Simon Kuestenmacher

You slowly scale back the weeks and the days per week.

that you work, you work four days, you work three days, you still do the occasional consulting for your job.

All of this is made possible by the fact that more and more people of retirement age are actually in knowledge jobs, in knowledge work jobs, in jobs that don't require physical labor to continue the work.

You can't do this at work until you're in your 80s when you do hard physical labor.

That doesn't work.

But for, you know, a suburban accountant can easily do their job another 10, 15 years at a scaled back level without harming themselves.

Absolutely.

So you have this trend of

baby boomers working on they have a study at home they have the setup at home so that means they retire later that means they will still in some way or form stay connected to their inner city office arguably so that means that they will only sell their family home later in life that means that they're

family sized home in probably the middle suburbs will only enter the market in the 2030s rather than in the 2020s, which in turn pushes the millennials who are moving from the inner city to wherever they can afford a three to four bedroom home that pushes them over the middle suburbs into the outer suburbs, into regional Australia.

So there's a generational reshuffling that is occurring because the baby boomers aren't downsizing houses at scale as

Some people predict or some financial models predict might be useful because really the story is that Australians only downsize and sell the family home once it becomes a physical hazard, once it becomes a nuisance to manage.

And as I mentioned, the baby boomers are still too healthy, too agile to require the sale of their family home.

So that will be a story for the 2030s, not for the 2020s.

So what we've seen in the pandemic is that lots and lots of people became online shoppers for the first time.

That means before the pandemic, we had 6% of all retail sales taking place online in Australia.

During the first lockdown in March, April 2020, that shot up to 11%, so an increase of 5%.

But then, once Australia was open in mid-2020, when in theory people could have gone back to shop wherever they wanted, we didn't go back to 6%, not even 7%.

We created a new plateau at around 9%.

So we really shifted a lot of dollars from brick and mortar into online store.