‘Tough out there' for consumers amid discretionary spending drought: Myer Executive Chair
Ms Wirth has told attendees at the Sky News Economic Outlook 2025 that Aussies continue to struggle with limited budget.
'From a consumer perspective, it's pretty tough and it's patchy,' Ms Wirth said.
'Discretionary income isn't where it has been ... consumers are really focused on value, they are focused on promotion, and they are responding to sales.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
12 hours ago
- News.com.au
‘Gosh this is a scam': House price sparks outrage as Sydney property hits new high
A house selling in Western Sydney for almost $2 million has sent fed-up Aussies into an absolute depressed frenzy. A four-bedroom, two-bathroom unassuming red-brick home in Merrylands sold for $1,980,000 in late July, and footage from the auction is going viral. 'Sydney's gone wild. This house just sold for almost $2 million,' the poster wrote, and the clip has already amassed over 200,000 views. The video showcased the front yard crowded with potential buyers, with over 14 registered bidders. The sight of people packed in like sardines, desperately trying to buy a standard-looking home for almost $2 million, really hit a nerve with Aussies. It is especially confronting when you consider the property sold for $660,000 in 2013. The value of the house has almost tripled in just over a decade. Someone called it 'ridiculous', another claimed it 'shouldn't be allowed', while someone else just wrote 'RIP Australia'. 'Our Aussie kids have no chance to buy. It is sad,' one mused. '$2 million for that? Holy hell,' another wrote. '$2 million for what? Not even worth $1 million,' someone else echoed. 'Gosh this is a scam in broad daylight,' another chimed in. It has been a brutal year for Sydney property market. The median house price has surged 2.6 per cent over the June quarter to hit a new record of $1.7 million. This is the biggest increase in two years and partly due to Reserve Bank of Australia cutting interest rates twice in 2025. The official cash rate is down 3.85 per cent and last month the rates held. Real estate agent Vicky Ruan, who sold the family home, told that she always knew the property would be popular with buyers. 'People are looking for a family home. It is close to transport, and also the shopping centre, and people love the location,' she said. Ms Ruan said the sale price wasn't what she expected. Initial market feedback for the property had been over $1 million, but 'mid $1s' – rather than almost $2 million. The agent conceded that the almost $2 million selling price isn't exactly the norm in the area, where the median house price is around $1.3 million. 'At the beginning, I didn't think it'd go at this price. I didn't expect it … but when it goes to market this is just market place.' The real estate agent said that, compared to the turnout they get for other auctions, there was 'quite a lot' of interest. 'There were 14 groups of buyers that were keen to buy it. The market is quite good,' she said. Ms Ruan noted that the vendors were 'very happy' with the price, especially because they were upsizing. 'They were so excited! The vendor is upsizing, and they'd already purchased another property,' she explained. Real estate agent Amir Jahan said the sale price of the property is just a perfect example of what is happening in Sydney right now. 'We are in Sydney – nothing surprises me anymore. A property sold in Mount Druitt last year for $2.3 million,' he said. 'If a house in Mount Druitt sells for that price. Why would I be surprised by Merrylands?' Mr Jahan said that 'prices are going crazy' right now and he feels sorry for people trying to crack into the market. 'The prices are getting higher and higher every day. People can't afford anything,' he said. The agent also pointed out that Merrylands is a really popular area for young families and a desirable suburb. 'Merrylands is a suburb where people aren't just buying because they like the property they're buying because they like the culture,' he said. He explained that he believes people are also are buying from a place of fear that interest rates will drop and prices will rise even more. 'They're scared and jump on it. They don't want to risk it selling for more a month later,' he explained. Mr Jahan said vendors are also becoming increasingly difficult because they won't budge from the prices they expect. 'Two or three years ago, vendors had the mindset they're going to sell, now people have a stricter mindset, and if they don't achieve the price, they won't sell,' he said. The agent argued that things have gotten so bad that if you're not spending a couple of million dollars, you're not getting a quality property. 'If you want a decent property in Sydney you're looking at least $2 million,' he said.
Sky News AU
15 hours ago
- Sky News AU
FIFO workers in Australia reveal their extraordinary salaries, with some expats saving hundreds of thousands to buy property back home
Fly-in, fly-out (FIFO) workers in Australia have revealed their extraordinary salaries, with some expats earning six figures per year and saving small fortunes to buy property in their home country. FIFO work has, in recent years, grown in popularity in Australia with expats and Aussies eager to reap the benefits of working at remote sites. The work is commonly found in the mining industry, but can also occur in construction and the oil and gas sector, where employees are rostered for about two weeks before returning to their home base for some time off. The FIFO roles range from specialised trades, like plumbers and carpenters, to operating machinery, including trucks and excavators. An Irish expat recently took to TikTok to say he earned "well over $123,000" after a year of working as an entry-level FIFO driller in mining. The man came to Australia with $400 to his name, but said he earned $12,340.10 in the first month, followed by $25,500 in the second month. After two years, the expat said he saved "up to $200,000" and "was then able to return home and buy my first home." "The base pay over here is about $98,000 per year, so it's very easy to make a lot of money, especially in every level roles," he said. "There are a few entry-level jobs that pay well up to $140,000 a year, so its easy to stack up the cash." "Keep in mind, while you're working FIFO mining in Australia, there's very little expenses out here, essentially you have no expenses." A female expat said she saved $30,000 by earning $3,000-$5,000 per week over 12-hour days for four months working in the mines. The woman said entry-level roles which don't require any experience include FIFO utility or trade assistant positions. She said the company covered her flights and accommodation, as well as provided free food, which contributed to her savings. However, free accommodation for FIFO workers is not always standard, according to Resource Accommodation, which houses workers in WA. The company states workers may have to pay for their accommodation, with the cost deducted from their wages, or pay for it in part in cases of short-term contracts or when the accommodation is of a high standard. At tax time, FIFO workers can nevertheless claim significant costs back. This includes car, travel, meal, and snack expenses, as well as clothing and laundry costs, according to the Australian Taxation Office (ATO). Ashlea, a female FIFO truck driver at a Perth mine, said the salary of FIFO workers is also bumped due to hefty bonuses. The young worker said she earned $36.50 per hour for the first three months while working 12-hour days for 14 days on, followed by 14 days off, amounting to "working six months of the year". Ashlea said her hourly rate increased to $43.50 for the first year, which took her annual earnings to about "$95,000 annually for the six months". She then switched sites, where she was employed by a contracting company rather than directly through the mine, earning $51.50 an hour. "They pay (a bonus of) $2000 each month you stay with them, so that could be anywhere between six and 10 thousand dollars," she said. "So annually, my $51.50 would be approximately $112,000, and with my bonuses, it might be another 10, so $122,000 for my first year." "When employed directly with the mining company itself every full year, they pay you a bonus also. "Which I think is approx $3000 each year, and then if the company itself does well, I think they pay you a bit of a profit share." However, FIFO workers' can pay with their mental health, with a 2024 survey finding those in WA's mining industry experienced suicidal thoughts and behaviours at three times the rate than the average Australian. The University of Western Australia (UWA) and MATES in Construction study surveyed more than 1,743 construction workers in WA. It found employees in FIFO roles were at a significantly increased risk of psychological distress compared to workers at fixed locations. About 2.4 per cent of FIFO workers had attempted suicide in the past 12 months, compared to 0.3 per cent of the general population. They also experienced loneliness, bullying and work-life conflict, often with reduced support from supervisors, colleagues, and family.
News.com.au
17 hours ago
- News.com.au
Half a billion up for grabs in epic US lotto
Australians have a chance at winning a staggering half a billion dollars as a massive US lottery jackpots this Sunday. There is $531 million up for grabs in the USA Powerball, but Aussies can get be in it to win it by buying a ticket to The Lottery Office's USA Power Lotto, which matches the winnings. When a player buys a ticket, the Australian-owned and operated company purchases a matching ticket in the US draw. And while there's no way of knowing what numbers will be drawn until the night, The Lottery Office has crunched the numbers to reveal the luckiest picks so far this year. Since the start of the year, the number 23 has been drawn in the USA Power Lotto 14 times. The second most frequently drawn numbers were 52 and 28, which have each been drawn 13 times. The most overdue for a win was number 38, which has not been drawn in months, since 18 March 2025. While 23 has been the luckiest number in the USA Power Lotto, Point Cook in Victoria has produced the most Australian winners in 2025, followers by Surfers Paradise in Queensland and Melbourne city. In terms of total winnings in 2025, Doncaster East in Victoria, followed by Paradise Point and Morayfield, both in Queensland, make up the top three. Victorians have also been favoured this year in local lotteries, taking out the top spot for the most division one prizes in Australia according to The Lott. The state claimed 152 wins worth $312 million, with more millionaires created than any other Australian state or territory. Sunday's jackpot comes after a Queensland grandfather claimed the entire $30 million jackpot in Thursday night's (local) Powerball.
