Rich Harvey

speaker

1,863 appearances 17 recordings 1 series first heard Jan 2022 last heard Oct 2022

Rich Harvey’s voice in public audio — every appearance, attributed to the second.

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Aussie Real Estate Podcast · Property Buying Expats · 7 Jul 2022 podcast

I mean, we call it the boomerang departure.

And, you know, since COVID-19 pandemic really hit, we've seen quite a surge in the number of people going back overseas.

The actual numbers of long-term residents returning over the six months to April 2020, about 107,000 long-term residents went back overseas.

And for a number of reasons.

So that's quite a large number.

So think about that number of people coming into Australia, 107,000 and then moving again.

That has quite a dramatic impact on the rental market and the property market as well.

We've seen that a lot have decided to go back and expats love living overseas because it's a much more favourable tax environment.

Like if you're a worker in Singapore, you're only paying 15% tax.

So a lot of expats say, oh, look, I'm just going to go and do my job for about three to four years.

And they end up staying 10 years or 15 years and having their kids over there.

And they often come back for senior school.

It's a very common pattern that we see with the expat market.

Well, we've got a massive shortage of labour in Australia.

We've never seen the unemployment rate sort of dip below 4% in many, many decades.

So the unemployment rate is showing that there's around 425 job vacancies at the moment.

So that's just phenomenal.

So the brain drain is real and the impact is there's a critical labour shortage and that's having a massive impact on our economy.

So we're unable to deliver all the goods and services that we want.

I mean, you know what it's like.

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