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



Invisible threat adds burn to heatwave

You can't feel it or see it but UV radiation is what's causing sunburn and it's at extreme levels.

UV radiation more than five times safe limit during heatwave

Next NSW Premier Gladys Berejiklian to tackle One Nation

NEW South Wales’s first female Liberal premier Gladys Berejiklian has vowed to fight Pauline Hanson’s One Nation

“People want to be heard —not just at elections but at all times."

Positive signs for Clarence Valley property market

Yamba had the most expensive units and houses over the year to October.

Yamba houses sell for median of $500,000 each

Local Partners

Lifeguards commended after rescuing eight at Pippi

Lifeguards Harry Fahey and Mikey Gilliman talk about their 'textbook rescue' of eight swimmers while on patrol at Pippi Beach


Festival director joins stars at Sundance

ACTION: Wendy Gibbs, director of the Bent Bridge Film Festival, before heading off to the Sundance Film Festival in the US.

Rubbing shoulders with celebrities at film festival

5 things to do this weekend

Lower Clarence Relay for Life Swim

Looking for something to do this weekend?

Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Kristen Stewart to host SNL

Kristen Stewart will host a pre-Super Bowl episode of SNL next month

Louis Tomlinson celebrated his son's first birthday

Louis Tomlinson and Briana Jungwirth celebrate son's first birthday

Kylie Minogue will take husband's name

Kylie Minogue will take her fiancé Joshua Sasse's surname

Nicole reveals her biggest parenting challenges

Actress Nicole Kidman.

Nicole Kidman says her kids are ‘deeply attuned' to her moods.

Suicide Squad director reveals his regrets about the film

Margot Robbie in a scene from the movie Suicide Squad.

DIRECTOR of superhero flick on what he’d change about ‘flawed’ film.

Meet the new Marco on MasterChef Australia: Yotam Ottolenghi

Israeli-born, London-based chef Yotam Ottolenghi will be a guest chef for a week on the 2017 season of MasterChef Australia.

AFTER Marco’s defection to Seven, MasterChef signs a true food hero.

Positive signs for Clarence Valley property market

Yamba had the most expensive units and houses over the year to October.

Yamba houses sell for median of $500,000 each

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

Rates safe from land value hike

DRIVING GROWTH: The Pacific Highway upgrade has been linked to improved land values.

Figures up in latest valuer-general report

KNIFE-EDGE: The housing tightrope we now face

Even the smallest interest rate rise will be hard for some to handle.

One if five home owners at risk, according to new analysis

Historical home leaves family's hands after 75 years

SALE CONFIRMED: The Gympie Regional   Realty team which sold the Ramsey property are (back) Mel Gastigar, Dorothy Palmer and Margaret Cochrane, with (front) home seller Terri-Jayne Ramsey.

Ramsey family played a huge role in Gympie's growth.

Ready to SELL your property?

Post Your Ad Here!