Business

Most Aussies not affected by GFC

THE majority of Australians were not largely affected by the global financial crisis, but they didn't necessarily know it, results of an annual survey on the nation's confidence and cost of living revealed on Tuesday.

Each year the Melbourne Institute completes a survey of the same 13,000 Australians to see how they are faring in home budgets and general well-being.

The Household Income and Labour Dynamics in Australia survey results from 2009 were released on Tuesday.

Principal researcher Roger Wilkins said the survey showed that in 2009, the GFC had largely passed unnoticed, with only a minor increase in unemployment when compared to the recessions of the 80s and 90s.

He said the survey showed while the economic downturn in 2007-2008 in Australia quite mild, by 2009 there was about a 2% increase in unemployment.

Mr Wilkins said the vast bulk of those who lost their jobs were relatively young (aged 25-44), white collar workers with university educations, while in the previous recessions, it had been primarily lower skilled workers who lost jobs.

One of the driving causes preventing the GFC having a major effect in Australia was the government's stimulus hand-outs.

He said the first round of the Keynesian stimulus gave some families literally thousands of dollars in extra disposable income.

But the increase in income did not translate to an increase in the public confidence.

Mr Wilkins said the survey revealed most Australians were still facing an uncertain future and while the economic downturn was mild, due to higher expectations of living standards and overseas uncertainty, the national mood did not improve.

The data collected takes most of two years to collect, analyse and produce a report on, which is why the 2009 was only released on Tuesday.

Topics:  global financial crisis, survey



Remembering a fallen mate at this year's Bridge to Bridge

At the Bridge to Bridge Ski Classic. Photo Leigh Jensen / The Daily Examiner

Bridge to Bridge returns one year after fatal accident

Waterview Heights home burns to the ground

Possible presence of asbestos flagged with authorities

What's on during October

The Mouldy Lovers get the crowd dancing at Surfing the Coldstream 2015. Photo Clair Morton / Daily Examiner

A guide to some of the events this month

Local Partners

Jay Z signs two-year movie and TV deal

Rapper Jay Z

Rapper Jay Z has signed a television and movie deal

Nowhere to Hyde: Matt Nable is Australia's man in demand

Matt Nable stars as Detective Gary Hyde in the TV series Hyde & Seek.

NABLE returns to the small screen amidst busy film work.

Marvel's Luke Cage S1E7: Manifest review

Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E6: Suckas Need Bodyguards review

Rosario Dawson and Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E5: Just To Get A Rep review

Mahershala Ali, centre, in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E4: Step In The Arena review

Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Beach-side real estate starts at $85k on Fraser Coast

HERVEY BAY REAL ESTATE: You can buy this townhouse in Scarness for under $300k.

Live your beach-living dream locally.

Clarence Valley property prices go through the roof

Buyers are hungry to sink their teeth into the Clarence Valley

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

Couple build their own 'tiny house' for $45k

Holly Bowen and Oli Bucher built their "tiny house" themselves, only hiring a plumber and an electrician. Photo/supplied

The house, which is built on a trailer and can be towed.

Sunshine Beach property breaks real estate record

The property overlooks Sunshine Beach, as the backyard lawn meets the sand.

Sunshine Beach mansion sale smashes real estate record

NEW HOME: Agents to the rescue for family of nine

RELIEF: Tanya Cone (middle) with her kids and McKimm's Real Estate property managers Regan Firth and Nadine Greenhalgh who helped find her family a home.

DEX article prompts property managers to help family find new home