The Pay Raise People Say They Need to Be Happy
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,603,134 (+0.55%)       elbourne $989,193 (-0.36%)       Brisbane $963,516 (+0.83%)       Adelaide $873,972 (+1.09%)       Perth $833,820 (+0.12%)       Hobart $754,479 (+3.18%)       Darwin $668,319 (-0.54%)       Canberra $993,398 (-1.72%)       National $1,033,710 (+0.29%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $748,302 (+0.18%)       Melbourne $497,833 (-0.44%)       Brisbane $540,964 (-1.56%)       Adelaide $441,967 (-0.38%)       Perth $442,262 (+1.33%)       Hobart $525,313 (+0.38%)       Darwin $347,105 (-0.72%)       Canberra $496,490 (+0.93%)       National $528,262 (-0.02%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,189 (-104)       Melbourne 14,713 (+210)       Brisbane 7,971 (+283)       Adelaide 2,420 (+58)       Perth 6,383 (+298)       Hobart 1,336 (+6)       Darwin 228 (-12)       Canberra 1,029 (+8)       National 44,269 (+747)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,795 (-1)       Melbourne 8,207 (+293)       Brisbane 1,636 (+1)       Adelaide 421 (-4)       Perth 1,664 (+15)       Hobart 204 (-1)       Darwin 404 (-2)       Canberra 988 (+12)       National 22,319 (+313)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 (+$5)       Melbourne $600 ($0)       Brisbane $640 (+$10)       Adelaide $600 ($0)       Perth $660 ($0)       Hobart $550 ($0)       Darwin $700 ($0)       Canberra $690 ($0)       National $663 (+$2)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $590 (+$10)       Brisbane $630 ($0)       Adelaide $490 (+$10)       Perth $600 ($0)       Hobart $475 (+$23)       Darwin $550 ($0)       Canberra $570 (+$5)       National $593 (+$4)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,364 (+80)       Melbourne 5,428 (+4)       Brisbane 4,002 (+12)       Adelaide 1,329 (+16)       Perth 2,113 (+91)       Hobart 398 (0)       Darwin 99 (-5)       Canberra 574 (+39)       National 19,307 (+237)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 7,687 (+257)       Melbourne 4,793 (+88)       Brisbane 2,098 (+33)       Adelaide 354 (-11)       Perth 650 (+5)       Hobart 135 (-1)       Darwin 176 (-9)       Canberra 569 (+14)       National 16,462 (+376)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.59% (↑)      Melbourne 3.15% (↑)      Brisbane 3.45% (↑)        Adelaide 3.57% (↓)       Perth 4.12% (↓)       Hobart 3.79% (↓)     Darwin 5.45% (↑)      Canberra 3.61% (↑)      National 3.33% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.21% (↓)     Melbourne 6.16% (↑)      Brisbane 6.06% (↑)      Adelaide 5.77% (↑)        Perth 7.05% (↓)     Hobart 4.70% (↑)      Darwin 8.24% (↑)        Canberra 5.97% (↓)     National 5.84% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)        Hobart 1.4% (↓)     Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 29.7 (↑)      Melbourne 30.9 (↑)      Brisbane 31.2 (↑)      Adelaide 25.1 (↑)      Perth 34.4 (↑)      Hobart 35.8 (↑)      Darwin 35.9 (↑)      Canberra 30.4 (↑)      National 31.7 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 30.0 (↑)      Melbourne 30.5 (↑)      Brisbane 28.8 (↑)        Adelaide 25.2 (↓)       Perth 38.3 (↓)       Hobart 27.8 (↓)     Darwin 45.8 (↑)      Canberra 38.1 (↑)      National 33.1 (↑)            
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The Pay Raise People Say They Need to Be Happy

We frequently overestimate just how much happiness money buys

By JOE PINSKER
Tue, Nov 21, 2023 9:06amGrey Clock 3 min

People are often convinced their lives would improve if only they could climb a few rungs on the income ladder.

They are right, to an extent. Many studies have found a link between income and happiness, both in terms of day-to-day mood and longer-term life satisfaction. Having more money would help many people afford necessities, and on average, richer people report being happier.

Exactly how much more money do we think we need to be happy? A new survey from the financial-services company Empower put the question to about 2,000 people.

In the survey, most people said it would take a pretty significant pay bump to deliver contentment. The respondents, who had a median salary of $65,000 a year, said a median of $95,000 would make them happy and less stressed. The highest earners, with a median income of $250,000, gave a median response of $350,000.

Employers are planning on an average pay increase of 3.9% in 2024 for nonunion employees, according to a survey from the consulting firm Mercer. In the Empower survey, Americans said that to be happy, they would need almost a 50% raise.

Just how much happier a 3.9% or 50% raise would make any given person is hard to determine, researchers said.

One study, published in the journal Proceedings of the National Academy of Sciences last year, found that people who randomly received $10,000 tended to get a happiness boost that lasted at least six months. (The $2 million given out in the study was provided by a wealthy couple, who the researchers estimated generated 225 times more happiness than if they had kept the money themselves.)

Another, from the Review of Economic Studies in 2020, looked at lottery winners in Sweden whose prizes were mostly between $100,000 and $500,000. They reported higher levels of satisfaction with their lives more than a decade after their windfall, compared with lottery players who won no prize or a small one.

The magnitude of a raise’s effect, though, might not be life-changing.

“The impact of money on happiness isn’t as large as people typically assume,” said Elizabeth Dunn, a psychology professor at the University of British Columbia and a co-author of a book on money and happiness. “Happiness is determined by so many different factors that changing any one thing, it’s hard to have a huge impact.”

Happiness for sale

About seven in 10 respondents in the Empower survey said they strongly or somewhat agreed with the statement: “Having more money would solve most of my problems.” Similar proportions of people in each income bracket felt that way, including those with salaries of $200,000 or more.

Dunn said that many people might be happier if they focus on the best ways to use the money they have, rather than on getting more of it.

“That’s something that we know makes a difference and that people have control over in the immediate term,” she said.

Dunn said many people over emphasise money, relative to other variables, as a path to contentment. Her research indicates that those who give priority to time over money tend to be happier in life.

A little bit more

And as soon as someone does reach a new pay tier, they often start focusing on the next one as their target recalibrates.

“They might imagine that once they get the higher salary, then that’ll be enough,” said Matt Killingsworth, a senior fellow at the University of Pennsylvania’s Wharton School who studies the causes of happiness. “In reality, once they get there, they’ll probably want a little bit more.”

Even very wealthy people think like this. A 2018 study asked millionaires to rate their happiness on a scale from one to 10 and, if they didn’t say 10, predict how much money they would need to move one point higher. Slightly over half of those with a net worth of $10 million or more said their wealth would need to increase by at least 50%.

“It’s part of what makes humans amazing,” said Killingsworth of the impulse to continue advancing. “But it also means we rarely look at an aspect of our life and say, ‘That’s absolutely perfect.’”



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Anglo American Rejects $39 Billion BHP Bid, Setting Up Likely Bidding War

U.K.-listed mining giant’s chairman says the proposal undervalues the company

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LONDON— Anglo American on Friday rejected a $39 billion takeover proposal from rival BHP, saying the bid “significantly undervalues” the company and setting the stage for a potential bidding war.

London-listed Anglo American said the unsolicited proposal, which was made earlier this month and which became public this week, features an unattractive structure that is too uncertain and complex .

Anglo American Chairman Stuart Chambers said the company stands to benefit from its portfolio of assets, including copper, that are likely to experience growth from trends around the energy transition. BHP’s bid, Chambers said, is opportunistic and dilutive for shareholders.

BHP’s all-share offer valued Anglo American at about $38.8 billion, and would have been contingent upon Anglo American spinning off shareholdings in two South African-listed units. The proposal represented a premium of about 31%, not including the South African-listed units, based on Tuesday’s closing prices.

Some analysts had predicted Anglo would find the bid too low and are expecting BHP to return with another. BHP has until May 22 to make a firm offer, though the deadline can be extended. Industry participants expect other large miners to also take a run at Anglo, whose share price has dropped since 2022 as lower commodity prices have ripped through the industry.

A tie-up between BHP and Anglo American, which would be the largest mining deal on record, would illustrate the growing importance of copper, a metal essential to clean-energy products , to a sector that has long relied on Chinese industrialisation to boost profits.

Copper represents some 30% of Anglo American’s output, while BHP counts a majority stake in Chile’s Escondida, the world’s biggest copper mine, among its assets. BHP bought Australian copper-and-gold miner Oz Minerals for $6.34 billion in May last year, representing its biggest acquisition since 2011.

Copper prices are up some 15% so far this year, reflecting expectations that demand for the metal will rise as the world decarbonises and supply will be constrained. Electric vehicles and wind farms use copper in much greater quantities than gasoline-powered cars and coal-fired power stations.

Anglo American has been reviewing its assets in recent months, and has held early conversations with potential buyers for its storied De Beers diamond unit, which it values at more than $7 billion, The Wall Street Journal reported Thursday.

Activist firm Elliott Investment Management holds a stake in Anglo American worth roughly $1 billion, accumulated over several months and before BHP’s move on the miner, according to a person familiar with the matter. The firm is widely known for its campaigns to push companies for change to boost their stock prices. Its view of the Anglo American holding couldn’t be learned.

That said, a jump in Anglo American’s share price following BHP’s takeover offer indicates Elliott has already profited from its holding, potentially reducing any incentive for it to take any action until the outcome of BHP’s bid becomes clearer.

Anglo’s stock on Friday traded above the implied value of BHP’s offer, indicating the market expects a higher bid to emerge.

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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