you’re paying too much for services. Comparison sites like Finder, GoSwitch, and WhistleOut will give you the numbers you need to start afresh or get a better deal with your current providers. While you’re there, save your sanity and the planet by requesting to go paper free — these days you only really need originals of legal or notarised documents in your paper filing.

Be good to your future self

Superannuation, mortgages and insurance might not be the most fun way to spend your money, but this last tip might save you quite a bit.

Aim to increase your superannuation contribution for every year you get closer to retirement.

Wondering whether to put more towards super or the mortgage? They’re both important, but don’t rush to put more money on your mortgage: salary-sacrificed super above your employer super guarantee is taxed at only 15%, and the returns could be greater than the interest on your mortgage. Do the sums to find the balance that works for you.

As with your savings and bills, assess your insurance needs against your goals. Many insurance policies can be tailored to fit, so consider choosing one policy to customise now. If you’re not in a hurry, mark your calendar for May 2019 to take advantage of EOFY insurance offers.

Getting on top of your financial housekeeping can save you stress and money. Make it easier by setting aside a day to work through, and by this time next year you’ll be rewarding yourself for getting closer to your financial goals. If your efforts reveal that you need more in-depth advice, a certified financial planner professional can help you develop a plan to get your finance back on track.

 

Article source here.

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Why Location Is Crucial When Buying An Investment Property

The first thing most of us look at when selecting an investment property is its location. If the property itself isn’t quite right, you can always renovate, but it’s not as easy to move a house to a better location. That’s why you should consider the location carefully. Here are some of the most important things to look for.

Love thy neighbour

Before you buy, familiarise yourself with the local community. If possible, visit the neighbourhood during both day and night to get a feel for whether it’s a safe place to live. Are there kids playing outside or security bars on the windows? Are there trampolines in the front yards or the remnants of last night’s party? This will help you determine whether the location is suitable for the type of tenants you want. After all, if you’re looking in an area that attracts university students but you would prefer to rent to a quiet couple, then perhaps this location isn’t right for you.

Future plans

The neighbourhood might look suitable now, but things can change. It’s a good idea to investigate any future plans that could affect the value of your property. For example, the local council should be able to tell you if a freeway or large-scale construction is planned. Major works could increase or decrease your property’s value depending on where they’re situated.

Access to infrastructure

To increase your potential rental income, try to buy near desirable infrastructure and facilities. For example, families often pay a premium to live in the catchment area of a quality public school, so it’s worth checking the educational zoning.

Access to shops, public transport and the beach are also attractive features for both tenants and prospective future buyers. And while it’s handy to be near the airport, if you’re located right under the flight path it might impact the amount of rental income you receive.

Bargain pockets

Finding a bargain pocket in a good suburb could increase your capital growth potential. By looking at demographic data, such as that collected during the Census, you may be able to spot trends. Perhaps the neighbourhood has recently been gentrified by young professional couples who are increasing the average income of the area, which is likely to increase the value of the property over time. Bargain pockets may also be found in close proximity to high-growth areas that will benefit your investment in the long term.

Searching for an investment property can be a rewarding experience. By considering the location, not just the address, you can increase your chance of maximising your rental and capital growth potential. If you need help buying your investment property, contact your mortgage broker.

 

Source: Your Loan Hub

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Have Your Best Holiday Ever – at Home

Love where you live but can’t seem to relax and switch off enough to make a week at home seem like a holiday? Here are five top tips from business owner and mum of four, Cath Loiacono on how to make the most of spending a holiday at home. You’ll save a fortune and still go back to work feeling like a million dollars.

Cath and Paul Loiacono have been parents for 11 amazing years and now have four kids to keep them busy, plus their own businesses to run. As two people who are self-employed, it’s hard enough to find the time to hand over the reins for a week and just relax. And with the kids to entertain, there are few opportunities on a family holiday to enjoy time together as a couple.

“Paul has run his own company for more than 10 years and I started my online sports and active wear store Fibre15 in the last 12 months,” says Cath. “The last time we went away together was a long weekend in Singapore to see the Formula One Grand Prix and that was five years ago! It was great but took a big effort to organise everything so we could get away without the kids and we just haven’t had the time or energy to do it again.”

So when the couple were out for dinner and daydreaming about having a mini-break, Paul had the idea of taking a week off and staying at home as a way of having some couple time without all the preparation involved in leaving the kids with their grandparents.

Here are Cath’s five tips for making the most of holiday time spent at home, so you can benefit from the best of their experience.

1. Stick to term time

Having the kids in school every day gave us six clear hours to spend just as we wanted. When we holiday with the kids we dedicate most of our time away to doing things they’ll enjoy. The chances of having a five-minute conversation without being interrupted, or lingering over a coffee after lunch are non-existent! And knowing we’d see the kids after school everyday was great. Although we welcome the time alone together, it’s hard not to be thinking about them when we’re away, wondering if they’re OK and that’s not very relaxing either!

2. Get ahead on…

Laundry, shopping and housework etc. A little time spent the week before can spare you from some of those routine chores that get in the way of your holiday time. I did a big grocery shop and had clean school uniforms all hung up and ready to go for the week ahead. I also did a big push on the housework so there would be less to do in the week. Plus, I had Paul around to help in the afternoons when the kids got home so that really cut down on the time it took to stay on top of chores.

3. Be spontaneous

Life with a large family can be very routine. So the thing that made it feel most like a holiday was having the freedom to just make it up as we went along. We might chat about what we’d like to do the night before and depending on the weather forecast we’d decide to check out a movie, walk to the surf club for coffee or take a drive to a new restaurant. The day we went to Sydney was fantastic, because we could just take our time, stop for coffee en route when we felt like it, linger over lunch at the Opera Bar and take a long stroll in the Botanic Gardens. Nothing felt like a rush which made a lovely change from the norm!

4. Hit the road and explore

We had about six hours between sending the kids off to school and being there to welcome them home. So once we’d waved them off, we didn’t hang about and would make tracks for a lunch outing, beach walk or a trip to the city. We’re very lucky to be living in a beautiful part of the NSW Central Coast so being in nature was very easy to do without travelling far. But even spending time in the car talking, just the two of us, was a novelty and something to enjoy. When you take a long drive to visit somewhere special, the journey itself is a rare chance to be together and chat.

5. Make time for kids at the weekend

We rounded off the holiday week by enjoying a couple of nights away with the whole family in the Hunter Valley. It was the perfect way to share the holiday feeling with our four children and give them the best of ourselves and our full attention for an entire weekend. We’d spent the whole week reconnecting with each other so it was really easy to be relaxed. Exploring the Mega Creatures expo in the Hunter Valley Gardens made it feel like a special occasion for our little ones.

So was Cath and Paul’s experiment in holidaying at a home a success? “This is something we’ll be doing every year from now on,” says Cath. “The money you save on travel and accommodation is just the beginning of the benefits of taking a break at home. When you go on holiday, there’s a lot of luck involved in choosing the right location and accommodation that has everything you need. Holidaying at home takes away all that uncertainty and you don’t need to worry about packing enough of the right clothes for changeable weather or extra activities you might want to do. All in all, it’s a really easy way to relax and switch-off without all the stress and hassle that can be part of travelling with a big family.

 

article source here.

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