Grab a cup of Joe and kick back with the latest headlines affecting small business owners. Here’s what you need to know on Tuesday, September 10, 2019.
The glass ceiling is real in Australia
Gender equality is a long way off within Australia’s major corporates, with the latest reports suggesting female representation at a CEO and board-level is slipping. The annual census by Chief Executive Women (CEW), has revealed female representation in leadership teams is going backwards in Australia, down to 6 per cent. Alarmingly, of the new appointees to CEO roles in the ASX top 200 companies, only 2 out of 25 were female. The report suggests at this rate it will take more than 80 years to achieve gender parity. CEW found some companies have no female representation in leadership at all, while 114 of the 200 companies have no women in line roles reporting to leadership. CEW president Sue Morphet described the results as disappointing, telling the ABC: “There are some figures saying that we’ll be waiting about 80 years for it to be equal, which means my granddaughter will be 84 by the time we have equal representation.”
Aussie housing market in recovery
It looks as though Australia’s property market is showing signs of life with the latest data from the Australian Bureau of Statistics revealing the number of people borrowing to own and invest is on the rise.
The value of new loans to owner-occupiers has risen to 5.3 per cent in July while property investment is also up to 8.3 per cent. Unsurprisingly the rise in investors and owner-occupiers seeking home loans has also coincided with a recent surge in sales across the capital cities.
The value of new loans issued to households jumped 3.9 per cent to $32 billion in July. ABS data reports this as the biggest increase in the past four and a half years. First home buyers are leading the charge, with 29.4 per cent of loans going to those who are new to the market.
Australia a nation of underemployed and overemployed
Australian Bureau of Statistics (ABS) data has revealed many Aussies are working longer hours than ever before with one in five of the nation’s 13 million workers saying they spend more than 45 hours a week at work. Further to this 300,000 of those surveyed said they perform 70+ hours a week of work. On average Australians are performing at least 6 hours of unpaid work a week.
The findings show Australia has shifted a long way from the 8-hour workday. Data around the gig economy has shown almost one-in-five workers are now working three or more jobs, yet earn less than the income of someone in a fulltime role.
Meanwhile, the statistics show 14 per cent of Australians are either unemployed or underemployed.